Above 1000000 well this is a total of more than 45000000 americans have filed for unemployment as a chronic virus continues to slow the u. S. Economy and with many states reopening and some old jobs returning the total number of people receiving unemployment actually slightly fell well to talk more about the markets we turn to our panel of the out of Training Group cohost chrystia i am lets start with you unemployment data came from came back and its worse than expected but Something Else was also quite unexpected there were getting it our actual on employed workers how did this happen. So when the. Group was put into the drafting more really. The rules are. Limit which contributes to that but also people are only considered unemployed if they look for jobs in the last 4 weeks they discount a lot of people who have given up on building for jobs and with people. Kind of discarded kind of job market or maybe afraid still get in corona virus theres less people than looking for work plus they really picked up how much you get paid for unemployment so youre seeing a lot more people get it and thats where that disparity comes in with the numbers where theres more people that are receiving you know harassing your input well originally adam correct me if im wrong but i believe the unemployment numbers took into account those who werent looking for jobs because of the pandemic is that still the case i dont believe so i thought its only within the last 4 weeks and then outside of that its not counted. Thats thats what i. Heard on the stock market now for you but i believe its just the last few weeks i see ok christie meanwhile there are still some huge backlogs in the unemployment payments to millions of americans what is out looking like now. Well right now there are still a lot of americans who lost their jobs during the crisis and theyve been unable to collect their unemployment checks like just on twitter alone you can see from these photos these massive lines in kentucky in the capitol where you have massive lines of people flocking to the State CapitolEarly Morning wednesday in order to see person help in person because they havent been able to get on the phone or do it online so most of these states not just kentucky theyve been overwhelmed with the 10s of millions of unemployed Insurance Benefits claims that are filed and most of these systems have been in adequately staffed or just load balance to handle this surge of demand which has resulted in crushing Computer Systems clogged phone lines that further compound the problem so now we have more than 20000000 americans who are currently receiving checks and but many others are still unable to even access their 1st time check and benefits are struggling now to pay for food and rent and now in california where im at the backlog has now officially topped over 1700000. 00 in 2 months so that means 1700000 California Workers who filed claims during those 2 months they are still waiting for their 1st time payments you know you said these lines are form because people cant even get a hold of them but out of going off of this looking at this this backdrop has this expectation for the v. Shaped recovery thats been overly optimistic that people have been expecting how can we get this bounce back in the market and how is it pricing in when new unemployment claims are back up over a 1000000. Its a really good question i think when you talk about what you do specific about. Because this is the stock market which is. And weve seen some. Remind me of the internet bubble and. Just. When they were. Just really rational. And its not natural but if you talk about the economy. Thats not going to be recovery. With jobs. You know. The world is not going to be a better place than the stock market is not because the world more could be should be calmer yes. No i dont know its not and its definitely been been this roller coaster of that weve been seeing in the market with the volatility and much like you said with this possible 2nd resurgence kristie let me turn things to a little bit of the tension there has been between china and the United States secretary of state my pompei i just met with chinas top diplomat yang joshi on wednesday what came of this meeting. All right now diplomatic observers are saying that this meeting showed that both nations they do not want their bilateral ties to be derailed especially ahead of the u. S. President ial election so expectations were fairly low for this meeting but at least tempers were kept in check as they discuss very sensitive topics such as taiwan hong kong the china belgium wrote initiative the high tech race the arms race as well as others so afterwards the u. S. Released a statement stressing the importance of american interests and the need for fully reciprocal dealings between the 2 nations across commercial security and diplomatic interactions meanwhile china also released in their statement that it hoped the u. S. Would be accommodative and push their bilateral relations back on track for coordination cooperation and stability and also reiterated that chinas stance on hong kong and taiwan was purely an internal affair and opposes any sort of foreign interference so now while the meeting was quite tempered theres clearly a strained relationship not to mention the fact that this meeting it was not. Publicly announced in advance and its still not clear to to this point which side has proposed it to begin with which really highlights the tension and the mistrust right now that now permeate between the worlds number one and number 2 economies and we saw this play over and over again after the trade war which is still in effect theyve only signed a phase one will probably will be seeing the face to anytime soon and i want to move over to commodities