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tv   Boom Bust  RT  October 20, 2017 4:29am-5:01am EDT

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and it comes just as the communist party's nineteenth congress kicks off in beijing we bring you updates on the proceedings there and your wife i system can now be interrupted and your information read and manipulated using a tool called my guest explains how it works and what you can do stand by far right now. i. lied after tensions were renewed over the spanish region of catalonia as embattled bid for independence by midmorning the benchmark ibex thirty five index led point seven eight percent to ten thousand one hundred ninety four spain's government is set to trigger article one fifty five which would take away catalonia as local powers after its defiant regional president refused to give up his demands for
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catalan independence since the referendum on october first around eight hundred companies including catalan banks multinationals and midsize businesses have moved their registered addresses out of the troubled region because of concerns over the region's legal status according to spain's association of commercial registrars spanish economy minister luis de guindos said on thursday that there will be no run on banks post article one fifty five it is that since the cattle on banks announced the change of the headquarters location there have been net inflows of deposits in cattle on banks so obviously the decision taken by those financial institutions was a reasonable one since they announced it in the last five or six days we have been getting daily information that there are net inflows in the cattle on banks to change their headquarters address. he stressed that banks are protected by the european central bank and the spanish guarantee fund among them two of the most
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important catalan banks case a bank and bank a day have moved their headquarters out of catalonia and tax reform before the new year as a top priority on capitol hill as republicans have failed to hit a home run on any major legislation this session major feature of the president's tax reform framework is a lower corporate tax which the white house says will be passed on to the workers i asked hadley heath manning a policy director with the independent women's forum for her perspective on this well economist and look into this issue many times in many different studies and it's difficult to estimate the amount of savings that would go directly into workers' paychecks right you know the congressional budget office and the joint committee on taxation use twenty five percent as a figure so they basically say however many dollars we save by cutting the corporate tax rate twenty five percent of those dollars are going to end up in increased earnings for workers other economists say it could be as high as one
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hundred percent if corporations pass along those savings to workers white house budget director mick mulvaney has said that it is likely that tax reform could be pushed to two thousand and eighteen that's what everyone's holding their breath for and congress does not completely pass a budget resolution this week we've seen with the senate as if they don't push it past that by the end of the week we're looking at no christmas but tax reform how important is it to close this deal to the people in america. well i think it's very important i think the expectations are high the expectations have been built into our economy and to our stock market so disappointing when tourist season would follow and into the next year as people file their taxes in the beginning quarter of two thousand and eighteen so if it doesn't impact this tax year there's going to be a lot of sad christmases and whole lot of disappointed small business owners and taxpayers across the country and i think especially for republicans this is critical given
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that they haven't been able to move other major pieces of legislation this year either what do you think about the infighting with the g.o.p. they are our constituents there are constituents that aren't happy and there's also members conservatives who aren't happy with this and the party seems to be panicking what do you say about the republicans who are pushing against this and possibly stalling it. you know i think we have to keep in mind how complicated our tax code is and how that plays out politically that means there's a lot of different special interests that means there's a lot of different constituencies that could be impacted as soon as you start to mess with anything any loophole any deduction any credit there's a constituency for that so the idea of simplifying the tax code of lowering rates these are very popular concepts majorities americans support the ideas but getting into the nitty gritty details that's where we start to run into political issues and hammering out exactly what a compromise looks like is going to be the challenge for republicans moving forward
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well talk about a detail that has been in my opinion not talked about enough attacks on families these are the working people of america and a huge amount of them are led by women who are bringing in the lion's share of the income ivanka trump has been very vocal about this do you think it's helped to elevate this to the national stage in a more important way we had the child care tax credit before but what is being pushed forward now is a bit different right of the child tax credit has been very popular it was initially signed into law by bill clinton so it has bipartisan support and it's been expanded by other republican presidents like george w. bush now the republicans are talking about expanding that child tax credit previously president obama and democrats under his ministration had proposed something different called a child care tax credit and that's never become law big difference i know that you think sound very similar
