tv Boom Bust RT July 28, 2017 4:29pm-5:01pm EDT
limits of. time from the and dollars ario filling in for lindsey graham you're watching boom bust broadcasting around the world from right here in washington d.c. well coming up tit for tat north korea launches a missile into the sea of japan just as japan flops ancient on chinese firms accused of helping pyongyang and affordable no more health care costs have skyrocketed since the start of obamacare but wait till you find out how much the c.e.o.'s are making plus scoring big in sports should superstar athletes ditch the leagues that made them rich and branch out on their own that and more coming up on boom bust it all starts right perfect now.
perfect . north korea launched another missile just before midnight friday that landed in the sea of japan according to japanese officials authorities believe it crashed down in japan's exclusive economic zone though not in its territorial waters but was still within a few hundred miles of the coast this test comes the same day japan blacklisted two chinese companies for their connections with pyongyang the japanese foreign minister said the companies will be subject to asset freezing and other punishments a way to continue applying pressure on north korea and its nuclear drive one of the organizations is china's bank of don dong which the u.s. is also saying and japan in the u.s. have accused the bank of money laundering for kim jong un's nuclear and missile programs japan imposed the same sions expecting a missile test and sure enough hours later the north followed through the new
sanctions against chinese firms just further strengthen the resolve of countries like the u.s. japan and south korea to hold china's feet to the fire when it comes to dealing with north korea. thank. you. on thursday the u.s. government ordered family members of diplomats stationed at the embassy in venezuela to come back home the move comes just days before venezuela moves forward with a controversial vote regarding the constitution bianca machinist following this story for us she has more on this now by the end of this week confrontations between protesters and government forces in venezuela only intensified as attention continues to heat up at sunday's vote the u.s. government decided it's not taking any chances relatives of american diplomats were ordered to leave the country on thursday and if they want to government workers can
depart as well for those who stay in their movements will be limited the decision was announced in a press release that claimed at least one hundred people have died as a result of the demonstrations it also warned of us citizens being arrested detained and robbed while they were participating in or just being in close proximity to them and as well on president nicolas maduro has not commented on the move but he did recently call out countries that tried to intervene in the upcoming vote at a rally he said the emperor of donald trump has given the order for us to suspend the constituent and his subjects. well santos on his knee has given the order that venezuela suspend the constituent and from mexico the government which has given itself over and the most killing government that mexico has ever had that of peña nieto doing reverence to the emperor donald trump he has given the order for us to suspend the constituent endure a list of his grievances with
a few leaders there but eventually read more against the u.s. government in an exclusive interview with r t he blamed the u.s. for venezuela's economic crisis when i was ready for any snow really i think the extreme right in the us to be talking of a blockade against venezuela. they've already started an indirect blockade against a financial system this was the cools the crisis over the past three years but we have economic strength in venezuela always pays what infuses responsibilities in two thousand and seventeen two thousand and two thousand and nineteen you will continue to. most of this drama began in early june when linda announced his plan to hold a refereeing referendum later this summer after citizens vote for assembly members the members would then write a new constitution opposition parties immediately shot back arguing the election would be raked in favor of and in an act of defiance the opposition held its own
referendum that collected nearly seven million votes both at home and abroad. it's so interesting to hear from a duro talking about the emperor donald trump the emperor donald trump certainly the united states has been putting a lot of pressure on his government to make some changes but it's not just the u.s. as an individual we have the organization of american states and it's been one of those toughest critics how did it respond to the government's recent crackdown on protests that we've seen well the oas is certainly very vocal about their criticism of the during his government no matter what they do but earlier this week the secretary general of the organization met with the prosecutor from the international criminal court about possibly charging the venezuelan government with humanitarian crimes now in order to actually go through with that they would have to have public hearings with members of the venezuelan government and these alleged victims of the crimes that they are saying the government has committed and if they were to be found guilty the oas wouldn't be able to take venezuela to court but one
