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tv   Boom Bust  RT  October 23, 2018 11:30pm-12:01am EDT

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molly barrows will join us to talk it over plus massive food recalls fred kaufman doctor of bet the farm will discuss the very latest and his take on what it means to all of us and while cryptocurrency is seem to be multiplying like rabbits how do financial regulators look at it look at the new players around the world will be joined by new york walk professor ron filler will tell us and later the cars coach is back to talk chrysler earnings the e.u. emissions scandal and a way to avoid voiding your warranty lots on our plate let's go. we start with markets and volatility seems to be the name of the tune in china which saw the largest one day gain in the shanghai and chiens and composite index since november of two thousand and fifteen but the progress slowed some yesterday hong kong's hang seng also rose but is now down from last week as are other asian markets including the japanese nikkei down under down under
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a sax in australia and sensex in india both down since last week the same down or tune at the french cac german dax u.k. what c. and t. s. sex in toronto and the cold kept in colombia a global aberration today with brazil's ibo best slightly up u.s. markets have been volatile they were down big time for most of the day are coming back close as the close one of the final numbers at the break but the dow and the s. and p. are more than seven percent below the all time highs of just a few weeks ago the s. and p. is having the worst month since november of get this twenty ten plus the tech heavy nasdaq is having the worst month since november of two thousand and eight. trade negotiators from the european union are meeting with their u.s. counterparts in washington today to discuss reducing technical barriers opening on . less difficult issues will lubricate later more difficult talks on automobiles
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but a clear mismatch of expectations on either side may frustrate all parties and only leave them further apart u.s. commerce secretary wilbur ross is leading the american team and last week tartly relayed president trump's demands for quick negotiations to produce tangible results e.u. trade officials have however seen progress on another front on friday the prime minister of singapore and the president of the european council attended the official signing of a new trade agreement between the e.u. and singapore. earlier today the european commission exercise for the first time its power to veto the italian budget proposed by the coalition government of prime minister good sepic conti the vice president of the european commission told the media quote today for the first time the commission is obliged to request a euro area country to revise its draft budgetary plan but we see no alternative
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elate elected italian leaders now have three weeks to adjust the budget in abandon campaign spending promises in order to meet brussels preferred limits on spending increasing productivity is a diet desire of many but according to the organization for the economic cooperation and development which encompasses thirty six countries promoting democracy and market economies some always see the countries are much more successful than others are to tell us about helmets joins us from toronto with the latest alex thanks again for being with us as always productivity it's important to all of us right six businesses countries but the big picture begon goes beyond just businesses to society as a whole right. yeah it seems to do something with mentality and in a lot of different levels i mean if you look at countries and when you think of. your goal is to think of something like japan and germany they got things right and they look beyond machinery they look beyond streamlining we know japan way back
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when i did my m.b.a. i mean you hear about the total production system all the time a t.p.s. and you know these efficient systems the just in time system of how to push things through but they see things that a different way and that's what makes them productive beyond that and that comes down to skill sets amongst people what we're seeing is some huge disparities when it comes to skill sets and some areas in this world which should be on high alert they say by two thousand and twenty five the u.k. will be one third less productive than germany that's actually a pretty big number in fact if people in the u.k. are puzzled they don't understand if it's by region or if it's by sector in what's happening here so the way you can if you go to asia you can look at south korea they're also having issues when it comes to small and minute medium sized businesses of the same time and it really all comes down to training and the type of training that workers get but alex when you compare the u.k. to germany i mean the managers in the united kingdom have higher level of education the german so what's the problem with that that's the problem i think is the way
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that we look at education we've put people with m.b.a.'s with ph d.'s with bachelor's degrees it's a positions that they're really you know their pen pushers they are there sitting behind a computer they don't really understand what's happening on the assembly lines let's say of a of a car plant or something like that so what germany does is actually in educates and it trains the people the workers the people that are in the factories that understand the system that know from you know the from bowls to nuts to tires to wheels to whatever it may be that's in their factory and they take these people and they push them forward into managerial positions so that's the way that they look at education in the best way to teach people and these production systems also they have a good sis. of apprenticeships so there's a pros apprenticeships it's more hands on it's not about going to university it's more like a college approach but even a step beyond there were poor people before they get into the workforce of their young people they actually use their hands or they use the skills that they need to