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a child tax credit and child care tax credit child care tax credits can only be used for paid child care services and child tax credits go to any family that have children in the home so a child tax credit is better because it offers broader support to all families regardless of how they choose to care for their children and capability or with a nanny or with a stay at home parent or a family member so let's hope that. the child tax credit that's going to be one of the critical details that indicates how much lower and middle income families can save in this proposal do you see the g.o.p. able to push this push this through this week by the end of the week what do you think next monday what i have been talking about i am hopeful that they get some kind of starter package together negotiation process of course goes through both houses of congress and i believe that president trump is going to be more involved in this process than he was with health care we'll get a chance to see if he's really got negotiating skills that he says as
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a businessman he's had yeah he says it will be in the putting on tax reform thank you very much hadley heath manning director of policy for the independent women's forum thank you what's app has been blocked in china many say it's no coincidence that the encrypted messaging app and similar platforms were next after the country's nineteenth communist party congress kicked off in beijing extraordinary security measures are being imposed for the congress not just mere of the gathering already heavily restricted access to foreign websites social media platforms and messaging programs such as we chat have been tightened and dissidents placed under increased security we chat is owned by chinese internet giant tents and boasts nine hundred sixty three million monthly users virtual private networks or v.p.n. apps have been disrupted as well in china these are especially useful as a workaround of the government censorship.
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the latest figures of g.d.p. growth in china are in this week at the nineteenth national congress it began in beijing and now president xi expressed lofty goals for china's economy so what do the numbers mean for those targets. is here with more for that one day after china's communist party gathered for the national congress the government released a berridge of new economic data included in that is the latest g.d.p. figure which met analysts expectations in the third quarter of two thousand and seventeen china's g.d.p. grew six point eight percent a small drop from the six point nine percent rate in the last quarter a minor decrease was widely expected due to the government's efforts to cool debt risks but at a news conference on thursday a spokesman for the national statistics bureau pointed to outside factors to. since you do international conditions remain complicated and volatile and the national
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economy is still at a crucial stage of restructuring with the foundation for some developments yet to be consolidated in other areas the economy performed even better industrial production rose to six point six percent be on the six one point two percent expectation and retail sales jumped to ten point three percent higher than the ten point two percent expectation major markets across asia all responded in different ways with the nikkei up and the cost me down based on all the numbers the chairman trying his banking regulatory commission said reducing risk and beefing up their form will be the main priority is from now on. the main areas for this year based on the principle of being problem oriented are to focus on trade flow financial products and off balance sheets why these three areas because they cover many of the prominent risk points for example shadow banking cross finance real estate bubble government debt these aspects cross over with each other though
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third quarter growth stayed above the year six point five percent target it still shows a minor slowdown by the next report will know just how much efforts to lessen debt and housing bubble risks could have on the world's second largest economy. so it may china's economy grow for most in the third quarter lots of loans lots and lots of long ago which would explain back strong housing sales and retail sales that we also saw in the third quarter but it is obvious little a little ironic because we know the government wants to really curb rising debt and credit levels and many officials have acknowledged that it is a problem that needs a solution but after these numbers came out it made many analysts say well how hard are you really trying to find a solution to curb deaths and. you know that many officials are just kind of confused because they are strong but there's still lots of long so they're saying you know how much longer can you keep this up ok will china's foreign ministry to turn to some politics now foreign ministry
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spokesman had some pretty harsh words for u.s. secretary of state rex tillerson over those about right so on wednesday on the same day that the national congress began in china works tillerson was at a forum in washington about u.s. india relations and forum he said that india is a better economic partner to the u.s. and china is he also called them out for other things like the way they're handling the south china sea. drama said that they shouldn't be building up on those islands and obviously trying i did not like that so their foreign minister responded by saying one we have every right to be doing what we're doing in the south china sea and also that he looks forward to working with the u.s. president trump will be there in a few weeks will be the first time that i'll be there with president. since he last saw him in april before ten runs between the u.s. and china sort of got a little tense based off of everything that's happened with north korea ships in the water threats being made setting it interesting stage that meeting thank you
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very much. well time now for a quick break but stick around when we return it's been a blockbuster year for the dow apple started high and it's drastically dropped my guest takes us through the disturbing details of what's known as the name of a new tool used to spy on your wife's side network no matter which device you use you don't want to miss that as we go to break here the numbers at the closing bell .
