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tv   Boom Bust  RT  July 13, 2017 4:29pm-5:01pm EDT

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rejected tonight is a comedy new songs and not the frank by the corporate media. would you go after the corporations that just more your life profit over people at every turn. redact it's not for me it's like medicine it's like a cancer joke from all the stress that the news puts you under redacted tonight is a show where you can go to cry from laughing about the stuff that's going on in the world as opposed to just regular crying we're going to find out what the corporate mainstream media is not telling you about how we're going to filter it through some satirical comedic lenses to make it more digestible that's what we do every week hard hitting radical comedy news like redacted tonight is where it's a. pretty
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. good. i'm lindsey francis boom box run around the world from washington d.c. tonight federal reserve chair janet yellen completes her second day of testimony on capitol hill we'll see how markets reacted to her views on the state of inflation and the fed's beige book is out my guest danielle de martino boo says it's the poorest showing in a long time and she tells us why she thinks so and it's a perfect storm in canada the governor of the bank of canada says the economy is walking a tight rope so proceed with caution stand by the bus start right now. before
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the senate banking committee today federal reserve chair janet yellen said she believes the risks concerning inflation are two sided stressing that price gains could both accelerate and slowdown that's appears to be an effort to adjust the views in financial markets yesterday in her comments before the house financial services committee yellen discussed the possibility that a recent slowdown in inflation could persist longer than the fed expects that triggered a big market rally with the dow jones industrial average hitting a record high investors saw the remarks as a signal that the fed which has raised interest rates three times since december
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might slow the pace of future interest rate increases today's testimony coupled with upbeat data and earnings report to do at the end of the week meant world shares hit a fourth all time high in less than thirty days. beijing and lisbon are set to join forces in canada's belt and road initiative the global infrastructure project was launched in twenty third teen by chinese president xi jinping if successful it will link asia africa and europe by land and sea thereby linking them by money and leverage now portugal has entered the fray bringing the advantage of its geographic location the initiative is part of it's got two components the silk road economic belt and the twenty first century maritime silk road they will cover dozens of countries more than sixty percent of the world's population and more than one third of global economic output portugal is said to deepen cooperation in the sectors of new energy agriculture and infrastructure while of course welcoming chinese
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business investment with open arms. when it comes to brazil the political drama is seemingly endless but this time around we're dealing with former members of office instead of current leaders who must bow before she is here in the studio with more on that for us bianca who's in trouble now we are now talking about lula who is the former president of brazil and was just found guilty of charges relating to these seemingly never and ending petro brust scandal louise in nasty alluded to silva known simply as lula was president of brazil between two thousand and three and two thousand and ten during his presidency he was credited for thrusting brazil onto the world stage and was considered one of the most popular leaders to ever run the country but that legacy suffered a setback on wednesday when lou was found guilty of corruption and money laundering prosecutors allege louis illegally accepted one point one million dollars from the
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construction company in order to purchase a beach front property in exchange that company was able to sign contracts with petro bro. for sale state run oil corporation he faces up to nine and a half years in prison though the judge ruled he could remain free pending an appeal which his lawyers are definitely preparing for what. is the sentence delivered in this scenario with proof of innocence and delivered by a judge who clearly lost his impartiality a long time of review is an illegitimate process which shows once again that this process was driven by political objectives and it's not just lula and his legal team that say the charges are and ruling are politically motivated people took to the streets of sao paolo to protest the decision holding signs reading lula resist so his presidential legacy may not have been ruined just yet but it could certainly
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damage his future aspirations it's been widely known that he was planning to run for president again next year but according to brazilian law he'd be ineligible to run for office for twice as long as his sentence which means he couldn't run until he's ninety years old news of lula sentence only complicates the political and economic scandals plaguing brazil just last month the country's current president was charged with corruption days after his approval rating dropped to seven percent . a lot of people when they hear about this name this country they think of operation car wash yes does this have anything to do with oh yes it is definitely related to operation car wash was an investigation launched into different businesses and firms and political leaders that work used of making deals with petro bras in exchange for bribes and then that money would go into political slush funds or go directly into the certain party leaders and basically since this investigation has happened we saw dilma rousseff who was the former president
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impeached on corruption charges the current president michel to mare was just accused of corruption and then of course now who was in office before and just got found not earth found guilty of corruption charges so there's a lot of corruption that has allegedly occurred throughout brazil and it's just never and i guess you know that leader to lead her to monitor and no there's no try and there he's not an appeal he could technically still run for president but what kind of a law is that is that while i yes i mean before he yes while he's out because he's out free and till he does appeal so technically by the time next year comes an election season starts he could run that would obviously be a really big risk for the workers' party because if he if the appeal doesn't go his way then they would essentially have no real candidate but you can definitely tell based on their response to the ruling that they may have very well been planning to have him as their their candidate so when the the country comes out and says you know he is he is guilty of this he's corrupt and the lawyers come out and say no
