tv Boom Bust RT April 14, 2021 7:30pm-8:01pm EDT
lucifer mistletoe is just that in the garden and i'm just playing. it is not my achievement mr davies out of 5 years of plans were conceived. and carried out by the people themselves if alan would producer even floor it with the idea of making a film like this he probably be branded as crazy. how is this sentiment during the war the soviets were brave heroes resisting the nazis that's going to change of course after the war but once the cold war begins. people think that hollywood is a free place but really what is strictly defined by one side of the business and the other side is. how would i define hollywood is a call to dream manufacture which i think's true i think it's a problem in the fact.
this is a boom bust so one business show you can't afford to miss in washington coming up the big point rally rages on as its price has been driven even higher by the wall street debut of queen bee straight ahead we break down the price spike and what the listing means for the fin tech sector lost in the wake of china's crackdown on ali baba the nation is issuing a warning to its other major tech firms they have to we'll take a look at china's latest moves and the reasons behind the nation's pressure play and later in a year of coping 1000 economic uncertainty that has seen millions of workers lose their jobs well c.e.o. pay has soared we'll analyze the growing inequality we have a packed show today so let's dive right in. and we lead the program with massive
news on wall street and we are just talking about the earnings from some of the nation's biggest banks crypto currency exchange coin base started trading on the nasdaq on wednesday reaching a market value near $100000000000.00 this is the 1st major cryptocurrency business to trade publicly in the united states and as wall street awaited coin bases 1st trade quinn set another record topping $64000.00 outside of the world's most popular cryptocurrency a theory i'm also hit record highs on wednesday so let's dig into the details and bring in blue bloods co-host and crypto analyst her name is christy i cringe see coinbase is heading to public markets as we just talked about as people just pour money into cryptocurrency but is that market cap of about $100000000000.00 that actually reasonable. well yes absolutely if you look at some of the latest tech names and i heard a story like yours it's not playing allen's here he needs your work lots or at
least it is right now in fact when he says multiple income paramount as its most directly or you just. saw the 1st quarter results 9 slaughter me your average $1000000.00 and the number of monthly turns up to. 3 months earlier 6 aren't when they're up and right now because when you're not spare time you already under spent 1300 percent respectively in the last year and in the short term when you just well i meant reichert prices in the long term however earnest let me have a center of what it calls the don't economy and helping to build up a whole ecosystem in the marketplace where people actually spend there are so many analysts they're calling us directly to see a watershed moment for the industry as it's basically arrived at the street quite a ways more users and more revenues that many of the largest players there is more probable than any other major exchange so this kind of validation puts
a lot of skeptics like records and your sense. of how do you meet a valley there to ny office and frustration with the disruption coming out so because any industry any company that can watch an i.q. of this size is without a doubt that you know it's to the private market to america and the fact that it's records nice list and already it open up at me one that's very small it's where out there now kristie do we see other exchanges following in coin bases footsteps now that is really paved that road towards mainstream acceptance on wall street. sure i think we'll see a couple others not of time so maybe crack you were just playing us is gives us primal never considering going public and well i'm 21 you know but i don't think we'll see it when you walk up to ikea like house on a way to biotech's outrageous energy or because if you recall i was always coming
away because whatever industry or segment is higher ground the moment we're in does work yes because all of the investors and they are right that we needed so i tend to spoil the party as people get in there. so it's a good thing that we probably won't see that here i don't think the market eats it so firstly i mean obviously you don't want a list of the silicate keep your transactions which means no more i mean the basic point the entire point of crypto no bank to hold your finds no middleman us from to charge. and no investment banks got its huge commission to sell your company in order to raise funds that was the entire point i see alyson i eat almost in order to completely i ask wall street so i admire point based on what they've accomplished they make it to easy to use and easy to buy for regular retail investors it's very impressive and i are close. but at the end of the day point me and crack and that kind of silicon valley's sell out the job done by look at the
