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tv   Boom Bust  RT  August 12, 2020 9:30am-10:01am EDT

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in a world transformed. what will make you feel safe. isolation in the community. are you going the right way or are you being led. directly to. what is true what is great. in the world corrupted you need to descend. to join us in the depths. aura maybe in the shallows. this is the us the one business show you can't afford to miss their much as they are going to washington coming up to russia the country how the world's 1st vaccine
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we're told is 19 but many are waiting to see more data will they get a better understanding of the vaccine which an infectious disease expert and airline stocks are taking off after a bump in travel numbers and hope for a spike in fail on the future of travel it remains unclear we have a lot to get to the let's just start. russia announced approval of the world's 1st coronavirus vaccine but this doesn't come without any concerns over its safety and effectiveness on a video news conference russian president vladimir putin emphasized that the vaccine is safe and effective while critics argue the treatment only went through small trials. that it will do i know it has proven efficient and forms a stable immunity and i would like to repeat that it has passed all necessary tests with one of my daughters has been vaccinated in the sense she has taken part in the experiment after the 1st shot of the vaccine she had a temperature of 38 degrees celsius 100 degrees fahrenheit on the following day it
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was just over 37 degrees 98.6 degrees fahrenheit after the 2nd shot the temperature went up slightly and then it was all over she's feeling well and has a high number of antibodies you can use the moscow based institute well it developed the vaccine sputnik 5 as a homage to the country's 1st space satellite there have been 2 rounds of testing so far and chief executive of the russian direct investment fund said face 3 to clinical trials well they're scheduled to start as soon as this week. is starting right up through just trace so basically it will start a sort of the moral will go on should also in all those dissociated be in the u.a.e. and saudi arabia in. hopefully also in brazil and those countries will just be a street trials all of the data will be published. well official said large scale production will start in september and could be available in mass as early as
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october and reportedly nearly 2 dozen countries they're already placing orders for the vaccine c.e.o. of the russian direct investment fund said that it had already received orders for a 1000000000 doses meanwhile tens of thousands of people will receive the vaccination in russia well the country hasn't yet published any data on the vaccine but this is pretty normal for russia for example sputnik the satellite was orbiting in space for nearly a week before the country disclosed its launch in 1957 well we can probably expect a similar approach to sputnik the vaccine in 2020. on this on the krona virus vaccine we bring in dr william schaffner with the valuable university matter. or dr schaffner thank you for joining us today let's start with this 1000000 dollar question there's no published data even though we just heard from the r.t.i. after saying that the results from the face 3 trial will be published though is this mark seen going to be safe and effective. well we certainly hope so and the
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phase 3 trial of course will tell us that one patient even though the prime minister's daughter is not sufficient to get a vaccine out to hundreds of thousands if not millions of people and there is a little bit of confusion about how quickly this vaccine will be distributed to the population or whether they are going to wait until the results of that phase 3 trial are available which is of course the way we intend to do it right well let me ask you this dr we've seen up mcgurn also start their face 3 trial here in the united states how what's the difference between a dearness trial and what russia is announcing that they've completed a phase 2 trial and are just starting on face the trial. i'm not sure there is a big difference as long as there were reports of course that russia was going to start immunizing the population at the same time it started its phase 3 trial
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that's where the difficulty came in no it sounds as though as described the phase 3 trial is quite comparable to what's happening here in the west well earlier this month dr fox he said the u.s. what you is about seen that was developed by china or even russia but other countries like announced are starting to place their orders of billions if this vaccine ends up working is a u.s. going to fall behind will it stand by what it said. oh i think you will stand by what it said because for us to accept vaccines. developed in other countries our food and drug administration would have to be closely involved in the design and the analysis of those studies and we haven't seen those well we haven't yet and the f.d.a. has been very vocal about being involved in all of this it's interesting how they weren't as involved when it came to these antibodies studies there were certain testing of the krona virus but they definitely want to take when it comes to the
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vaccine but speaking of vaccines here in the united states many expected it to be here before election day but many are saying that it will probably be available later this year but some experts are even saying that there is no way it's going to happen by november 3rd yet here we are seeing russia already actively distributing a vaccine to the public to the hundreds of thousands is this a victory for russia or are there still too many unknowns with their vaccine. oh their own nose with their vaccine and of course their own knowns with any vaccines that we are developing here in the west the steven among the food and drug administrator the commissioner has been very clear and very rigorous about the nature of the evidence that will be required before we can say honestly to the u.s. population this vaccine is affected how effective it is how safe it is and who should get it we need to have that very clearly in mind as we talk to the people in
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the united states well as we're seeing here we're seeing some record timing for the rush the global rush for the vaccine shouldn't these countries from the united states russia china name the country shouldn't we all be working together toward getting a vaccine. well i think there are over a 150 scientific groups around the world actually working to develop vaccines against kogut and that's just a good there are many different approaches that are being taken and we sure can use as much help as we can get will definitely and because a much like you mentioned there is going to be a rush to get this vaccine out even of a vaccine does become available you said the f.d.a. will obviously need to want to be very involved with what the process but a recent gallup poll actually shows that one in 3 americans or 35 percent they want
