tv Boom Bust RT September 26, 2017 4:29pm-5:01pm EDT
when you saw the predator tell you that clip because of the public by file for the most important news today. about how you think you are not cool enough to buy their product. all the hawks that we along with our audience will watch. most people think just stand out in this business you need to be the first one on top of the story or the person with the loudest voice of the biggest raid in truth to stand down lose business you just need the right questions and demand the right answer. the.
question. i. i'm lindsay francis is the boss broadcasting around the world from washington d.c. tonight the chairman and c.e.o. of equifax is out now he says it's a retirement but after that giant hack over the summer some are just shaking their heads also puerto rico is buckling under a record setting bankruptcy and the ravaging up hurricane maria and expert weighs in and also my gas former u.s. trading commission barge health and brings us the latest from capitol hill as health care shenanigans stand by we start right now.
he's not being fired he's retiring practive immediately chairman c.e.o. of equifax richard smith is out there credit reporting agency was hacked up to one hundred forty three million americans sensitive credit data was accessed the hackers exploited a software flaw to high social security numbers birth dates and other very personal data that provided the keys to identity theft this happened even though the company was warned about the flaw months in advance according to the equifax the breach took place according to information there from between mid may through july it was discovered july twenty ninth within the next two days three executives and sold off their shares totaling nearly two million dollars and on the seventh equifax told
the public about this the company argues that the revelation of the information wasn't really material to investors. smith was set to face a congressional hearing on october third no word now on who will replace him in that hot seat. health care is a key component of the u.s. economy it accounts for roughly eighteen percent of us crossed mastic product candidate trump said he would sign a bill on day one to repeal and replace the affordable care act otherwise known as obamacare senate has previously failed to pass a bill and their do over attempts appears to have fallen short today first talk about that is here to discuss is former u.s. trading commissioner part worked in the senate for the majority leader for many many years you know you're talking about here thanks for joining us the president said the other day on alabama radio on
a radio program in alabama while referencing a new health care bill take a look at this he said you can call it what you want that's the only reason we don't have it because of john mccain nobody thought he was nate nobody thought he was negative about without john mccain we already would have the health care bell and it would have been very good by the way what are your thoughts on that well i mean it shows a fundamental mis understanding of how congress works i mean there's four hundred thirty five members of the house or one hundred senators i mean kerik a couple of democrats could have switched over to put it all at the feet of john mccain you know is i think really unfair it's particularly unfair given that you know he's shown independence throughout his career i saw my also worked in the house lindsey for ten years he was a house member then this guy even though he didn't agree with many of the things my bosses one or to do mccain that is was truly a real statesman and you know now the guy's facing brain cancer is the time on
earth is limited and to have the president like the bully that he is sort of beat up on this guy for standing by his. principles is just a sad state of affairs it certainly could have been lots of other members who change their vote the bottom line is substance here matters and mccain said he couldn't support it because of millions of people are going to get kicked off. insurance rolls and that preexisting conditions were not going to be guaranteed coverage so right to be also oppose it for some pretty darn good policy reason yeah let's take a step back a bill had passed the house back in may we saw the famous mccain voting no i believe we've got to take that when when that occurred he literally walked up that failed in late july the senate took up the bill that failed late july i think senator mccain walking up and just thumbs down right right in the face of the american people when that occurred senator mccain called for something termed regular order explain what that is why this is selling. houses a lot what is
a regular order and essentially it means it goes back to the basics there's a little book that we used to give out to constituents called how a bill becomes a law and essentially it says you go through the committee process you have a hearing you listen to experts on both sides and then you get together with republicans and democrats and you try to craft an actual bill and you pass it out of your committee and then it goes to the senate floor and then it goes to the however it's not it's it sounds like what it is and that's what mccain called for which they had not done they brought this bill straight to the senate floor. and so that's all he was calling for and by the way they started to do that they had a couple of hearings and at lamar alexander republican chair of the health committee and patty murray the ranking democrat started they had the hearings and they started to craft a bill and then things changed why did senate majority leader mitch mcconnell try to push this through and now he has. taking it from every direction from donald
