could have been saved if they were to take an action absolutely. machines do a money machine is a huge cash register that is ran by people who don't care about people's lives being lost. this is the one business where you can't afford to miss i'm rachel and then washington coming up president biden as that 1.9 trillion dollar american rescue plan after. passed in the house but will it be enough to help the u.s. economy and how does it compare to the rest of the world. secretary of state tony blinken appears before congress amid accusations that the fighting in ministration isn't doing enough to stop that usually since we did more stream 2 pipelines then the game stop saga continues after the stock reaches 3 $148.00 only to lose 40 percent in just 25 minutes we'll tell you why next we have a lot to get to celeste get started. the house of representatives moved to pass me 1.9 trillion dollar stimulus package today by a vote of 222 to a lot of it but while some are seeing it as much needed relief others are focusing on the numbers mainly the fact that the total debt is exceeding the size of the u.s. economy for the 1st time since world war 2 and the u.s. isn't alone here the european union passed more than 9 $100000000000.00 in code relief in december financed by joint debt among member nations it brought the country's debt to g.d.p. ratio to over 97 percent nearby the newly independent united kingdom has passed more than 500 $50000000000.00 in stimulus since the start of the pandemic government debt hit $2.00 trillion or nearly 100 percent of the country's g.d.p. marking its highest point since 1960 india announced more than $35000000000.00 in relief back in november bringing the total spent on stimulus last year to 15 percent of the country's g.d.p. public debt reached a record high of nearly 90 percent russia passed more than 70000000000 dollars in stimulus back in june but by the end of 2020 government debt accounted for only around 18 percent of russia's g.d.p. while china was hesitant to pass billions in stimulus the way it did back in 2008 in. debt to g.d.p. g.d.p. ratio still soared to over a record 300 percent in 2020 meanwhile japan passed around 3 trillion dollars in stimulus last year as a debt and the world's 3rd largest economy soared to more than 240 percent of its g.d.p. as a result global debt reached an all time high of $281.00 trillion dollars by the end of 2020 we're going to take a look at what that means for the status of global inflation but 1st here's our keys trinity chavez with the latest on the next stimulus package heading to the white house. today as the country tries to turn a corner on a pandemic that has killed more than half a 1000000 people in the u.s. and has left millions more without jobs the house of representatives is passing the vote on president biden's $1.00 trillion dollars stimulus package and everything in this package is designed to relieve the suffering and meet demerged most urgent needs of the nation just days before unemployment aid runs out congress has approved a landmark legislation placing president biden on the cusp of an early triumph that the democratic party says will transform the economy and provide much needed financial relief to millions of americans we promised to send people back to work by helping to revive. the economy mission accomplished the bill includes $1400.00 checks for americans with incomes below a certain threshold $75000.00 for individuals 112504 heads of household and 150004 couples filing jointly will each receive $1400.00 per person as a direct deposit or mailed check the legislation will also pay up to $3600.00 a year in tax credits per child extend increases in food stamp benefits extend $300.00 a week boost in unemployment assistance and $8500000000.00 to help rule hospitals it's a remarkable historic transformative piece of legislation which goes a very long way and while the nearly 6000 page legislation does not include the minimum wage increase to $15.00 an hour it does include a $350000000000.00 bailout to local and state governments $220000000000.00 to states territories and tribal governments and 130000000000 dollars to cities and counties to mitigate the fiscal effects stemming from the pandemic but a change by house speaker nancy pelosi to the allocation formula from being based on population to the unemployment rate now $27.00 states will lose more than $31000000000.00 in funding among the biggest winners california. texas and new york i think a lot of people have a concern that speaker pelosi took advantage of the crisis to fill the bill with primarily things that have nothing to do with code but the bill garnering fierce criticism from republicans who say that it's a corker cluster that has little to do with influenza virus but is disguised as code 1000 relief this massive spending bill masquerading as comfort relief will bankrupt the country it will not rescue the country bank rocket exactly how much pork is in the bill well 50000000000 is going to female 1500000000 to amtrak 7600000000 to improve internet access and 270000000 to the national endowment for arts a national endowment for the humanities and $50000000.00 for family planning only 9 percent goes towards defeating the virus $1500000000.00 for amtrak which is already sitting on a 1000000000 dollars in unspent 8 could someone explain what that has to do with covert relief anybody this is. when they know that their unemployment check is coming they have because now the room. meantime republicans say they could have had a bill that was a fraction of the cost but the house speaker a majority leader shut out republicans all of this unfolding in the nation's capital as the country's debt has officially shot up to $28.00 trillion dollars reporting for boom bust trinity child as art. form on this let's bring in boom bust co-host an investigative journalist and host of economic update and author of the sickness is the system professor richard wall professor all start with you here now of course the issue is whether or not this stimulus package will actually stimulate the u.s. economy do you believe that will happen. well you know it's always the in the details what the words mean would give a boost to the economy in the short run probably yes it's a lot of money it's being pushed in the hopefully it'll be pushed in quickly it will give a boost i'm reminded of what president obama did back in 2009 when he also gave the economy a boost but we learned with mr obama's boost that it didn't last and it didn't fundamentally transform the economy lot of people said it would just like they're saying it