tv Boom Bust RT December 14, 2017 7:30pm-8:00pm EST
said the merger would lead to more union jobs at time warner which owns warner brothers studios c.n.n. and h.b.o. . the number of americans behind on their student loan payments jumped to four point six million in the third quarter of the year a figure that's doubled from four years ago and those in default meaning they haven't made a payment any year grew by two hundred seventy four thousand during that same period according to the education department at this point the student debt balance in the u.s. has sort of two one point three trillion dollars even with programs that help borrowers reduce their monthly bill or halt payments during tough times like being unemployed it also comes at a time when the u.s. economy is considered to be doing rather well but as borrowers age and their default start impacting their ability to get a mortgage or other loans it could pose a big threat to the economy. consumers across the nation are outraged after the f.c.c.
voted to repeal obama era net neutrality regulations correspondent david miller was at the vote today and has more for us. in a three two vote down party lines this morning the f.c.c. voted in favor of the first importance of zero net neutrality regulations we can as you can see behind me there merican people have gathered to protest said decision the agency's republican majority approved a plan to scrap the rules preventing internet providers like comcast eighteen c. from blocking or slowing web traffic the f.c.c. today voted three two along party lines to repeal the obama era net neutrality regulations handing a victory to total calm providers over the objections of tech companies including netflix reddit and etsy today's vote was delayed for a brief time by an apparent bomb threat but that did not stop the f.c.c. from moving forward to what some call the death of the internet as you can see
behind me many flowers have been laid in from the f.c.c. is building as if a memorial for the internet dozens of democrats in the at least one republican ours f.c.c. to cancel today's vote but the chairman did bow to move forward with the plan ironically the same democratic commissioners fighting for freedom of speech for the internet refused interview with myself because i'm with r.t. america while doing interviews for every other network out here also news today as many as two million net neutrality comments many of which were negative were filed to the f.c.c. were fake according to the new york attorney general's office several attorneys general and democrats urged an investigation into the comments ahead of today's vote protests wrapped up earlier today we heard a number of concerns including concerns over the right to free speech corporations gaining getting richer and also many health concerns environmental concerns also but the main concern is that this fight is not going to stop that they continue to
pursue actions against the f.c.c. not to take away these protections reporting from washington d.c. david miller. r.t. america. following the f.c.c. is vote a total of sixteen states have filed suit against the decision to talk more about states' rights in the general ramifications of this we're joined now by steve weisman attorney and professor at bentley university even to start off can you remind viewers exactly what net neutrality rules are at this point were and why they were created in the first place. unfortunately are were and what they did was create a level playing field in the end in it so that internet service providers could not give preference to particular content providers in other words they really couldn't censor it was the ultimate democracy entrepreneurs' were good innovation could happen it was free speech and now what's happening is the internet service
providers are allowed to choose what content they want to give fast speeds for downloading and which they want to slow down and where they want to raise fees so suddenly they become the gatekeepers as to what people can see it's really a tremendously poor decision on so many grounds well congress enacted its powers under the congressional review act it could revoke the f.c.c. decision do you think member members of congress will do that. we know it's very interesting because under the federal law the f.c.c. was not supposed to act until it had a period of public comment and as as you just mentioned the new york attorney general show that many of these public comments that were received against net neutrality were in fact fake and wanted to put off the vote until they could find out where really the public stood and that's what's going to happen now is the
public going to be heard it's been said that seventy six percent are in favor of net neutrality are they going to be able to reach their congressman who do have the ability to override the regulation and they could do it they also could take this out of being every new administration being able to have the authority to determine whether or not to have net neutrality and make it a statutory law it's a it will be a good question to see does democracy still work will the people be heard and will congress and act it's proper regulations in the past you've said that you think it be better for congress to set the rules about net neutrality instead of the f.c.c. to how a congress or the better job. you know if the thing is when congress leaves it up to the particular regulatory agency decide what happens is the the new president in every administration chooses the majority of the commissioners and so what you