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here's what people have been saying about rejecting the neighbor to us exactly this full on ourselves so the only show i go out of my way to launch really matters is the really packs a punch oh i'm going to sleep yeah mr john oliver of r t america is doing the same we are apparently better than food nothing is bad and i see people you've never heard of love redacted the night my president of the world bank so terry because you are going to. send us an e-mail. much as you. always did you talk a little. believe. that
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i am being but does. she just tell you. and. by then i got a session. that they are. by their nature shows the long. haul are starting. to close is good then want. it's certainly not so with. daniel and also it was revealed to the pope multiple injuries among current america so don't go keeps a few looks but shows real your mercy on the phone to the book on the field of a political symbol sort of says that you know what i can do and it's a book in a moral sense of what my. own i'm a bit of nothing of the left off allowed me to conduct as you know how i think something that will say to us like i've done long enough something outside of. the
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hamas alone to hartnell's look ma says that's what i can now maybe i'm reading on that beach florida. the time to offer amazon a new home for its second headquarters has officially come to an end for cities across the nation the online retail giant's presence would come with a five billion dollar investment and fifty thousand jobs over the next fifteen years would also attract support industries of course which could earn the lucky host city the label attached but what it be a pot of gold at the end of the amazon rainbow labor issues housing problems and congestion could easily follow the building of such a space while some cities are urging transparency of the decision making process
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others couldn't care less they just want the business and the jobs and they're going to great lengths to get them the city of tucson arizona sent a giant cactus to amazon then birmingham alabama planted giant amazon packages around the city both pitches included lucrative tax breaks one small town vowed to annex its land and give amazon the right to name it final site selection and announcement of the lucky locality are expected next year. it's been a big year for the dow jones industrial average it's risen more than four percent at the same time apple stock has fallen nearly one percent after leaving the market in the same time period look going on joining me for more please welcome lionel lionel media why don't we got to cover this you are not a big fan of some of what apple is up to what do you think is going on here. wow
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today's the thirtieth anniversary of black monday as we speak think about this days thirty years ago people asking the same questions and we're asking now trying to evaluate after the fact what happened what was that about and with twenty twenty hindsight and a post-hoc rationalization i will do my reverse prognostication what happened here's something for you if you're going to release apple ten or x as was called by mandy that should have been a harbinger is an x. or ten and somebody says but before we introduce ten let's introduce apple eight skipping nine completely got like a revolution nine to pay all miners to the beetle boat we're going to introduce
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eight and aids. is not really that much better than seven then sit back and say why aren't people buying eight something that will be obsolete almost upon its review now i ask you i must be missing something because this is drawing everybody down you know apple is the benchmark of course tech stocks and you get all you talk about semiconductor stuff and all this kind of just but lindsey i ask you something apple eight is the culprit apparently why why introduce it and it's going to be obsolete but well it sounds to me like they're they're banking on their brand it's got gone from hot to not a lot of people saw a lot of value in the seven eight man not so much as it is a day indication that apple is banking too much on its brand and consumers want more perhaps but maybe as you know incremental involvement is one thing but if you
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have eight and then ten out of the bat who is going to buy in eight why buy in a couple of bucks more i'll get the ten it doesn't make any sense but remember thirty years ago today on this horrible day people are doing the same thing we're doing right now trying to make sense out of nonsense some some would call that new phone nonsense but hey there's a lot of people still using that stock we'll talk more if it goes down even further this year which should be a shock thank you so much for empire legal and media analyst lionel media thank you indeed. a protocol called w.p.a. to protect communications between modern why fight networks but it's not so protective anymore we're finding because any hacker near you when you are on wife i can deploy a tool called crack to read to manipulate your information crack is short for a key installation as hacked it's ugly and it doesn't matter what you use it's coming to a device near you joining me for more on this is going right
