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tv   Boom Bust  RT  July 1, 2021 8:30pm-9:00pm EDT

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that the federal agencies present a possible threat to national security of the united states. most shocking is just how routine secrecy orders have become when law enforcement targets and americans e mail text messages or other sensitive data stored in the cloud. speaking to members of sherry house committee on wednesday, microsoft corporate vice president for customer security and trust tom. bert said that in recent years, federal law enforcement officials have presented the company with 24023500 secrecy orders in a year or about 7 day secrecy orders are too often used for routine investigations based on a cursory assertion that the government has met a statutory burden. the justice department's own template does not even require facts justifying the need for secrecy. instead, the template merely asserts that any disclosure would seriously jeopardize the investigation for a variety of boilerplate reasons. this as a relationship with some major tech companies in law enforcement agencies in the u
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. s. have garnered fear scrutiny and recent weeks following news justice department, prosecutors obtained phone records belonging to not only journalists, but also members of congress and staffers as a part of leak investigation, rather than providing americans as meaningful notice that their private electronic records are being accessed in a criminal investigation department hides behind its ability to as 3rd party provided directly. they deny american citizens as companies and institutions their basic day in court. and instead they gather their evidence entirely in secret. microsoft, for example, was among the companies that turned over records under a court order, and because of a gag order had to then wait 2 more years before disclosing it. since then. brad smith, microsoft's president has called for an end to the over use of secret gag orders, arguing prosecutors exploit technology to abuse americans, fundamental freedoms still, the attorney general merit garland has said that the justice department will
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abandon its practice of seizing reporter records and will formalize that stamps soon. meantime, some lawmakers are calling for reforms to guard against future overreached by justice department. prosecutors, an idea that was expressed both by democrats and republicans on the house judiciary committee reported for boom, bust trinity job as are to go deeper on this story. and bring in, boom, best co host, an investigative journalist, been swan. now ben, this all came out during testimony before the house judiciary committee. so what sorts of updates to the law are needed right now. while there's a number of things that need to be updated here. rachel, i think the biggest thing is kind of what jerry natalie was saying there, which is that there doesn't have to be a warrant in order for many of these justice, department officials to be able to access your records. you know, we would treat cloud services. we would treat cloud email storage and we would treat, you know, social media storage as privacy related to the user, not to the company, but to the user. meaning it is the user's data. therefore,
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it is the user's property. therefore, you must have a warrant in order to search and sees that information. i think we would have a much better system. instead, we, what we have are federal agents who are able to go and access this information. yes, they're working through the courts, but it's all being done and secret. there are gag orders and the person who has their information being taken from them. their data being looked at by these federal agents isn't allowed to know. we only know about this because the gag orders for many of these orders have expired because they were on for 2 years. and now they've expired. and we should mention also, you know, this is a trump administration move, but it was also the obama administration before them doing this. it was the george w bush administration before them doing it as well. what we've seen in terms of the uptake though, is because of cloud computing and cloud data storage, which didn't exist to the extent before that it exists today. and this is really one of the things that both parties magically agree on. and even in the cases where they claim that this is for your security,
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well doesn't feel quite so secure when they're going and requesting your records. and you have no idea that you're even being looked at. now what microsoft claims that federal prosecutors are doing seems to be legal and is even backed up by court order gag orders. so what can be done to change this? well, again, i think there needs to be a change in the law. the laws are very, very outdated. you know, we don't really have laws on the books in terms of how do we perceive, as i mentioned, how do we perceive cloud storage? is it perceived as a function of a private company and therefore government official, all they have to do is get a private company to give them access. they don't ever have to tell you because it really doesn't belong to you right over. if rachel has, you know, data on her phone or on the cloud, that's apple's property. you thought you were a property, it's not perceived as your property does not perceive as anything there has to be permission granted by you to have access to. therefore, they just have to deal with these companies. so all these big companies, like apple and microsoft and amazon of us are working with the government in many
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ways. now i will give some credit here to the companies that are blowing the whistle on this last year. that were over 11200 of these secrecy requests that were made compare that to just a few years ago. and it was a fewer than 2000. so we're seeing a huge ramping up of this. but i also want to say there's no mirror, garland says, the attorney general says, oh, don't worry, we're going to officially stop this. but he's just issuing a directive to stop it. it needs to be codified and try and in law if you want to actually stop it. and it really does bring up the conversation of what happens to all of that data that we're just freely giving to social media networks to our phones, to all of this technology that we use every day. and another big part of this discussion is over confidentiality for journalists. now karen kaiser, the general counsel to the a p, spoke at this hearing and said that journalist should be given notice, and a chance to challenge prosecutors efforts to seize their data. how do you see it there? yes. so look as a journalist,
