tv Boom Bust RT October 30, 2020 6:30am-7:00am EDT
as your report was talking about is it fair and balanced on the report was i don't really see why you've been flagged for this one apart from the fact your russian. the reason i could see although to be fair they didn't kill a bill it misleading just potentially misleading whatever potentially means i do i really appreciate your time john gone journalist friends of mine. potentially there'll be more news at the top of the hour in fact that definitely will be hope you'll join us then. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation community. are you going the right way or are you being.
afford to miss friendship or in washington coming up with less than a week until the united states election g.d.p. that it is out in the nation of the seen its fastest growth ever amid the copen $1000.00 crisis but the economy is still far from a full recovery straight ahead we break down the spike in growth and the economic state of the nation plus big tech is back under fire as some of the most powerful people in the sector face down congress later on and we bring you up to speed on the meetings and what regulation we could see moving forward with a packed show today so let's dive right in. and we lead the program with the latest economic data out of the united states the u.s. economy grew at a record 33 point one percent annual rate for the 3rd quarter of this year increasing 7.4 percent over the 2nd quarter now according to data from the commerce department reported thursday that the gains however were not enough to recoup the massive decline in the 1st half of this year the economic expansion for july
through september comes after a 31.4 percent contraction for the prior quarter meanwhile weekly jobless claims fell to the lowest level of the copen $1000.00 pandemic the labor department reported thursday weekly jobless claims came in at just over 7 750004 the week ending the 20 for the back tobar down 40000 from the week prior now this was the lowest numbers seen since mid march continuing claims or those receiving benefits for at least 2 weeks dropped by more than 700007 point 75000000 now it did numbers the latest wave of coping 1000 cases in the u.s. is raising alarms about the recovery so let's go ahead and get some act. analysis from boom bust co-host christiane c.e.o. of pimco portfolio strategies michael plant thank you both for being here michael i want to start with you today government debt the government that on thursday showed a record setting rebound in economic output as we just said growing at its fastest 3 months ever but this is quite misleading as unemployment is still pretty high and
demand is being depressed so how should we interpret this data point at this time when the unemployment rate is still 8 percent market skyrockets up about this state a look i'm not a republican i'm not a democrat i'm a libertarian so i'm going to give you the honest truth if an economy crashes because you shut it down in the 2nd quarter and you open everything up in the 3rd quarter guess what you know we're big short rebound where the sharpest rebounds in fact the sharpest rebound in history but you won't hear the republicans talking about how trashed the most in history during q 2 here here's the man we're still down 2.9 percent in g.d.p. year over year and there's a spike and there's been drinkin over 3 trillion dollars through hell it's not the money and handing it out to people you know we haven't read trillion dollar deficit all that was modernized mindset and guess what now all street d.c. of wall street wants now they're begging for more this school debt and deficit and
more helicopter money just what rent chant prints enough money to destroy your fires sorry. christie you know we just talked about stock market there and michael put it so eloquently but stocks worldwide have a temp to stabilize after the worst rout since june people are starting to talk about more of a w. shaped recovery rather than the v. shape we have talked about before how is market sentiment now going into the 4th quarter. well i think a lot has changed in basically last few days after we've seen some very significant spikes and a virus in europe and the u.s. stock market sentiment is starting to sour and let's keep on making these very optimistic projections so for us we talked about a leadership recovery and then when that didn't work it turned into a new shaped recovery now it's a doubling you know so all that really depends on having it workable vaccine and a sharp bounce all of which not of which are were remotely even close to right now
so there's still too much optimism and wishful thinking at this point especially since the fact that yesterday we saw global stocks losing nearly 2 trillion dollars over fears of the 2nd wave and at addition investors are also increasingly wary of a contested us election that could also a wave of risk assets selling and liquidation so meanwhile for asia experiencing a very different story from the u.s. and europe stocks are only moderately lower this week and while it echoed concerns over the us elections it isn't partaking in any of the 2nd or 3rd wave story because it's got largely under control so as a result domestic economies in asia they look quite stable relative to the west taiwan especially which has it just best performing currency anything even recently just marked its 200 strength day without local transmission on thursday meanwhile france germany and the u.s. were preparing for additional lock downs and now michael i want to talk about this because we talk about this we don't obviously you don't believe in the rebound because i don't i don't believe in the rebound but you don't the numbers don't tell
the whole story because those are what britain they're not there was a rebound why there was a rebound but is it is a design the answer is that when you but not if you want to tell you it's not really a lie will rebound because it's predicated on helicopter money so we don't get a blue wave we're at least at the he said it doesn't stay a republican it's lips a democrat then you might get some more and look up the money and you might get some more you know fiscal deficits going but until then there's 22 mil. people still collecting unemployment benefits in this country that number was 1400000 people a year ago initial claims 732000 that's way above where they were last year there were 2 this year at this time 200000 initial unemployment claims oh absolutely eternity is not sustainable unless you continue this force of massive deficit spending all that much worse by the fed and in my opinion where i come from it's
not a viable recovery you can't create that and michael i hear this sentiment a lot but it's not a viable recovery that we can't continue to bring in and as you put it helicopter money so what is the solution at this point are we supposed to let the economy fail because frankly if you look at the spike a coven i think cases there's a realistic possibility that we may also go back into a lockout and like you said that's what drove us down in the 2nd quarter in the 1st place so what do you see things going at that point you know listen i'm a libertarian again you know i'm sorry you know this is an imperfect world this isn't have it sometimes guess what sometimes the stock market goes down and you know what sometimes recessions happen but guess what the market is beautiful it reconciles all these imbalances it lets people that are making typewriters go out of business and then 20 percent of zombie companies in the united states don't belong there they should be out of business to now very sorry people and get the wires and they're in trouble that's why we have c.