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to get a free f.d.a. approved vaccine if it was ready today what does this say about public trust in u.s. government. well actually what it says is that the public is pretty sensible here we have a brand new virus about which we're learning lore every day we're making brand new vaccines in the using methods that haven't been used extensively in the past so a little bit of healthy skepticism is appropriate they meet it's our responsibility to get the information now when it's ready in a clear enough fashion so that we can convince our fellow citizens to come in and roll up their sleeves get the vaccine and help all of us together to try to get this vaccine this virus under control all and much like you said dr l. looks like this is obviously supposed to be a global after an effort to find a cure for people to feel safe but assuming the best case scenario that we're
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looking at and there is a vaccine that are currently being developed and deployed that one of them actually works will cover 1000 ever really go away because many say that will either need a booster a vaccine after the 1st one or a vaccine may not be anough 2 to really help your immune system. i think we can be sure that this virus is not just going to disappear i think like influenza it will be part of our life we hope in a very very profoundly reduced fashion. and we hope to get there in large measure through the use of vaccines extensively and once that happens i think we can have the covert virus under very very good control but it will take sustained attention and it may well be as you suggest that every so often every year every 5 years we may have to get a booster vaccine but that's true of many vaccines that we take as adults and they
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offer the flu season every year as well so i guess that could be some of your family or die. you're the expert here i want to ask you this if you are a volunteer for example for an experimental vaccine that's going into face 3 trial and then you're going to be followed essentially for 2 years right we've been having this conversation here in the studio and i'm sure others of you would like to know how are you then being going to be prevented from getting a new more effective vaccine in the meantime or is open that you can just even if you're in a trial you can go in and get a new vaccine once it's available. one of the conditions of being a volunteer in a trial is that you can pull out of the experiment at any time for any reason we don't restrict your freedom of course we would like people to remain in the trial so that we can get the final answers unadulterated by these complications of
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getting additional sanctions that would make you you know legible would make the data from your particular contribution difficult if not impossible to interpret so obviously we would like to keep everybody in the trial for as long as possible well that's that's the hope for it and that some of these trials one of them of the many that we've we've looked at and mention work so that we can become go back to a new normal i guess that is after what we saw the last year because that's definitely a new normal that is dr william schaffner with the vanderbilt university medical center we really appreciate you making time for us today and and i getting your expert insight. thank you so much good to be with you. airline stocks are seeing some big gains this week as investors are eyeing a nearly $25000000000.00 relief package won sunday t.s.a. saw the highest single day total passengers of more than $831000.00 people that
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pass through t.s.a. checkpoints now this was the highest since mid march despite the increase t.s.a. traffic is still 70 percent down compared to last year well the airline's financial losses continue to grow when executives are warning it could cost tens of thousands of jobs without government support together american and united airlines warned more than $60000.00 employee jobs are at risk for more on the sector we're joined by allied pilots association communication chairman dennis dennis good to see you thanks for being with us today this is a great to be back with you this is a particularly crucial season we're looking at us. our peak vacation time that we we normally see and we're seeing some high but what's going to happen after the summer demand fades away that travel rush. well and i'm a pilot for american airlines and i've been out there flying and so we saw exactly what you reported an increase in flying it came down into a plateau with the resurgence and just as you talked we saw over 800000 throughput
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since he has say that's great to see that 9 times as many folks 900 percent increase from the very low point back in april 12th still a long lot of runway to go as you mentioned we're going to come into the fall season which is what we call a shoulder season so travel decreases as well but there's a lot a lot of static in there kids are going to be back at school there's certainly a pent up demand but that's juxtapose the concern for where do you go and what can you do when you get there i think that a lot of people have realized that airline travel being on an airplane with the mask with the help of filters in the air flow that we have going through is a safe environment but where do you go and what do you do when you get there is a key component of travel and i thought much data out there that says that you are more at rest to getting contracting krone virus if you travel on
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a plane especially when you're you're wearing a mask or at only it's not at 100 percent capacity but yes people are very pent up after being walked down so because of this could we see sustained travel if cases begin to fall on and americans and feel safer taking the skies well especially after these of these last couple of months. i think you're right and actually there is evidence that it is actually safe to travel as in we've not had any massive. outbreaks that have been traced to an airplane so the data shows that it is safe we wouldn't be flying i would be flying is get them to send you my best years were saved. so where does it go from here where do our passengers decide to fly it's going to be of critical importance as you mention with the cares act we are currently and in stand along with other unions many republican senators now have signed off on congressmen and women and the democrats as well with an extension for the care sector we've got to be there when our passengers want to fly and we saw