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it's not i would love to be on a corner in brazil watching the newspaper headlines people argue over this thank you so much. all our bills are going off in canada and the governor of that country's national bank is urging caution as the economy walks a very tight rope artie's out some highly which is in toronto where he is following this story for us alex some would say that there is a perfect storm brewing in canada new economy could hit major a major. the problem of what i'm hearing. on earth is this where i'm supposed to assert talking i can't hear you from this side but let's let's talk about those yeah it was so yeah alarm bells going off definitely interest rates were high tier in canada by a point two five percent from point five to point seven five just yesterday so as a seeing that jump i mean this is how the first time in seven years we've been pretty steady across the board and now this for some people it seems like good news a few in the money business the canadian dollar jumped up from seventy seven and
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something cents us to nearly seventy nine cents today so in that way yeah that could be a positive what people who hold mortgages well that's a very different story because the banks jumped on this right off the bat and they took their rates from their prime lending rate from two point seven to two point nine five percent what we might see and then it would seem that the dollar has jumped a little bit is the predictions are that in october we might see another rate hike that will be likened to this one and of course some people possibly in trouble with their mortgages of more expensive of course but let's go to a couple of charge here really interesting stuff to give you a bit of a breakdown of what's going on first we're going to go to a housing chart and you can see real housing prices in the u.s. versus canada from one thousand nine hundred five to two thousand and sixteen this baby's being for itself a look at those housing prices spike you know this is this is something that has been going on we've been talking about the bubble in canada forever well things have slowed down you don't have to be an economist to know that all you have to do
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is a live in a city like toronto houses were flipping like crazy just a year ago or even in spring time this year and that has basically stopped housing cars that are on the market now for a couple months at the time and some people have just taken their houses off the market so this has slowed down to what kind of seems like normal really but when you break it down you know everybody's expected go up and up and up of course for the investors in real estate some of them might take a loss in the end but for now it just looks like possibly a stabilization but. not the growth that you saw in the past now also another judge chart which is really important here the percent of labor force employment in construction that's goes hand in hand with housing if the housing market slows down so does construction and look canada has doubled the amount of people that are in the housing construction business than the states you guys have about three point five percent we're at seven percent and now this third charge that chart makes volumes this is the big want to hear the household debt to income while americans
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learned a lesson back in two thousand and eight you guys went down with that and we just went up it's so troubled times a bite of toss the top the us a bit of a lesson canada really didn't go through that problem that you guys did back in two thousand and eight and now that's an issue the canadians are one of the worst countries when it comes to household debt and that could spell trouble in the long run wow those are some shocking numbers our time to take heed canada thank you so much for joining us on this alex hyla joining us from toronto thank you. time now for a quick break stick around though because when we get back my guest tonight has a look the new beige book out from the bad and russian internet search engine giant yandex and you were joining forces to go to break here the numbers of.
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all the world's a stage no news companies merely players but what kind of partners are anti america play r.t. america offered me r t america offers. many ways to use landscape just like the reviews big names actors bad actors i mean you could never know you're on. the market all the world all the world's a stage we are definitely a player. i'm
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a trial lawyer i've spent countless hours poring through documents to tell the story about the abuse side of. corporate media uses to talk about the current. i'm going to be clear picture about how disturbing how to work with the. other stories that no one else. might have to post to the american. wench. would you have for breakfast why would you pick the players you want. with your biggest fear that it might be a. little old to show you. the way. i did you. were.
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russia's search engine giant yandex operates a ride share service in the country with about twice the business of and now it's set to absorb or itself yet x. taxi and uber well effectively become one new operator in russia also on our media fellow ruth and kazakstan uganda x. will own fifty nine percent of the operation with goober owning thirty seven percent and employees taking the remainder its value will be just over three point seven billion dollars with super investing two hundred twenty five million dollars in the new company and yandex putting in one hundred million according to yandex and who are the two are on track to complete thirty five million rides a month and operate in one hundred twenty seven cities shares in yandex jumped fifteen percent on the moscow stock exchange on the news of this deal which is set
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to close near the end of the year. and millions of customers who use u.s. communications giant for a rise in customer service support center within the last six months may have had personal details exposed and then left online for the better part of a month the company says that customers names street addresses e-mail addresses and even pins may have ended up on an incorrectly configured cloud server maintained by a third party at the same time dries and states that the information was caught by security workers before it could end up in the wrong hands cyber security firm up guard says one of its researchers discovered the leak on june eighth brize and was then told five days later and it was fixed on june twenty second according to a guard around fourteen million customers may have been exposed while verizon puts the number around six million.
