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tv   Boom Bust  RT  October 26, 2017 4:29pm-5:01pm EDT

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these are the hawks that we along the border the one. mark twain said it's easier to fool people than to convince them they've been fooled that could be why america is so divided because people have been fed fake news 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 the big and it's full of facts fiction. you know what nobody sees your street looks like the real truth is when. analyzing the part of. your life would it be like you are god.
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because we. would prefer to deal. with it so. i'm lindsey francis's boom bust broadcasting around the world from washington d.c. coming up japan's kobe's deal is in trouble it's found four new cases of taking factions it's losing the policy feel on top of product and the european central bank says it will ease the pace of its bond buying stimulus program it will have its bond purchases to thirty five billion dollars per month starting in january and my guest weighs in on the phenomenon of the four a one k. plan in america the opt out feature offers and introduce love a human nature to give. playing by the bus start right now.
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according to the st louis post dispatch amazon has been granted approval to operate as a wholesale pharmacy in twelve states over the last several months speculation was rife that the online retail giant would enter the field of medicine importantly amazon has kept quiet about dabbling in prescription drugs it never spoke about pharmaceutical expansion and is not responding yet to this story in june amazon announced a fourteen billion dollar acquisition of whole foods and now has plans to sell a smart lock allowing deliveries to be slipped into your home when you're not there . and we've got a vote for a four trillion dollar budget and most likely drastic tax reform in very short
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order the house narrowly passed the budget some say and shelves the longstanding concerns over federal deficits and instead deliver on the revamped tax code which republicans have promised for so long but there are holes in this and it's time to explore them joining me now steve malzberg a conservative t.v. and radio host so great to have you down in d.c. with us yesterday but it's great for you to join me now after we've got a vote on something right off the bat what's your take from this vote it was close to sixteen to twelve it was close because twenty republicans voted no in a protest vote and from what i hear a lot more republicans who voted yes did so just to move the process along look the main feature of this is that it's the senate budget as was as is they they voted they passed it and this now enables the senate to pass tax reform with just fifty one votes they don't need the sixty vote threshold so that was the main thrust of
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this however in the process they did adopt a budget here that fiscal conservatives aren't too happy with so there was a lot of you know downside on that if you are true fiscal conservative but let's focus on the tax issue here the reasons why twenty congressman voted no all levon of them from new jersey and new york as we have talked about has now become come to be known as salt state and local taxes that's the issue that might hold up tax reform in the house and senate because it would take away the deduction for state and local taxes and in states like new york new jersey california pennsylvania constituents will get hit very very hard because they have high state and local taxes one remedy might be that they're talking about is to allow property tax deduction just income to. state and local income tax so we'll see where that goes but they no mistake about it this is going to be
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a battle along the way very entertaining i can't wait to get the popcorn out of this one look we're talking about murky areas let's talk about retirement contributions we've talked about this we heard from congressional republicans today it won't be touched trump has said it may be used as a bargaining chip that kind of slipped out of his mouth sideways the other day what do you think about this our deductions are you really slashed. i think it's on the table i think for one case where if you contribute through your company's program it's pretax money ok so it doesn't count as income and you pay on the way out when you retire you take the money out you pay tax on it is income right now a person could contribute eight hundred thousand dollars if you're over fifty it's twenty four thousand dollars they want to slash it down to two thousand four hundred dollars and what this would mean is a lot of people would have much more income coming in and have to pay taxes on it so it's a ray of raising revenue however the good news if there is any it's kind of like a roth ira where you pay with post tax money you know so to speak but when you take
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it out later you've already paid tax on it so it's kind of six of one half dozen of the other kind of but there's also other issues here that out of the four a one k. issue and the salt issue but now they're even talking about hey will we even have the doing away with the whole inheritance tax the estate tax i mean that the death tax so that might not even be in there but with all this being said chairman brady wants to get a proposal out by november first he wants a committee vote by november sixth and he wants this on the floor by thanksgiving. and that's a that's a big turkey to cut open and i've got to ask you just real quick before we go is this just shelving concern over the deficit because a lot of conservatives were really dragging their feet on that. yeah i mean a lot of them just get just swallowed and gave in because you know this will this will contribute to the deficit the tax plan is a one point five trillion dollars over ten year tax plan that will increase the
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deficit you know contribute to the deficit by that much over that time the hole is that the economic growth that will spur will negate that somehow thank you so much they come down to washington again soon we love to have you down here thank you guys i want you to write in on this conservative t.v. and radio host steve malzberg thank you. the american for a one k. system has kept many in the middle class afloat in retirement that's why its placement in the tax reform proposal has people so very very concerned but it would not have helped so many people through those years had it not been for that automatic enrollment at play all you've got to do is opt out but people don't tend to do that so let's take a look at how that happened and what it's meant for americans who face retirement joining me to discuss is professor david henderson author of the joy of freedom and