have is under the obama administration net neutrality when it was also supported by the courts now you have the trumpet ministration which is against net neutrality and in favor of the large internet service providers so they have the votes to overturn that let's say you have a another election and then you have a new administration they could put in their majority net neutrality in the internet and free speech are too important to be shifting back. according to political fortunes congress should make this as a statute as a law something that would not be subject to the whims of particular administrations but we know that the tech world is really split on net neutrality on one hand you have cable companies like parise and eighteen t. and support of their appeal but on the other hand you have tech giants like google and microsoft in favor of keeping the old rules so how is it that such
a major corporations within the same industry or at least very similar companies feel so differently on this clearly a very divisive topic. well it's who's going to be charging and who's going to be charged so you do have a large internet service provider and these are the telecoms that they are the ones who are going to be making profits they're going to be setting their fees and it's not like there's there's competition there really isn't much in the way of broadband competition and that's one of the reasons we have such an efficient market on the other hand you have giants like google you have giants like amazon and you have giants like netflix and they are going to have to pay whatever these internet service providers tell them and we know this because we saw it happen already in late two thousand and thirteen and early two thousand and fourteen before the net neutrality rules went into play the telecoms the internet service providers comcast in particular slowed down netflix downloads making it very very
difficult for netflix viewers and this was while netflix was negotiating for fees with comcast one inch sniffling agreed to pay the what some would might even say extortion the higher fees suddenly they're there download speeds when up this is what we're looking at in the future small innovators they're not going to be able to afford it the small voices of free speech they're not going to be able to do it the bigger companies the netflix they can. they're going to have to pay more and in turn the consumer will end up paying more was he just said a big problem here a big point of contention is innovation and antionette the advocates opt in say that this is about not stifling innovation but couldn't you say that this would actually hurt new businesses if they don't have the same access to the internet that they do now. absolutely you know you can look at companies like you tube
which they may be big now but they started out in a garage they would not have been able to reach the size and the quality that they did without net neutrality small innovators who don't have a big profit margin they need net neutrality they're going to be slowed down and it isn't even a matter of just our patients we don't like slow downloading websites not only that but when you go to a a web search when you go to google to search for something if a site is slow it is lower in the search and so new innovative companies are going to be at a dramatic disadvantage in competition it's going to slow innovation it's going to slow entrepreneurs it's going to slow growth final question one survey from nielsen scarboro found that only one in five republican voters support their appeal so why do you think so many republican leaders in congress voted against it and more in
favor of repealing it. unfortunately i think it comes down to money i think it comes down to campaign contributions it's it really all goes back to citizens united and they owe they owe their seats to the large money contributors. steven weisman attorney and professor at bentley university thanks so much for your time today. my pleasure time now for a quick break but stick around because when we were turn we'll hear a former fed insiders take on janet yellen final prosser and what we can expect from the fed in the next year and we'll find out how british parliament is up ending friesen is planned for pairing the region's fourth formal actually on the e.u. as we go to break here the numbers at the closing bell. when
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tromp benefit. very much from the existing plurality rule system because he was so different from the other german if you took any one of those mainstream candidates and you put him in the head to head come. with trump. that other candidate might well have won. this. credit is one of the basic instruments to drive an economy but it can also lead to tragedy i did it i took a line the whole gist i can be got and that that the debt steichen big and it was spiraling out of control. many lives have been broken really excessive that the banks got you into trouble and all the big bankers got big. on the government by the banks but just didn't think of the ordinary men and the last morning through
the back under don't buy creditors people see no future bad face can happen you know you become ill you do job your relationship breaks down you become a casualty is debt a life long credit or is there a way out of those actually come to a bit of an old marco to ditch bill for morphed split what. i. saw you know that's got drugs.
