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tv   Boom Bust  RT  October 11, 2017 8:29am-9:01am EDT

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and on taxes can washington get it done this year he is set to tell us said stand by the boss starts right now. hearing the economy giants like air b.n. b. and could see the way paved for them right into the heart of northern europe the danish government has decided to stop fighting this change in consumerism and instead embrace it by adjusting its labor and tax laws according to the business ministry about one fifth of danes have either offered or consume the kinds of services provided by uber and air b.n. b. and that is set to increase business minister brian mickelson says if you want people to understand the prospects in terms of new jobs new technology then it also has to contribute to the financing of the welfare society we live in. a lack of tax
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implications for private citizens renting out their homes through the air b.n. b. online service is of particular concern to denmark also there are no business operation licenses or requirements to be met as a landlord new legislation there includes allowing homeowners to rent their properties for at least ninety days a year along with an optional tax program sharing services in housing and transportation was worth more than one hundred million dollars in two thousand and fifteen according to the government. a december interest rate hike may be up for debate by some people it may be set in stone for others or even just downright unlikely but what certainly is up in the air right now is the board of governors budget of tallit it shallow and the recruiting must be gained. in earnest some say it's got
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a strong start please welcome. president of money strong and author of fed up an insider's take on why the federal reserve is bad for america i got to start off with brenda quarrels what's your take on him entering into this fray but well look coral's his name has been vetted and that at this point it was kind of ridiculous in my mind at least that the senate was holding up this full blown confirmation and i don't think lindsey that it was any coincidence at all that the senate pushed him through on the same exact day that the white house finally released its formal short list of candidates to replace or not replace yellen at the end of her term come february and it was just as if a miracle a cloud had parted in the sky and boom coral's was in so i think that was the senate holding the white house's feet to the fire on that one ok well right now there's let's talk about two other potential candidates for the fed kevin powell between the two of you had to choose which one seems to be the better choice to
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replace janet yellen. well they're both extremely qualified candidates but i will revert back to my hero and that's hard for me to say my hero in the one hundred plus years of federal reserve history and that is william mcchesney martin he served for the longest time of any chairman including alan greenspan he served as a private in the united states army he acted as a liaison between the soviet union and the united states he started out on wall street as a brokerage firm at the age of thirty one he became president of the new york stock exchange he studied economics at columbia university i'm not trying to bring him back from the grave lindsay don't get me wrong but what i'm trying to say is that he was very well rounded he was extremely experienced and he was a political and i think of the two potential candidates i think that jerome powell is it is much more qualified and that his back career gives him a lot more experience than that of kevin morse who really is purely kind of
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a finance guy that's that certainly not the case with powell well we know that you like that a rape of a background a deep resume to really bring i want to say wisdom to the fed what about stanley fischer is chair last day coming up october thirteenth again we've come more than a couple of openings here how would you fill his chair. well i think that there are many other qualified candidates some of whom happen to be on the short list i do like the idea of john taylor from stanford i certainly don't advocate for central banking being run by one individual rule even if it's got his name on it the tailor role but i do advocate for what his rule exemplifies and that is an added measure of discipline among policymakers at the fed i think that we could use somebody like him if there's going to be an insistence on having many more academics come into the fed there are several other bankers i think that are extremely qualified as well but again their names did not land on the short list right will short list
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resistance though to future nominees we're talking about putting together plans for new these new positions do you think that yellen replacement takes priority in this situation some somebody will also say maybe maybe he won't. saying no no he might say it right now it is no longer kind of a def con one numbers game anymore it was before the senate confirm quarrels but now that they have even after stanley fischer is departure on october the thirteenth there's still enough wiggle room because now you've still got four people on the committee until janet yellen leaves so right now the main focal point what markets are focused on more than anything right now is who is going to fill janet yellen seat and or will she accept the chance to keep the position so i think that every other vacancy on the federal reserve board at this point is kind of who
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cares until we hear that final nominee to go up in front of the senate right it's the hinge of the door and when do you think this is going to happen let's talk timelines ride up a little last minute how long are they going to drag this out for us if you look back to when bernanke. he was first appointed if you look back to when yellen was first appointed. the two predecessors really had the news in hand before halloween so think about it that way i would be astonished if this dragged on into november just because congress is going to go for recess that there's the holidays coming up you're going to have to give the senate enough time to vet the potential candidate that brings us back to drone powell simply because he's already been vetted by the senate he's already a sitting member of the federal reserve board and if you're going to drag your feet and that's why i think vegas betting odds have gone through the roof on powell over
