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tv   Boom Bust  RT  October 25, 2017 4:29pm-5:01pm EDT

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he said it's easier to fool people than to complaints them they've been for that could be why america is so divided because people have been fed fake news just paid for by corporate interests they beat you down until you believe their fairy tales well here's a story for you it's called big and it's full of facts not fiction. you . were told if you treat good looks like real that this would. be the part of. your life with the like you are going to.
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believe. that. we did it so. i'm lindsey francis has been about broadcasting around the world from washington d.c. coming up big point house what introducing gold coins it's the second fork in the cryptocurrency this year to drop the price of a coin but it has now recovered somewhat we explore what this means for the future of the crypto currency and china could set a new way to prize oil in the coming months and petrol you want would be a major step toward removing the u.s. dollars dominance in oil markets also the rich and poor in america saw their
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fortunes converge for a large amount of the twentieth century but now they're diverging my guest explains how this chap that stand by bus parked right now. to hold the birth of gold coin jack loud the c.e.o. of lightning a sick is behind the move and he created a code that creates a fork or split in the big block shape and tuesday his group pulled the trigger on that code the idea is to basically decentralized bitcoin and use moving it away. from a small group armed with powerful computers this allows more users with less powerful computers to opt into the encrypted digital ledger connecting big users on wednesday because i had a low of five thousand three hundred seventy four dollars sixty cents and recovered nearly three hundred dollars after that big coin gold prize plunged sixty two
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percent in the first twenty four hours of its existence trading at just over one hundred sixty one dollars per coin by the end of the day bit coin was forked back in july producing big cash. and china is making power moves against the dominance of the us dollar and it may arrive before the end of the year with the introduction of a petrol you on the dollar rules over global oil markets as the world's top oil importer beijing is aiming to create a benchmark oil price of its very own the plan is to price oil and yuan using a gold backed futures contract in shanghai if this catches on it would be a major step toward dethrone in the greenback. following the two thousand and eight recession lawmakers implemented the dodd frank
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bill which president trump has vowed to dismantle so in july the consumer financial protection bureau proposed a rule meant to keep some of dog franks guidelines in place but it was just shot down by congress who has more on that for us in a very close vote the senate decided to get rid of the rule that allows consumers to bring class action lawsuits against banks and credit card companies on tuesday advice president mike pence cast the tie breaking vote bringing it fifty one to fifty eight the republican controlled house already approved over sending it and president is expected to quickly sign on the rule was proposed by the consumer financial protection. bureau back in july to stop companies from using mandatory arbitration clauses the c.f.p. said the clause is prevent consumers from joining together to sue their bank or financial company for wrongdoing the bureau added by forcing consumers to give up or go it alone usually over small amounts companies can sidestep the court system
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avoid big refunds and continue harmful practices following news of the vote c f p b president richard cordray encouraged president trump to veto the resolution and said tonight's vote is a giant step back for every consumer in this country wall street won and ordinary people lost this vote means that courtroom doors will remain closed for groups of people seeking justice and relief when they're wronged by a company the overturning of the arbitration rule foreshadows other changes at the bureau which was created after the two thousand and eight financial crisis it's been attacked on several occasions by some republican lawmakers in particular congressman jeb hensarling and throwing once called the c.f.p. be a quote rogue agency that must go so beyond arbitration we could see adjustments made tools regarding payday loans or mortgages down the road as well but an order for more changes the house and senate will likely have to remain under republican control. so i'm wondering if they're afraid of opening these floodgates and what's
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the reasoning here why make it harder so the members of congress that voted to sort of nix this rule is. they say that arbitration is cheaper and faster than lawsuits for consumers yet they're saying it's better to just keep in place arbitration because lawsuits aren't going to help people that's so they see this as protecting consumers this decision that they're making to nix this rule and then white house press secretary sara sanders also said that the rule would harm community banks and credit unions by quote allowing frivolous lawsuits by special interest lawyers so that people against this rule are saying you know sort of fast and i'm all for protecting consumers. and we're also protecting the industry so that's their argument right i mean it seems understandable that they would want to protect the special interests who are going to take home big paychecks for this but there was lots of opposition to this i'm sure what does the other side have to say right so the other side obviously said the exact opposite all the democrats and the two republicans that voted to keep it said that consumers have traditionally gotten
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more money back through class action lawsuits versus arbitration so of course both sides are you know using different numbers here but they really pointed heavily to the wells fargo scandal and also up with facts more so wells fargo's that i mean they were saying you know if we didn't have the current guidelines in place would we even know wells fargo and how many other wells fargo's could happen if we were sin the the rules and see more deregulation you know there's a lot of uncertainty and a lot of unknown for the people that voted to keep the rules about why you know they're a little more apprehensive to just mix away all these regulations and what do you also say we've watched the wells fargo play out for so long on the show wouldn't it seem also that that scandals also just more developed we know more about it especially after the testimony we heard on capitol hill right i mean the floodgates really opened once there we are at one small complaint and now it's the little guy really really really suffer a yes right and the reason we know so much is because a lot of the former employers were able to band together so exactly that's what you