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a security analyst and senior fellow at the center for digital government i hope i got all that information right because this gets confusing it can get into the weeds pretty well you're going to have to help us with us on what does this mean for people who work in cyber security you probably knew about this already but the public's learning about it and trying to figure out how does this even work let's put this into perspective and according you get up and you want to get dressed everybody's got their shades down right now i think nobody can see what's going on right those that version of w.p.a. which stands for why five protected access so the shades are down that's encrypted nobody can see the only problem is the standard is thirteen years old so that key reinstallation attack basically what it did is it really used encryption keys which are only supposed to be used once yeah toss it back and forth it reused them again and because it really began it's like they've already been used to be used again so i was able to you were not me but the researchers were able to see the traffic because they fooled the wife i ratter the wife i access point into revealing the contents it's not encrypted so it's like an expired code but you keep using it at
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the car wash get as many car wash and you are ok that's what happened here so now everybody can see your traffic this. immediate question i know a lot of people out there have is thirteen years all. that's a little bit old especially when it comes to technology they can think of anything better in thirteen years good question and so it's like in dog years you know we go one you know one years where there were seven the internet moves so fast years ago there used to be this law called moore's law that says the speed of processors would double every eighteen months it's now down to six months ok best. how fast the internet is moving now i will give him credit though the fact that the single lasted for thirteen years before it was broken and it was done in a unique way it was done by researchers and it took eight months for them to publish their findings because they did what was called responsible disclosure i have a digital identity card from the country of the stony albany resident i saw something come out i said oh there's something here because about a month and a half ago i got a note that said hey there we may have a problem and how you know these are being used there's there's this and there's
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another thing called the return of the coppersmith attack roca but these things came out at the same time so one goes after devices one goes after the implementation on chips and everything else but what it boils down to is people when you get a note that says they upgrade your firmware in your router you need to do it upgrade your software on your computer you need to do it and they need to start doing things like using a v.p.n. a virtual private network so that they can control the encryption and in of course until that's broken but for now that would be actually a pretty good start ok so basically we need to keep our devices secure number one but if someone comes close to you and they can get in on your life i never can there's got to be a way to circumvent even if you do some sort of an upgrade well you know that's why if you're concerned you know remember the saying requires physical access so most consumers they're going to be ok the things i'm concerned about is look we're in the d.c. area how many buildings do you walk by pull out your phone and just pull up your i phone or whatever it is and look how many wireless networks are out there you've got tons of them so you've got the government buildings you've got other businesses they've got thousands of wife i access points that they have to protect now all i
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got to be able to do is get close enough to one if i run this attack against it then i can actually the entire network so i'm not too worried about consumers but you think about just in the d.c. area right here how many people have wi-fi networks all of these now are affected ok so it's not so much someone want to look at your spring break pictures in a starbucks. have we become overreliant on technology and what i mean by that obviously is we have but lazy. you know what we have we're getting into a society now to where we have traded security and privacy for convenient. and it's also a behavior of a lot of people don't care they don't care look i was telling somebody earlier today when i used to be a state trooper and i remember when we started enforcing seatbelt laws as a cop for eighteen years you know if another spouse got a look yeah so another story but you know but but it was different for me when i grew up we didn't wear seatbelts i mean it's like we had people we had you know my sister laying on the back deck of the car but now we've got kids with helmets and kneepads in bubble wrap and we're wearing seat belts this you know it is but it's