of the member nations could take them as well it to court so certainly only ramping up the tension between the two going forward if if they were in fact to be found guilty or if they're even able to go through with those hearings because both sides would of course have to participate and be willing to participate and i will be keeping a close watch on it this week and we know that a lot of people think that something's going to be going down in the streets which is why of course the united states asked for its own diplomats and family members to come home yes we'll see on sunday all right. thank you so much. while the future of the affordable care act hangs in the balance here's what we do know in the seven years since obamacare passed c.e.o.'s of u.s. health care companies have been raking it in axioms and allies c.e.o. earnings for the seventy largest us health care companies the firm found that on average these c.e.o.'s are making twenty million dollars a year with the highest earner making eight hundred sixty three million dollars just in the obamacare era pull all of these salaries together and that makes nine
point eight billion dollars since the affordable care act was enacted while it's called. the affordable care act we've seen the opposite happen health care costs keep going up and salary increases for health care c.e.o.'s far outpace the economy as a whole. the reason health care inflation is blowing everything else out of the water is because these health care executives are not paid to slow spending c.e.o.'s get a lot of their money from company stock so the goal the personal goal is to do whatever it takes to get the stock to go up that means selling more drugs raising prices above inflation getting more people in hospitals and doing more procedures all of that is the opposite of what health policy experts believe would benefit the health care system as a whole. the canadian healthcare system is not what americans think it is according to the commonwealth fund canada has one of the worst systems in the wealthy industrialized world are. joining us with more on this one alex that's a surprise i mean people i think south of the border here in the united states they
know will canada has got it all figured out we want to have health care like them what are the issues with the canadian system or you know a lot of what you were just saying i mean it kind of transfers over here but you know let's look at like the issues what people are concerned about and the commonwealth fund just so you know is actually an american biggest fund that looks into high performance health care systems how to make health care systems perform better so they did this study they say the three big issues with the canadian health care system is equity outcome and access equity means fairness is the system fair they're saying it's not necessarily fair that wealthier canadians do better in the system the poor canadians simply because wealthier canadians we have health insurance and so many if you work at a company if you're making a certain amount of money you can be sure that you have health insurance private health insurance that comes from your company when that is all factored in it ends up that people that don't have money in this country actually pay more for health care so that's the equity aspect of it when it comes to access or i should say
outcome the issue is when you compare it to the other nations in the list outcome is not really that great we only know two countries in this whole entire list and that's france and the u.s. which is dead last but. for patients is not that great access now access is a big one i've lived in different parts of the country and in different parts of canada access to medical care is not as good as some so if you live in a rural community chances are that you'll have to travel to get the type of health care if you need if you're actually sick and let's save somebody's house have cancer treatment or something they have to travel often long distances to get to those places really quickly so when i just want to give you the list basically just to tell you the health care ranking system performance ranking so number one is u.k. fall. by australia netherlands new zealand norway sweden switzerland germany canada france and at the very last country of course is the us while you're talking about access to health care in these rural parts and it sounds a lot like what's happening here in the united states under the affordable care act
where there's fewer and fewer providers in rural areas for people to get access to good health care so why you're so close to us we share a border why is it that americans think that the canadian health care system is so great if you're sitting there in toronto telling me it's not all it's exactly for the reason that you just said we're very easy compared to we're right next door to you and that's why canadians think we have such a great health care system because we always compare ourselves to americans we don't compare ourselves to the u.k. which is actually similar that's a system that's very similar to ours and we don't compare ourselves to australia which is how if we across the world so let's be frank i mean we're doing better than the american. have all said it is not as bad as america you're fine you know it's not so i think maybe it's a good comparison but i think that we should both strive to something much higher both america and canada ok so what can canada do because clearly the lawmakers here in the united states can't figure out what to do with our health care system so what can canada do to improve you know some people are saying a two tiered system we're not allowed to have privatized health care in canada and