trend and exactly what it points out to you money and distrust so it wasn't cracking and all your exchanges in the early teens and the ram that they want to snuff out so it's kind of ironic but in a way i get that it's necessary in order to the city mass adoption allows for. some not to you know not all who are just 20 and out that while this is a huge moment for wall street and i'm sure colors everywhere are very grateful that price got this isn't really a turning point for the new yorker. and now kristie quickly before we get out of here you know we hear so much talk about because but really we're in the middle of all season now and the theory and obviously leading the way is it sets another record why is the performance so i got about 40 seconds for you. well each night now for me a very different recurring because the point is more current well during this more . transactions are monitored in transactions are it's acceptable instruction
so over the next couple years you're going to be very big because i think you know maturation of the networks and we have at least 2 mine are coming online with a lot of developers are not very familiar on the development let it go bust co-host christi i thank you so much will continue to follow the story. and the chinese government is issuing a stern warning to dozens of internet and tech companies about the price of violating antitrust laws now the warning comes as regulators recently issued a record $2800000000.00 fine against tech giant ali baba over similar violations joining us now to discuss this boom bust that investigative journalist and swan now let's start with this fine against ali baba what specifically was it for. a fine 2800000000 u.s. dollars is what it really comes down to for violating essentially chinese 80 trust
laws since 2015 the idea here is that alibaba was foreseen certain merchants to open up marketplaces or markets on their platform that as part of this is essentially you know forced movement it violated the law it's a principle in chinese markets called one from 2 and if i can share with you just real quick what that means it refers to this idea that merchants are forced to have exclusive partnerships with certain platforms like alibaba in order to operate on their site you can't just be on the site you have to have exclusivity on their site so it's something that exists kind of in the chinese marketplace pick one from 2 and the chinese government says that alibaba has been violating this principle since again 2015 so they issued a fine which really amounts to about 4 percent of the company's profits from 2019 the under the law they had the ability to go all the way up to 10 percent they settled at 4 percent of their profits from $21000.00 but that's essentially kind of
like the warning for the 1st time and then don't do it again and now that $2800000000.00 of course sounds huge when you talk about you know funds or any sort of fine but the fact is their stock price went up and jack ma the founder of ali baba he gave about $2000000000.00 on monday alone just from that so he's making a lot of add up. with that l as the backdrop the chinese government has now issued this warning to dozens of companies what are they telling these companies to do. yes i mean for companies like you know to incent indeedy essentially everybody who's operating some kind of a mobile platform in china or an internet service company and what they're being told is take heed you cannot violate these antitrust laws in china or we're going to hit you with similar fines maybe even larger fines and collectively these this group of internet companies has already responded to the chinese government saying that they will essentially comply and they will make sure that they're not in
violation of it the idea here is to not stifle i know that sounds crazy brant saying this coming from china right is to not stifle competition it isn't on stifle what is happening in the in the tech space in china and to allow for more competition it's weird to think that it is a communist government of china that is pushing for greater competition in space but that's what they say that they're doing and i think here's the other important thing is that yes the 4 percent fine against it's relatively small the question is if you're a smaller company than alibaba which many of these companies are are you willing to take an even bigger fine or or what other penalties come along with that and i think a lot of these companies are saying that least they will get in line and as you said you know it's a surprise to some people that it's a competitive behavior is being cracked down by the chinese government do we see other countries beginning to take similar approaches with tech firms i mean we hear a lot about it in the west about these violations but what else are we seeing worldwide yeah i would say this and this is kind of again it's kind of
a weird statement to make but the reality is that the chinese right now are leading the world in terms of cracking down on anti competitive behavior by tech companies again it's a crazy thought because here in the united states we're not cracking down on anticompetitive behavior by tech companies at all in fact we're allowing tech companies to only get larger and there is no remedy for that even though we have on the books many different anti trust measures in europe they're looking at antitrust right but they haven't been forced to see anything yet. so the idea that the chinese government is cracking down on this and saying we're not going to allow tech companies to get to the behemoths where they actually hurt the rest of the country and essentially the concept they're pushing there is that these companies need to recognize they have an obligation and a responsibility to the nation as a whole not just to their profits and their bottom line that is what the chinese government is saying i would say the west should take a page out of that book what it's interesting because as you said they all accepted
