the bad. play. i. this is boom bust the one business show you can't afford to miss and washington coming out a ransomware attack has forced the closure of one of the largest fuel pipelines in the united states we'll bring you the latest and discuss the threat to energy infrastructure in the nation plus e.u. leaders aren't convinced that u.s. backed pat wavers will be immediately effective in the fight against kobe 19 we'll go over the details and take a look at where global cases stand and later it is down as a theory and hits fresh record highs we'll take a look at the crypto landscape and where markets ended monday with tech show today
so let's dive right in. and we lead the program with one of the biggest attacks on u.s. infrastructure in history ransom seeing hackers have broken into the colonial pipeline one of the largest pipelines in the nation as it provides fuel for 45 percent of the eastern united states forcing it to be effectively shut down now colonial pipeline and the u.s. government have both blamed ransomware for the massive outage is pointing the finger at cyber criminal gangs who to me hold data and computer networks hostage in exchange for digital currency payments joining us now to discuss is cyber security expert and president of dark intel todd shipley co-host and investigative journalist ben swan now ben i want to start with you here what can you tell us about this shutdown and who is actually behind it. yes so it's a pretty major shutdown as you're describing here 45 percent of all the energy supply for the east coast runs through this. one pipeline which is based by the way
right here in the atlanta area in alpharetta georgia but it is simply is taking fuel all the way through the east coast all the way through louisiana and then into texas ultimately to houston that's where it runs and what we're talking about here is about 2500000 barrels a day of everything from these old to gasoline to jet fuel that run through the pipeline so there's a lot that's at stake here there's a lot of infrastructure that's being affected by it that includes not only you know gasoline and the gasoline supply on the east coast but it also includes fuel for airports so the charlotte airport relies heavily on this pipeline for its fuel as does the atlanta hartsfield jackson airport the busiest airport in the world in atlanta so all of these issues are kind of you know piling up on top of each other and what we know is that it's been 4 days now that this pipeline has been shut down because of hackers who were able to input trade it what they're asking for as you said is some kind of a ransom payment that we don't exactly know who these folks are there is
a suspicion that it's a group called the dark side but we don't actually know that for sure they have not claimed responsibility nor has no pipeline said exactly who is making these demands . that group that a suspect a suspected of being behind the attack as ben just mentioned called the dark side a it's a new but professional group of criminals believed to be operating out of the former soviet republics what do we know about this group in your cybersecurity expertise. well we know if you things obviously we know that last august they announced themselves that they were going to come on to the scene and provide ransomware to companies to blackmail them through a press release so they went out and said we're coming for everybody except for they are very careful to say that we're not going to hospitals and some other places that these ransomware groups have got a bad name from and that they were going to donate a portion of their proceeds that they obtained to charities and they've done some of that so far that we have i'd been a but they have identified but the group as been said we think it's out of the
former soviet union the code that's been reviewed by some of the companies looks like it's from that region in particular because they've. taken the point to not attack countries from the former soviet union those block countries and they do this for a reason so that they can you know independently work in the soviet union without the chance to law enforcement would go after them and only go after western countries. you know as a kind of measure you kind of set this up how exactly this cyber criminal organizations make money is it all through crypto currency payments and is there danger in making payments in the way that this will encourage more of this future and on top of that i'd like you to address to you know as todd just mentioned there it seems like they're trying to say their robin-hood here that they you know they're taking from the wealthy they're going to give it to charity i mean what do we need to know about all that yet well there's a couple of important points there let's start with the last one yes they actually
do kind of set themselves up as to be a robin hood as type of group from the rich we still from big corporations and governments around the world and then we give away a portion of the proceeds to charity which is kind of an interesting kind of i guess spin on it if you will yeah they do receive through crypto currencies and this does happen in other places look i think there's a certain segment of the population by the way that actually would like this kind of thing are not likely to. terms of just necessarily think of these are the good guys but just in terms of saying hey if you're stealing from you know a big oil company if you're stealing from a company called colonial pipeline what harm are you really causing now obviously there's a lot of harm being caused here especially since the down effect of all of this does impact the lives of hundreds of millions of people but then chile but in terms of these organizations you asked the question about whether or not this encourages that if you pay the ransom so right now nothing's being said about what the ransom is exactly how much it is and how it would be paid but this is not the 1st time this is happens happened with
a lot of different entities and it happens with municipalities especially hikers go in they freeze up computers to a certain city so they can access certain records and then they demand a ransom payment and what we know about that is i'm not advocating for it but we know that it's many times cheaper to actually pay the ransom then it is to all the cost that goes into getting these guys out of the system and trying to secure it so again it's a complicated situation especially in this situation where time is of the essence to be able to make sure that fuel is delivered in a timely manner the one positive is we're not in the winter months when you're cutting this off so it does have at least it's not hurting people in terms of needing that heating fuel which you need on the east coast. a u.s. senator bill cassidy is a republican louisiana who sits on the energy committee he said lawmakers are prepared to work more with privately held critical infrastructure companies to guard against cyber attacks and what kind of support should congress be given these private companies and just how vulnerable is the energy infrastructure to these