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this summer that they are ready to get back at it if and when they believe it's safe and they have a place to go if we're not there flying the airplane it takes up to a year to retrain us if we get all laid off or many of us do so we're going to lose the recovery if we're not ready to roll nestlé the care is investment the extension of that investment is so critical at this time it's so vital and we're looking at such a big timeline now the airline relief package that melissa that was included in the executive order that president trump signed over the weekend but they're both parties that they look like they might be ready to start negotiations again although there is no date on when that could be what could we be looking at in october is there hope that they can reach the steel and what kind of offer or a package could we see for airlines in october. well we sure hope so we know that our elected officials including president trump who is affirmed his support of the
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airlines know how important it is to our free trade and to our national security and in october when it comes we want to see an answer closer in and that can be handled as we speak but i want to add that it's not just airline jobs and are actually $76000.00 notices that have gone out for us there is a ratio of a little over 13 jobs outside the industry that are generated from airline jobs so when you multiply that out simple math is you've got over a 1000000 jobs on the line if they don't come up with an extension cares act it's basically holding fuel for us until we get to as your doctor who so eloquently. state it all the situation get us to that back see all of that's got to intersect and if it doesn't the right time we will lose this momentum and will be on our way to recovery globally not just in the us one much like you said that we're seeing more airlines start to to require a mass there is no national mass mandate but because the airlines are really
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enforcing people wearing masks i've heard of people's experiences where they say that people are walking down up and down the aisles requiring people to wear a mask so i'm sure that's also increasing the the safety measures and the trust that people put on one flying on planes but it's all part of it thanks to you and me and the employees and the people that they keep these airlines running down a stater of the allied pilots association we really appreciate your time and being with us today. thank you. for a quick break but stay here because when we return we break down the games growing on wall street and what russians vaccine news could mean for the global economy as we go to break here the numbers of the clothes. i.
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was a pandemic no certainly no borders just like nationalities. comrie this is. we can do better we should be. everyone is contributing each of our own way but we also know that this crisis will not go on forever the challenges for peace the response that's been so many good people are helping us. it makes us feel very proud that we are in it together. supreme court.
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in the early ninety's. a psychologist mixologist proposed to the west but senator social experiment wanted to let paedophiles adopt don't care for neglected boys experiment was a. mobile. home want to. go to believe that sex with older men would help with the boy's socialization over 30 years many children were paedophiles to raise. her book. where the list of all good. someone to go over to. join me every thursday on the alex salmond show and i'll be speaking to us of the
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world of politics. i'm show business i'll see you then. this week german officials dismissed the latest u.s. sanctions threats over the construction of the north stream to gas pipeline republican senator sent a letter threatening to impose crushing legal on economic sanctions on the port assassinates on the german baltic sea well during a joint press conference with his russian counterpart german foreign minister. said those threats will not work. if this transatlantic relationship with the united states goes deeper than just day to day development yet we must make it very clear the tensions between partners are. definitely the wrong way and ultimately it remains our sovereign decision where we get our energy from no state has the right
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to dictate europe's energy policy we wrote this will not work. well russian foreign minister sergei lavrov said they'll continue to work together and that washington's criticism is a misrepresentation of the facts just a few participants of the campaign nord stream to including russian participants german participants and others are determined that this project should be completed from. the u.s. are use a pipeline is a severe threat to the national security of the us. u.s. equities continue to grind higher today as traders rotate out of tech names and back into the reopening trade names that would benefit most from a reopening of an economy such as cruise lines and airlines like we just spoke of while sentiment lifted on more hopes for a vaccine despite the uncertainty of further kron of our stimulus that's aimed at supporting these struggling americans joining me now. the c.e.o. of opium us and boom bust co-host christine octavia let's start with you is it too
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soon to be so optimistic that a vaccine will be the cure all solution here and that everything's just going to resume like it was before and return to normal isn't the damage already done here. the damage is definitely done but i'm not trying to agree with the very premise of your question i think what we've seen in the market some fall today is quite the opposite so we're going to you know sort of bizarre scenario right now with good news is actually news for the markets so let's assume this vaccine works as advertised and prove it 19 goes away and it will actually all working is that before then goes away using type of stimulus package all the monks would call since been pumped into the markets and so we're actually quite the market and we did actually see in that last sort of. trading on the stock quite a decline there and we saw a big big. the gold market should go to 5 percent today for this very reason so gold has been superseded as a safety bet against inflation coming from
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a triple to see if we can return some normal money. and that would be very bad for gold be very bright for tech stocks and we structure that rule so we're in a very strange and no good news coming out of russia if that's not going to work so i'm rather skeptical about it but if it actually does work it's going to be actually quite stock market if it actually turns out that it is working as a retouched really are kind of seeing that volatility that we spoke of and no longer hopeful for that you shape that v. shaped recovery not even a u. shape at this point but kristie part of this damage to the economy is in the small business sector that's where the most part we're goes and accounted for because data is really very scarce there now yelp actually is showing that more than $80000.00 local businesses they permanently shuttered between the month of march and july but what impact do these small businesses have on the overall economy small businesses have a huge impact on the u.s.