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i understand the need for sources. it's incredibly important to what we do. the ability to have confidential sources. the idea that you don't have to be subpoenaed that no one has to come in and try to, to access your work files is jerry never said it said they just go to the icloud and they can access it there. they don't have to have your permission, they just go and get it and they can find out who your sources are. i think there's a huge issue there and it needs to be discussed. but i will say this. i am always concern whenever there is discussion of creating a protected class of people. why would journalists be given a more protection in this situation than just the average american citizen? i don't believe that's the right step. the right stuff is not to say here are a specific group of people who get to be protected and the rest of us don't. because remember all you have to do once you set those rules is changed. the definition of what counts as a journalist, and now you have once again and ever narrowing group of protected people. yeah, exactly, and that's what we've seen as the u. s. government does that not only with safety,
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but they can do the same thing when it comes to who they define as a special journalist. great inside, as always, been on. thank you for your time on this one. thank you. he most sweeping changed to global taxation and over a century is now on its way following a virtual meeting between leaders from 130 nations who represent over 90 percent of global g d. p. those involved reportedly agreed to pass laws, ensuring that companies headquartered in their countries pay a minimum tax rate of at least 15 percent in each of the nations in which they operate. they say the goal is to reduce opportunities for tax avoidance, but countless questions remain as to how it will be enforced and if everyone will comply. this all comes as a group of the world's most powerful oil producers, came together on thursday to discuss how to approach production cuts moving into the 2nd half of 2021. so joining me now to break it all down, or boom, most co host kristi i and michelle snyder,
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partner and director of training research and education for the market gauge group . michelle, let's start with you here and let's talk about this news of a global minimum tax on corporation. what do you make of it? and do you think that the sort of large scale international cooperation will work out and will actually be successfully implemented? well, both really good questions, rachel, so let's just put a little bit of complexion on there 1st. so as you said earlier, this is a 15 percent global tax rate that was introduced g 7. it was also very much endorsed by jana yellen because she said up until this point, we've had a race to the bottom in terms of corporations paying a least amount of tax. and then they were basically setting up a tax havens in countries that had 0 percent tax rates like ireland and the b, b, i's cayman islands. so the whole intention of this is to be able to tax these large corporations on where they do business and not where they actually are
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headquartered. so, idealistically, the i, the whole point is to give competitive edge to some of these smaller corporations. and the middle man, so to speak, to be able to actually have some advantage in terms of the globalization, just like the mega rich of had, which essentially have been high profits and very low tax rates. if that's the case, if we can actually have an evolution where an e commerce and small businesses can actually become more competitive to the larger corporations because of this fabulous can actually be pulled off. while you have 130 of 137 countries saying yes. so it's hopeful that not only does it get pulled off, but then it actually has the desired impact to help the smaller guy. and not necessarily find corporations with new poles that they can do to sort of avoid the taxes once
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again. yeah, it always comes back to those loopholes at the end of the day and the large corporations always seem to find them. now. christy, we're seeing prices rising all around, inflation had windsor growing. and now officials are debating if this is going to be transient or persistent. so what's the latest there? well, it seems like the fed officials are now less in think when it comes to inflation. so they're being increasingly divided on how to think about and react to the emerging risks after. now that we've had several months of rising as a presence and rising commodity prices. so one has a camp still maintains that the reason price 3rd will fade as the economy reopened, but the other half of the camp is warning that it will be persistent and that we are risk of overheating. so federal pow acknowledge that a permanent period of uncomfortably high inflation is a possibility. but he says more likely that the recent price hike will face. and again, this all sounds like me assurances to the market because other officials have expressed further concerns that these prices could continue to rise. and the fed may need to
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slow down at the point for the economy. so as the beginning of the year, this persistent inflation seemed like a very fringe possibility. but now it's becoming the central feature of the economic policy debate as the price of things like used cars, airline tickets and restaurants, food and everything, basically sort bass, commodity, price of increase a couple full dr. me manufacturing costs. so right now the fed is kind of stuck, they said they wanted to achieve a quote, considerable further progress towards their goal of a full employment before slowing down purchases and paper not. but the reality is that the countries overheating while we're still sure about $7600000.00 jobs, while the prices and assets have risen much faster than expected. so publish forecasts right now from the fed suggest that the policy making committee is sharply divided on when the lift up will actually occur. 5 expect that rates will name unchanged on to the end of 2023. to see an increase at the end of the year, 3 need to increases 3, c, $3.00 to $4.00, increases, etc. that's really all over the place. so at the end of the day,