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know in particular senator elizabeth warren was really driving hard against only doing yes as we know that she would like to act. but so that you know it's one of the concerns moving forward at this rule in or other similar guidelines are put in place one guy one guy did it i can't believe it thank you so much for all of your information this boom bust. it's been fast action on capitol hill regarding tax reform lawmakers are scrambling it seems to push through some things some. now how desperate has it gotten in the halls of congress here to give us a very good idea it's conservative t.v. and radio host so good to have you in the studio to be here as a new yorker you know i know you put out my passport and here i am what's the hurry here are they rushing at you have to think they're rushing well they are rushing it
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they want to get an accomplishment in the books before the end of the year now david stockman who was the budget director under ronald reagan in eighty six the last time tax reform was done said it's very amateur to believe that this could get done by the end of the year nonetheless we hear reports from congressman after congressman chris collins of new york who is a big supporter said i don't know what the brackets are i don't know what's in this i don't know what this could be for one k. reduction i don't know anything so i don't know how that's going to translate to unification or unity within the party and a package does it seem absurd to you that these people aren't going out the door of your morning with basic talking points what can the typical american know about their deductions for a for a one k. for entire money how can they not know this the tax free market has very few pages well i don't think they know yet to be honest or if they know it's the bradys in the hatch is the chairman of the committees brady and hatch have both said even though trump said is as recently as today no one's going to touch you for a one k.
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contributions nonetheless brady and pat have said that's not necessarily true even trump says he doesn't want to touch and what they're proposing is that what we've heard is that you could put in eighteen thousand dollars a year right now if you're over fifty you can put in twenty four thousand dollars they want to knock that down to twenty four hundred dollars to do republicans think that trump voters republican voters what ever for that sort of a thing you know i mean i can't imagine it i just can't imagine it and then you also have a lot of questions the state and local tax deduction that's huge. so you wouldn't like new jersey california where there are democrats states but there you know a lot of republicans the republican congress people and senators and so if you take away that the duction they're going to be very unhappy so that we thought was off the table but brady is saying and brady is a genius i have been a functions with brady where he's spoken he knows the tax code inside out so i
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would like to believe as a republican as a conservative as a trump supporter that he knows exactly what he's doing here i hope will not only that the businesses are watching not just the people we sent a stock market fluctuate we've seen testaments change isn't this trump ism rubbing off on capitol hill just punch it through punch it through going along with his rhetoric there has to be something rubbing off here well i gave in to pressure maybe caving to pressure but then on the other hand let me let me play devil's advocate to your argument what's been done i mean he you know it's been nine months since he's been elected they didn't get health care done trump wanted it wanted it wanted it they didn't do it and now i hope again that the optics are not necessarily true and what we're hearing isn't necessarily true but nobody knows what's in this bill that they're if they're putting together so although you could say they're feeling the trump pressure to get it done they're not getting it done so far so i don't know what do you what do you think we could face if we get
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a vote by the end of the week or tomorrow well i think i think they're aiming for the you know well the vote in the senate the vote in the house tomorrow is on the senate budget so then then they're looking for a vote by thanksgiving for the tax proposal right they've got a couple of weeks i think they're going to throw something together but you know now you have the wildcards in the senate even though you need fifty one votes right what are flake and corker who don't have to answer to anybody what are they going to do are they going to spite on the way out the door and ruin it for everybody these are such unanswered questions and it's so important and only time will tell are you do you think that we're. are seeing sort of an implosion of the party based on those comments and then we've got tax reform being pushed through if people see something as outrageous as twenty four hundred dollars deduction for retirement are we going to see some explosions before the holiday season i just think people want to get something done if it's full of bad things if it's full of
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a fourth bracket for millionaires that's conservatism that's not republican bill hall not tweeted that now and they're going to they're going to apparently do this paul ryan is saying we're going to do this so there's going to be a lot in there that you know what to dislike for someone for everyone to go around so that maybe that's a good bill then i don't know for the holiday thank you so much conservative t.v. and radio. time now for a quick break but stick around with me because when we return the transportation safety administration will set new security guidelines for us down flights and my guests and i discussed the iron law convergence and what it means for the rich and the four and that is the go to break here are the numbers.
