A recession than they generally like the any b r wrote about the situation saying the unprecedented magnitude of the decline in employment and production and its broad reach across the entire economy warrants the designation of this episode as a recession even if it turns out to be briefer than earlier contractions now economists generally define a recession as 2 consecutive quarter months of 2 consecutive quarters of Economic Contraction g. D. P. In the us has already fell by 5 percent in the 1st quarter of this year and the economy is expected to climb by a steeper margin in q 2 of 2020 lets get some expert analysis on this and and the state of the economy with todd morris chief strategist at bubba trading and cohost christiane who joins us from los angeles thank you both for being here today but i want to start with you now the end declared that the u. S. Recession began officially in february now this marks the fastest and b r has actually declared any recession. Is this a good thing as the faster the drop usually the faster the bounce back. Hi brad thanks for having me back listen i put very little stock into what any account really said because theyre not calling it until its already over and theyre sure on your show with you i said they were going to recession back at the end of january it was easy to see that they are starting to break down and of course then the coronavirus really kicked in and we saw the country shut down which is automatically by itself going to create some major problems creating a recession again this steve this is how fast they bounce back nobody really knows the answer to that and well see where we go from here but at the end of the day were are starting to see the country start to open again were seeing more action in the market and were seeing the actual account people start to go to work so again is if the virus stays away and we can continue to open and get the country fully open then the recession will be over however there are always the chances that we could have a rebuild this virus and then asked again and we could be shut down again so those are the issues that are really concerning the economy overall were still very strong i mean are you looking at what we would talk about the possibility of a recession which i mean youve been on this show many times talking about this even before the coronavirus pandemic was it was a huge issue but i mean are is the credit virus really the only. Point that matters right now when it comes to opening or closing the economy versus any other economic factors that weve seen because of this a fed intervention. Well you know again i think it is the fed intervention right i mean look you you poor enough money and the equity markets go crazy as we are very watching well what is that today again the general mainstream economy there is a lot of problems out there are still and there are still issues that have to be solved and theyre not over there are far from over but again are we talking about main street or are we talking about wall street and when it comes a wall street they care about one thing thats money and the only way you can make money today is put it in the stock market which is why we can do to get propelled higher because they can get that return from the equities and again youre forcing every investor if you want any of that your money you have to put it in the stock market because theres no place else to go. So are you into the conversation. In the stock market hard here but but what are we seeing in markets say it seems like that rally that weve seen the bull run over the last couple of days at least is fading. While the u. S. Equities are 8 under quite a bit of pressure today and were seeing the reversal of what happened yesterday so a lot of the names they hit all time highs yesterday and such as i trans ocean that rose about 50 percent yesterday they all reversed course and tank today and vice versa with a lot of the stocks that drop yesterday meanwhile theyre flying sky high today so you do see a little bit of a reversal in the markets right now especially across cruise Lines Airlines and e. M. P. Both all of which have made really broad gains on monday and today theyre under a lot of selling pressure however on the other hand you also have apple and amazon and the rest such stocks all breaking all time highs right now as investors continue to concentrate back into that old trusted fang grip so right now it does seem like the recovery rally is starting to lose steam and bank of america actually reported that clients sold about 3200000000. 00 worth of u. S. Equities last week for the 5th straight week in a row and selling was reported broad based all across the client groups between hedge funds and retailers where they had become sellers for the last 8 and 5 consecutive weeks respectively. Whereas financials actually led. The alpha is with the 2nd largest selling data in data history since 2008 which is very consistent with the record low in positioning investor positioning that weve seen right now in the markets so it does seem like even though there is a lot of this market kind of melt up there isnt a lot of participation here. No but are we in for a generational bear market in the near future and really do you expect that volatility will come back the way we saw it maybe a couple of months ago or maybe not quite as bad but are we going to see that volatility really pick up in the markets again. Well i think right now volatility has left the building for now and i think a lot will come down to who wins the election i believe donald trump wins the election again i think well be back and well be back off to the races and well continue to make new highs because of the way that he tries to run the government and more business friendly i believe of joe biden you have an election i think we will see that generational bear market i think you will see a lot of changes because theyll go back to restricting the real