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the last few hours and fallen on worse if if this administration is not going to get things done quickly and i think we've we've seen the propensity to not get things done quickly then powell certainly going to be an easier nominee to get through the senate because he's a no known right and took a treat for us here in washington. siders take on why they felt the monetization in the mid year introduction of the country wide goods and services tax free and lower growth projection from the international monetary fund the i.m.f. said as it stands at six point seven percent growth in two thousand and seventeen point five percent less than its previous two forecasts in april and in july at the center of this economic uncertainty and slower growth is the goods and services tax which promised to help break down india's complex duty system and an effort to
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unify the domestic market the government expects that to help propel growth over eight percent in the near future and the latest report is released ahead of the annual meetings of the i.m.f. and the world bank it puts china slightly ahead of india in terms of growth rate for the next year in two thousand and seventeen. and it's looking even better elsewhere though the international monetary fund has put canada at the top of g seven nations when it comes to economic growth in fact it's issued some positive news from many countries but the organization fears and take globalisation movements present a hurdle for artie's out through highly veges and toronto with more on this alex let's start in canada where you are what's the latest me i.m.f. on canada's economic state and i know you're thinking all of this is a little bit like the movie groundhog day because we've heard this before that cater to stopping the g. seven that would be you know we see from paris of just a little while back the measure that came out of those at the top and now we have the i.m.f. the washington based saying pretty much the exact same thing you know how to basis
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point above what the originally predicted now be put growth at three percent for canada for two thousand and seventeen which is making a lot of people happy obviously in canada especially so these are nice numbers it's nice to see for economy right now that has been doing really really well and with of course are we going to the so that which is a machine when you look at america canada stands at a really good place and we think in. terms of let's say the o.e.c.d. or the i.m.f. and the kudos that they're giving us right ok alex you continue to brag here one of the factors that helping canada is growth and this and this stellar economic performance you know there's a couple of beater factors here and one of the factors is that the drag from the oil prices that originally that we saw is pretty much dissipating canada's not as reliant on oil as it once was and when i say once i'm just talking the very recent history just a year or two ago now canada is kind of backed off of that we understand the way
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oil prices are moving so that's been a positive move in that direction the drag is not what it used to once be second of all it's our central bank they've done a phenomenal job with interest rate six and keeping this country afloat we saw how we can of the weather two thousand and eight deal with the biggest economic crisis while that you know you guys were bumped a little bit harder than we were we did really well there third of all i mean it's it's basically the fact that the government is pumping a lot of money into the economy so that could be a good thing or could be a really bad thing a lot of people are looking at as a bad thing especially fiscal conservatives they don't want to see this movement forward where it's actually the government money taxpayer money driving the economy so that is a big part of this factor of just a true as government has been pushing forward with a lot of investment but that investment means debt somewhere down the road of course it does canada's not the only one on this list the higher the other countries performing. well we have a little graph here for your soul a list i should say of countries and how they're doing as well as the world so you
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know the i.m.f. and bumped up a few let's say entities that moving forward the world went up from three point five to three point six percent growth advanced markets jump from two to two point two percent emerging markets this is an interesting one state at four point six percent a lot of that is due to china which you mentioned already so it was bumped up from six point seven to six point eight percent so china is one of the fastest growing when it comes to expansion of the economy and as you mentioned also slightly out of india which is at six point seven but china is expected to slow down to india in the coming future in two thousand and eighteen might surpass trying to in of course we have the united states there on the list to two point one to two point two now with the united states the growth projections have a bit too too high because of those things that talked about those major tax cuts they're not really coming from fruition and i.m.f. is thinking that just might not happen is somewhere somewhere down the road at least in the near future the brits they would prefer to hit pretty hard for
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a couple of reasons their economy slowing down basically by point three percent they've been downgraded to one point seven percent. of a growth rate and this is due to low consumption levels in the country but also many people are saying bright breaks and that's where we get into this whole globalization thing countries that are ignoring the factors of bloat globalization like like the united states or like britain might actually if they're not playing the game they might actually be hurt in the long run and of course russia as well a little bump up in growth for russia it seems that a lot of countries are doing well or better than projected initially by that antiglobalization thing it might hurt a few in the future thank you very much for coming at us from toronto. thank you. time now for a quick break but stick around because when we return we're hits yet another snag in the u.k. this time it's about paying taxes my gas. tax situation up on capitol hill
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to go to break here the number of. years you know you know when you go into. the job those are the you. know in another of those other three that in turn that the that the. or if you're. just to believe. the glad. you're listening. to it or.