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i think the average viewer just after watching the problems segments understands that we're telling stories there are critics to own you know why because their advertisers won't let. you know in order to create change you have to be honest you have to tell the truth parties able to do that every story is built on going after the back story to what's really happening out there to the american one. happening when a corporation makes a pharmaceutical it chills people when a company in the environmental business ends up polluting a river that causes cancer and other illnesses they put all that health risk all the dangers out to the american public those are stories that we tell every week and you know one they're working.
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for decades the american middle class has been railroaded by washington politics. big money for four years that's thrown down a lot of boys that's how we lose in the new culture in this country now that's where i come in. i'm michel. martin i'll make sure you don't get railroaded you'll get the straight talk in the straight. to. get ready everyone all incoming flights to the united states are set for new
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security screening procedures the u.s. transportation security administration puts the number of flights affected at around two thousand one hundred daily it would include heightened screening of personal electronic devices and stricter security procedures around the planes and in airport terminals travelers to the u.s. might now face short interviews check in documentation checks and at their gate this comes after five global long haul airlines air france cathay pacific egypt air emirates and love tuns us said they would begin the new security in interviews starting thursday nov royal jordanian said it would begin the new procedures in mid january the new rules also come at the end of a one hundred twenty day deadline for airlines to meet new u.s. regulations following the ban on laptops in airplane cabins middle east airlines. the small montana company scored
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a three hundred million dollar contract with puerto rico to repair its devastated power grid and some lawmakers are not happy about it eighty percent of the island is still out of power one month after the hurricane hit the company called whitefish has been up and running for two years and has only two full time employees the deal was signed with puerto rico's quasi public power utility. members of congress have now called for an investigation as the small company is based in interior secretary ryan zinke home town of whitefish montana and it reportedly did not participate in a competitive bid process the governor of puerto rico ricardo result responded he says of those contractors who met the requirements and aggressive schedules to bring brigades one was asking for a substantial amount of money which i had no liquidity for and another did not require it that other white fish. why phish says washington has it all backwards he
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has nothing to do with the contract whitefish says it's hired hundreds as it ramps up operations in puerto rico. a new study indicates an increase of americans pushing back their retirement some choose to stay in a career longer others are impacted by the government extending the retirement age for social security benefits archies natasha slate suite has more on how retirees are at risk of enjoying even less of their golden years. researchers are linking to habits among retired age people one they're staying in their careers longer and two their health is declining in earlier age while data released last week reveals the us number of deaths per year increased one point two percent from two thousand and fourteen to twenty fifteen well this scenario could mean a shorter less active retirement these findings from the society of actuaries
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uncover how rare this jump in death is the last major increase was in two thousand and five and before that in one thousand nine hundred eighty roughly one in three americans aged sixty five to sixty nine is still working nearly one in five works into their early seventy's all the studies suggest a good amount of people remain in their careers longer from the enjoyment of what they do however others wait to retire as they age in which they can claim there is no security benefits is pushed back all those who retire in two thousand and two can do so at the age of sixty five however twenty twenty seven it will be sixty seven if you want to receive those benefits in full now some researchers question what the quality of life will be like for upcoming retirees as studies indicate their health is declining at much faster rate according to the journal health affairs americans in their late fifty's are showing serious. problems this is a huge jump from what people in their scene age bracket saw ten to fifteen years
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ago data revealed middle age americans are now having a harder time doing everyday things like if you get out of bed or even walking across the room and this also goes for cognitive skills eleven percent of fifty eight to sixty year olds have showed some type of cognitive decline with the retirement age of sixty six researchers point to alcohol abuse and obesity as reasons for the decline in health and well we may not be able to change the fact that retirement age continues to be pushed back something we can take control of is our health early on in los angeles and suites r t. it's cheaper to live all town than a big city and it's easier to make big money in a big city than in a small town we all know this however in the united states for much of the twentieth century
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a good part of the to converge all the time successful industrial hubs and small pockets of the united states are just one example of how a poor area catches up to a wrecked one it's a convergence according to my guess we're now seeing a worrying divergence of that joining me now is dr mark thorne a senior fellow at the niece's institute thanks so much for coming in on this topic fascinating let's talk about this so-called iron law of convergence how has it worked in america. the iron law of convergence states that there's a tendency in free market economies for areas geographically to catch up to richer areas they never actually or very rarely catch up completely but they're always moving in that direction of being more equal over time about two percent per year and so over a period of decades it really matters and it has really mattered in the united
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states throughout most of the twentieth century we experience this convergence where americans across the board became more economically equal over time and and so we've seen the elimination of poverty more equality. over time as a result of this r. and wall of convergence let's look at some numbers pretty fascinating stuff if you look at employment rates the u.s. unemployment rate has fallen steadily since two thousand and ten the latest numbers show it at about four point two percent in september that's a point seven percent drop in just one year but let's look at this now you see on this graph. a drop obviously in two thousand and ten after the crisis hit in a small town less than seventy nine percent of the people in the optimal labor force people aged twenty five to fifty four are working that's the bottom line the blue line moving to a city of one hundred thousand to five hundred thousand and up you change up about