units in this world ok i'm all for safety as well why do we need to pay people more money than they would if they were working games leave would that's ridiculous to me so i guess you have to live in reality soon or otherwise the currency will collapse and or the bond market will collapse that's eventually were headed and then rather not of what i really want to hear that inevitability with all with all this data coming in today i want to bring in adam ash. c.e.o. of atomised trading as well to that conversation to talk a take a look at further at markets adam thank you for joining us in this in this panel as well we're just adam we're just 5 days away from elections now as we just mentioned so are we expect to see even more high into levels of volatility going into this our best position going into the elections and how do you think markets will react i think that even if there is a contested election volatility will be less than expected markets forward looking
i think in prices that in and we also have a history of events that didn't go the way we saw what and what happened afterward surprised as well briggs it was supposed to be catastrophic and it was not president trump getting a left it was supposed to be a catastrophic event it was nothing so if there's a contested election it will last for a couple of days there might be a temporary selloff but i think if you sell on the basis of a contested election that's going to be a short lived strategy and not you can get really burned on the rebound and now kristie equities are rebounding. after a couple of days of bad things sell offs as we just talked about the market is being led by big tech ahead of earnings as g.d.p. tops expectations how are earning shaping out so far. also what we've been saying since basically march the market is kind of being driven by big tech at this point but tech and a fault with a tech in them today is really no different as alpha but apple amazon and facebook there are gaining between 2 and 5 percent of propping up the entire market so all 4
of these companies are slated to acquire earnings thursday after market close and so far more than 270 of the 500 companies they reported 3rd quarter earnings and all of those 85 percent have reported better than expected however once again we've seen these very high beats disappoint as the stock then sell after the results so essentially we could interpret this as the the market fatigue that even with strong earnings there's just no more risk appetite for these names we could also interpret this as once again the bar was hard to beat with that way too low do you do use the code excuse forward looking statements they will disappoint us management they provide a little guidance on what to expect to going forward so how do you look at how they interpret it the market is looking increasingly squishy and there is a lot of downside from here especially for big technic you know adam what are you seeing with this big tech awnings day here on thursday. it's crazy apple amazon google if you add them up it's a $4.00 trillion dollars market cap that's bigger than france and spain combined so
these are countries at this point was so many factors going into it but again i don't mean to him that i think the theme i think that is markets forward looking what they say right now won't be as big a deal as what they see the future so if you think about it as if you were betting on a boxing match it doesn't matter if the fire went so now that it's well if i would be when you're down the road 2 years down the road and that's what they're going to be listening for so you might hear one number it's exactly what you thought the stock was a totally different direction. there's so much weighing on this somewhat uncertainty now if you look at just a couple there on what happened there i think netflix sold off on earnings but it's coming all the way back up and it was a present day and then look at snap to death earnings so that soared up so these things could real big but we don't know which direction adam mesh kristie are and michael poto thank you all for your time today. durian.