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not a. hollywood elites present themselves to be the champions of liberal values the harvey weinstein scandal presents a very different picture a truly ugly picture of hollywood now face up to its own hypocrisy. still exist. rico's treated as one. recall. the island is controlled by the u.s.
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government and some crave independence. either. still many do wish to join the us. leave every day. with the country at a crossroads anger on the island is on the rise. here's what people have been saying about rejected in the us exactly to pull on. the only show i go out of my way to. really pack the party. john all over a party america is doing the same we are apparently better than booth. and see people you never heard of love right back to the night president of the world bank
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so take. me seriously send us an e-mail. address was. that i. was. it were says it is slamming the brakes on any notions that it should contribute to the u.k.'s national insurance system the insurance pays for the national health systems pensions and other benefits which its drivers could collect on if they were
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directly employed currently the those working in the u.k. are classified as self-employed there is no employment insurance to be had there are no sick days and the other benefits befitting full employment in that country were says insurance contributions would cost tens of millions of pounds and it just won't do it we were is in several heated battles with london's transport regulator as it moves to cut your worst phone app license and to prevent the company operating in london due to safety regulation violations the new c.e.o. who were met with london transport officials to apologize for past mistakes no word though on whether any headway was actually made for the company is fine appeals in both these cases forty thousand drivers operate in london carrying three point five million customers. and pharmacy benefits manager express scripts will buy privately held medical benefits manager every core health care for three point six billion dollars every quarter manages medical benefits for around one
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hundred million people express scripts runs prescription drug plans and processes mail order prescriptions and baling for prescriptions filled at retail pharmacies that the acquisition bolsters express scripts medical benefit management services the purchase is expected to close in the fourth quarter after receiving regulatory approval it's a rapidly changing field of business out there this news comes on the heels of an announcement by amazon dot com that it is entering the world of prescription drug sales and delivery. and the trump administration has offered up a seven page blueprint for tax reform that they say will become law later this year what is it and can tax reform actually become a reality here to discuss this is former u.s. attorney commissioner bart chilton part thank you so much for being here for this now administration officials are clear in saying that tax reform will be done this here secretary recently has said we are one hundred percent committed to getting it
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done this year it is critical to our economy we have a unique opportunity to do this and that of course director of the national economic council gary condit said i do think it can pass. both of the tax committees in both chambers in two thousand and seventeen the administration says that there's a difference from the health care effort tax reform they've socialized their proposal among key members of the house the senate and they have buy in from what they call the big six are those the reasons are so confident that it will become law at the end of the year is there something else where are they getting this this magic from well it is a different approach mean you know health care does does seem very haphazard and you know on again off again so i've never heard these terms i mean i worked in the house and senate for fifteen years so i've never heard the term social law as a whole. and i had never heard this phrase lots of acronyms you get killed bodies with acronyms in washington but i've never heard the phrase the big six i
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mean it sounds like a good band like to drive a seven the big say i prefer the. very thin to the big six is by the way and this is gary conan yeah they're talking about the big six but it includes them there are two of the big boys club old boy with clyde so those two it's the speaker of the house the senate majority leader and then the chairs of the tax writing committee that's kevin brady of the house ways and means committee and orrin hatch of utah the writer of the now finance committee so those were the ones that had quote unquote. socializes proposal but at this point i mean i think it's really dicey to get it done by the end of the year i have to see but it would be i don't know what they're smoking and down there are putting in the i don't know maybe they're like the hotel and vegas right about pumping in the myth they're pumping oxygen into that house and treasury and not only that we've got the holidays interrupting all of that let's take half a second back though and talk about the administration what its proposed the brass