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do the jobs that they'll need to do and of course once they get into the workforce they are highly skilled in those highly skilled people that have the ability to move forward through different programs through different training programs that are made available to them so in germany for example the chambers of commerce are something that works that are very very strong pretty much everybody has to be a member of the chamber of commerce wherever it is let's say very hour bremen or any part of germany and what happens here is that they actually push forward these people they push for the companies the law be for the companies to the government for training programs so everybody kind of works cohesively so really it does come down to this training we know the united states you know our you look at the u.k. it's not the same thing and that's why if you look at the you know the numbers that we have you'll see denmark you'll see france you'll see the u.k. you'll see germany up top us number six and hugh kaye number nine and and you know that's that's a huge disparity and training obviously is something that's very important is not
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only for self-esteem of individuals but for companies as a whole or to correspond announcement elevates thanks alex thank you. not long ago we spoke about a fairly orwellian new credit system in china well now the largest credit card companies in the united states are teaming up with the free personal finance company credit karma to help members of the service get approved for bank loans this could be a benefit for some consumers especially in light of new changes on the horizon related to how credit scores will be calculated here to explain as molly barrows contributor for american lawyer molly great to see you again i mean how will these partnerships work. well it's this is actually pretty interesting according to an article by the wall street journal two of the largest credit card issuers are going to be sharing their closely guarded underwriting models with credit cards and this is basically part of a new process that's going to make it easier for members who use credit karma to know which loans they could potentially qualify for before they even apply now the
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benefit to credit card companies of course is that they can bring in potentially new borrowers it could streamline the loan approval process and the benefit for credit karma is that it is exactly in line with their everyone benefits business model for say analyze your credit score they recommend products that are intended to save you money and then if you as the consumer buy that product in credit card credit karma rather gets reimbursed by the lender who's product was purchased so this could be certainly certainly beneficial for credit karma and credit card issuers but yeah you might not have to get all those dings on your credit reports for doing things that you are checking molly what are the changes that are proposed for these fica credit scores. well it's interesting it's called a new opt in ultra fica credit score so basically it's going to roll out start rolling out rather in two thousand and one teen and whereas before those credit scores had been calculated based on how often how timely you are making your payments and your debt to income ratio this particular change has given lenders
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a little bit of leeway say initially you don't qualify based on those two calculations well then they're going to go and take a look at how much is in your bank right now are you over drawing if you're not withdrawn if you consistently have several hundred dollars in your account you have continuous activity then they're going to recalculate your score under this new ultra fica credit system so that's going to make it a little bit easier for people to be able to qualify for some of these loans especially younger folk and folks that have been typically left out. or who wouldn't qualify to play for loans like this and that's about seven million people so those folks who have credit scores in the mid to upper six hundreds this is going to make them eligible for loans they previously weren't eligible before. so that combined with the credit card. opportunities there it's going to be a little bit easier for millions of people to get loans sounds like great news for consumers we appreciate you giving us the update molly barrows contributor for america's lawyer thanks for your time ali. and there are food recalls all the time food recalls laced work at the agriculture department and i know but
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the sheer number and the level of recalls right now today has reached something which is serves our noticed and your attention if you live in the u.s. and even if you don't hear tell us why is the author of bet the farm out of food stop being food for at kaufman hey fred thanks for being with us today the breaking news about kroger stores and more ready to eat recalls from simple truth and candid cadence gourmet but these are just the latest bring us up to speed on the scope of all the sorts of recalls out there in the last week or so. this is huge bart i think the first piece of advice is that if you are concerned about the food that might be sitting in your fridge or freezer you should go to f.d.a. got gov the web site f.d.a. dot gov where they presently have a list of all the recalls which is more than a thousand products at this moment these are almost all in the grab and go area so
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for instance prepared salads are being recalled in the. go go ta kito which you can get at seven eleven is being recalled jenny craig is involved with their chicken wraps you see carnitas from trader joe's there are too many to even remark a lot of this is coming from a company called mccain foods they are from canada they're privately owned about four thousand americans they kind of made some headlines they didn't want to make last year they're the world's largest supplier of roses and potatoes and last year in a great deal the hash browns they were providing there were shredded golf balls barred and so all that had on me not me. not that good but not that far off kilter . and you're right i'm going to tell tell me this why i mean when i was at that apartment we this is these are crazy numbers you're talking about why are we seeing all this is now what does it mean. well i think part of the issue is what we call