now a lot of promises were made just like they're being made now it didn't work out that way which is why we had such a crash this last year so for me what's the key issue here is the sustainability of whatever boost it gets and i don't think it's a not and i think it's very late in the day so i'm very worried that the promises and the great hopes that have been generated here will not see fruition beyond that initial boost and we've definitely been talking about stimulus for a full year now waiting for congress to do something and it seems like each time they do pass one of these packages it's months later than it should be and of course as in this case it includes a lot of different provisions and a lot of spending that many say isn't about covert really now but i want to ask you about that one because we've heard that criticism as was mentioned in trinity's package that there is all this money that it doesn't go to covert relief as it should so how do you see it. yeah well listen i think it's pretty obvious here a lot of this money as was explained very well by trinity is not going to go to covert relief but you really have to make it don't come down to one of 2 ideas either we're going to spend ridiculous amounts of money and yes significantly devalue currency for the sake of putting money into the hands of who into the hands of people you need it if you believe in that school of economics thought fight but then actually put the money there that's not where the money's going when you're when you're giving a $1000000000.00 a 1000000000 and a half dollars to amtrak that's not putting money in the hands of the people who need it so it's this idea that oh we're going to help the people who need it but then you don't and that is what we saw back in 2008 that's what we've seen for the last few decades in the united states and it's happening not just in the u.s. by the way it's happening in europe it's happening all around the world where massive amounts of money is being generated and spent and it's going to crash the economic system and maybe that's not even the sara lee a bad thing because the reality is this economic system is barely hanging on by a thread as it is and right now the u.s. isn't the only one relying a lot on stimulus packages improviser i want to ask you about that too because we know that countries around the world have been passing a large stimulus deals while holding down interest rates what is the chance that we will see global inflation and the near future. when you know there's a lot of the moon's talk about that there's no excuse for that is it possible or we can stimulate the economy without an inflation that's why absolutely is it possible that this kind of money creation on a massive scale to try to save the economy will provoke an inflation of course the answer is yes too many other factors will determine which way it goes nobody can see in the future the idea that you want to pass this bill and i would disagree slightly it's not just for coal the stimulus is what it's called for. good reason you want to stimulate the economy and i agree with that as a purpose but then is absolutely right if you keep giving it to the same corporate leaders government bureaucrats who have sales to make sure that mass programs for the people who need it why should you believe they're going to spend it now and that's true in the other countries we had a century of giving foreign aid to countries who need it only to discover that it went into the hands of the few who and it never quite trickles down that happens at home as well as abroad and that's a serious problem and then there's right that it's the economic structure we have that's the frustrating problem here yeah that's a really good point and it seems to be business as usual right back here at home not much change even though we're dealing with these new issues over the last year now ben what are your expectations for the economy i mean there are predictions that by the end of the year they could be economy will come back in a major way well this stimulus bill help in the process you know so the stimulus bill will do nothing to bring back the economy but will bring back the economy is allowing people to go back to work allowing people to reopen their businesses when when that happens and either because you know politicians allow it to happen or because people get sick and tired fed up and say we're just going to do it on our own either way that's the only way that the economy comes back. am i right well that same question to you professor wolf how do you see this this economic stimulus impacting the economy here in the u.s. in the next year. well right now it's having a kind of euphoric effect with these enormous promises that it's going to solve our problems and bring us our economy back here's the irony this constant message of bringing it back back to what the what it was before mr trump became president the way it was before that's why he became president and if we can't do markedly better than getting back to where we were which is the best we can hope for with this stimulus if we don't make basic changes we're going to have a repeat but just like this crisis is worse than the one under obama the next one will promise to be yet worse and we don't have that much more slack in what we can tolerate as a society. i call on points to consider here bans on professor richard well thank you both for your time. weeks after australia and facebook went to war over a new law aimed at forcing tech giants to pay news publishers for their content the u.s. could be next in line a bipartisan group of lawmakers say they want to give news organizations more protection with new antitrust legislation that would make it easier for a group of publishers to negotiate with facebook and google senator amy clover charges that she is sponsoring the proposed bill because tac has no mercy and it would allow negotiations on everything from advertising revenue to access to information on subscribers this is just the latest in an ongoing campaign by congress to enforce antitrust laws and to hold tech giants accountable. time now for a quick break but when we come back the game stop saga isn't over yet we've got the latest on what brad investors are up to next and as we go to break here are the numbers about the quo. secretary of state tony blinken testified before congress wednesday on the biden ministrations plans for u.s. foreign policy amid questions over tensions with china and iran the house foreign affairs committee also brought up one of its favorite topics the north stream to pipeline a thorn