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tax but other than ten tax reform would be really great trungpa said you want to simplify the code limit the number of brackets it's like seven to three or four if you're if you're really rich got problems there. and he also said he wants to reduce corporate tax rates make the us more competitive bring that money back on why did the administration propose in the blueprint well they've done pretty much what he laid out as a candidate and then earlier this year remember in may they released one page so that if they did propose it is not now nine now it's now it's seven o eight arctics so they and by the way previous administrations republicans and democrats when they put a proposal forward you know they pay attention to the details i mean the details rather i'm not sure that the details matter to this administration which is fine that is going to get something passed and they really need it after health care tax writers are going to take care of that they're going to they're going to do they're going to be diligent about the details so you're right they've gone from seven down to three brackets the brackets will be twelve that's up for the lowest the lowest
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earners up from ten percent twelve twenty five and thirty five in the thirty five for the those that earn the most in our nation is going down from thirty nine point six down to thirty five now you might say wait a minute they're reducing on the wealthiest and they're raising on the lower democrats will say but also not fair because they are doubling the proposal is to double the standard deduction so for individuals they double it from roughly six thousand to twelve for married couples. roughly from twelve thousand to twenty four thousand that you're not taxed on any of that so it could be a big boon plus they want to get rid of these deductions miry deductions and loopholes all really holds say one point six or one point eight trillion dollars over ten years or so and then on the corporate side like you said you want to reduce those they're at thirty five now during the campaign this is only the this is the only divergent thing from what he called for and what they actually proposed
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they wanted to go from thirty five down to fifteen now he's going down twenty is where they are which is still on the low side ambitious it's an ambitious move but no one believed it was really going to go to fifteen throughout the campaign so why large what he called for is what they put forward and so good for them right right key challenge paying for the tax cuts it's not neutral the fed reports revenues for opening up arctic national wildlife refuge to oil drilling not a lot of fans of that on both sides of the aisle can be used to pay for five trillion dollars in these tax cuts explain what they need to do in the budget side of this reform debate because people say they want it budget neutral what. the bottom line is you cannot spend money you can't cost the government money after ten years without going to reaching a sixty vote threshold so they and right now the proposal going to cost five point eight trillion dollars and they've only allowed it as congress in the budget they're working on right now had passed congress there is only allowed for tax reform to spend one point eight trillion so they've got four point three or so
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trillion dollars they need to come up with which is why they're looking at opening up an wara that's the arctic national wildlife refuge as you said to drilling that's federal lands that get money from federal drilling and a bunch of other what they call pay for is the bottom line is there are many people in washington because we've got a four hundred forty trillion dollars debt billion dollar deficit every year a four hundred forty billion dollars deficit that don't want to spend one more nickel track tax reform they say has to be budget neutral so we'll see where they go from here well not only that but when you look at the modern g. . a lot of people will vote g.o.p. because they're fiscally conservative they don't want that they're not the drill baby drill as they don't want the arctic refuge drilled they want to know where this is going to come from other than something like that i think it's pretty sloppy rhetoric coming out of that that's just my opinion how about the politics of tax reform as for talking about there are majorities of the president's party in the house and senate that didn't win health care couldn't get it through what are the votes look like for passing totals or form fifty two republicans so the problem