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economist odyssey and research fellow at stanford university's hoover institution. look we got to talk about this at the tax reform time the very one k. opt out pretty much took away choice and save people i mean it didn't stop them from choosing but it made it simpler so no one had to act they were just enrolled and they saved and you give credit to the recipient of a two thousand seven hundred nobel. prize in economics richard failer you wrote in a recent wall street journal op ed that he is the guy who developed a theory that we act in our own best interest explain that to me plain well first of all we should give credit to his co-author bridget madrina also who was a big part of this but yes richard thaler so the standard economists assumption is that we are rational we think clearly we make choices clearly and carefully sailor challenged all of that and said we tend to go with just very kind of rule of thumb kinds of things and we're very stuck you know in whatever sist situation we're in
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so it's hard for us to make change so he said it would matter whether and bridgette midrin matter in so those two it would matter whether the default is that you're in for one or the default is that you're out and for many years the default was that you were out you had to take positive action to be in the program and she got a new dream god who was a sailor student i believe or certainly junior college got a company to experiment with this and found that when they had the old standard style default that you're out unless you choose forty nine percent of people chose and when they had the new one seven the thing was seventy five percent of people seventy eight percent of people chose so it really mattered and so that kind of fit his theory and so just by having the default be that you're in people say keep more
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people in the program and therefore save more for the retirement and it was always easy to get out. are you sort of fill some forms but it really matters it's filling out those forms to get in or to get out a lot of people apparently don't want to do that let's take a look at the wider base of america that back in two thousand and six lawmakers used his research to improve our four a one k. automatic enrollment systems you can see a sudden spike in the number of people in for a one ks greatly increased after that two thousand and six piece of legislation two thousand and five to two thousand and fifteen it went way up we're looking at about sixty percent there people are saying let's talk about tax reform if they don't have those retirement account deductions what do you think will happen to this. well as my understanding of tax reform and i'm not defending this but my understanding is they limit the deductions to something like the number i read in the new york times twenty four hundred a year which is below the max
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a lot of people can do now. so but i think they replace it with wrong and so i think you could set up an employer could help the employee set up the same thing so if you did go to the roth ira you could still have this automatic automatic. you're in luck. you know so i don't know that it would matter right but that takes a positive action. being brought here we're going to eighteen thousand eighteen thousand to twenty four hundred it's a bit shocking to a lot of people have you have to put it in the surly take a pause a version of the change the law as well as for those without a right there senator you know what i mean just kidding ok. also divided the population into econ and humans and you shed some light on this in what you wrote it comes are considered economically rational people humans are not i tend to be
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a human i don't know about you do you agree with. me. but what do you think about that do you agree that this is kind of how we're divided up. i do and i think i do tend to be in econ but i think it's partly because i studied economics and i was already a little that way but it made me more that way it made me think through more carefully lots of decisions and so i think that's right i think it was right of him to notice the importance of this and to apply it all over the place one thing i'd like to see them appear in the pliant to go is government officials because they're humans too and they're making decisions for the rest of us so the costs of their bad decisions can be orders of many orders of magnitude greater than the cost of our band just ok so you're saying that all law makers should be a content all it comes from being lawmakers is that right is that your toe it's their maker should be const but they won't be ok let alone the fact that they won't
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be and thus try to limit their power ok so behavioral economy and the economists that follow are considered sort of friends not so much now what sort of the public's perception of you folks. of economists surveyed major or con behavioral economists because i'm not one of them i'm just sympathetic. i think the public perception is fairly positive to the extent they learn about it so say or even made into a movie the big short explaining to selena gomez about the hot hand and why the hot hand is is a must is not true by the way it's wrong there's been later evidence and stuff but still that his basic point is right people just have way too much confidence in a lot and in in basketball or whatever so before we go do you think that's less choice is better for people when it comes to making the best decisions for their self interest. i think those two strong statements they all were probably so but i
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want to add a bit of your choice or so if you give me an example ok let's say you get a choice between living in siberia or in or or north korea versus living in siberia north korea and united states more choices clearly or. this is very true thank you so much for your time president david henderson author of the joy afraid of an economist odyssey and research fellow at stanford university's hoover institution thank you. thank you. time now for a quick break but stick around because when we return a judge in the u.k. since a former h.s.b.c. head of currency trading to the u.s. to stand trial on wire fraud and more anger in catalonia the spanish region's president and voters are now at odds as we go to break here at the numbers at the closing bell.