trump all of the tweets still trying to push it through this was their big headline it was. that the reason he tried to do it was this another term of art on capitol hill called reconciliation and like regular order reconciliation has a fairly easy to understand meeting it's reconciling the your bills your accounts receivable essentially in congress and that can only happen with fifty votes because they figured it's just bookkeeping originally when i did this and so we wouldn't need some supermajority like you have at other times in the senate the only problem is reconciliation happens for the fiscal year in which we are in which ends this weekend so on october first they would need potentially sixty votes as opposed to the fifty votes and that's why a majority leader mitch mcconnell from kentucky tried to jam this thing through unsuccessfully just try to push it through a hole that was too small it seems there are a lot of groups that obviously oppose this bill late night talk show host jimmy
kimmel said over and over and over several nights that was a bad bill that got a lot of traction got a lot of play do you think that resonates with the american people more than say a tweet from donald trump that is sort of the norm right now but when people celebrities you know weigh in like this do you think that has a big sway it did i mean it came about originally a couple of months ago because his mr kimmel son was born is having some problems and he said you know look we've got the best care you know i'm a celebrity you have all sorts of money but you know this would be really unfair to a family that couldn't afford it didn't have the access and so he wanted to do what he could on health care and he actually met with one of the authors of the bill and they promised the senate senator promise that they were going to include preexisting conditions and all these things and that's not in there which is what mr kemble so upset that he. flat out said that you know the senator had lied to him
and when he started talking about it he said look you know there's not been as many people opposed to this bill since the cosby incident which got a laugh but it's actually true that so many people are opposing it including lots of interest groups. and at the list goes on and on and on lindsey so this was this was not a good bill the office their congressional budget office rather which is nonpartisan not republican not democrat came out yesterday they said millions of people remember in the last one in july the senate did it was twenty seven million in order to rush this through they didn't put an exact number but they said millions of people would not have health insurance under this bill so it's not nothing to do with john mccain is nothing to do with the democrats who didn't vote for it has to do with people who wanted a good health care bill not just to support something that was repeal and replace
obamacare like the president's called for i quite frankly don't know the the president has any policy perspective on this other than. doesn't seem like that and the thing that doesn't discriminate is the desire for people's children to be covered especially with preexisting conditions to keep in your life and your child right now that's something that really resonates and there's even democrats who say they've had problems with the affordable care act what does this defeat leave us now i hope it leads us to those words again regular order and they go back and they ask us senator murray and senator chairman lamar alexander to do what they were doing before they were abruptly stopped and they tried to push this thing through and try to actually get the improvements that do need to be made no democrat says that you know obamacare the affordable care act is perfect they want to fix it but you want to fix it without kicking more people off yeah and it's a pulp practice exactly and one of the key provisions here that is a problem by the. it was this preexisting condition course and that was one of the
president's hallmarks of what he talked about in the campaign yes preexisting conditions will be covered but what they did is they block granted all this money and they tossed it to the states under this bill that's right would have had actually and they would let the states make the determination whether or not they covered and this is an existing donald trump said he wanted to make it national i'm not saying nationalized health care necessarily but what he said was if you buy insurance in washington state it should be good in florida absent remember i was in a part of that that i said that would have been great after i graduated from college and moved across the country absolutely and that was a lie it was it was it was absolutely you want it to be portable you want to be able to go where ever you are and for all of the faults and there are many when the affordable care act millions of more people including younger people didn't have insurance or covered and we don't leave people on the streets that it's an easy add to do to help and as a kid if you go back actually years ago he candidate before as a candidate even mr trump told larry king is support of the canadian system we