free market system and the actual workings of a you for a true market so i think you will see if theres a change in office there we will go into a major market now either way i do think that were going to probably at some point before this is all over test the lows again and we could see that spike in volatility but until there is a reason to sell the markets are going to continue to drift higher yes we have no viable we have no liquidity but the meantime they keep pushing higher and pushing our and you can go broke trying to guess where the tab is going to be so its a lot easier to watch to price action and wait for the markers of turn and then reverse. Chrystia you know we just talked about this recession here is its actually going to become a depression or do you think that were going to be fast boats and not have to worry about that. Well its a lot like just that its very very difficult to predict a top but right now this has been like a tremendous bear balance and if history is any indicator at all in 2007 lets just remember after the drop that happened in midyear we rally back to all time. Highs in that october of that year but from there the market then quickly fell 5055 percent subsequently after it and that entire thing took about a year and a half to complete to actually hit the bottom of the market so its not something that happens that swiftly so we had a very swift drop a very swift recovery which we can call a bounce and right now we still might be in a bounce its gonna be very difficult to tell where the top is but after that given the amount given the amount of underlying the amount of credit the amount of the falls the amount of unemployment that is still there we are still at a record high unemployment levels from the last Great Recession and even though a lot of analysts say that those number may be temporary as are simply furlough numbers only time will tell and so theres still a lot to go through before we actually believe we open the economy and see where the grad school bus goes kristie and she strether said baba training the horwitz thank you both for your time. And now we move to the latest agreement to cut Oil Production by opec plus members as the crow virus pandemic continues to weigh on demand on saturday opec members and its Oil Producing allies agreed to extend historic production cuts to the end of july initially the alliance had cut production by 9700000. 00 Barrels Per Day with those cuts starting to wane by the 1st of july now the organization will now cut production by one point 6000000. 00 Barrels Per Day in july with production being reviewed on a monthly basis the next opec plus meeting of Member States is set for the 18th of june opec leader saudi arabia says there is quote no room whatsoever for lack of conformity in the production cuts for member nations Saudi Energy Minister prince 2 of these in some on added that producers who failed to adhere to the policy should compensate with additional cuts from july through september during a Virtual Press conference on monday russian Energy MinisterAlexander Novak agreed saying quote we have spent a lot of time discussing full conformity and how this will be coming. Compensated because the success of the deal and the success of our efforts rests on all countries doing their part now ahead of meeting ahead of Meetings International benchmark brant crude hit over 42. 00 per barrel while the day. Was over 39. 00 per barrel hitting the highest points since the 6th of march now both the bread and i have since leveled out to over 42. 00 and 38. 00 per barrel respectively now for more on all this lets bring in professor bilham and senior fellow at the Kleinman Center for Energy Policy at the university of pennsylvania bill thank you so much for joining us today really appreciate it i want to start with these latest production cuts do you expect opec plus members will quote conform and continue at the a lot of production levels through july and beyond if needed. Thanks for and my sense is thats highly unlikely for a century sooner own sewards car tells the biggest problem is cheating. And. Trapped really i guess the leaders here do sound reason mention or see and must be conformity but there isnt a a. Quite quite effective way to require and consume thats going to be a challenge here if the saudis are going to shoot and create more money in for a scheme. That will be. And now and it appears this week that russia and saudi arabia are kind of on the same page but how did this Oil Price War between the 2 nations get to this point and can we expect continued good relations or as we move forward and maybe if somebody doesnt conform are we going to see more tensions arise between the 2 nations. When you say on the same page i guess at pages how to heck that we find ourselves in a semester. You know they both. Agreed to something with incredibly bad luck on the timing and so they began this. This chicken race basically on the price right as a pandemic once showing its head but not given any indication of how severe it would be now as you can see in that nosedive. That really happened after the initial low price war and happened more totally pandemic driven in my opinion. So they had that bad luck on the start but then they had. Pretty good luck when President Trump decided to offer to intervene and he made all sorts of commitments that. Cannot be enforced within the u. S. And i think the saudis and russia were happy to just say ok we have a global agreement with the 3 big players and nobody really anticipates President Trump conforming with his assurances so. Id that may be the out here thing they are not sure bill why are this dispute between the 2 nations why are they had such as your Expert Opinion that if the have such a big impact on Global Oil Markets i mean obviously opec the big players are going to see that but but is there more to it at ship yeah i think this is really a story of depend on it chilling demand more than than anybody you know packed increasing supply and you know collateral. And major benefit here is effect on us Shell Production which really was very severe and we heard all this because the economics do not make sense when you get down in the 20. 