you know that's a big deal for some but let me tell you the lot of people are doing it sort of you know under the table there's clubs you can join let's say a golf club that just happens to have a hospital low back as well so if you have money in your pocket in canada you could do that so the two tiered system would alleviate some pressure let's say on the public system but really not that much i think it really comes down to where money's being spent and bureaucracy there's a lot of bureaucracy for the money to trickle down to the doctors it takes a lot of time and sometimes it gets lost along the way and i think we've always you know that out there before so that's one of the big issues ok real quick twenty seconds what's good about it. i can tell you from personal experience look my finger playing volleyball believe it or not hurt myself i've been going to a physio therapist in a hospital the past couple of weeks they're putting caps on everything cost me ten dollars for the cast i'm eating out within half an hour that's not a long wait time i know my children when i take them to the hospital they're in and out they're usually prioritized as kids so we don't have that worry of a bird when you go over our heads when we go to the hospital of thousand dollars in
bills we walk in we walk out and we're fine so that's the good part of it well we wish your finger all the best alex know how events reporting for us from toronto thank you so much thank you all right well time now for a quick break but stick around when we return the rich just get richer how superstar sports athletes are becoming a booming entrepreneur where's. all the world's. news companies merely players but what kind of partners are into america. america for our team and there are. many ways. just like the real news. that. you could never you're on. some other part. of the world all the
world's a stage we are. on a trial that we have spent countless hours playing through documents that tell the story about a. corporate media group uses to talk about. i'm going to get a clear picture about how disturbing our. work with. these are stories that no one on. my ten year old. wench. would you have for breakfast why would you put. the first see your wife. or. what's your biggest fear when you're going to get on the right result what. would you say you know. but what about. one topic.
now i do do do the work for. another day another wells fargo scandal but this time it has nothing to do with fraudulent customer accounts a new internal review found that over five hundred thousand clients may have been coerced into purchasing unwanted car insurance as a result those clients which already had insurance many of them ended up defaulting on loans in some cases they even had their cars repossessed in a statement the head of consumer lending apologized and announced that the program has been shut down the bank also plans to pay around eighty million dollars to customers on top of whatever it owes to the ones who did lose their cars wells fargo is still recovering from its other scandal where millions of bank accounts were created without consent of customers and led to the firing of over five
thousand employees congressional hearings and divestitures not to mention a drop in earnings but the latest scandal also sounds the alarm on the subprime auto industry and its predatory lending schemes in two thousand and sixteen twenty six billion dollars in subprime autobahns were sold surpassing pre-recession levels . part of the u.s. economy that's looking up though is coal exports which have jumped more than sixty percent this year it's driven by soaring demand from europe and asia and its president onil trump who will take credit claiming his administration's efforts to breathe life back into the industry or succeeding this comes on the heels of him pulling out of the paris climate a card for which he's been blasted by other allies including members of the e.u. but it's those same members that have helped drive this increase in u.s. coal exports meaning europe is importing more coal than last year or two in the first five months of this year european nations imported sixteen million tonnes of
u.s. coal from ten and a half million in the same period last year and exports to asia doubled from six to twelve million tonnes countries like france have had to rely more heavily on coal after a series of nuclear power plant outages while trumps administration celebrates the jump from last year coal exports are still well below levels from the previous five years from april to june the u.s. economy grew more than double the year's first quarter here's why. americans were in a shopping mood from april to june boosting second quarter growth far above the dismal rate. consumer spending accounts for two thirds of the u.s. economy in quarter two it grew at a rate of two point eight percent nearly a full percentage point from the first quarter overall the u.s. economy increased at a two point six percent annual rate more than double the first quarter's one point two percent growth we've seen the economy grow one point nine percent in the first