in the side of the trumpet ministration republicans have accused biden of allowing the project to be used as a political win for russia in a letter a bipartisan group of representatives argued that if completed nordstrom's to would enable president putin to further weaponize russia's energy resources to exert political pressure throughout europe however blinken noted to congress that the biden ministration will likely be limited in trying to stop the north stream to as it is already over 90 percent complete it violates the european union's own energy security principles it jeopardizes the economic and strategic situation for ukraine for poland as well and so he opposes it we oppose it will continue to do so . i've been on the job i think 5 weeks the pipeline is 95 percent complete it started construction started in 2018 so i wish we didn't find ourselves in the situation with a pipeline that's virtually complete. u.s. stocks were up on wednesday as inflation fears continue to be tame for now with many watching both oil prices and of course that ongoing saga surrounding game stop as the stock was halted several times due to volatility so joining me now to the chance at all is co-host christiane i and david mckelvey any c.e.o. of mckelvey any financial group david all start with you here now last week opec and russia shocked the markets by not raising oil production at a time when oil markets are signaling that they need more supply given that tightening supply why has the oil rally died down slipping below $68.00 a barrel. you know great question for oil is up over 13 percent in a month and gasoline is over $24.00 and a half percent in one month there is a little profit taking among strangers that's the easiest way of looking at it there is a lot of supply can come back to market from both opec iran saudi arabia and i think it's important to recognize that some of these decisions by opec are political as much as they are economic we do as you mentioned we've got to keep an eye on inflation and not just c.p.i. and p c e these are convenient and very tortured statistics and certainly a lot of countries are watching exactly what oil is doing right now and that carries a lot of weight now kristie u.s. equities are continuing their rally on wednesday following the c.p.i. report cannot really be sustained and what's pushing equities higher at this point . well right now the data wednesday showed the february consumer prices increase point 4 percent which matched expectations actually so the biggest concern that the market had over the last month and contributed to the nasty sell off with saw last week was the fear of inflation running hotter than we estimate so that concern has been put to rest for now the yield on the 10 year has ceased going parabolic as a result easing the concerns of the country's growing debt burden will be too much for the market to bear and as for what's pushing equities higher we have the house democrats passing a 1.9 trillion stimulus bill wednesday sending it on to president biden for signature approval and that means that checks of up to $1400.00 will start going out this month so the combination of the stimulus and the rise in rates have kind of divided the market recently largely favoring stocks leveraged a recovering economy over tech and growth stocks that has led during the pandemic is taking a bit of a breather today after the comeback rally we saw in the previous session yesterday so we expect there to be a lot of pent up demand and consumer spending with the incoming stimulus and we've all been talking about stimulus for weeks and weeks now and it's finally here finally approved and finally headed to the oval office but there's another topic that we've also been talking about for weeks and that's this ongoing game stop saga david i want to ask you about that because as we saw the game stop stock popped 40 percent before quickly falling back down what is behind this crazy activity when it seems like all of the short squeezing has been done already. well a real solid study of fundamentals i think investors are moving there because you get a huge dividend yield improvement in revenue year on year improvement in earnings very attractive return on equity of course i'm kidding this is a trading sardine and you still have 20 percent of outstanding stair shares short today you had 50 percent more volume trading and it's really interesting to look at this sort of abnormal highly speculative behavior it's the kind of trend that you see which is indicative of excess liquidity in the system we're back to stimulus both monetary and fiscal and often characterized as long term market tops given the loss of leadership from your high flying tech stocks you nasdaq $100.00 and this very strong rotation in the dow we appear in our view to be putting in a top speculation of the sort with game stop is characteristic of the kind of manic behavior that you see a stock market has gone too far right now kristie i want to get your insight on this when it comes to game stop why do you see it playing out this way and where do you see it going from here. i think as we said like there is going to be a lot of all its short term volatility with a lot of the records they don't think that the frenzy is over there is going to be a continued attempts at short squeeze us from here as for fundamentals there is absolutely no one of the summer name right now this is just one of these stocks that are going to take a really big rollercoaster ride so as as for where it's going. no one really knows from here yeah it certainly seems that way right now and kristie i also want to ask you about another topic here which i never thought that we would we talking about but it seems like all of the young kids are talking about it and that's a roadblock it made of stock market debut on wednesday through a direct listing meagan's trading at $64.50 so how is the name being received so far. it's actually being received quite well today with the name popping up well over its reference price of $45.00 so at $72.00 a share roadblocks would have a fully diluted valuation of 46800000000 and a market cap of $39600000000.00 so the gaming tax revenue has surged last year as millions of kids were stuck at home due to the coronavirus shut downs and on average 37100000 people globally log on to robots daily to connect with friends and play some of his most popular games so this basically fueled 85 percent year over year job and robots daily active users and 2020 across more than $180.00 countries so it actually looks like robots are set to join the ranks of these mean stocks