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in the food movement food from nowhere the idea is that all of these prepared foods that are coming from these places we don't know where we don't what the origin is we do there are thousands and thousands of ingredients and ingredients upon ingredients and what we're seeing are these very large and unified and monolithic supply chains and of course one tiny little ingredient with listeria the onions for instance some mushrooms for instance that can blow the whole thing so this is a problem in terms of health national health but also in terms of national security people at the cia people at the defense department are very aware of the problems of these large monolithic supply chains in the american food system and fred i mean is there some sort of fix out there is there some sort of solution well there are two things that really need to be done bart first of all is we need we need a new farm bill that somehow has got lost in the whole mix and it's just been
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pushed aside with all the politics and this farm bill has to really encourage local farmers and more intricate relationships between the urban and the rural and the other thing that's the most obvious thing to do is that if you would let if you really want to be safe go and buy ingredients that you cook yourselves i mean i have bought the tables on many an occasion and have never once mistaken one for a golf ball. yeah although i saw you one day sort of tilt your head at some street meet but you didn't go there but you were close thank you fred author of fred fred coffin his book is bet the farm how food stop being food it's great you can pick it up on amazon thanks fred thank you bart. and we're going to squeeze in a quick break here but hang because when we get back we'll talk grip toes and then cars here are those promised new marrows at the closing bell back in a flash. chose
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seemed wrong. just don't. get me. yet to see power just come out to. end in detroit equals betrayal. when something find themselves worlds apart we choose to look for common ground. kentucky. lawyer says if you were going to agree. to. a co money since he was going to miss no coal mines left. the jobs are gone all the
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promises. that it was left to these people the survivors of disappearing before their eyes. i remember thinking when i was younger that is anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and it's happening it's happened. in a world big part of. life and conspiracy it's time to wake up to dig deeper to hit the stories that made stream media refuses to tell more than ever we need to be smart we need to stop slamming the door on the shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching close watch of the hawks.
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welcome back a federal judge in san francisco has suspended the two hundred fifty million dollars punitive award to school grounds keeper dwayne johnson against barry agee owner of the month santo comp got corp maker a round up weed killer the judge sided with barrett's appeal but there is no convincing evidence monsanto acted with malice in marketing the weed killer which mr johnson's attorneys argued caused his aggressor. terminal cancer mr johnson will now have to decide whether to settle for the thirty nine million dollars in damages or pursue a new trial. seven thousand u.s. workers have gone on strike against marriott the largest child chain in the world the labor action began in boston where the new york yankees publicly broke the
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picket during baseball's playoff earlier this month leading the workers of unite here local twenty six to brand the yankees as gabs and the actor common also was rapped for crossing the picket reportedly by workers who chanted quote you don't cross union picket lines when you preach solidarity workers are striking under the slogan one job should be enough highlighting poor wages that forced many of them to stitch together two or even three jobs to support their families. we've seen cryptocurrency is creeping into most corners of the financial world and while the thousands of crypt those are popular among investors financial regulators are more cautious here to help us take a look at regulatory perspective around the world is the director of the financial services law graduate program at new york law school professor ron filler who joins us from our new york studio ron welcome back thank you bart how are you couldn't be better now that you're here i'm so happy to talk about this and excited let's get
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to it you know crypto currencies and those initial coin offerings that everybody hears about they are multiplying like rabbits but it's a good time for us to recess reassess where the regulators are in the new crypto landscape let's start right here in the u.s. my old agency you know well my futures trading commission and the f.c.c. scurries exchange commission and how are they viewing kryptos today ron now you raise their excellent point guard our financial structure as you know when you're the say have to take some action are probably is the most advanced most mature or of any financial regulatory structure in the world but in many. respects ours is really outdated our laws our congress the way they've always regulated financial products is they first define the product a security and then they sign jurisdiction over that to the securities and exchange commission or the photic as a commodity they assign jurisdiction as you know to the say you have to say and the
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rest of the world doesn't take that structure and kryptos are really not a security they are a commodity as you just mentioned and congress really needs to address this mart to really figure out who is the right proper regulator to deal with as at this point we don't know and everyone's throwing their hands against as many darts as they can to try to figure out how to regulate this new product i mean one of the problems is we had so many different there is six regulators really the fed the office of the comptroller of the currency in the f.d.i.c but let's just leave those aside for the a moment and move to the e.u. to to the regulator over over there those folks are are pretty good doing their job i met with the many times as much as the european system of financial supervision how are they looking at kryptos ron. when you talk about europe not only as much as most like a combination of the f.c.c. and that's the f.t.c. here but you also have the u.k.