on wednesday the federal reserve decided to raise interest rates for the third time this year policymakers pointed to a few reasons behind their. cision like lower unemployment higher household spending and bigger investments by businesses to get her insight on that we're joined now by daniele de martino booth president of money strong l.l.c. and author of fed up and insiders take on why the federal reserve is bad for america danielle this decision was widely expected to happen but there still were two fed presidents that voted against raising rates was the right decision made on wednesday. well i think that the fed is still playing a very aggressive game of catch up if i had my druthers we would be a two percent right now and call it a day we're certainly not there and evans and cash cari are notoriously dovish cash
cars dissented every time the fed has raised interest rates. according to him they should still be down at point six two five percent somewhere in that area which is just ridiculous it's the same thing as being zero bound and it's what has foment so much financial instability but beyond that we don't really have to worry about them because they rotate off after yesterday when we know that jerome powell is probably going to continue on the same path of his predecessor but new york fed president bill dudley is leaving next year and president trump still hasn't nominated a vice chair for the fed's board so do you think that could maybe throw a wrench into what everyone is expecting for the fed in the next year look this is a full blown regime change it is anybody's guess i was i was intrigued yesterday the president of the united states managed to have a press conference in the middle of janet yellen press conference i found that to
be extraordinary but you know what we really didn't need to pay attention to her last press conference because anything can change going forward because the cast of characters is almost completely different than what it used to be well during the press conference yawn finally answered some questions on crypto currency calling bitcoin an unstable source of value that doesn't constitute legal tender but she then added that the fed had been doing research on creating their own digital currencies even though she emphasized there is no plan to do so at least not right now so i'm curious what are your thoughts on that. well so you're talking about fed coin and i'm kind of aligned with jay powell and randy quarrels who's new to the federal reserve board and their take on a federal reserve electronic currency that the time is premature but because countries like china and japan and russia and venezuela we know that they
taken steps to implement their own which means the united states is going to have to have its own electronic currency as well as a matter of national security that being said i would certainly side with again corals and powell and their view is that if we do have a fed currency of some kind the transactions themselves would have to be a monogamous as opposed to using fed corn as a means by which to monitor the purchases of the purchases of u.s. households well as you just alluded to central banks around the world have a lot of differing opinions on for example india has totally banned it over concerns about money laundering and other financial crimes but in the u.k. bank of england governor mark carney said cryptocurrency could be part of a potential revolution in finance so what do you think the biggest concerns about bitcoin are at the fed well i think the fed should rightly be concerned about anything that's basically gained fifteen hundred percent in short order and
surpasses the size of the two look mania sixteen thirty any time any time anything goes parabolic i think that is a central banker you have to have that on your radar screen because it's simply a reflection of a speculative mania. that being said the block chain technology itself i think will indeed revolutionize finance in the years to come the backbone of block chain if you will which is eventually going to be quantum technology really has not been mastered and rolled out yet but i think that scientists and bankers alike have their eyes set on crypto currencies as being a massive part of the future of finance and of transactions as we know it i want to ask you about tax reform now for a second do you think wednesday's decision could have any sort of roll in or impact on the tax cuts and jobs act that the g.o.p.
is trying to pass. well look i'm not so sure that i would give politicians that much credit that they're paying so close attention to to to interest rates not to be disparaging at all but i will say the if the fed continues on their expected have in twenty eighteen and that would be three or more interest rate hikes by what we saw from the dot plot that at some point congress is certainly going to start waking up because the borrowing costs of the country are going to go through the roof and the c.b.s. projections might not come to pass in terms of what this tax plan is going to cost us right while aside from the cryptocurrency craze or taxes what other domestic issues and concerns do you think that the fed will have to really focus on moving forward into the next few years. well there's a lot of tension right now for fed policymakers scuse me there are
differing. signs coming out of the economic data itself it looks like the unemployment rate is going to breach four percent to the downside and in fact the fed has incorporated that into their forecast that by the end of next year we'll have a three point something percent unemployment rate for the first time since the dot com mania of the late one nine hundred ninety s. pipeline pressures are building the producer price index came out of a six year high and yet the household sector as we know continues to show signs of balance sheet stress so these are very conflicting situations for policymakers at the fed to have to contend with the question is will they or will they only pay attention to signs that inflation is building and over hike the economy into recession which is what the difference between the two year yield and the ten year yield flattening as it has is communicating loud and clear
bianca. danielle de martino booth president of money strong l.l.c. and author of fed up an insider's take on why the federal reserve is bad for america thanks so much for your time as always thank you appreciate it. brock's it movement has suffered a setback as rebels and then prime minister teresa mayes conservative party show solidarity with pro european opposition members even with a strike against her agenda and they returned to brussels to push forward as european migration which was one of the key reasons for bracks that makes the headlines again artie's alex the hell of it joins us in toronto with more alex first of all what happened in british parliament that has made teresa mayes a bracks it maneuvering more challenging a beautiful thing about the british parliament is that you don't have to stick with the party and that's exactly what happened this time around three zero nine to