half of twenty seventeen president donald trump set a target rate of three percent for the entire year these first half numbers show the u.s. will likely miss that mark holding it back we wrote despite the fact that more americans are working now with unemployment rate incredibly low they're working these jobs without much of a raise some analysts believe consumer spending will slow next quarter because of it. now to the world of sports where a few superstar athletes rake in hundreds of millions of dollars each it's a payday worthy of our envy but now i'm going to ask you something that may at first sound a little shocking are these athletes being paid enough and will they eventually turn on the leagues that made them rich for even bigger riches let's talk about how that would work with victor matheson professor of economics at college of the holy
cross victor let's have an example here earlier this month the multichannel and ship one in golden state warriors signed a star player steph curry to a five year two hundred million dollar contract it sounds nice but the man who lost a curry twice in the playoffs cleveland so bron james he lashed out saying curry should be making twice as much money in what world as curry not making what he's worth. well let's first of all say stuff in courage just signed the most lucrative contract in the history of team sports in the united states or anywhere else in the world forty million dollars a year yet i agree with the le bron the guys underpaid. just seven years ago when curry joined the golden state warriors over the past seven years all the success he's brought the team the increase in the value of the golden state warriors over a billion dollars most of that's attributable to stuff in curry you know to tell you the truth forty million dollars a year isn't that much when you're bringing
a billion dollars of value to your employer and who's who's pocketing all of that money i mean you said it there is a huge increase in what the warriors are worth in two thousand and ten four hundred fifty million now two point six billion dollars so you're right forty million a year is just a drop in the bucket who's pocketing all of those riches. well it's been a great time in general to be and be a owner over the past seven years but it's been a spectacular time to be the owner of the golden state warriors again four hundred fifty million dollars when when curry starts out there two point six billion dollars now and that's much faster increase than the average team in the league it's unbelievable the n.b.a. too is just such a perfect example of a sports league that has its share of problems there's far more weigh on the superstars than in other leagues they're signing a single player like chris paul can change the market price for buying a team like the houston rockets it's all wrapped up in the same deal the they force
longer playoffs because they get more money so they have the players playing more games and as you said it's the owners who are making it big what would happen if players walked away from that what would happen if the players turned to a player driven league how would that happen. well so that would be a very very difficult thing for the players to do primarily because players have very very short careers and it's very hard to both concentrate on your basketball skills while some simultaneously trying to be a manager the average n.b.a. player will only have two or three seasons in the league and that's even better than other places like major league baseball where the average player who plays at least one major league baseball game actually appears in less than one hundred fifty games in his career that's less than one full season so it's really hard to make the players owners so probably the best thing they can do is to make sure that they have a very strong union that can counterbalance the power of the owners why does it
seem though that we're protecting these owners and protecting these big institutions like the n.b.a. or even the m l b because when a player enters they have a cap so a major league baseball player has a league minimum of about five hundred fifty thousand dollars so yeah you hear some guys that are making hundreds of millions of dollars in a contract but in those first years these players are limited for making what they might be contributing to that team while we continue to protect the organizations the leagues that do this. so that's actually an agreement between the unions and the t.v. so they hammer out a collective bargaining agreement every few years to decide how players are going to get paid and the agreement that most professional sports unions have with the teams is that you don't get paid much when you are new you get paid a lot in your middle years and your and yours and most of them also cap the total amount of money that the superstar players could get so the n.b.a. is an outstanding league to be a mid-level player in but it's not
a great league to be the best player in the league or starting rookie well i mean except for the fact that you might get forty million dollars a year if you're the best player. if you really you know obviously played his worth for his owner for that team for all of the merchandise sales for the n.b.a. as a whole i want to talk more about this idea of players turning around and starting their own league this is something more in my realm but it happened a couple of years ago in the world of rodeo where a bunch of these top elite rodeo athletes decided that their organization the professional rodeo cowboys association was taking advantage of them they weren't paying the athletes enough money for winnings these guys were having to travel fifty weeks a year just to make a livable wage if they happened to become the top fifteen athletes in their events in the world and a few of them splintered off into the elite rodeo association so they splintered off into their own league if you will that would compete with the p.r.c.a.