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i think the average viewer just after watching your troubles segments understands that we're telling stories there are critics can't tell me you know why because their advertisers won't let them. in order to create change you have to be honest you have to tell the truth marty's able to do that every story is built on going after the back story to what's really happening out there to the american what's happening when a corporation makes a pharmaceutical people when a company in the environmental group. ends up polluting a river that causes cancer and other illnesses they put all the ills of risk all
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the dangers out to the american public those are stories that we tell everyone you know want their working with. 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 use in the new culture in this country now that's where i come in. i'm a troll on our to america i'll make sure you don't get railroaded you'll get the straight talk in the straight. to.
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japan's kobe steel said thursday it had found four new cases of faked inspections data and hundreds of its products used in all sorts of equipment such as cars trains and aircraft eighty eight out of the five hundred twenty five companies affected by the falsified inspections have not yet confirmed the safety of their products in question japan's trade minister said thursday that he believed the problems at the one hundred twelve year old company are exceptional and not systemic the country's quality assurance agency withdrew certification for some of its copper tubes. and the former head of currency trading at h.s.b.c. in london can be extradited to the united states to face fraud charges a london court granted the united states a request to send stuart scott to face an american court over eleven wire fraud charges each carries a maximum of thirty years in prison scot maintains his innocence he argues that the
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case is u.k. centric and that the u.s. is acting far too aggressive in asserting its jurisdiction the judge at his extradition hearing disagreed stating that the conduct in england had far reaching implications which were felt in the united states three days earlier his old boss just p.c.'s mark johnson was convicted of by the u.s. justice department defrauding a client in a three point five billion dollars currency and deal johnson faces up to twenty years in prison. since the beginning of october a protest in town halls of taken place over all over spain as the cattle and region buys for independence although voters chose to leave catalonia as president recently announced he'll instead seek a snap election later in the year so what happens next. has more on that for us
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i'm knocked over first catalan president karl less pledged among declared independence from spain following a regional referendum immediately following that spain's constitutional court ruled it illegal for saying please demand to ask for talks with the other side before officially declaring anything and now the spanish government is ready to trigger article one fifty five on friday which lets madrid take control of institutions police and finances it will get people to the gold triggering article one fifty five is to restore legality as i suppose you will want to live in a country where the law is applied if you don't want that you see it and to count on the co-exist. since that has been broken in catalonia and tackle the economic consequences the decisions are causing the application of article one fifty five is an exceptional decision since it's an exceptional decision we wanted to last briefly and that's why the process ends with a call for elections not what i wanted but when elections can be held to normality so that makes the road to independence a little more difficult on thursday approved among clarified that he will not be
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calling for a snap election saying i was ready to call an election if guarantees were give it there is no guarantee that justifies calling an election today after madrid threatened to seize control of catalonia his government he initially thought a snap election can give the pro independence movement leverage but most of its supporters didn't see it that way and protested outside of catalonia government buildings to show that and several pro independence lawmakers emphasize that they won't take no for an answer there. we are completely opposed we don't see any other scenario apart from the declaration of independence and the proclamation of the repose in the election somebody should be republican constituent election this is what is designed to be in the blueprint written and approved by the sovereign long in our parliament system with both sides barely budging a compromise of any sort seems unlikely and the spanish government is expected to strip him on of his powers but of the forty three percent of catalonians that
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participated in the referendum ninety percent voted to leave which means the debate probably won't die down well most of the chaos has been contained within spain and the rest of the e.u. remains on edge as it awaits another potential brics that scenario. speaking of scenarios what's the chance that cataloguing up actually get it done and leave spain well said that to send up to parliament now because he couldn't confirm that if he were to have a snap election in december that his powers wouldn't be revoked and we all know we're probably not sounds they don't want catalonia to. from spain so it's looking pretty unlikely and it's also looking likely that he will be replaced because the prime minister of spain made it very clear that he wants him out of power but you know like i just said also of the forty three percent of people that participated in the referendum ninety percent said they wanted to leave so even if they were placed him and spanish parliament says this is over it's a done deal not really going to be
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a done deal at least for the next few weeks yeah that it's all got to play out with the economy right what is mean for spain's economy well it's really more of a question of what this means for catalonia as economy you know good question right now i mean they're both good questions but recent government figures show that fourteen hundred companies that were headquartered in catalonia have left just since the beginning of october so that's hundreds of companies per week that have left their address the moving their headquarters to elsewhere in spain ok so you know it's unclear right now exactly how that impacted things like employment but it does pose a lot of questions here now that catalonia will likely not be leaving spain does that mean they're going to move back or does that mean they're going to can't continue to look at catalonia as a problematic area to avoid problems down yes down the road are they in the say maybe we shouldn't try to expand there and impose a lot of questions for post bracks it europe because a lot of companies which obviously can't really. control the outcome have to create
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their own contingency plans and also be ready at the drop of a hat to actually enact it not just have one as a safety net they're saying we actually have to go through with this because our business could be severely impacted and clearly these companies did not take this as a joke they got up and left very quickly they're going to stick with a sure thing i mean i think a lot of people think they're just going to stick with the strong spanish government yeah and i hedged their bets so much boom bust down. european central bank will ease the pace of a. bond buying stimulus program it is carefully dialing back a measure that has helped the eurozone bounce back from a debt crisis that threatened to break up the currency union the e.c.b. will have its bond purchases to thirty five billion dollars per month starting in january and keep them going until at least september two thousand and eighteen the bank kept some flexibility in its statement though e.c.b.