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just as federal reserve chair janet yellen began her testimony before lawmakers this week the beige book was released it details overall economic health in each of the districts that houses a federal reserve bank we've got some jobs workers and housing numbers to get to please welcome danielle de martino booth founder of money strong and author of the wonderful book fed up an insider's take on why the federal reserve is bad for america you say this is the weakest beige book we've seen since last year you got a couple of very pointed reasons why and lightness well kansas city was actually the only district out of the twelve districts across the nation to report that activity had increased economic activity had increased since the last time the fed met otherwise all other eleven districts were either flat to down half the districts noted that slowing car sales have become problematic and this is a case
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a strange case actually of the anecdotal data. now catching up to the hard data but the fed does tend to spin the beige book fairly positively as a habit i can tell you that as a former insider all right well let's talk about janet yellen obviously testifying over over two eight days yesterday she talked for two hours praising the strength of job growth numbers she went on to say the fed may not raise rates. it's done so twice this year so far a lot of people had their hopes up once about the fed's ability to start reducing its current bond holdings in the fall. look guillen's testimony yesterday was in one word confusing to me she said she used the word gradual so many times and yet as you just said she spoke about a strengthening job market well where is the wage growth is my question to her and if the job market is so strong why are they ratcheting back expectations for further rate hikes this year to add on to the to the confusion she was very
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aggressive. the national weather service in sterling virginia has issued a special memory warning for chesapeake bay from pools i live to sandy point maryland chesapeake bay from sandy point and with beach just a river to queenstown maryland used to being until fine forty five pm it's four forty four pm a severe thunderstorm was located over sandy point state park moving used to twenty five knots. hazard wind gusts thirty four knots or greater and large scale source radar indicated impact boaters and small craft could be overboard by suddenly higher winds and waves upsizing their vessel hail me damage you're still locations and pack that include pine forest narrows bridge magath the river chester
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river gives an island greenbury point point naval academy sandy point state park baltimore light severn river chesapeake bay bridge matter peak and annapolis move to safe harbor until hazard weather passes. kills if they've been working in retail their entire career and we know that part time employment and that people working two jobs that these numbers remain unusually high and again that's a depressant on wage gains so you really do have a barbell style of of the job market you've got the haves and you've really got the have nots as well absolutely well inflation is still below the fed's target of two percent even though we're seeing unemployment numbers starting to sort of fall and the fed has raised interest rates as we've talked about three times in the last year should this be
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a call to slow or some pause in other hikes some say yes some say no you know i really do wish that they would have started earlier and already gotten to two percent it might be heretical for me just makes it make such a statement i don't think the fed needs to tighten any more i think that there are enough indicators that suggest that the economy is slowing that that the fed should take their their foot off the accelerator maybe tap the brake that being said i really don't think that the fed should lower interest rates even if we go into a recession lindsey zero interest rate policy has created a lot of the distortions that we see in the economy today it's been a huge contributor to the low quality of jobs that have been created as companies have stopped investing in plants and equipment and innovation and just you know borrowed money and bought shares which maximize shareholder value and it takes advantage of federal reserve zero interest rate policy but as we know it does very little to spur decent economic growth and strong job gains well let's talk about
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these districts that report on the base but more than half of them are reporting. noting actually in their reports of some declines and auto sales obviously it's been talked about a lot when we talk about consumer spending it's something that we don't all the time what kind of collateral damage can we expect from the auto industry just going off of this. current report you know they say that manufacturing only employees a certain percentage eleven twelve percent of the u.s. workforce and that we really should only be paying attention to the services economy with all due deference to that conventional wisdom i think it's very important to note that the auto industry in some way shape or form directly indirectly affects five percent of all working americans today the factory jobs that are that have been associated with a massive rebound in the auto sector which few people remember was bailed out but the jobs that will be lost going forward as we move simply from dealers getting
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rid of salesmen because they don't have as much sales volume once you start to cut into those high paying factory jobs there will be as you suggest collateral damage to the overall economy let's talk about some of the retail jobs that you and i touched on earlier we talked about as you said retail being a bloodbath i've spoken with people who say analysts who say that the way we measure consumer spending right now just isn't correct we're not looking at it right because we're measuring. basically retail wrong that we measure you know brick and mortar or amazon or wal-mart under certain headings but they're absorbing so many companies at such a fast rate that what these companies actually sell is changing so much and people aren't going to stores they're going online it's sort of an antiquated measurement i'd like to get your take on that well look i think that every single statistic is . needs to be dynamic in its make up i would certainly agree that the way we shop has changed dramatically and i welcome any new way of measuring consumption i