00 range but be get back to 40. 00 a line of the independent producers in us and find a way to get production only in dance is a real conundrum for opec plus. For how they proceed here and now you just actually talked about the u. S. Shale oil producer that we were you reported that a record loss of 26000000000. 00 in the 1st quarter for those u. S. Shore Oil Producers that in 2025 the man collapsed in a pandemic how do these latest cuts actually affect the u. S. Producers do they help them because they are driving oil prices up as you just mentioned. Dance exactly how its that. Direct cause and effect relationship going to attack what is production prices increase increase trice its caused us share production to increase absolutely bilham and senior fellow at the Climate Center for Energy Policy at the university of pennsylvania thank you so much for joining us to break all this down. Youre welcome grant. And time now for a quick break but here because when we return i. B. M. Has a notice that the company is stepping out of the facial recognition game after growing outrage surrounding the practice we take a deep dive into the Controversial Technology and how the firm started reacting as we go to break through the numbers that. Is your media a reflection of reality. In the world transformed. What will make you feel safe. Isolation for community. Are you going the right way or are you being led so. Direct. What is true whats his face. In the world corrupted you need to descend. To join us in the depths. Aura made in the shallows. Is hard to take some from somebody if you know have some to replace. The want to do this interview today and i want to use market and then they take me. There and. So im going to tell you start selling drugs if well hire somebody put the money in it back. Then just me all the way and. Skin basically no color speech before. The u. S. Whats a good many security positions of the us you know. David jack me again. You see people get all their cars and ill see you coming to melbourne this seems like theyll hurry up and run into the house like they dont want to they dont want to talk see her get your mail or anything like that. And then. Just try reading. Give me. The world is driven by. The day or thinks. We dared to ask. Probably the greatest success of the Civil Rights Movement which was respect for Human Dignity all lives matter under the rule of law that was then but today the same concept has been turned on its head we were told to change the knee or face consequences social shany is being turned into the ruling ideology. Welcome back as the death toll from the corona virus surges past a 400000 across the globe researchers are racing to find a vaccine its been over. 6 months of the crow Virus Outbreak spread from the epicenter in china and now hundreds of Clinical Trials are underway at least 40 of those to find a vaccine modernity johnson and johnson and the Oxford Astra Zeneca group have received a total of 2200000000. 00 in federal funding in addition to their vaccine programs work and pfizer are also being given government money for Clinical Trials but before proper vaccine is discovered a russian biotech firm may be offering some major relief r. T. Correspondent atocha sweet has the details on how researchers are tackling dangerous system symptoms of the virus. One shot can mean the difference between going into the emergency room or having a swift recovery from the chronic virus russian scientists have registered a new drug that may help to alleviate the harshest complications caused by cope at 19 including lung failure lovely mob is now the 2nd medication to receive state approval giving doctors more options when it comes to tackling the virus researchers behind the drug say theyre ahead of schedule as its already been going through clinical testing for 2 and a half years looks the course is a couple of recent studies to me saying this drug was originally designed for what they were they werent sure what was going on our colleagues or our election was still going to go to my 19th my mother also personally speaking to historians but it is enough that i believe that the variance of a result must. Developers say no side effects have been found during their studies and theyre hoping to make this available in hospitals as early as july and in moscow cove in 1000 survivors are forming a support force armed with antibodies many who can and are donating blood to crown of everest patients in need of help pavlov is given blood for the 1st time after overcoming the corona virus is and i know that there are many people in hospitals hospitals are overcrowded and the coronavirus disease to affects people differently in terms of severity some people have it in a much more severe form then i have so if i can help why not and will not every coach in 1905 or is. Able to give blood doctors say so far roughly 300 transfusions have been done in russias capital plasma has been collected from about 600 donors so far. In light of protests across the country i. B. M. Has made a major announcement the tech company penned a letter to congress saying it will no longer offer general purpose facial recognition or Analysis Software i. B. M. C. E. O. Arvin christian stated i. B. M. Firmly opposes and will not condone uses of any facial Recognition Technology including facial Recognition Technology offered by other vendors for mass surveillance or racial profiling violations of basic human rights and freedoms or any purpose which is not consistent with our values and principles of trust and transparency. Joining us now to discuss this is boom bust cohost investigative journalist ben swan. Ben i. B. M. Stock obvious took a hit today after this announceme