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two percent that's the green line and the yellow line you make the leap to that big city job of over half a million and your chances increase by just one to eighty two percent so in the late one nine hundred ninety s. this was over eighty four percent what's going on here. well we can to measure economic inequality through various means employment unemployment income wages wealth and so forth and as i said before most of the twentieth century we saw convergence that convergence ceased in the last quarter of the twentieth century and we've developed divergence in the economy and in recent years since two thousand and seven that divergence has been acute and so that people in poor areas and people in rural areas are actually getting relatively poor
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and people in the richer more urban areas are actually getting relatively higher incomes and even more wealth relative to those poor areas and so there's something broken in the free market economy of the united states and that occurred . in my opinion in one nine hundred seventy one when the us went off the gold standard and we no longer had a real sound monetary system and that set the stage for a more radical monetary policy by the federal reserve ok let's talk about maybe reversing course two thousand and twelve part of the republican party's platform was to set a fixed value for the dollar ron paul made this a big issue in his campaign sort of a live within your means mentality that a car versus credit card a few well wouldn't the sheer size of our economy in the complexity make this a complete disaster to try to go to because some people say that would be
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a good idea to try. well i think it would be a good idea to try i think that returning to the gold standard is the optimal monetary policy in the short run to get back to a fixed monetary system would be very helpful inflation price inflation hurts the poor it hurts workers it undermines wages but cheap credit helps the wealthy the capitalists the bankers wall street and so the current system is very beneficial to those rich interests wall street except for except for a but it's very bad for the working class and the middle class of america and i think that's you know we've seen this explosion in economic inequality and that started exactly in one thousand nine hundred seventy one so i think the evidence is clear nobody from the federal reserve wants to speak about that because it would reveal you know what they're doing and how they're undermining the economy if you
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want to speak about in the calm you can't just say what is g.d.p. or who's the wealthiest person you have to look at the standard of living in the price of living and that is you know targets the middle class right you go visit your parents or your small town and you see people living in a castle for three hundred thousand dollars a month fall over i wish you could move home what do you think about the hypothesis this is because of housing regulations in big cities living there is extortionate people saying that people just aren't willing to move to big cities anymore i don't know about you but i've lived to four cities since college and i don't work with one person from that city do you think that has any thoughts arguments of any traction about the labor rates in these areas. well arguments about housing regulation and new technology they do play some role in all this certainly technology is made it such that people who are trained technically are going to do better than people who don't have any training in technology but i think the
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overriding issue is the federal reserve's monetary policy i think the timing of it i think the fact that since two thousand and seven you've seen this divergence emerging in the american economy at the same time the federal reserve embarked on a radical unprecedented monetary policy of near zero interest rates plus trillions of dollars of quantitative easing and so that was all very helpful for banks and for wall street it didn't do a thing for the average american live you know in the hinterland away from new york and san francisco and washington d.c. it's damn sure you and i have both seen the effects of that across the country thank you so much for bringing this information to us dr marc thornton senior fellow with the nice institute thank you. video games are worth millions of dollars and lots of companies are looking to cash in on that however one game
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developer in the u.k. is looking to take it to the next level the creator of tomb raider is hoping to create a national agency for games which would function like the british film institute does instead of promoting the art of films and television it would instead help encourage and develop video games in the u.k. and may seem strange but it's really not video games are worth over a billion dollars to the u.k. economy and major companies like rockstar games has a branch there and king which created the super addictive candy crush sega mobile game is headquartered right in london. thanks for watching be sure to catch bin boss on directv in the united states you can find us on the r.t. channel three two one. on and if you miss us on direct t.v. catch big boss on you to you tube dot com slash boom bust r.t. thanks for watching see you next time.
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on larry king and you are watching our america first student war. you. know what expediential street looks like a real bitch it would be analyzed it came from the bottom. like. like you know i got. to put.
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limits on. when i'll grow the. game a know is this sunday and monday night to run eventually get the message in be theo i know there's no subtlety by the spirit of openness i'm just. yeah using this will for the sunday times not for us something to go much but i feel a lot of the behind of the out. on the sheet is that our studio need the militiaman got a real. killer then i'm willing to get his beef be
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done of this done so this not to be but i mean. look at your d.d. and. get delivered i would love you. coming up on our team new revelations on that dirty dossier on truck and the origin behind it. as a warning for american airlines passengers the end of lacy peeved fine. a pattern of discrimination against african-american passengers then that some people worship one god others many or not but what if we began to worship artificial intelligence we'll discuss later in the show. good evening it's wednesday october twenty fifth highest.

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