when will or will ever the u. S. Shale rebound to prepare endemic levels do you see this happening. I mean. Its not going to be something i see how a near term future. And that goes along with all the should be kind of groove you know. Like myself it was important to me for a 100 days like im signed you know comfortable so im going out playing golf but i still want to get on and there are. People that i know that have worked in offices their whole lives there. And as number spike in other areas is something i think that goes with with no not with start up at the office will get there but you know if you ask her yes yes it will come back but the bigger question i worry about these Companies Like your chance of which are. You know. The last to come back and thats where you get into a piece of survival look at it you could start to see more and. Companies look to consolidate and. So. I do really. If i was in that industry and i needed in the near term because i dont think youre getting the Energy Sector has definitely been hurting a lot kristie about a minute left but the u. S. Production has plunged by 600000. 00 Barrels Per Day is this a new normal. It certainly does seem to be the new normal because right now were taking were taking production cuts all around the world and especially places such as the middle east such as russia such as venezuela which rely more much more heavily on the oil economy and then the u. S. So those economies are definitely hurting and at the 1st chance it gets whenever demand actually rises again theyre going to theyre going to be surging oil back into the market thats only going to drive prices down so the u. S. Is going to be more so Collateral Damage in the midst of all of that especially because they are looking for more of these cut out a mesh of the Trading Group and the best cohost christine thank you both for your time today. Thank you. There are now fears the trade war. But a rough between the United States in europe after u. S. Leaders walked away from negotiations over taxing big digital Companies Like google amazon and even facebook will some European Countries plan to move forward with new International Taxes anyway which could then lead to the u. S. To retaliate with tariffs on some of their products were legal journalist molly barrows together with americas a lawyer joins us now with more molly good to see you why are european leaders proposing new International Tax rules. Well there they say its long overdue that there needs to be a major update and over all these International Taxes in order to bring it up to the modern digital era theyre basically looking at big Digital Companies that are based in the u. S. Getting corporately tax in the u. S. But not having to pay corporate taxes anywhere else in the world where they have hundreds of millions of customers and are raking in hundreds of millions of dollars each year so youre being countries have started to levy these digital taxes in the past year and they had them on hold as long as the u. S. Was willing to negotiate well this week u. S. Trade leaders said were not like in this it looks like its going to move forward regardless and they feel like theyre being unfairly targeted essentially because the current rules say you can only be taxed in the country youre producing the product you have to have a physical presence in order to be faced with corporate taxes but these countries are still i mean these companies are raking in a lot of money in these other countries where theyre not based but their customers are because its a digital era and the u. S. Says well if youre going to write these rules to where companies that make a certain amount thats what theyre proposing is that companies that meet a certain income threshold are the ones that are taxed that immediately makes a number of these very Big Companies that are based in the u. S. Targets is what u. S. Trade leaders are saying they feel like theyre being discriminated against so theyre not happy about and thats why they walked away well at least it looked like there was supposed to be a conversation about this weve seen the United States the great wars with other countries in the last couple of years and some took effect he you know he managed to to get into one with. China the worlds 2nd largest economy and that causes a lot of harm to to the economy especially to certain sectors like farmers for example but how is a potential trade war now stemming from this and break it down for us what would that look like with the European Union right like you said sara we cant afford another trade war with any country at all much less dozens and thats essentially what you could potentially be looking at because theres 140 countries that were part of this group if you will that was trying to negotiate new tax rules and the United States has been seeing this coming for some time its no real surprise that they dont want to participate i think people realize that they dont want to see their Companies Paying taxes but basically what the u. S. Is saying is hey if youre going to if youre going to make us pay taxes which we think are unfair then were going to add tariffs on to your products so some countries say theyre going to wait before they move forward were talking about tax rates of anywhere from 2 and a half percent to 7 percent from countries like italy france hungary a few and many many others but france is saying you know what we dont care that you are way were going to go ahead move forward with our digital tax i think 3 percent and thats when u. S. Trade leaders said you know what you can do that and then were going to start taxing your goods france including shipping of champagne. Basically other i dont like shopping items purses and bags yes only go to all the good i mean