types banks and to a certain set i apologize for talking too much here but to ben's point you know this isn't the 1st time we did these stories on blue bus you know a year year and a half 2 years ago about these municipalities who were hit by these riots more attacks so it's not like we didn't know this was possible and just now it hits a big company like this and now all of a sudden we want to address this so what can they do and how vulnerable are we to. well let's take the latter 1st as we're vulnerable there's no doubt about that and i think it's evidence by the fact that you've been running these stories remember yours and i've i've talked about this on your show before about these ransomware attacks and how vulnerable companies and units municipalities are i think what's changed is the fact that they've gone from asking for a few $1000.00 to know millions of dollars in a local government doesn't have that money to pay but the big companies do and so now they started looking at those big companies because it's a much bigger payday and that's why they're going after it now as what can congress
do well the problem is their own money at this is not going to solve the problem we've got to have a better understanding of what the infrastructure is and where the problems lie within that now that certainly is not something we want to publicize because then the you know attackers will be able to find it but we've got to work better within congress to provide the training and understanding of how to protect the systems and take a better effort that this is actually an attack on the united states and not just one company because if you go to dark sides website right now on the darknet on tor there's a list of the companies that they've attacked in this is not just the only one they've attacked some since then so this is going to be an ongoing problem and we've got to really research how we're going to you know look at this and change this from a threat to a positive force and now ben but before we go what is the biden ministration doing in the short term to help and how is this going to affect gas price that i have
about 30 seconds. yeah i can at the gas prices i think already the gas prices on the east coast are expected to jump between $22.30 a gallon so that's already starting to happen by the ministration is relieving some of the rules on big rigs and tanker trucks on the highways as they're trying to move more fuel that way so it's mark last thing i would say very quickly is that part of the answer to this problem might be in being less dependent on these kinds of technical logical systems being more dependant on a human workforce and less on the on the tech side i know that goes counter to what we believe but it would actually open yourself up to fewer attacks if you were to do more human dependence through shipley president of dark intel and blue bus co-host ben swan thank you so much for the analysis today. and several leaders in the european union have raised doubts that a u.s.
call to wave patterns for coping 1000 back scenes would help the global vaccination drive in the short term e.u. leaders spoke about the situation during a social policy summit over the weekend in portugal claiming more exports and increased production would offer the needed help. this is an export. since and we encourage you. to forcibly through its support of those and. they were killed. we don't think. it's a magic bullet for 3 already to endure this. would be. i made clear here already that i do not believe that releasing patents is the solution to provide for more people rather i believe we need the creativity in ability to innovate. and for me to protection. it is all about the question of how we can get as many vaccines for as many people in the world in the shortest period
of time. granted and what companies that is happening are huge quantities in a timely manner priority is not had. would be lying to. production what is blocking sort of thing today 1st of all you must say when i'm out of what you have produced but i want to lessen 50 percent in the united states and you can put 100 percent of what has been produced has been used on the domestic market that's the 1st fact for them so 1st of all in the anglo-saxon stuff they're banned on exports the 2nd factor because you can certainly factories to produce more vaccine as has been done more and more in europe it's technology transfer that's the key and last week u.s. president joe biden supported a call from south africa and india to waive patent protection for the vaccine citing extraordinary circumstances related to the ongoing pandemic and is continuing to deal with the world's worst covert outbreak the world's 2nd most populous nation on monday reported near record in new cases and deaths while many
indian states have large scale lock downs in place many are calling for prime minister narendra modi to institute a nationwide lockdown for more on the latest let's bring in our to correspondent side tab and your. our friends are saying in india right now if you look at the cases and deaths happening right now there's actually little hold of the curve or trend going just on sunday india reported more than $4000.00 additional deaths would brings the total to $235000.00 plus experts believe that figure the 235000 total to be a significant undercount now the w.h.o. has also just announced a new highly contagious triple needin code variant spreading in india as what they're calling variant of concern indicating that it's become a global health threat now a variant can be labeled as of concern if it has been shown to be more contagious
more deadly and more resistant to the current vaccines we have right now and treatments now apart from imposing a nationwide lockdown in india which many are calling for vaccinations really india's only hope in fighting against a pandemic however many parts of india still face a shortage of vaccine supplies to actually come up with the vaccines and the u.s. has been specially criticized for or reading and restricting the export of over $1000.00 vaccine raw materials specially to our head countries like india now the other major debate has been on getting the vaccine to places like india or even south africa has been for countries not just countries i should say and pharmaceutical companies to ease hadn't rules uncool that 19 vaccines and like you mentioned earlier the buy to administration has advocated for a waving those and they're not going to lecture all property rights for covert drugs but countries with large pharmaceutical companies like germany said they
would impose any plans to waive patent laws and called the 19 vaccine and i should also mention that it's not just countries but major drug companies like pfizer and even more german a that strongly opposed plans to. even temporarily intellectual property rights on vaccines you know they argue that their move would threaten their future and innovations brant and now with sorrow only moved back to the united states and how we're doing in cases in the backs of nation process at this time what are the numbers so on like india they us in the us not a single state is reporting it increasing cases in the past week compared to the previous week plus a majority of 33rd states total are reporting actually decreasing cases now nationwide cases are down 30 percent that's they're down 6 per cent and also the major factor for the rate has been as you say the major reason for this rate going
down has been vaccinations the us where over 34 percent are now fully vaccinated and bred of the current pace of vaccination there we're seeing right now in the us everyone could get a shot of this in 1000 vaccine this year largely correspondent sites out there thank you so much for keeping us up to date. and time now for a quick break but when we come back cryptocurrency i don't wild weekend as a theory of a new record highs and those going well it took a dive we'll break it all down on the other side and as we go to break here the numbers of close.