support a single payer program that week anyway but he doesn't seem to have any soul with regard to policy perspective here just want to get something through i hope he does what he has finally done on some other issues on the bone the budget and on immigration and that's working with some of the democrats i think you get the best policy when you work in a bipartisan fashion nobody gets everything they want you know you end up someplace in the middle and i hope that's what the future holds for health care in the next coming months well and right right now they've got to wind up and head at tax reform mcconnell said today we can't get this done this week from here on out it's tax reform which is very important to a lot of people because this is just dead in the water they're tired of going back and forth don't hold your breath on tax reform. we may find out more you some positive iras there not only was i think we're going to get some more information on tax reform this week so maybe never what i did again ok we'll talk about it
again thank you so much you former us trading commission and veteran capitol hill staffer hardshell thank you. time now for a quick break stick around though because when we return canada china and trade where does alibaba fit in going to find out that puerto rico continues to suffer my guest tonight take a look at how it could bounce back in the face of devastation from hurricane rita and is devastated economy as we go to break here are the numbers because in about. all the world's a stage and all the news companies merely players but what kind of parties are in t. america playing marty america offer much more artsy america. many
ways. just like the real movie big name actors bad actors and in the end you could never you're all. so the park and all the world all the world's a stage we are definitely a player. i'm a trial lawyer i've spent countless hours boring through documents that tell the story about. corporate media everything uses to talk about. i'm not a pretty clear picture about how disturbing. for. these are stories that no one else. story holds to the american. west. would you have for breakfast why would you put. your wife.
with your biggest. the woman we saw was a little boy to see it. but. it's one of those would be. now i do do do do the work for. the island of puerto rico is in the midst of record setting bankruptcy after more than a decade of massive recession announce in the midst of a massive cleanup and recovery attempt after being nearly wiped out by hurricane maria the u.s. commonwealth was completely without power earlier in the week kate long founder of puerto rico clearing house joins me now to bring us up to speed thank you so much for joining us as
a person who has followed puerto rico's economy for years what is your assessment of the current situation they have over seventy billion in debt and had to file for even a special bankruptcy under title three since they are going to qualify for traditional you know simple bankruptcy protection and on top of all of this we've got this hurricane rebuilding efforts it's a mess what's your initial assessment. needs to be lindsay's so you can government has not paid debt service to some bondholders and. overall in about two years so bondholders have been waiting and that's not going to change they're going to keep it in terms of getting repaid the economy has been recession for basically since two thousand and six when some special tax preferences the federal government had given puerto rico rolled off and a lot of u.s. pharmaceutical companies and other manufacturers left and then went offshore or relocated to the mainland so they've struggled in terms of just stabilizing the
economy i do want to say a look back at the last major hurricane that hit puerto rico which was one nine hundred ninety eight and hurricane george and when you look at the economic data then they had a very severe contraction in the short term of the economy and then they had this massive boost following which would be obvious as people rebuild and they go out and they buy new furniture and appliances and lot of people get hired to rebuild homes and businesses and stuff so i think basically that's what will happen here and that cash injection to rebuild has got to come from somewhere governor ricardo was a low has requested that the government adjust the cosh air for federal public assistance from seventy five to one hundred percent this is debris removal and emergency calls like repairs to power lines how likely is the government to do something like this we've even got a shipping container sitting at ports as you mentioned earlier when we spoke earlier in the day because there's not enough gas to deliver the contents of these
trucks right so earlier just about two hours ago president trump issued an order that waives to twenty five percent co-pay for puerto rico and that will be in effect for the first hundred eighty days which typically covers cleanup expenses and stuff like that in terms of the gas and diesel distribution on the island that is really the most critical issue right now because people need guests to run their generators they need gas to run generators to pump water into the water system right and run the hospitals. and that kind of thing and that has been a bottleneck i noticed just after noon that the u.s. attorney in puerto rico accompanied the governor to the distribution centers for the oil to get some action happening there which is great one hundred eighty days as you point out it's good but some people had a timeline is that hopefully will be renewed it's a long term effort now let's talk about twitter president met with the governors of puerto rico. as well as the u.s.