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got the financial conduct authority there and we look at both asthma and the f.c.a. they have a much different approach than we do they just don't define a financial product and what they do is they regulate all financial products somewhat differently but they don't have to worry about creating a new law and they're looking at this in a much different perspective a much different light than what we are here in the u.s. the f.c.c. and the sea have been much more aggressive. and the u.k. financial conduct authority has taken on more weight in the same measured approach now can you offer like initial coin offerings in the e.u. i mean there are more and. in the us you know they're skeptical about those things the f.c.c. but are they allowing those an e.u. if so here again in the us i c o o's are then defined as a security which is meeting just strictly the capital formation part of it constitutes a security and the f.c.c. has brought a number of enforcement cases against some firms over there they don't need to go
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to that depth if it's a financial product was there is an i.c.a.o. or crypto or any other type of virtual currencies they have the authority right now and then to go out and regulate it they just haven't taken the more aggressive approach that u.s. regulators have so far today ron i was in hong kong the last year for a speech and the hong kong monetary authority was like really welcoming to crypto it seems like they want to be a hub for crip those are they still doing well what are they still attracting folks yeah you're absolutely right when you go the further east and hong kong japan etc they're taken a completely relaxed approach in fact they're encouraging those types of investments. to be place to be as you just mention crypto those are you know they're free flowing but they can also be traded on an exchange or platform or whatever it's interesting how the asian regulators are taking a more relaxed approach and encouraging at us is taking
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a more aggressive approach and i would put the e.u. in the u.k. somewhere in the middle and i want to have you finished with russia i know that president putin last year said they were a pyramid scheme i know a few things about ponzi and pyramid schemes but what's russia how are they looking at kryptos now ron i don't think they're regulating and they're doing it but you also got to remember one other aspect we haven't touched upon bard and that's anti money laundering that's a big issue not just here in the us globally and then when you have a flow of money are the platforms the companies involved in these crypto or virtual . currencies how are they dealing with who this pain wad and where the source of the funds are that part is where the regulations are on a more global bases the actual sale of the kryptos or virtual currencies it's less over there but any money laundering plays a key role in from the regulatory perspective ron we are so much better informed
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because of you thank you so much for your time sure appreciate it take care of our good luck. and now we move to talk about current news with our friend one of our favorite guests lauren fix the car coach lauren thank you for being with us on let's start off with earnings reports a chrysler a reported on on monday looks like they got a little bit of a boost out of that was a pretty positive report right so earnings were out for of ca and the reason for that was the sale of magnetic murali and that's actually a positive thing because he at chrysler is about building cars and selling cars and getting rid of one of their divisions that has all to do with technology and components was a really smart move by mike manley who's the new c.e.o. also man who's involved with f c a corporate so this is a good move for f.c. and that sale a seven point one billion it was higher than what analysts had thought and because
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of that it's a big influx of cash to s.c.a. and we're going to see some big changes so we're looking forward to seeing how that's going to impact the company as a whole they've struggled a little bit over the years on an annual basis but i think we're going to see some big changes coming their way with a new c.e.o. and i know we've got on wednesday we've got coming up ford is reporting and you're hither and yon lauren but perhaps some others will report later in the week and maybe we'll have you back the end of the week this past week when we had you on friday we never got to a missions in the e.u. so i did want to ask you for an update on what's going on over there we saw opel had some issues to give us the latest. well right now when it comes to emissions anyone who is cheating in other words they were using software to give disinformation to the sniffers for the diesel check for the emissions there they got caught and anyone who is trying to use the software should know by now but the problem is there's vehicles already there out on the road and these people are