the deal with. you get it on the eula. rules. the rules according to a gesture to. welcome our world to come along from there are. you know it doesn't really matter where you've been but matters is where you're going right will future generations look back at the establishment media as the lead in the water pipes that drove the romans mad do you find yourself watching t.v. to turn your brain off to relax i want you to watch t.v. to turn your brain on i'm rick sanchez. it's time. to do news
again. my pap and tonio host of america's lawyer when white collar criminals policy guy high profits and smear the pain of those they rip off and ruined so that's where i come in questioning for. glisten subletting online algorithms dictate which you get to want to go to portable dot tv slash download to get killer television it's completely free i'm talking award winning comedy awesome sports coverage inside so friends still taste like rasberry on a spring day take so hot they'll burn your face off down in the videos more added by the hour did i mention it's free it's it's yes free go go get it portable t.v. .
and welcome back the pentagon is contemplating scrapping its jet i cloud computing project is the u.s. government faces litigation from amazon according to a new report from the wall street journal of the $10000000000.00 project was awarded to microsoft in 2019 in the last month a us federal claims judge refused to dismiss a challenge from amazon which argues the contract process was influenced by then president donald trump the report from the journal references comments made by deputy defense secretary kathleen hicks no following the ruling when she said quote we're going to have to assess where we are with regards to the ongoing litigation around jet i and determine what the best path forward is for the department a pentagon report to congress from january also raise questions about the future of the contract saying quote the prospect of such a lengthy litigation process might bring the future of the jet i cloud procurement
into question. and while there has been so much talk about new records in crypto currency that's a different story for us equities monday with the dow touching record highs early in the day before bully pulling back to near even at the close while the tech heavy nasdaq lost more than 2 percent on the day so let's go ahead and take a look at what's happening with the open smith is c.e.o. of transforming research and boom bust co-host christine christy i want to start with you it seems like tech is no longer the market darling anymore what's going on here. well right now it's kind of like big tech and small caps the picking hard today and that would normally be interpreted as a risk off moment but it's actually more neutral there's just a slight little rotation going on here as investors are swapping our girls' names for value names so in particular it was kind of a surprising call that citigroup's internet analyst downgraded apple alphabet to
neutral from buy as he cautioned companies that derive revenue from digital advertising so he highlighted that during the last 15 years internet as enjoyed 3 periods of accelerating growth and repeats of decelerating growth and right now where in the middle of that the saudi period so growth it's likely going to be very difficult year over year given difficult comes ahead as there is very little evidence of at intensity per dollar of economic activity rising and with kids book essentially making up nearly half of the fangs the price action in tech has been especially frustrating so facebook fell over 4 percent amazon and after that fell more than 2 percent and many thought that the move from friday would follow through and elicit a more sustainable rebound in the space but instead that group is being aggressive selling today and accumulating a lot of technical damage as the levels of support so right now the market also playing this game of expectation rises reality the market's well cries for reopening with expectation the rameses pent up demand narrative but if it fails to materialize there's a lot of room to call as
a rally has been overextended now it's over you know with all this as a backdrop we're gearing up for a busy earnings week with a bunch of recent mortgage set to report including bumble coin base roadblocks in posh market what should we expect from these names and have they gotten a little bit too hyped up. well i think you've got to step back a little bit here we have our you know we've talked about in our newsletters and our managed accounts people that we've had a change in inflation expectations and with all due respect when inflation rates go high we have 10 different forms of inflation that's essentially like over powering the deflationary side we've had 12 years of deflation with amazon prices in e-commerce prices coming down and so on and so forth that we overall had no inflation now that we have governments that will spend an unlimited amount of money print a unlimited amount of money. you know we we have actual not enough supply in more
demand that's called cost push pull that's inflation so tech stocks that are to be discounted out 5 to 10 years have to now raise the desert because interest rates are going to go up because of this inflation that's what that's what bonds do the bonds are the ultimate interest or inflation hedge and or certainly barometer so we should expect higher rates we should expect much higher prices look at copper look at we look at quarter look at anything you eat or you put your car and then on top of everything else we've got semiconductor shortages which is stopping production so i've never seen in all the 30 years that i've been in this industry i've never seen this many inflation creators and drivers all at one time so that's why tech is be used as a source of funds what if we bought the last 5 weeks with pot freeport back to run for copper we brought c.b.x.
