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tv   Boom Bust  RT  June 10, 2020 12:30am-1:01am EDT

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i. and this is the one business show you can't afford to miss more in washington coming up in the ongoing global unrest and coronavirus has been the oil price war between opec members we catch up on the moves in the oil sector and where demand stands amid the drop in travel plus g.m. has announced that the company is stepping out of the facial recognition game after growing outrage surrounding the practice we take a dive into the controversial technology and how the firm's stock is reacting we have a stack show today so let's dive right in. and the united states has officially entered a recession in february of this year ending 128 months of economic expansion which was the longest run in more than 150 years according to the national bureau of economic research now the announcement from this organization comes much earlier in
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a recession than they generally like the any b r wrote about the situation saying the unprecedented magnitude of the decline in employment and production and its broad reach across the entire economy warrants the designation of this episode as a recession even if it turns out to be briefer than earlier contractions now economists generally define a recession as 2 consecutive quarter months of 2 consecutive quarters of economic contraction g.d.p. in the us has already fell by 5 percent in the 1st quarter of this year and the economy is expected to climb by a steeper margin in q 2 of 2020 let's get some expert analysis on this and and the state of the economy with todd morris chief strategist at bubba trading and co-host christiane who joins us from los angeles thank you both for being here today but i want to start with you now the end declared that the u.s. recession began officially in february now this marks the fastest and b r has actually declared any recession. is this
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a good thing as the faster the drop usually the faster the bounce back. hi brad thanks for having me back listen i put very little stock into what any account really said because they're not calling it until it's already over and they're sure on your show with you i said they were going to recession back at the end of january it was easy to see that they are starting to break down and of course then the coronavirus really kicked in and we saw the country shut down which is automatically by itself going to create some major problems creating a recession again this steve this is how fast they bounce back nobody really knows the answer to that and we'll see where we go from here but at the end of the day we're are starting to see the country start to open again we're seeing more action in the market and we're seeing the actual account people start to go to work so again is if the virus stays away and we can continue to open and get the country fully open then the recession will be over however there are always the chances that we could have a rebuild this virus and then asked again and we could be shut down again so those are the issues that are really concerning the economy overall we're still very
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strong i mean are you looking at what we would talk about the possibility of a recession which i mean you've been on this show many times talking about this even before the coronavirus pandemic was it was a huge issue but i mean are is the credit virus really the only. point that matters right now when it comes to opening or closing the economy versus any other economic factors that we've seen because of this a fed intervention. well you know again i think it is the fed intervention right i mean look you you poor enough money and the equity markets go crazy as we are very watching well what is that today again the general mainstream economy there is a lot of problems out there are still and there are still issues that have to be solved and they're not over there are far from over but again are we talking about main street or are we talking about wall street and when it comes a wall street they care about one thing that's money and the only way you can make money today is put it in the stock market which is why we can do to get propelled higher because they can get that return from the equities and again you're forcing
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every investor if you want any of that your money you have to put it in the stock market because there's no place else to go. so are you into the conversation. in the stock market hard here but but what are we seeing in markets say it seems like that rally that we've seen the bull run over the last couple of days at least is fading. while the u.s. equities are 8 under quite a bit of pressure today and we're seeing the reversal of what happened yesterday so a lot of the names they hit all time highs yesterday and such as i trans ocean that rose about 50 percent yesterday they all reversed course and tank today and vice versa with a lot of the stocks that drop yesterday meanwhile they're flying sky high today so you do see a little bit of a reversal in the markets right now especially across cruise lines airlines and e.m.p. both all of which have made really broad gains on monday and today they're under a lot of selling pressure however on the other hand you also have apple and amazon and the rest such stocks all breaking all time highs right now as investors continue to concentrate back into that old trusted fang grip so right now it does
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seem like the recovery rally is starting to lose steam and bank of america actually reported that clients sold about $3200000000.00 worth of u.s. equities last week for the 5th straight week in a row and selling was reported broad based all across the client groups between hedge funds and retailers where they had become sellers for the last 8 and 5 consecutive weeks respectively. whereas financials actually led. the alpha is with the 2nd largest selling data in data history since 2008 which is very consistent with the record low in positioning investor positioning that we've seen right now in the markets so it does seem like even though there is a lot of this market kind of melt up there isn't a lot of participation here. no but are we in for a generational bear market in the near future and really do you expect that volatility will come back the way we saw it maybe a couple of months ago or maybe not quite as bad but are we going to see that volatility really pick up in the markets again. well i think right now volatility