virgin islands i hear you laughing over there now if you promised aid some of the aid has been given as you just mentioned we saw those conversations unfold and then he tweets these tweets out he says texas and florida are doing great but puerto rico which is already suffering from broken infrastructure a massive debt is in deep trouble goes on to say it's old electrical grid which was in terrible shape was devastated much of the island was destroyed with billions of dollars dot dot dot owed to wall street and the banks which sadly must be dealt with food water and medical are top priorities and doing well hash tag fema what's your reaction to those tweets. right so last year congress passed a law called to oversee the debt restructuring from puerto rico and imposed an oversight board there are two elements to the debt restructuring part one was a mandated consensual negotiation process and then if that failed then they would move to court litigation now the oversight board essentially just skipped the whole
first part of the law which was consensual negotiating with bondholders president tweet last night suggested to me that he will wade into this process and essentially go back to the first part of the premise the law which is over it creates this framework to have these consensual negotiations and within what that means to bondholders is they may take greater or lesser losses it's really hard to say but there are currently thirty five over thirty five court cases happening around the district court in san juan in new york and right those will get put on hold hopefully they'll just cut you know stop litigating and start talking which would be a huge boon for puerto rico in my opinion well let's talk about the traditional cleanup efforts as you as you mentioned the eleven billion dollars damage caused by hurricane george back in one thousand nine hundred eighty eight the traditional clean up approach and could it obviously it's not going to pull puerto rico out of this economic crisis but could it really help as as you say in
a way that the people really feel. yes so one is puerto rico has suffered with this terrible electrical system and they have very unstable and relatively high cost energy so right now president trump has authorized the u.s. army corps of engineers to go in to puerto rico and begin rebuilding that system stabilizing assessing it and rebuilding it this will this is the foundation for a new puerto rico is a new electrical system that is stable and where they can integrate renewable energy resources power generation into the system that's how we you know rebuild puerto rico right there from that power system built from the bottom up thank you so much for your expertise on this kate long founder of puerto rico clearing house thank you very much thank you once called the launch of the currency lympics in japan the jay coin as it's called could be in circulation when the tokyo olympics arrive in two thousand and twenty according to a report in the financial times
a consortium led by music ho financial group and japan post bank are pushing for this cashless currency to take over cashews means costs for banks and government banks must pay to handle it transport it and audit it also represents seventy percent of transactions in japan so far japan's central bank and regulators have shown support and the bank's estimate that j. coin will add ninety million dollars to the economy also gave queen will be exchanged and i wonder one rate with again but asia's not alone let's take a look at europe. so it is cash in circulation has dropped twenty seven percent since two thousand and eleven denmark wants to allow shops the right to decide whether they'll even accept paper currency. and as nafta talks continue between the u.s. canada and mexico canada is not wasting any time when it comes to other international trade deals just days ago its trade agreement with the european union kicked then
and now it's pushing forward to create closer cooperation with china parties alex and hyla but he joins us in toronto with more alex there seems to be a lot of support for more trade between canada and china some high profile players are standing behind the initiative what's the latest you know some of the highest profile players actually pm the prime minister trudeau slinked jack ma the billionaire chinese guy that he owns the ali baba his company actually had a sponsored event in toronto talking to an audience of thirty five hundred people telling them why they should be doing business with china and one of the key reasons is is the growing middle class that has a hunger for foreign products we're talking about three hundred fifty million people at this time that is expected to grow to five hundred million individual middle class by get this two thousand and twenty so it's only a couple of years away of course the problem is a lot of people are intimidated to work with china notably that are their language barriers but there's a lot of red tape when you get into that country and jack was saying that you know
canadians need to get a little bit more brave when they're doing business in that china is the right place to go and the prime minister also reiterated that you could be geographically a further distance than the united states our biggest trading partner but with technology that's available including the internet those borders or close or know looking at this graph it gives you a little bit of an idea of china and canada the trade relationship and how it's grown you can see that there's no dramatic growth at any point in time here but what they're hoping is that in the future that this will change and does. need to change it if canadians expect to hit that bigger market now one thing that canada hopes to do is to bring luxury brands into china meaning stuff like you know canada goose parka is all the way to food now foods the big one a lot stores export it actually throughout to china and as you know just as in the on the american east coast in maine and such encounter the canadian east coast while bluster is