its a shame much like you said we cant afford another trade were not only because of what weve seen with the u. S. In china but because of what the world is experiencing recessions all over the European Union the United States just turned into one so a lot of companies are countries already hurting but are u. S. Companies still subject to this new tax. Actually no because current tax treaties i mean they are they are they dont have any control over is what im saying current tax trees dont exempt the us from being able to say were not going to pay it i dont know exactly how that will break down if they just keep walking away from negotiations but i dont think this issue is going to go away and thats why there is a real threat of a trade war in the legs you mentioned before. Donald trump president all trumps trade war thats ongoing with china this could potentially be a problem here as well because hes. Launched a series of trade investigations into numerous European Countries basically saying hey are you unfairly taxing us if you are then were going to put more tariffs on you so its this tit for tat retaliatory attitude that could potentially lead to even more economic problems not just at home but across the globe so you know u. S. Companies may think they have the choice to walk away but you know the biggest thing that these tax taxes the new tax system or actually has going for it is that you know theyre outside the scope of tax treaties so they the u. S. Doesnt really have a leg to stand on to say no we dont want to pay it well there were already taxes implemented over the air bus issues that we saw with the United States putting tariffs on certain products from from europe so i mean only only time will tell but it doesnt look like you said like this will go away i hope and pray that we dont come into another tit for tat trade war because again the United States and other World Markets cannot afford anymore molly barrows contributor with americas lawyer thank you so much for your time. Sarah. Time now for a quick break but stay here because when we return chairman Jerome Powell says the Federal Reserve is ready to buy a Corporate Bonds to keep the market moving but critics say it gives the fed too much power to pick winners and then pick losers as we go to break down the numbers on the. I. We go to work so you could stay home for. The simple things workshops hymns and petersburg up public spaces where adults with learning disabilities can engage on equal terms with creative activities like graphics soong ceramics. Cookery and joinery. Just living with these shit whats it feel because. Yes life just does what it did if one case a couple of. The underlying idea of the workshop is a calendar of happiness which they feel thrilled to find joy in the Little Things of. God are sick i guess at that. But. You cannot be bold with the yet you are. The World Health Organization has welcomed the preliminary results for the steroids xom at the cell in that country critically ill kovan 1000 patients published earlier this week however w h o chief ted rose adding on gabriel said research was providing green shoots of hope and should be reserved for serious cases in which it has been shown to provide benefits all this while the agency hopes for a vaccine by late 2021 we are hoping that didnt 2021 that we will have 2000000000. 00 of one or 2 or 3 effective vaccines to be distributed around the world because of all the investments going into this week lets see we will have 2000000000. 00 us by the end of 2021. We should be able to vaccinate at least these priority populations. There are about a dozen kovan 1000. 00 vaccines in early stages of testing worldwide the w. H. O. Is currently working on developing an allocation framework for how these act scenes that would be distributed. Reading a better idea of how the Federal Reserve banks Corporate Bond buying program will play out will corning to fed chairman Jerome Powell the program will entail mostly individual company debt rather than Exchange Traded funds well powell told the House Financial Services committee on wednesday over time will gradually move away from e. T. S. And move to buying bonds powell said its a better tool for supporting the quiddity and market functioning well joining us now to discuss the best cohost investigative journalist and michael pentode but lets start with you explain this Corporate Bond buying program to us and exactly how it works you know a lot to talk about here but essentially back in late march the fed announced they were going to embark on really 2 facilities which they said would jump start this 9. 00 trillion dollar corporate debt market and what they said they were going to do was essentially go about buying bonds directly from the issuers in one case and in the other case they would then purchase them on the open market now as you just said the german drum powell on wednesday came back and said that rather than doing that through e. T. S. They would now kind of focus on buying them directly from the issuers themselves so thats kind of the general picture of what this consists of but obviously theres a lot of details when you really look into how the fed is going about doing this or whether or not they even can be doing this under the way that the laws are structured right now it is and its been criticized for it now its a big move on their part from what theyve already done michael what makes this program so unique though compared to other efforts by the fed it to keep this us economy moving forward. Well 1st of all thanks for i mean the program so 1st of all is the size you know from the weight of the Great Recession already through the peak of that theres a Balance Sheet that was 7 years in duration and instead of increasing. 3. 00 trillion d