then the p.r.c.a. sued them so talk to me about how even branching off deciding i'm going to be less of a player more of a manager could work or not work in that situation. right so we've actually seen some examples of this in history where the players have fought back against the leagues and have been subject to blacklisting and. in fact the entire history of professional sports and labor relations has really been about giving players the ability to earn as much as they could we didn't have free agency in any of the leagues in the united states until the one nine hundred seventy s. and one nine hundred eighty s. things are much better for the players now back in the early one nine hundred seventy s. before free agency estimates were that a top baseball player earned ten percent just a dime for every dollar of revenue that they brought into the clubs nowadays that's much closer and of course we can make some arguments about whether stuff and curry
should be paid maybe twice what he is but at least it's not the factor of ten we saw before players could get into free agency what are we seeing now though especially with leagues like the n.b.a. where some of these players are space splitting off and we have the big three the three on three tournaments that have nothing to do with the n.b.a. and not a not a cent goes to it or then you have a player like long's obama whose family is really making riches on his name and his very early success as a college basketball player now going into the n.b.a. so are we seeing a trend here where players are turning away for other sources of income and if so will it work or well these leagues eventually be protected enough and crack down on that. well we do know that we see some players intentionally taking less money than they could so for example we had direct come to the warriors next year or last year for a fraction of what he could have gotten from other teams specifically because he thought that winning a championship would improve the amount of money you can make outside the league so
we do see some players making some intelligent choices saying look i'm willing to maybe not try to get every dime i can out of the n.b.a. knowing that i can get a huge amount of money outside the n.b.a. in terms of sponsorships and other deals so curry making forty million dollars a year in salary that's great but that's actually less than half of what he's going to take home in terms of total earnings next year because of all the endorsements and other outside earning opportunities he has when we go through a year without a major lockout the n.h.l. is good the n.b.a. is good everybody is signing their collective bargaining agreement so everybody is good right now but when we go to a time when we do have lock outs and players are starting to think about well maybe i don't want to play for this league anymore right now we're in a golden era where everything's happy but do you see a time when we could be nearing a lockout or there could be a lockout again and players might try to splinter off. yeah it's actually pretty tough on the players in american sports mainly because there's no other place that
they can make nearly the same sort of money so you can have baseball players go to japan but that's a much lower paid league than in the united states you can have hockey players try to go to the russian super league but again less than they're going to make here basketball players can play in the european leagues the spanish leagues but again far less money than they can play it makes other places of course it's one of the reasons why soccer players have it so good around the world because if you decide you're playing in a lot league and you decide that you're being treated unfairly you can always go to the e.p.l. or the buddhist league or syria or all sorts of other leagues around the country around the world unfortunately for the most of the american sports there's not that same sort of opportunity so for most players they're looking to try to get the best deal they can with the leagues they're playing with currently rather than trying to go out on their own to start their own new league so even if they're making tons of money off the backs of these players the players are going to stick it out knowing
that you know two hundred million instead of four hundred million probably still ok victor matheson professor of economics at college of the holy cross really great conversation thanks for joining us thanks for having me. pandas are adorable they love bamboo and they are a major draw at zoos they're trying as mascot to the world and everybody loves them or at least you should but now china's found a new way to use that panda based goodwill to help promote renewable energy a green energy plant in northern china called panda green energy has taken hundreds of acres of solar panels and arrange them into the shape of well you guessed it pandas these solar panels were built in conjunction with the un's development program in order to help china tackle their growing need for renewable energy this pandemonium see what we did there is catching on with the company opening talks to expand these panda shaped solar stations to other countries but like all things in life there is a cost it's not you know cost of pandas going to others zoos
a million dollars least per year well each panda plant cost fifty one million dollars so fifty one pandas per year that'll do it for us for an hour check out the show on you tube youtube dot com slash boom bust our teeth thanks for watching for all of us see you next time. we're going to war zone you on the idea that dropping bombs brings to the chicken or forcing you to fight the battle. you saw for the show you get the gossip the public. tell me you are not cool enough like. all the horror that we all
already want. i mean. that's a very rough for sure and you sort of climates and you have to fight to be able to them it's like. it was gunshots on top of them and so many friends who would have been going there may have been and you don't know. why don't let me back up. you know i don't when you see a better body in the true in the city to put you straight in the good. old to me a good leader. you don't think about these things the soldier or no you just treat it like any other another face.
it will be. coming over our team america the senate approves the latest round of sanctions against iran north korea and russia with an overwhelming vote of ninety eight said to. him just a day after sanctions are passed north korea launches yet another intercontinental ballistic missile reaching an altitude of almost two thousand miles. and the skinny bill failed to pass the senate with john mccain casting the decisive vote against it. that afternoon it's friday july twenty eighth five pm in wash.