three zero five was the vote there were about number of of rebels from the conservative party that moved out of staying in line with what theresa may was saying and basically what this amendment that they voted for what it says is well it's a parliamentary democracy so let's do this like a parliamentary democracy meaning that theresa may and her government don't have the final say in bragg's it has to be parliament that votes breaks that through now for theresa may who at the beginning if you believe it or not if you can think that far back she wasn't for braggs it but when she saw the book come through she said well i want to do the will of the people and she still consisting in pushing forward she's in brussels talking about getting some warmer feelings or at least it looks like from the e.u. when it comes to bridge that itself but this could be something that is you know very deceiving at this point of the break that vote coming next week in parliament in the u.k. is about the exit date which is supposed to be march two thousand and nineteen this could happen to her again that she might lose that date. it might be pushed back
and you know i'm one of those people that don't believe it's over until it's over and brags that as one of those things even if it does happen it's going to look a lot more like staying in the e.u. than a lot of people thought it was in the beginning and what is the latest issue that europe has facing with migration. this is a really massive touch point especially when it comes to the u.k. so migration we're not talking about migrants coming from africa or from the middle east we're talking with any europe so countries the poor countries which i will like to call the slave labor in europe like romania bulgaria these people even if they're in the e.u. they do not make the incomes on par with wealthier e.u. nations now those fifty five thousand agencies get this agency's not people these agencies are recruitment agencies that missions to work and of course they're promised all kinds of things they're promised to exactly the wealthiest nation so they're expecting to make money on par with the checks which would be oh let's say
you know four hundred something euro's or five hundred eighty five euros is the average actually for the check employed they're not making that much money they're making about four dollars and ten cents an hour now the problem here is not only that these agencies are moving these laborers from factory to factory they wages and the laws there are the labor laws labor standards are being hurt be it labor they the salaries be it the medical be it the just the amount of that's exactly what the u.k. was afraid of so let's bring up this graph this is just the u.k. this is back in two thousand and fifteen it just brings is sort of a bigger picture of what's doing so we don't have that graph for you but i'll tell you what it says basically two hundred fourteen thousand migrants in two thousand and fifteen in romania from romania and bulgaria going in to the u.k. alone the figures that the u.k. the official figures have is fifty three thousand these figures that i'm talking about two hundred forty thousand is the national insurance numbers meaning these people get employment insurance or are trying to get into. insurance there or at
least or britain down to the point of the country that's what the u.k. it was afraid of and this is what's happening in europe itself so you have these people moving from place to place and the people that live there don't have jobs because these people are undercutting the salaries and simply because that's what these agencies do and that's why we get back to the u.k. that's where we get to break that lots of concerning numbers there are two correspondent alex mahalla bitch thanks so much. thank you sent francisco's famous protech and high housing costs and now those two factors have collided in a story that some have called peak san francisco the s.p.c. a deployed a robot on its property to deter people without housing from camping on the sidewalks the group rented the device for seven dollars an hour about ten dollars less than the average cost of a human security guard the s.p.c.s. sprawling campus is in the rapidly gentrifying mission neighborhood where chronic
homelessness has been met with a massive influx of tech related wealth pushing some of the highest housing costs in the nation even higher the national law center on homelessness and poverty tweeted in response it's disheartening that the s.f. s. pca would show such a lack of compassion for house neighbors echoing many other critics the city's board of supervisors stepped in to say that the s.p.c. a would be fined one thousand dollars a day for operating in the public right of way without a permit in fact authorities were primed to take action after recently tackling limits on delivery robots following the ordeal the organization said they have removed canine and are now negotiating for a permit that's all for now but be sure to catch boom bust on you tube at youtube dot com slash boom bust r t thanks for watching we'll see you next time.
that's the problem in this new reality is there will be no resting in peace there is no death anymore people will pay to make sure that their death is final that their death is complete that all their d.n.a. as scott. when lawmakers manufactured them sentenced him to public wealth. when the ruling classes project themselves. in the final merry go round listen to the one percent told. to ignore middle of the room signals. from the real news is really. the first like when you all know it's coming through and spoke. if somebody would've been told me because
i'm going to spend my life for two point committees or a little disco kosovo solti was clearly seen. every night all we were attacked by the arabs we will attacking them and we will extremely shocked and saying that's not possible oh i'll make those moves in such scenes and then do so to us and myself from the standpoint of. the host with all the pools of war we've all gotten over they all. believe much second close citizens in the on call. it was like a lightning in my head that there is no way to be able to live together without tearing down the street dot com. it's all the politicians will make people afraid that we have better relations with russia
better relations with you. why did states or need to enforce the law super on nationalism in brussels and the european union that is the real reason and then something i thought strike. was how it was. done was. u.s. regulators voted to scrap net neutrality despite protests in washington critics say the move could create a so-called internet for the elite. president vladimir putin concludes his annual marathon q. and a session with janet something more than seventy questions in almost four hours with the main points from last also this hour. palestinian protesters clashed with israeli police in