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economy collectively because firms with fewer than $500.00 employees they actually account for about 44 percent of all of us economic activity and they employ almost half of all of american workers so most of these businesses they were inherently financially fragile to begin with as a majority of small businesses they only have about 2 weeks of cash on hand at the start of the crisis so even as the economy began to reopen active employment has been reduced by 39 percent with services and hospitality taking even harder hit exceeding 50 percent so at the start of the crisis most people believe that this would be temporary lasting only through june and july however the longer that things kind of dragged on the more unsustainable the outlook became so while yelp is only showing about $80000.00 local businesses shutting down a recent harvard study believe that this number is likely to be much much higher coming in at about $110000.00 small businesses that have permanently closed across the country. based on data by a line of all so closures on such an immense of massive scale such as this one
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could dems devastate the entire country's economic growth dragging down employment even more and small businesses that are determined to remain open it's really difficult because they now have to keep up with the constantly changing local guidelines and so as this continue we will most likely see local communities fall into poverty especially because a lot of these small businesses and businesses overall aren't even working at 100 percent capacity which is why we're seeing the unemployment numbers continue to grow. let's turn over to to relations between china and the united states now they're continuing to deteriorate as new u.s. sanctions really they're adding the uncertainty for these global banks that are looking to tap to the chinese market what's the latest. well so far we sort of seem a bit of a tit for tat kind of going on between the u.s. and china so the chinese and the americans have respect for it puts sanctions on certain individuals politically connected people the u.s. put sanctions on the chief executive of hong kong the chinese have put some
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sanctions on some u.s. senators people like marco rubio and ted cruz it's not entirely sure what those chinese sanctions actually consist of i don't think ted cruz has too many accounts bank accounts in china that are going to close down most or taken over by the chinese government so it's a bit unclear what those sanctions really mean in practice but i think it's largely symbolic at this stage so i think you can only hope that it stays that should stage remain symbolic but in the broader picture really is that with hong kong being more fully integrated into china hong kong's viability is a big financial center in asia is really under threat and in a very big and very serious way and i think obviously markets like singapore and taiwan will step in and sort of pick up the slack there in particular singapore will be sort of the destination for those funds coming in the coming rights and yet so we're already seeing part of that quick answer here kristie political tension they continue to escalate here those putting investors in a tough spot. where to put their money they usually try to ride on chinese investment real estate that is what's happening here. heidi year over year because
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sales volume of us poppy valued at $2500000.00 and above by chinese couple that plunged by 68 percent year over year the 1st 6 months of the year already especially in cities such as los angeles new york and chicago and whereas investments in the industrial property that was hit the part of strength by 92 percent followed by residential and then finally commercial assets so as not to say that all of it stemmed from coronavirus of pullback also came as octavia just imagine the friction between u.s. and china as investors just wait on the sidelines to see how the political theater shakes out 1st and i'm sure it's not going to stop here ottavio runs the c.e.o. and boom bust co-host christine thank you for your time thank you. that's it for this time we'll see you next time. i feel it but it's one of the some not just get up but just the.
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first year march or i'm going to. want to. push. for some. strategies for one of the. when customers go buy your supplies.
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well reduce allow or. that's undercutting but what's good for market is not good for the global economy. and illegal takeover of a government by a small group. rather than revolutionaries or soldiers small group be cool for relations when you have a tiny group of people who have all the power you have to have some means to make sure the rest of us don't get together and take it back lead police or sacrifice some places that capitalism exploited and destroyed for profit and left behind misery poverty environmental devastation and so you see things like voter suppression building more prisons you seem gerrymandering all sorts of undemocratic practices. use of that world focused
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world. of the. claims to being the world's 1st with a coronavirus faxing we visit the factory producing. a week since the devastating blast reduced much of beirut to ruins families struggle with a great thing creating those who lost far feiss in the tragedy. and hopefully when she grows up she can know her father was a hero and she will know what happened to him. she will no longer died. eek.


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