chevron we've you know lumber excedrin we're making great money without but you know what we're selling we're selling those tech stocks so they're now a source of funds and christine i want to move into a broader technology discussion i guess a theory i'm cryptocurrency which is kind of the new darling as big points it's around the $60000.00 mark it broke 4 $1000.00 for the 1st time on monday but some analysts there are saying it is overvalued at current levels what do you think about that claim. i mean how is easily her value here because we don't say tell those overvalued because apparently tesla is worth more than toyota now even though toyota sells 30 times more cars and tesla last year but apparently the market does increase as that continues to rally up to now it's not overvalued seeing as it's being fueled by expectations of a wider use based partly on its role in de fi so there's more than 150000000000 dollars in total value locked all across these the 5 platforms with most of the action now running on the area so even other sectors like insurance and derivatives
there are also growing and institutional investors have also wanted up the east and it's a portion of total cryptocurrency market value now stands at over 18 percent compared to whites $42.00 so essentially east is the pioneer of all programmable clock chains and the enabler of all the popular products coming out including d 5 n f t's so if we see a price appreciation of a quite as a signal of cryptocurrency being favored as an investor bull asset its price spike should also be the signal that block change based applications are being acknowledged and adopted so each has the potential to take over 25 percent of the total market cap as the market of cryptocurrency is mature and last week we also the asset manager van x. and an application to launch an e.t.f. so right now there's a lot of momentum here as they transition from approval work to proof of state law change so it's not all speculation that's driving it it's a real networking chile and as such institutional managers they're continuing to
help support these higher prices institutional is now hold about $13900000000.00 worth of heat across the board. here's another one for you dogecoin was it was down nearly 40 percent. c.e.o. elon musk saturday night live appearance so was this just a big pump and dump scheme is there any value to doe's calling. no it's a good sense of an indicator that's exactly what it is and if you were a subscriber we owned dogecoin into s n l we sold you know on saturday morning and it was we were doing it for fun i was just doing it for giggles to show that sentiment is one thing value is another one that i'll go with your other guests point remember that if theory and this block chain is is essentially disrupting financial services and we pay for financial services whether it's interest or late fees or whatever it's about
a $42.00 trillion dollar total address market for all those fees. lease payments being read paying you know credit card payments is you start to disrupt that stuff and have a unit of trust and that's what these defy coins are they're a unit of trust. all of a sudden banking business is that used to charge you know what used to be $750.00 now it's $250.00 for a you know a bad charity is me and 5 now it's going to be 0 and so that's why these things are exploding because it works and it takes it takes the banks out of the out of the business tobin smith of transformative research and boomers co-host christi i feel like we're going to go ahead a little bit back and forth there but unfortunately we're out of time thank you both for your time today. and that's it for this time you can catch a boom bust on demand on portable t.v. available on smartphones and tablets through google play and the apple app store by searching portable t.v. what if you can also be downloaded a newer model samsung smart t.v.'s as well as roku devices simply check it out
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hello 6 and welcome to redacted in this is the show where americans in america covering american news are called foreign agents so last week i brought you the mind blowing facts about american prisons that should make anyone and everyone rethink the entire institution this week in part 2 i want to go through the reasons people are locked up in the largest prison state in the world and see if we can decrease the number of inmates to something a little more reasonable like. 0 or one but one guy who's just a real ass and yes i know you're yelling right now well what about christ's well ok we're going to have a minute to keep your pants on and besides what i'm sure is a really weird thing to yell at people you know i mean come to think of it maybe you're not fit for society maybe we should lock you up 1st up in our 2300000 person
prison population let's talk about 7 those not yet convicted according to prison policy dot org 470000 of the americans in local jails have not yet been convicted so what happened through innocent until proven guilty clearly these people need to be released so who has 20 percent of our prison population already gone no longer prisoners doesn't that feel good you just released a half 1000000 people who had been convicted you feel like the nelson mandela of thought experiments right now next up drug offenders who ho ho those dastardly 328000 convicted drug offenders which is 18 percent of the prison population well we shouldn't have those people locked up because drug problems are.