this this letter basically saying we will do our best to not do that you would never hear an american or european company when issued a violation like that ever say anything some similar to say a worse article or it will get on the right track page co-hosted investigative journalist ben swan thank you so much. thanks. as the future of the johnson and johnson cope in 1000 vaccine remains up in the air we're getting new data regarding the efficacy of one major vaccine used in the united states mcdermott said tuesday it's vaccine was more than 90 percent effective at protecting against crowd a virus for up to 6 months after a patient receives a 2nd dose citing new data from a phase 3 clinical trial that the company said the drug is 95 percent effective against severe disease over that same period of time but had it comes as more questions are being raised about just how long coated vaccination will last in
patients for more on all this and the latest carbonite in case numbers let's bring in our key correspondent site after site brand you know what all this talk of vaccines i want to remind everyone that clip in 1000 is still growing significantly with more than 4400000 new cases reported just last week globally clay says cases climbed by 9 percent last week and that's the 7th consecutive weekly increase meanwhile deaths of 5 percent and just. in the us while cases are the good news is that deaths are down 27 percent which again is very good news now meanwhile federal health officials continue to suspend the use of the johnson and johnson coated vaccine until they could fully investigate reasons behind the 6 recipients who experience to rare blood clot after receiving that vaccine so far what we know is that all 6 were women between the ages of 18 and 48 and that they developed the
illness within one to 3 weeks of the vaccination now one of the 6 has died and the 2nd is currently hospitalized in critical condition and if you take a look at how many people have so far godden the johnson and johnson vaccine which is about $7000000.00 actually a little over $7000000.00 the blot clot appears to be effect is one out of every 1000000 people injected with the vaccine so the risk of dying from this vaccination is incredibly small now by contrast couvade kills one in 8 people who are infected or over the age of 75 and one in a 1000 infected in their forty's among doe's who develop now the white house said that the pause will not have a significant impact on the nationwide vaccine plan since the majority of the vaccine stock in the u.s. comes from 2 other manufacturer pfizer and mcgurn on that the u.s.
so far has gotten over 123000000 of the pfizer vaccine about 100000000 for the johnson and johnson about 17000000 which means that the u.s. has over 10000000 doses that they currently are not using and i also want to stress that this is not just affecting the u.s. right now south africa they've also pause their use despite being its preferred vaccine because of its effectiveness against a south african very analogous trail. announced that he would not purchase any doses whatsoever meanwhile in europe where they just passed a milestone of $1000000.00 covert related deaths have also the sided to delay the rollout of the j.j. vaccine were several countries were expected to start administering a dis week now this is a double whammy for europe who is not just overwhelmed by supply shortages but also concern about a similar use for the nother axion develop by astra zeneca now that
a vaccine has not been authorized from urgency use in the u.s. and out of the 34000000 who have received astra zeneca shots in britain the e.u. and 3 other countries 222 have experienced blood clots while 19 have died ma'am majority of these cases also mild woman under the age of 60 and about a dozen european countries suspended the use of astra zeneca all last month but all except denmark have since resume use staff to the vaccine was called by health officials safe and effective but denmark has become the 1st european country to stop using the astra zeneca vaccine all together so we'll see in the coming weeks if more countries follow brant r.t. correspondents i attempt to thank you so much for keeping us up to date. and the man behind the largest ponzi scheme in history is dead it $82.00 bernie made off died wednesday in federal prison while serving
a 150 year sentence for his fraud which cost tens of thousands of people as much as $65000000000.00 over the course of 4 decades 2009 made off pleaded guilty to fraud it other charges for taking in funds then paying new investors with old funds all while falsifying investment returns and account statements he was churned in by his own sons after confessing his business was a lie at least 2 of his victims took their own life after their losses while some lost their homes as well according to the a.p. made up died of natural causes the last year made off was denied a request for compassionate release he claimed he was suffering from a terminal kidney disease among other health issues only some of his victims were able to recover all or part of their losses through the bankruptcy process. time now for a quick break but when we come back c.e.o. pay has skyrocketed the midst of the pandemic despite massive layoffs and job cuts on the other side we take a look at the disparity and as we go to break here the numbers are close.