a big thing for the chinese population the middle class and the upper class clean food is something that they really want it's an issue in china and not so much an issue in north america especially canada we have a lot of good food here and a lot of obviously a lot of food also that's falls into the organics category and that's something that's growing in the chinese market that's something that they're demanding in the future and the money maker may support this candidate china sort of push working together tell us about the canadian skeptics that's what i want to know there is of course a few skeptics about this and it's for a few reason one of those reasons is what i mentioned red tape for a canadian company or american company or anybody to open up a business in china there's a lot of hoops that you have to jump through and that's something that they're looking at possibly changing there's the you know a lot of talks going on with between canada and china that really people are talking about there's a lot of close room discussions even trudeau has mentioned that and he says that you know there's really no timeline at this point but we are moving forward in that
respect some of the biggest issues intellectual property obviously you know that everybody's had issues with bootlegs and pirated material coming out of china according to jack that's being changed another problem environmental you know canadians are that's a big thing on our agenda is keeping our environment clean you know what's happening in beijing you know what's happening in china when it comes to the virus jacquemont says you know what they're moving leaps and bounds when it comes to these things that they're catching up to north america and they hope to her surpass us sooner than later and finally i mean for canada a big thing is we have tons of water in this country. clean water over thirty five thousand lakes in the province of ontario alone that commodity is becoming more and more valuable as time progresses and canadians want to protect our water we don't necessarily want to be selling gold to countries like china so those are some of the issues but the bottom line is talks are a property of the future of progress is i mean you know a lot of our kids are not going to school anymore they're going to mandarin school so they're learning the second language of business after you and i both of you
know this is going to have they're going to jump right into a thank you for the information i do like hearing about the skeptics all right aren't you and so on it alex thank you very much. for assistant basketball coaches from arizona auburn the university of southern california and oklahoma state university have been arrested on federal corruption charges authorities and cues them of enriching themselves through fraud schemes and bribery they according to the authorities took thousands of dollars to steer n.b.a. destine college stars tauren certain sports agents financial advisors managers and even endorsement deals the trail of dirty money flowed through high school basketball courts in through family homes and then on to the college course at the end of a way on to the n.b.a. for the lucky ones who made it one coach is accused of funneling one hundred thousand dollars to the family of a high schooler to get his commitment to a division one college team sponsored by adidas he was then pressured to sign with adidas upon joining the n.b.a. and to sign with specific managers and financial advisors the sort of bribery
happened repeatedly according to investigators since two thousand and fifteen the f.b.i. has been investigating the criminal influence of money on coaches and players in the end c.w.a. no students have been identified by name in court papers. everyone has played a mobile game on their cell phone maybe spent a dollar or two on micro transactions but gator eight is going to have to pay a lot more than ninety nine cents to the state of california back in the year two thousand and twelve gator aid partnered with. olympic gold medalist use same bolt to promote its iconic sports drink through a pretty typical side scrolling phone game it seemed innocent enough however there was one small portion that didn't sit well with some in order to keep your little digital you say in running you had to avoid water and only consume ok to rape it wasn't too long for the company was in hot water with california's attorney general who took to court and gave her a descent to pay three hundred thousand of fines for slandering h two o.
advertising tell me you are not cool enough to buy their product. or are we along the border with one. it's called the future we don't need something. everyone in the world should experience. and you'll get all the old the old. the old according to just. come along for the. people who got to know whether or not there present or supply american people deserve to know what difference at this point does it may must guard against the military industrial. we shall never meddle in our.
war you should know that there is a real yes we do but remember with very. little coming up on our team mounting pressure on pyongyang us things targeted eight more than korean banks that supply money for the country's missile program. and a plan for independence millions of kurds in iraq vote to form an independent states despite harsh criticism from international governments. then a discrimination lawsuit against n.y.p.d. detectives claimed their white coworkers were promoted ahead of them how the department is responding to later in the show.