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a quick but how long did it take us to get used to wearing seatbelts we had to go through a lot of bad twenty years so this is what's happening with security and stuff already it's going to take us twenty years to get the right behaviors who is to blame though when we hear about these massive hats let's start with some of the major companies we hear is that the fact that consumers are too lazy with their information they don't care really what they're signing up for is that the company's fault for not getting getting in front of the issue equifax is a perfect example of that that the equifax is one where it is totally on the company and in fact i'll tell you i've said we don't have a choice but our information you know they've that in fact and they have a beautiful business model they call it that this information for free they package it up and they resell it but what happened with equifax is there was a flaw in an open source software called apache it's called struts it was their consumer dispute database so if i want to dispute something i go into the system which has access to all the credit they found out about this law which researchers from cisco found about they published it all they just sent an e-mail said hey make sure you update this and say hey you know your house is on fire you may want to go put it out it's like where was the follow up where was the countability on their
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most critical system so in that one we should have a digital sarbanes oxley version the same way they do if you can go to jail for misspending dollars to be able to go to jail for misusing data that makes sense when is it that consumers fall though do you see any instances for oh yes i'm just stupid and i look i every christmas and you know i put out a guide every year to call the a god identity security told them don't marry christmas or a merry christmas every year you go you listen to this you get a starbucks you get into all people sit on the phone and they will read off their credit card numbers because they want to order somebody happens or they will go or they will go to a dentist's office fill out a form and put their social security number on there simply because the. foremast ford look the people who changed my tires don't need much so security number you know my plumber doesn't need my security number so consumers have to do a better job of learning to say no why do you need that what you going to do with it how are you to protect my from ation if i don't disclose it will you refuse service to me when i went to get my new sunglasses they want to buy so security number i said absolutely yeah absolutely so it's you know why because a lot of doctors' offices say what we need are so security number no you don't unless you get federal benefits but they don't need it the only reason they get it
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lindsay is because they're lazy it's how they track you as an individual patient rather than creating another field and creating an identifier the user so security number to track you all good to know how to business to stay on top of something like crack well what they have to do is this is this is but also you know government and some of these are major corporations mean if patch you know when the patches come out you have to pass that i mean ari and there are but ways but like with equifax there was a patch but nobody followed up to say was it installed correctly did they go back and audit that they said well we have these tools with the tools failed so now we have one hundred forty seven million records out in the open because of one little patch that everybody thought oh we're fine with that yet it controlled access to the most sensitive data that you and i have about ourselves because that will never change your name your date of birth your self security number one change that information has a shelf life decades forever for a lot of us thank you so much for the terrifying information on this morgan right do kiddies next week now there's some more friendly senior fellow for the center
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for digital government and of course cyber security analyst thank you. champagne it's sparkling wine and not all sparkling wine is champagne a lot of us have heard that some haven't that's the argument a disgruntled flyer is using to sue an airline a flyer on canadian budget carrier sun wing is suing because he says he was offered champagne. on his flight but only got cheap sparkling wine instead in a little plastic cup so what's the big deal well if you want to get technical real champagne is a sparkling wine that comes from the champagne region of france if it doesn't come from there it's just technically regular sparkling wine sun wing is claiming that the lawsuit is worthless because they were advertising it as a champagne service rather than champagne in your cup we'll track where that
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lawsuit heads thanks so much for watching be sure to catch me on direct t.v. and the united states catch us on the r t channel three two one and if you mess up on directv on you tube youtube dot com slash boom bust or t. thanks for watching next time. financial. aid i'm only. a solicitor buy it from the future transfer that's going to. says. it will.
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give. them a. call . still exist. ricos treated as one.
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little come on. the island is controlled by the u.s. government and some crew even dependents. either. still do wish to join the u.s. hundreds more leave every day. with the country at a crossroads the island is on the rise. this . economy is.
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business to run this country business. it's not business as usual. only the. lot of. us. russian media.

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