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paying some pretty hefty fines out he paid a big fine volkswagen has and now opal that doesn't mean diesel is dead because let's just face it it is a big chunk of the vehicles that are being driven around europe and that's not about to change in the near future because the cost of gasoline is low interestingly enough the bulk of their diesel comes from the u.s. so they take rather crude oil they break it down five times to make diesel and bulk of that is shipped to europe so that actually helps the u.s. economy and the other side if it's broken down seven times it's called have ten which is gasoline and most of that stays here in the u.s. interesting didn't didn't know that last that last part i knew we shipped some some diesel over there lauren speaking of fuel there's another fuel and it's big in the countryside in the middle part of the u.s. and that is ethanol also big done in brazil by the way of course for our viewers so but i know you have some pretty strong thoughts about ethanol lauren share with us . are you know first off the ethanol that's in brazil comes from sugarcane it's
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completely different they and their vehicles are built to run on the sugarcane based ethanol here in the u.s. we run it on corn so it takes seven bushels of corn to create one gallon of ethanol that's a that's a lot of product to create one gallon and that product is then blended in currently in a ten percent rate with our current after our current gasoline and that's what we're all pumping there are some stations that offer pure gasoline which you would want if you're running a snowmobile motorcycle in the small engine like a weed whacker or a lawn more those are the kind of things we want to use that pure gas which is available you have to look for it on line what's interesting is the president wants to raise that ethanol rating to fifteen percent now then recently. no big deal it's not going to lower the price of gasoline it's certainly not going to lower the price of food because those fields could be used to produce anything instead we're producing corn that you can't eat corn that's designed for ethanol the problem is is the fact that there are damage that it does to the engines and i know there's some naysayers out there but the facts are talk to any mechanic check engine light
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switch are caused by emissions problems fuel system problems engine damage because of the separation of ethanol it's called phase separation is the technical term where the gasoline separates from the ethanol in your gas tank and it does it just over time the damage it comes to the engines and the cars goes to you and this is a real problem for me when you as the consumer are the ones that are taking on this damage because somebody is getting paid from a political standpoint or you need corn farmers to get their votes so i'm really a negative person when it comes. and i highly recommend that if you are not driving a flex fuel vehicle that you do not put in into your gas tank also be aware that ten manufacturers which is the bulk of them if you run anything other than ten in their engines you void the warranty so make sure before you put anything other than what you think it should be in that car read that owner's manual manual book in the glove box underneath all the neck concerned ketchup packs and i'll tell you what we
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always wrong lauren here about how we want to tell people what it means for consumers and that is a great tip for consumers to read their manual thank you so much lauren fix the car coach we appreciate it lauren pre-show you've been with us. thanks heart. and that's it for this time thanks for being with us i don't check my car manual so long for now. join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics sport i'm showbusiness i'll see you then. cranking gave americans
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a lot of job opportunities i needed to come up here to make some money like me twenty five thousand dollars as a teacher or i could make fifty thousand dollars a year truck so i chose to drive trucks people who rush to a small town in north dakota was among the employment rate of zero percent just like the gold rush is very very similar to a gold rush but this beautiful story ended with pollution and the bus station a lot of people have left here i don't know too many people here and just slow down so much they lost jobs got laid off the american dream is changing that's not what it used to be. and it's a tough reality to deal. with
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it was. the. first person i've got to. know all. the headlines this hour president putin and the u.s. national security advisor hold talks in moscow for america's plans to pull out of a key nuclear missile treaty threaten to trigger an arms control crisis. little try to make his toughest statements yet. on the murder of journalist jamal khashoggi in saudi arabia it is dumble consulate's. it was carried out poorly at the cover up was one of the worst in the history of cover ups and. downs tuesday evenings champions league football time between a s. roman.

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