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probably passed something in the house something but in the senate i got to get sixty two republicans and the president seems to be even though i'm sure that he can count very well he seems to be self-inflicted wounds on his policy proposals every single day it was bob court corker just recently who said can't spend another penny of the it's got to be budget neutral and you still got mccain senator flake susan collins. there's five that may vote against this thing again you can't afford to lose more than two so i think it has or it's a long rough road to hoe let's look at the markets though they've been they've been boyd by the mere prospect of tax reform we see that when we get these one pay seven page and sometimes i think it's nine i guess it's just seven how does the markets reacting to all of this if it pushes forward i think they've been bullied as we've talked about many times just by the prospect of being president and then by all these great records but i almost think at this point lindsey that it's big i'm not
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sure how much more the markets can take off i personally have talked about this maybe six weeks ago i think there's a little bit of a speculative bubble there in equities and you know a little bit of a bubble is ok but i don't see that it's going to do a whole lot more for the economy if they did get it done this year maybe but again i'm a little concerned about that all right but let's one last question based on your experience working on the health for years i want you to be as optimistic as you possibly can for us what's the soonest you think tax reform could be completed that would be a trick or treat for all of us that would be you know candy in the stock and give us a good end of the. here it passes it passes the house ways and means committee sometime in the next couple weeks and then beginning of november it passes the house floor senate passes in committee beginning of november and then done at the end of november in the senate then they go to conference that both of them have to come together and then they do that and they both vote on it one december twenty third that's the optimistic view but by the same token if i'm saying that i'm really
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probably you know yes let me i want to the thing is i think we need to do one of those super bowl bracket things where we start taking out insert the numbers and take bets on that spot. thank you so much for coming in on this from yesterday commissioner part. october is the time of year in the united states when we get a little pumpkin crazy pumpkin flavored lattes jack-o. lanterns the list goes on and on for some here it's also the time to see you can grow the largest gourd this week half moon bay california was the place to be as people across the u.s. brought in some of the largest pumpkins you will ever see they competed against one another for weight these pumpkins were so large cranes and forklifts were needed just to weigh them it's not just bragging rights though that gets the growers to tell their fields the winner walks away with sixteen thousand dollars this year man
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from washington state one with a pumpkin weighing in at over one ton he got the money and the bragging rights and even broke a world record. thanks for watching everybody be sure to catch him boss on direct t.v. in the united states you can find us on the r t three two one and if you missed us on directv catch boom bust on you tube youtube dot com slash boom bust r.t. thanks for watching see you next time. i need you in the world. on the world. tour of the world oh. no i mean we didn't. all. go to.
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one else seemed wrong. we'll just don't hold. anything. yet to shape out just to come out to. and in detroit equals betrayal. when so many find themselves worlds apart we choose to look for common ground. about your sudden passing i've only just learned you worry yourself and taken your last wrong turn. you're out caught up to us we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each day.
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but then my feeling started to change you talked about more like it was again still some more fond of you those that didn't like to question our arc and i secretly promised to never be like it said one does not leave a funeral the same as one enters the mind it's consumed with death this one different i speak to you now because there are no other takers. to claim that mainstream media has met its maker. or. peers will people been saying about rejected in a way to us it actually is full on ourselves well the only show i go out of my way to longevity what it is that really packs upon our leadership is the john oliver of
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our three americas do the same we are apparently better than blue nothing is better than some to see people you've never heard of love or down to the night the mob the rose of the world bank so very popular in a seriously sent us an e-mail. the top news story here on our team international syria demands the u.s. led coalition in that country is dissolved saying the forces are destroying everything bus and islamic state. but meanwhile syrian government forces edge forward against eyes still in dera sole province on t. witnesses famous. fighting with our correspondent reporting from the front line in one of the areas last terrorist strongholds isis is making its. here is one of the jihad ists briefly showing himself while spraying away on full otoh.

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