does the biden foreign policy differ from that of trump's at this point not really however there is one difference trump a challenge the bipartisan consensus in failed biden on the other hand appears happy to oblige the injury agency consensus is we need again. seems wrong. to me to be yet to shape out these days become agitated and engagement equals betrayal. when so many find themselves worlds apart we choose to look for common ground.
and welcome back it's no surprise that many americans have really felt the pain of the copen 18 pandemic despite recent months of job growth and economic expansion there is still of a lot of room for recovery in fact recent data from the u.s. department of labor shows there are nearly $8000000.00 fewer americans employed than before the pandemic took hold in march of last year as stores were closed and consumer spending took a hit you would think those at the top of some of the biggest u.s. based companies were losing out as well but that's not the case cornett analysis from the wall street journal c.e.o.'s of more than 300 of the biggest public companies in the united states saw median pay reached $13800000.00 in 2020 up
from $12800000.00 for the same firms and 2019 no pay rose for $206.00 of the $322.00 c.e.o.'s according to the journal's analysis the median increase was just under 15 percent we should note that while many c.e.o.'s gave up some or all of their salaries at the height of the pandemic salary generally only takes or makes up for about 10 percent of total compensation with most coming from equity awards and bonuses so for more on this let's raise interest presser richard wolffe is the host of economic day and author of the sickness is the system what capitalism fails to save us from pandemics or itself which is now available in e-book for former professor wolf i mean that book right there that tells us that you know pretty much all about this right here and i know we make this point so much on the show especially with you but as you look at this type of data coupled with the fact that the stock market is adding near record highs just how divorced is the corporate
world from the real economy facing main street here in the united states. it's so divorced as you rightly say that me only the issue isn't anymore these numbers which come with the kind of relentless drumbeat driving home the growing inequality but the real question is how long the mass of the american people are going to tolerate this i mean you cannot have a starker example during the pandemic the last year march to march we had almost 60000006 all americans have to have some kind of unemployment for some it was only a couple of weeks for some it was the entire year and when you were employed you become burdensome you use up any savings you might have had you become the person who has to lean on family and friends and community at a time of great difficulty for them as well to know that this is happening to hear
the leaders talk about we're all in this pandemic together and then to get the kinds of results you just reported it is an astonishing system that works this way and i think it will not be tolerated that much longer and professor wolf i want to bring up a specific situation at the department store macy's though this is more of the same but despite your points over the summer macy's and out that it would cut $3900.00 good restructuring efforts amid the pandemic while planning to close $125.00 stores over the next 3 years but meanwhile its c.e.o. saw compensation up 7.5 percent making $11100000.00 mostly from incentives i have i mean was the takeaway we see employees suffer while executives benefit. yeah i mean and you see it in another way if i could in you know elaborate a moment absolutely the business roundtable one of the most respected associations
of c.e.o.'s in the country was asked and surveyed there there are a c.e.o.'s and they got a 98 percent result they were opposed 98 percent of them to president biden's proposal to raise the corporate rate of brought a tax on profit from 21 to 28 percent which i should note is only half way back to what it was 35 percent before trump dropped it so this mob just half way back was too much for these corporations c.e.o.'s so please no they are crunching down on any effort to tax them to pay for infrastructure which will help them because it might tax them and at the same time they give themselves higher pay packages you're right it's a level of disconnection of the people at the top from everybody else that is in