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it really doesn't seem like anyone knows where this is going. and that's actually been one of the most interesting developments from the federal reserve is finding out just how far apart some of these officials are on what their expectations are. for the rest of this year. now, michelle, we're also learning that cfo's of corporate america in a recent survey express little confidence in the fed, the ability to control inflation. so how will the wage pressure in the labor market and more inflationary pressures affect corporates moving forward? well, before i answer that, i just have to say listening to kirsty and then part of your question, i almost am reminded of gulliver's travels when a little fusions trying to decide which side they should crack the a gone and going over that some like that. so yeah, i mean, we, as, as christie just had the costs are rising everywhere and packaging raw materials, shipping labor. and we've had a 3 percent growth in the wages, which is the largest that we had since $990.00. and many economists are expecting
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another 3 percent growth in the 2nd quarter. so what will that do? well, 1st of all, wages have been generally weighed behind in terms of productivity and profitability . so there is some room for those wages to go up. but in the long run, as we know, particularly as we're talking about inflation and these rising costs that are also rising, wages can be not only inflationary it can eat into the bottom line of some of these corporate profits show. for now, we have great hiring spree, we have incentives all over the place to get back to work, but we still seeing shortages and hopefully at some point in normalizes. but i think the whole thing is just another piece of the puzzle in terms of the inflationary pressures that we're about to see. which one should keep those fed members fighting over which a oversight of the a to cry. now that they're getting in corporate america, of course they're taking that very seriously. now christy, before we go,
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i also want to talk about this opec plus meeting where they're discussing, bringing in more supply online. now us crude oil prices have top $75.00 a barrel, the highest in 2018, so will be extra supply alleviate this not really because it's expected that opec plus will actually move very slowly in adding about 2000000 barrels per day to the oil markets from august to december because the group plans to just ease back into things rather than floods the market and actually leaving the shortage. and many traders and investors, they had expected a bigger output rise in august, especially with prices where they are now. but unfortunately, it looks like they will have to keep the market very, very type of summer, even with the rising demand. because yes, remember the opec plus they basically didn't really make much money last year as demand for oil was pretty much nonexistent due to coded. so now they're actually motivated to keep prices high for a while in order to replace the coffers that have been severely strained. so things
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are going to be quite tight for a while, and we could potentially even the $100.00 oil prices. again, excellent points. we consider here christy i. michel snyder. thank you both for your time. thank you, rachel. i'm now for a quick break, but when we come back, college athletes are now free to sign endorsement deals. after years of battling it out with the in c double, i will take a look at what that means and what limitations they still face neck. and as we go to break here, the numbers out the clothes shoes the costs up and they can almost all moral hazard. and that is that if you constantly bail out the worst factors in the economy, they will act with morality. and so the fact is they've got moral hazard steroids. they're rewarding the worst factors who are doing things like info and stealing
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hundreds of $1000000000.00, some people, and destroying their own country in a trees in the fact argue with me, go ahead. try ah to don't to leave, you will move a toy, knew he would say it was she who it's ready to love me because she knew she will be starting at me that she wants to teach julia category, but she's actually she was doing the best for me was upset for me and lasted with metro. okay.
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yeah. so this is what i need from the new new new which is what is the new? yes, i do see executable football once it went up. when i got to pull it up, when that got moved up and i will just leave me hiring and file introducing and found to, to a family when a new mother is going through that process. yeah, there's certainly tremendous cause for great joy, but because it's an event that causes so many different changes. it's stressful at
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many levels. imagine picking up a future textbook on the early years of the 21st century. what other chapters called and violence, school shootings, homelessness. first, it was my job then it was my family. didn't was my savings. i have nothing. i have nothing and it's not like i don't try. i look for resources, i look for jobs. i look for everything i can to make this past and all i end up doing is passing the road to the american dream paved with dead refugees. it's very idealized image of the older america, native americans look past the death that happened every single day. this is a modern history of the usa, my america on r t the
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the new era of college sports is officially here, following a unanimous ruling from the supreme court on education related benefits. the n. c double a has moved to allow college athletes to be compensated for their name, image, and likeness for the 1st time in march, the end of a long standing ban and the beginning of unprecedented territory in the world of sport. so joining me now to discuss it, victor, math professor, is worth economics at the college of the holy crop. now professor college athletes now have the freedom to sign endorsement deals, monetize social media, post sign on the advertising campaigns. i mean, the list goes on. so just how big of a deal is this move? so this is a huge deal for
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a college athlete. one additional thing beyond that even is for example, it allows college athletes to do even little things like just give tennyson's right if you're, if you're an athlete saying, hey, i am a, i'm an n c, a tennis player. i can give lessons that actually turn a lot to do. so this is, this is a huge athletes. and it really opened the door to significant payments by, by sponsorships and corporate america to what was otherwise an a group of labor prior to this private ruin. and we know they're moving into uncharted territory now, but this conversation has been going on for a while now. there has been pressure for congress to take action on this topic. but right now it seems like it's being handled on a state by state basis in terms of what athletes are allowed to promote. so can we expect a chaotic frenzy of deals as a massive change to the rule? those just starting out right now?