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president mario draghi says that although the eurozone economy is growing strongly it still relies very much on monetary support notably their druggy refused to call their production a taper instead he called it a recalibration. and amazon is expanding it turns out it's been approved as a wholesale pharmacy in as many as twelve states and now it's letting people into your home it's got a new smart lock system which allows deliveries to be left right inside joining me to discuss legal and media expert lionel of lionel media lionel did you hear this news we got late in the day that amazon has got some approval for as a wholesale pharmacist what do you think about that brilliant we knew that was coming that has to be you know i'm serious why not because there's no reason why it should not infiltrate every aspect of our lives everything and you know
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what they'll do next they'll come in and bring our drugs into our homes maybe when we're not there i mean after all they're in our homes they're in our lives they're listening to us why not but that's the idea rugs but why do you have to be deported hooper that's the idea is not a good idea you've got to be on drugs to go along with this is look at what if you're arthritis medication that's not bad. oh i'm not saying you go to i could go to the mailbox money ever do you understand what's happening here this is the overton window this wonderful degree of of acceptability and what we're being is we're being how big and conditioned to this all in compassing world of amazon everywhere we go everything under the name of convenience look it's terrific i'm all for this but now they're going to come into our homes they're going to be
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in with amazon key they're going to have a camera you're going to pay them to watch your all they're going to come into your job when you're not there and they've are there already listening to you they're going to look around and snoop around and what you'll do like go barking say oh. you know just go along with it because we're becoming less mean because look at this we're becoming slaves to this and you laugh. but this is horrible god we're giving or. others are someone a everything that i live by soul of taken by children or how what what i have never seen the likes of that is something to behold right there the barking seal accusation that is that is really who you are or has a thing a goal what they're doing is they're going to clean out the halls of congress with
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this and this is how millennial we're going to jump onto this bandwagon it's a great idea right and then all of a sudden their little house cameras they have to protect themselves when their deliveries are sent are going to catch all of the stuff going on in their apartments and no one will run for office because there's too much dirty laundry on them. momente goals don't listen to harm don't know to do it too they'll do it don't listen to or listen to me crazy she's quite blind i do ask you this though in all seriousness in all seriousness i do ask you this do you wish you owned amazon stock answer me seriously i wish i owned amazon ok well least you can admit it and you would pay your good honest. course it makes sense millennial. now do it or thank you so much for your wonderful information on this legal media analyst line of line all media. saudi arabia has made a move that would make isaac asimov nervous they've granted citizenship to an
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artificial intelligence it's called sophia and thanks to a very uncanny valley looking robot body it can interact with real people a reporter managed to interview sophia and a lot of online speculation it held a conversation with him saying that it was it's a r i was designed around values like compassion wisdom and kindness and also seems to have a sense of humor when asked about preventing a future that looks like the movie blade runner sophia said quote you've been reading too much of one mosque and watching too many hollywood movies don't worry if you're nice to me i'll be nice to you that sounds terrifying thanks for watching everybody be sure to catch bin bust on direct t.v. in the united states you can find us on the r t channel three two one and if you miss us on directv on youtube youtube dot com slash r t thanks for watching see you next time.
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here's what people have been saying about rejected in the. pool on a. real show i go out of my way to launch you know what it is that really packs a punch oh yeah it is the john oliver of our three americans doing the same we are apparently better than nothing. and see a herd of low down the. president of the world bank. patzers sunderland seriously sent us an email. i'm
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a trial lawyer i've spent countless hours poring through documents to tell the story about the ugly side of calls in a. corporate media report uses to talk about these car news companies i'm going to paint a clear picture about how disturbing alcool corporate conduct has become a model these are stories that you no one else until my pepto and your host of americans question. guys i made a professional is powerpoint to show you how artsy america into the greater media landscape is not all left or all right but we are a solid alternative to the. liberal or conservative and as you can see from this bar graph we don't skew the facts either the talking head left these talking head righties oh there you go above it all to look at world r.t. america is in the spotlight down every lead whatever no idea how to classify as and it actually took me way more time and i care to admit.
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i've got to just take your tricks. for. coming up on our t.v. classified government documents around the j.f.k. assassination are expected to be released but the question remains when will we finally see the documents. and thousands of children across the nation are in correctional facilities how the state of florida is pushing down its new incarceration rate. and then the ban by twitter now affecting this network we'll explain later in the show. it's there's.

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