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has left the building for now and i think a lot will come down to who wins the election i believe donald trump wins the election again i think we'll be back and we'll be back off to the races and we'll continue to make new highs because of the way that he tries to run the government and more business friendly i believe of joe biden you have an election i think we will see that generational bear market i think you will see a lot of changes because they'll go back to restricting the real free market system and the actual workings of a you for a true market so i think you will see if there's a change in office there we will go into a major market now either way i do think that we're going to probably at some point before this is all over test the lows again and we could see that spike in volatility but until there is a reason to sell the markets are going to continue to drift higher yes we have no viable we have no liquidity but the meantime they keep pushing higher and pushing our and you can go broke trying to guess where the tab is going to be so it's a lot easier to watch to price action and wait for the markers of turn and then reverse. chrystia you know we just talked about this recession here is it's
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actually going to become a depression or do you think that we're going to be fast boats and not have to worry about that. well it's a lot like just that it's very very difficult to predict a top but right now this has been like a tremendous bear balance and if history is any indicator at all in 2007 let's just remember after the drop that happened in mid-year we rally back to all time. highs in that october of that year but from there the market then quickly fell 5055 percent subsequently after it and that entire thing took about a year and a half to complete to actually hit the bottom of the market so it's not something that happens that swiftly so we had a very swift drop a very swift recovery which we can call a bounce and right now we still might be in a bounce it's gonna be very difficult to tell where the top is but after that given the amount given the amount of underlying the amount of credit the amount of the falls the amount of unemployment that is still there we are still at a record high unemployment levels from the last great recession and even though
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a lot of analysts say that those number may be temporary as are simply furlough numbers only time will tell and so there's still a lot to go through before we actually believe we open the economy and see where the grad school bus goes kristie and she strether said baba training the horwitz thank you both for your time. and now we move to the latest agreement to cut oil production by opec plus members as the crow virus pandemic continues to weigh on demand on saturday opec members and its oil producing allies agreed to extend historic production cuts to the end of july initially the alliance had cut production by $9700000.00 barrels per day with those cuts starting to wane by the 1st of july now the organization will now cut production by one point $6000000.00 barrels per day in july with production being reviewed on a monthly basis the next opec plus meeting of member states is set for the 18th of june opec leader saudi arabia says there is quote no room whatsoever for lack of
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conformity in the production cuts for member nations saudi energy minister prince 2 of these in some on added that producers who failed to adhere to the policy should compensate with additional cuts from july through september during a virtual press conference on monday russian energy minister alexander novak agreed saying quote we have spent a lot of time discussing full conformity and how this will be coming. compensated because the success of the deal and the success of our efforts rests on all countries doing their part now ahead of meeting ahead of meetings international benchmark brant crude hit over $42.00 per barrel while the day. was over $39.00 per barrel hitting the highest points since the 6th of march now both the bread and i have since leveled out to over $42.00 and $38.00 per barrel respectively now for more on all this let's bring in professor bilham and senior fellow at the kleinman center for energy policy at the university of pennsylvania bill thank you so much
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for joining us today really appreciate it i want to start with these latest production cuts do you expect opec plus members will quote conform and continue at the a lot of production levels through july and beyond if needed. thanks for and my sense is that's highly unlikely for a century sooner own seward's car tells the biggest problem is cheating. and. trapped really i guess the leaders here do sound reason mention or see and must be conformity but there isn't a a. quite quite effective way to require and consume that's going to be a challenge here if the saudis are going to shoot and create more money in for a scheme. that will be. and now and it appears this week that russia and saudi arabia are kind of on the same page but how did this oil price war between the 2
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nations get to this point and can we expect continued good relations or as we move forward and maybe if somebody doesn't conform are we going to see more tensions arise between the 2 nations. when you say on the same page i guess at pages how to heck that we find ourselves in a semester. you know they both. agreed to something with incredibly bad luck on the timing and so they began this. this chicken race basically on the price right as a pandemic once showing its head but not given any indication of how severe it would be now as you can see in that nosedive. that really happened after the initial low price war and happened more totally pandemic driven in my opinion. so they had that bad luck on the start but then they had.
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pretty good luck when president trump decided to offer to intervene and he made all sorts of commitments that. cannot be enforced within the u.s. and i think the saudis and russia were happy to just say ok we have a global agreement with the 3 big players and nobody really anticipates president trump conforming with his assurances so. i'd that may be the out here thing they are not sure bill why are this dispute between the 2 nations why are they had such as your expert opinion that if the have such a big impact on global oil markets i mean obviously opec the big players are going to see that but but is there more to it at ship yeah i think this is really a story of depend on it chilling demand more than than anybody you know packed
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increasing supply and you know collateral. and major benefit here is effect on us shell production which really was very severe and we heard all this because the economics do not make sense when you get down in the $20.00 range but be get back to $40.00 a line of the independent producers in us and find a way to get production only in dance is a real conundrum for opec plus. for how they proceed here and now you just actually talked about the u.s. shale oil producer that we were you reported that a record loss of $26000000000.00 in the 1st quarter for those u.s. shore oil producers that in 2025 the man collapsed in a pandemic how do these latest cuts actually affect the u.s.