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certainly welcome the ancillary to that which is which is a new way of measuring inflation which the fed is obviously getting wrong once again but even if theoretically consumption was stronger than what it is my only counter to that would be why are consumer bankruptcies ticking up why did cap. one announced that its credit card charge off rate was going to increase which which made the fed pause in terms of giving them a green light during the stress test why are auto defaults going up why are f.h.a. mortgage defaults going up clearly there is some kind of distress signal emanating from the household sector and i think that that will have an impact on consumption regardless of how it's measured what do you think about some of the stuff she said yesterday some of what we talked about today as you say there is there's not a lot to grab on to as far as specifics goes talking about the dual risk of
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inflation prices rising to slowly price expresses excel or eating too quickly it seems to it wants to you know model modify the impacts of her comments. before you know what she said on wednesday today it's sort of modifying what she said from yes you know what do you think look i wish that she would get to the heart of the matter i wish that she would get to certain types of price inflation that are absolutely crippling. the national weather service in mount holly you jersey has issued a severe thunderstorm warning for self eastern morris county in northern new jersey eastern quadrant county in northwestern jersey northwestern mercer county in central new jersey somerset county in northern new jersey northeastern one of county in central new jersey middlesex county in northern new jersey until five
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forty five pm it's four forty nine pm a severe thunderstorm was located near white house station when you're somerville moving used to thirty miles per hour answered sixty miles per hour winds. source radar indicated impact expects damage to trees and power lines this severe thunderstorm will be near belle meade around four fifty five pm somerville and bridgewater around five pm mental meltdown in martinsville around five o five pm bound brook and millington around five ten pm somerset middlesex and society hill around five fifteen pm new brunswick in north brunswick township around five twenty pm brunswick around five twenty five pm at isn't around five thirty pm other locations impacted by the severe thunderstorm isn't bernard still wants forward reading strathmore on middletown asked south river and one timer for
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protection move to an interior room on the lowest floor of a building in addition to a large hail and damaging we frequent cloud to ground lightning is occurring with this storm moved indoors immediately remember if you can hear thunder are close enough to be struck by lightning torrential rainfall is occurring with this storm and may lead to flash flooding do not drive your vehicles flooded roadways repeating a severe thunderstorm warning has been issued until five forty five pm for the following counties in new jersey hundred mercer middlesex morris and somerset. when one finally did call the number on the help out a police officer arrived and detected a voice coming from inside the machine only then did kick down the back room door. wrencher wide open and the man was let out from inside the a.t.m.
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but guess what he has not been identified and i doubt he well that's all for now everybody thanks for joining us check out the show on youtube dot com slash r t thanks for watching next. i do not know if the russian state hacked into john podesta e-mails and gave them to wiki leaks but i do know barack obama's director of national intelligence has not provided credible to support his claims. i also know he perjured himself in a senate hearing three months before the revelations provided by edward snowden he denied to be n.s.a. was carrying out wholesale surveillance of the u.s. . the hyperventilating corporate media has once again proved to be an echo of government claims that cannot be verified you would have thought they would have learned something after serving as george w. bush's useful idiots in the lead up to the invasion of iraq. it is vitally important that the press remains rooted in
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a fact based universe especially when we enter an era when truth and fiction are becoming indistinguishable. for decades the american middle class has been railroaded by washington politics. big money for money that's thrown down a lot of voices that's how it is in the news polter in this country now that's where i come in. i'm michel i've done are to you america i'll make sure you don't get railroaded if you'll get the straight talk in the straight news. questionable. what holds an inch to. put themselves on the line. they did accept or reject. so when you want to be president and should. want to reach. out to the right
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person to supply them before three of them or ten people. i'm interested in the waters of. the deck to tonight is a comedy show. not defect by the corporate media. which you go after the corporations it's just more your life profit over people. or death it's not for me it's like medicine it's like a cancer from all the stress that the news puts you under redacted tonight is a show where you can go to cry from laughing about the stuff that's going on in the world as opposed to just regular crying we're going to find out what the corporate
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mainstream media is not telling you about how we're going to filter it through some satirical comedic lenses to make it more digestible that's what we do every week hard hitting radical comedy news like redacted tonight is where it's. global warming sell you on the idea that dropping bombs brings police to the chicken hawks forcing you to fight the battles they're going. to do socks for the tell you the lobby gossip the tabloids let's. talk about advertising tell me you are not cool enough to buy their product. all the hawks that we along the border want.
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coming up on r t america the white police officer who shot and killed a black man in an ohio wal-mart back in two thousand and fourteen will not face federal charges we've got the full story coming up. and in georgia an officer was caught beating a homeless woman with a baton inside of a gas station or discuss this case and more with reverend great length scott hagler . and social media has changed the way we view wife and how others view ours but snap chats new as mapping the future might give us to want to gas an up close and personal look into your private life.

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