the history anyway a sign of a system reaching the end of the it's tolerability and professor walther this brings me to my next point greatly the commissioner of the i.r.s. actually told lawmakers in washington tuesday that between the years of $2112013.00 the average of unpaid taxes every year was at $441000000000.00 now there's a lot of reasons but saying some of this has to do with evasion by the wealthy and a large corporations who tend to park money offshore as a key factor there i mean this goes right along with what you're saying what do you make of this whole situation. well you know there's research from emanuel sigh as and everyone's up an end at u.c. berkeley it shows as well that numbers like the ones you just quoted are also hidden as a matter of course in tax havens the cayman islands luxembourg the stories go on and on if you add up the the laws that they've changed what they're lobbyist so
that they can take the doctrines and exemptions and the offshore high and the high eating i mean yes they're getting away with bloody murder paying taxes while they pay themselves bigger money and this thing is now you can't really point at this one or that one it's a systemic problem they're all with a few exceptions but they're all in this game they justify their increases by pointing to somebody else who got an increase and so you get this crazy disconnect professor richard wall post of economic update thank you so much for your insight today. thank you. and finally trading card in collectible maker tops is getting into the world of non fungible tokens now the company will launch its 1st letter ever n f t baseball card collection on the 20th of april the digital cards which have been approved by major league baseball are digitally enhanced and creatively reimagine from the physical cards that you would buy in
a store with some even featuring cool little animations now the n.f.t. baseball cards will be available through the world 'd asset exchange or wax block chain and the m o b had previously tried to use the theory and block chain for a game where users could buy and trade cartoon biohazard but that idea really never gained any traction this latest move comes amid increased interest in both the world event f.t.c. and sports trading cards and collectibles and that's it for this time you can catch boom bust on demand on portable t.v. available on smartphones and tablets through google play and the apple app store by searching for portable t.v. what if you can also download it on newer model samsung smart t.v.'s and roku devices simply check it out portable t.v. will see you next time a boom bust. today
the industry prefers to spend millions of euros in you know the. daily conditions i will be sniffy all about making money making profits in some of the corporations international markets import export do you imagine the number of chronic diseases that are out in every community today it is not due to new viruses all new microbes that's not true so it is due to environment. not going to say you know that moment all discipline of this sort of muscles of really just accumulate could only come in the day you seen them to be so unless they thought they love to play. if the so food industry is successful it will create more jobs it will create more value added it will create more growth so i don't see why we shouldn't also fight for the interest something into street not accept that we are british and we want regulation i was an industry and if we don't behave any aspinall to that's fine.
but the pandemic no certainly no borders that just bought into nationalities. in. the summer time but certainly we don't look like seeing the whole world needs to be. judged as common every crisis with this system takes time so we can do better we should. everyone is contributing way but we also know that this crisis will not go on forever the challenges create the response has been much so many good people are helping us. it makes us feel very proud that we're in it together.
what's needed national you know when you've been imaging less than that solicit it . from the regular morgue you're more your partner are going to be moving from that. oh. wash ashore shack you all but us lucifer yes you know it's just that i'm like i don't i'm just. this is not my achievement mr davies our 5 year plans were conceived baby needs and carried out by the people themselves if alan would produce or even florek it with the idea of making a film like this he probably be branded as crazy. now is the sentiment during the war that the soviets were brave heroes resisting the nazis that's going to change of course after the war but once the cold war begins. i.
think that hollywood is a free place but only what is strictly defined by one side of the business and the other side is ideology. how would i define hollywood is a call to dream manufacture which i think's true but i think equally it's a problem in the fact. for a 1st night in minnesota offer a black man fleeing the tropics of all places shot dead by police cars across the country are again calling for forces to be defunded while some have gone on the rampage even local businesses here in the us. president bought and promises to withdraw all u.s. troops to afghanistan by september 11th the 21 of us.