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producers do they help them because they are driving oil prices up as you just mentioned. dance exactly how it's that. direct cause and effect relationship going to attack what is production prices increase increase trice it's caused us share production to increase absolutely bilham and senior fellow at the climate center for energy policy at the university of pennsylvania thank you so much for joining us to break all this down. you're welcome grant. and time now for a quick break but here because when we return i.b.m. has a notice that the company is stepping out of the facial recognition game after growing outrage surrounding the practice we take a deep dive into the controversial technology and how the firm started reacting as we go to break through the numbers that.
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is hard to take some from somebody if you know have some to replace. the want to do this interview today and i want to use market and then they take me. there and. so i'm going to tell you start selling drugs if we'll hire somebody put the money in it back. then just me all the way and. skin basically no color speech before. the u.s. what's a good many security positions of the us you know. david jack me again. you see people get all their cars and i'll see you coming to melbourne this seems like they'll hurry up and run into the house like they don't want to they don't want to talk see her get your mail or anything like that.
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and then. just try reading. give me. the world is driven by. the day or thinks. we dared to ask. probably the greatest success of the civil rights movement which was respect for human dignity all lives matter under the rule of law that was then but today the
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same concept has been turned on its head we were told to change the knee or face consequences social shany is being turned into the ruling ideology. welcome back as the death toll from the corona virus surges past a 400000 across the globe researchers are racing to find a vaccine it's been over. 6 months of the crow virus outbreak spread from the epicenter in china and now hundreds of clinical trials are underway at least 40 of those to find a vaccine modernity johnson and johnson and the oxford astra zeneca group have received a total of $2200000000.00 in federal funding in addition to their vaccine programs work and pfizer are also being given government money for clinical trials but before proper vaccine is discovered a russian biotech firm may be offering some major relief r.t.
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correspondent atocha sweet has the details on how researchers are tackling dangerous system symptoms of the virus. one shot can mean the difference between going into the emergency room or having a swift recovery from the chronic virus russian scientists have registered a new drug that may help to alleviate the harshest complications caused by cope at 19 including lung failure lovely mob is now the 2nd medication to receive state approval giving doctors more options when it comes to tackling the virus researchers behind the drug say they're ahead of schedule as it's already been going through clinical testing for 2 and a half years looks the course is a couple of recent studies to me saying this drug was originally designed for what they were they weren't sure what was going on our colleagues or our election was still going to go to my 19th my mother also personally speaking to historians but it is enough that i believe that the variance of a result must. developers say no side effects have been found during their studies and they're hoping to make this available in hospitals as early as july and in
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moscow cove in 1000 survivors are forming a support force armed with antibodies many who can and are donating blood to crown of everest patients in need of help pavlov is given blood for the 1st time after overcoming the corona virus is and i know that there are many people in hospitals hospitals are overcrowded and the coronavirus disease to affects people differently in terms of severity some people have it in a much more severe form then i have so if i can help why not and will not every coach in 1905 or is. able to give blood doctors say so far roughly 300 transfusions have been done in russia's capital plasma has been collected from about 600 donors so far. in light of protests across the country i.b.m. has made a major announcement the tech company penned a letter to congress saying it will no longer offer general purpose facial recognition or analysis software i.b.m. c.e.o. arvin christian stated i.b.m. firmly opposes and will not condone uses of any facial recognition technology
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including facial recognition technology offered by other vendors for mass surveillance or racial profiling violations of basic human rights and freedoms or any purpose which is not consistent with our values and principles of trust and transparency. joining us now to discuss this is boom bust co-host investigative journalist ben swan. ben i.b.m. stock obvious took a hit today after this announcement why is that. yes so i.b.m. was down about 4 points today it looked at the end of the day i.b.m. made the right decision and they they're paying at least a short term price for it but i absolutely think it was the right decision essentially coming out and saying look facial recognition technology can be and will be used and abused in the future and so we don't want to be a part of that as a company we don't want to contribute to essentially profiling certain groups using mass surveillance on the public i hope that i.b.m. as they do this will stand firm in what they're doing but investors obviously were
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not thrilled about it because let's face it recognition is a huge part of the tech industry and moving forward it's going to continue to be a huge part of not only the tech industry but military use and law enforcement and i.b.m. has spent so much time and money with their technology which is a huge portion of facial recognition technology as well now there's some concern that facial recognition technology is actually not reliable why is that and did that include. did that include what i.b.m. has put out and for as far as facial recognition. it does include what i.b.m. has put out in terms of their own facial recognition technology look here something that's very important that the public understands when it comes to facial recognition technology for the types of programs that have been created so far they are notoriously inconsistent and inaccurate depending on which type of pigmentation of skin you have so if you are a person of lighter skin pigmentation facial recognition has to be essentially kind