and one of the front runners in the race for a covert $1000.00 vaccine is preparing for a global launch of its potential drug biotech firm the dearness said thursday is already taking $1100000000.00 in deposits from governments awaiting an effective vaccine now the company said it has agreements in north america the middle east and other regions throughout the world that are not announced last week it had completed the role that for its 30000 person late stage trial company c.e.o. also told investors thursday the 1st analysis of the efficacy of its vaccine is expected in november on the news but they're not stock spiked as much as 10 percent on thursday. and as the u.s. recorded another 80000 cases of coke at 19 on wednesday go ahead and take another look at the trends and spread of the virus globally with our 2 correspondents sigh
a tablet or so where are we thursday surrender right now more than 45000000 cases and almost 1200000 deaths have been reported worldwide from the virus and as of thursday afternoon more than 9000000 confirmed cases in the u.s. while over 233000 have died now and once again record numbers here with 81457 new cases on wednesday and cases i've also read to record levels in more than 20 states including illinois add tennessee new mexico nebraska and utah now and north dakota or cases are actually up 55 percent which actually long ago the noon to have that many cases they have gotten so overwhelmed their system that they're ended most of their contact tracing so that's where they're going and of course if that's wrong going up that would mean people are. covering but that's just not the case because deaths are now up 10
percent compared to last week with over 1016 deaths reported on wednesday now in fact in 25 states are where the deaths are once again increasing tennessee for example there are putting a 91 percent jump from last week a record high for the state while the number of average daily deaths in idaho rose about 77 percent and some 26 states are also dealing with a record high in patients being hospitalized now brant i want to compare this to what's happening in europe because also in countries that age out for example they have a largely brought the virus under control but the virus right now threatens to bring europe's health care system to the edge of collapse but i want to viewers to take a look at this graph right here so the e.u. countries and the u.k. they have already surpassed the us in new cases you know in the past week countries
throughout europe including italy croatia the netherlands france and germany poland and the u.k. have all recorded their highest daily caseload since a pandemic started but 2 countries right now and that's a belgium and czech republic and that's the blue and the yellow that you see the yellow is belgium the blue being czech republic you see there have surpassed the u.s. u.k. and e.u. countries as a whole to gether now these 2 countries the czech republic had a daily record of $16000.00 new cases while belgium there were also just a rat a record of new cases at around 700000 now while medical experts there can't right now point to anything specific associated with the job but they think population density may be a huge factor and like many other european countries both the czech republic and belgium they're working very quickly to. spread of the virus now in addition to
closing all restaurants and bars so eating stablish month plus all entertainment events bell that also suspended all non-urgent surgeries for a month to free up hospital space for corona virus patients that are going and checking and i.c.u. but is it too late to avoid a deadly 2nd wave will see that in the coming weeks around r t correspondent savidge thank you for keeping us up to date. and time now for a quick break but hang here because when we return we bring you up to speed on the grilling of big tech leaders from capitol hill and what sort of regulation could lie ahead for the sector as we go to break here the numbers at the close.
criminals she's in a still. well below 23 hours of the day tell me that it's not enough and it. will do for women on death row. and welcome back c.e.o.'s of the largest tech companies in the world were grilled by congress when they had what was supposed to be a hearing about section 230 protections and instead spun into arguments over antitrust and tech censorship mr dorsey how does a quality buy chinese communists that the u.s. military is to blame for coded remain up for 2 months without
a fact check and the president's tweet about security mail in ballots get labeled instantly. and we did take action on the tweet because we saw it we saw the confusion it might encourage and we labeled it accordingly and the goal we're labeling speaking of the president's to it yes i'm going to go over labeling is to provide more context to connect the dots was that people can have information so they can make decisions for themselves. and there's a lot to go over so to do so joining us now is boom bust co-host ben swan an international regulatory attorney miles edward thank you both for joining us today now ben or do you hear alphabet c.e.o.'s in our pichai talk specifically about section 230 and he had to say. let me be clear the up approach or without political bias full stop to do otherwise would be contrary to board their business interests
and our mission which comforts us to make information accessible to every type of person no matter where they live or what they believe of course our ability to provide access to a wide range of information is only possible because of existing legal pretty marks like section 2 dodie. i guess ben the 1000000 dollar 1000000000 dollar question here is is he right you have a multi-billion dollar question and no he's well yes he's right and no he's not right he let me break this down yes he's right that section 230 is critically important jack dorsey talked about of at this hearing as well section 23 who has allowed the internet to create all of this vibrancy that it has created and it's because of the protections and that yes yes yes i agree 100 percent but our tech companies are violating the spirit of section $230.00 when they act as publishers and remove content that they don't like especially the in the process that they've been using which is a no matter what some darpa child says jack dorsey says or mark zuckerberg says it is very clear that certain kinds of content by moderators and fact checkers is