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of tweaked to recognize your face if you are of a darker pigmentation then you would get a lot of false claims made by the facial recognition technology so if you want to pinpoint it on people with darker pigmentation you have to tweak it for that and you get lots of false positives on the other side so what you find with facial recognition is that the way it stands currently it is notoriously if you want to use the term racially in the in equal or racial inequality you can find a technology that is more racially in equal and not equal then they should recognition because it cannot right now accurately notify authorities of a false positive match depending on the race or the skin pigmentation of the person who was scammed you know the announcement actually also included a explanation that the company will no longer selfish or recognition software to law enforcement isn't that the main entity that would buy this technology. well
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that's where their big customers are and that's probably why i became stock drop today look the biggest customers who are looking for facial recognition technology are going to be who it's going to be the u.s. government it's going to be the u.s. military it's going to be police departments and who is one of the biggest players in this space right now amazon and its recognition technology which by the way has been sold to law enforcement police departments and when employees of amazon said they didn't want to do it jeff bezos basically told them to sit down and mind their business and he will run the company so i.b.m. may be stepping out but there are plenty of others who are stepping up and we're not seeing any other company who's getting on board with i.b.m. to say hey we're we're on board we're going to do the same thing and so if you're not seeing any of that right now now ben there is one more question that i have is is kind of i.b.m. was insinuating hey when there's some laws in place or when there's kind of a ruling on this that we might be able to restart our facial recognition our portion of our business program yeah what are and are there some non you know
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invasive facial recognition uses that we're seeing out there that are don't include law enforcement in some capacity we're sure absolutely like for instance a great example of that is the facial recognition technology that facebook uses right now so right now when you put up a picture on facebook it will put a little square around your face than it did if i see you based on past pictures right but facebook actually just paid a huge fine recently for doing this because they were using facial recognition technology and scanning photos of people without proper permission so they paid a huge fine for that there are not very clear guidelines in place for how to do this but there are actual kind of practical uses for it where if someone agrees to it i don't think they should recognition would necessarily be a misuse the problem is that law enforcement and military usage is not looking for facial recognition and your compliance they want to use it in order to monitor the public and essentially monitor you and you know 4th amendment issues here so a lot full search and seizure based upon just being able to spot you through
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a camera at some point that's why the a.c.l.u. has been against it for so long boom bust go so investigative journalist ben swan thanks for keep us up to date on that one. you've got to read. and finally a social distancing continues if you've just been missing out on taking selfies with your friends well as it turns out apple has recently been granted a patent for software that would generate synthetic group selfies which could be used to take social distancing selfies now according to the patent application an apple user could invite others to be part of the selfie and the software would arrange them together as part of a single photo now according to filing the selfie could include still photos stored video images or even live streaming images after the photo is taken individual users could even modify the picture allowing them to rearrange the composition of the photo 'd and of course while this seems appropriate now during the social distancing times apple probably has other reasons for the software is they actually filed for its patent back in 2018 this is the company hasn't commented on the story
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it's hard to say when the feature would be rolled out and how it is intended to be used i said selfie quite a bit there that's it for this time you can catch boom bust on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching portable t.v. you can also find it at portable t.v. so you next time. i. join me every thursday on the alex salmond show and i'll be speaking to guests of the world of politics sports business i'm showbusiness i'll see that.
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they can come and blow our brains out at any given time and we can't really do anything actually america is the only country in the world where you can kill people outside war and legally get away with. all of the fire crawls still beriah all the trouble here's 3 fail the points it's hollow play the k.k.k. exists because america wants it to exist they are the biggest terrorist group to ever operate in this country and they're dead to me they're worse all than the people who destroyed the world trade centers are those growth why.
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you cannot be both with yet you. know what's a clip of she will know you just spoke up to scratch and you might so reese at the k. it was a because through most of the late. you know. media . they can put us in the mood and at that point build up. a little bush will be open to capital. city they say yes.
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yes. hello and welcome to crossfire all things are considered i'm peter lavelle probably the greatest success of the civil rights movement was respect for human dignity all lives matter under the rule of law that was then but today the same concept has been turned on its head we were told to take a knee or face consequences social shany is being turned into a ruling ideology.

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