removed some of it for political reasons some of it because of special interest groups but it is removed not based upon any clear criteria regardless of where you find yourself there is no clarity in this process and that becomes a problem section 230 is needed but tech companies should not have a right to it simply because of the fact that they exist and miles now we know that the d.o.j. has launched its air to trust case against google that is over anti-competitive practices due to these discussions of fairness and pollute politics actually cloud that discussion. well yes if you look at who's clouding the discussion here's the online source you mean your plan by allowing some users to post their content and then discriminating against other users for on a very very subjective basis in and this is been going on for a number of years so if you even remember any truly wish democrats in the states
are still trying to get through and republicans say no so what's happening in the election year social media and the internet have come well in our eyes but it's also important to note in denver officer that under section. 2. law was a social media platforms to remove content even though that constitutionally protected speech we allowed somewhere else so we began politics or we're running this right now and will continue to do so until section 2 sure it gets resolved now ben and mark zuckerberg are from facebook actually spoke quite a bit about the role that facebook plays in trying to create accountability and its content removal process take a listen here. at facebook we publish our standards 'd and issue quarterly reports on the content that we take down we want an independent oversight board that can
overturn our decisions and we've committed to an audit of our content reports but i believe congress has a role to play too in order to give people confidence that the process is carried out in a way that balances society's deeply held values of corporately and that's why i've called for regulation. ben what do you make of that the i don't i don't agree at all look mark zuckerberg is saying something that i think is factually untrue 1st of all facebook does not have a clear process for overturning these fact checking organizations when they cancel content or remove content because i've had gone to the remove and it is not clear how that works they have actually outsourced it to these outside groups that are 3rd party groups that have very questionable funding mechanisms of their own because special interest groups fund the fact checkers that facebook is a hands everything over to but something else mark zuckerberg said which i do not think is the answer is he says congress needs to be more involved no congress does not need to be more involved in what speech is allowed on the internet and what
isn't is not allowed congress does not need to be involved in that instead what we need is clarity from these organizations as to who is a fact checker what constitutes a fact check what is the natural process for this because it doesn't make sense and just a quick example you know this whole 100 biden story which is broad a lot of this to the forefront and ted cruz was yelling that jack dorsey over the bottom line is there still to this day no clarity as to why that content was taken down and other content remains up there's no standards and you see the political nature of this so much that it's hard to to sometimes take it serious when they start throwing tweets from this person why do you allow this versus why do you allow that it becomes very hard to suss out if you will miles is there any way that congress actually takes any action on section 230 separate from these actually trust cases that are going on. it's absolutely i mean just remember when 230 comes from and comes from the communication decency act of 1996 much you wish it
was overturned by the supreme court so there's 2 options one you can go ahead you can amend that section. but would have been on september 8th street republican senators where graham black her injured you see on line freedom and view going decency act where i'm sorry diversity act so they want to have some under versity in the name and with this says is that ok facebook and twitter you can have some of these protections but only when you restrict stern types of content and also you have to be together and share non-subjective way. that tells us how you can content and you have categorize it because you now are what i've had to be true and they say otherwise i'm cherishing the wall and one of its new when you really are they want you to categorize and just protecting
terrorism or arms were emerging terrorism you know. the united states on and so forth so there's a number of different ways and made sure it usher in it is to create media and digital regulatory 'd agency that would have power or not in the legislative stands . and act rules and laws when they could do is a mom there are facebook and say ok ari do we are it's an absolutely you have to end of the mother of. course i we're out of thought i'm so we're going to have to cut you off a very regular. veterans and ben swan to both coasts thank you both for your time and that is it for at this time on both of us you can catch it on demand on portable thing. we find it out portable da t.v. we'll see you next time.
in the 1920 s. and thirty's several 100 african-americans moved to the soviet union and many of their descendants still live in russia. looking at the post because you know no rush for us though up our stuff yes it got worse are going things in the way you said which are. back home black american suffered from racism and a complete lack of prospects. is that not the smug the real be a losing show one by else a store on the by doing. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all some of the african americans who were to still be here in the united. foundry the crowd. to the moon a few you're going to call. you and now almost
a 100 years later history is repeating itself my great grandfather george time went to russia. probable worst time to go anywhere why not mean. when i come here. all the while the way of you and out with the white house. in the soil or how i don't think it's the fault of the clothing with all those other than. top that come on a full $2.00 pounds oh my. one.
sorry may. 6 i say with great clarity once again today we will not give you. the french president says the country stands defiant in the face of terrorism after a nice many pages throw but still a nice leaving 3 dead and several injured protesters group of muslim countries over emanuel across the fence of the right to parody religion and his previous remarks on islam and sold in the messenger of god prophet muhammad under the pretext of democracy is not considered democracy we demand the. back. of the ticket that. is playing with fire escape trusting. the debate.