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yeah, there will be a significant amount of chaos, ford, that being said, the ruling yesterday by the ca basically proceed to all of the state laws which allow the athlete lots and lots of things. they weren't allowed to build up the deals for athletes in essentially ever knighted states. right. so basically what the, in the field for all of the athletes, my goodness, to their own hearts they did out knowing they just lost a huge supreme court case. last week, past work of states were moving against and over a were set to start today. and so the n c a basically gave in the whole game and said, you know what, we are not going please or doing and basically are going to allow athletes to earn
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the sort of money that any others college student can make in terms of again, social media in terms of advertising, in terms of working for corporations as a sponsor in terms of being able get to our lesson. they're going to have the same rights that any other ad. yeah, it is a really big decision and i'll certainly be interesting to see exactly how it plays out. professor victor matheson, thank you so much for your time and you're inside one day before announcing it's highly anticipated. i pio robinhood agreed to pay the largest fine ever in the history of wall street self regulator over claims that the company is guilty of widespread and significant harm to its customers. the company will pay a $57000000.00 fine along with $12600000.00 in compensation for harmed investors. it face a host of allegations that included how the popular brokerage out carried out the
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opening of new accounts, training strategies, and notifying clients about the status of their investments. now robin hood became the subject of federal scrutiny earlier this year after it cut off millions of users from purchasing shares of stocks like gamestop and amc after they went viral on red it. while regulators say the price of defiance reflects the seriousness of the allegations. the company says the issues that were uncovered do not reflect the robin hood of today. we'll see about that one. richard branson version or bit is picking up momentum after it's 2nd successful mission to orbit for the year. on wednesday, the mission doug tubular bells part one, launched for cube satellites for a u. s. department of defense space program. virgin orbit uses a boeing $747.00 to launch and drop rockets from 45000 feet. their rockets then fire and accelerate into space where satellites are released into the
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orbit around the globe. but check out that finish there. that is incredible. now, the 1st successful launch for virgin orbit was back in january. and another mission is scheduled for this month on that's all for now. you can catch boom bus on demand by downloading the portable t v out for your apple or android device. that's also where you can check out. our newest show, i don't understand was william shatner coming there was me here next time. and as always, don't forget the question more. mm. i i
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provision on my back on one of those data like how is that going? okay. yeah. okay. so you'll have a lost his boss because i just got the bottom. you just gotta read you, we're going to be, i'm on my cell. my don't put up as soon as you know, you're not my pull up. i got my almost what i'm already whatever spits up i really just gotta go in. i mean, we had a lot going on, we went up and i mean really here. so i just don't get on to the video to sandstone, but i wanted this, but i want to say this because i'm going to come up with my family policy kind of on my part that yes, it was a total thing i was calling with you. and your team,
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samantha, katie, yeah, my thought a lot of problem. you just gotta go to the 0, one, make no certainly no borders line to nationalities as emerge. we don't have authority. we go to the back seen the whole world, leads to take action and be ready. people are judge governors crisis. we can do better, we should be better. everyone is contributing each in our own way. but we also know that this crisis will not go on forever. the challenges paid for the response has been massive. so many good people are helping us. it makes it feel very proud that we are together
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in casa authentic and moral hazard. and that is that if you constantly bail out the worst factors in the economy, they will act with morality. and so at the fed bid, they've got moral hazard steroids. they're rewarding the worst factors who are doing things like info and stealing hundreds of $1000000000.00. some people and just drawing their own country in the trees and the fact i argue with me go ahead, try ah, to don't to leave. you will move a toy, knew he was hurt when she gets ready to love me to see if she will
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grow up to the study or do i trust me to teach you control the traditional machines etc. if you see the one you need from me, please don't read for me last week with the metro. okay, shoot. i should check my notes that i was dealing with. that is what i need from the new new new which is what is the new? yes, i do see executable football was quite up when i got to pull it up on that got
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me imagined picking up a future textbook on the early years of the 21st century. what other chapters called gun violence school shootings, homelessness. first, it was my job and it was my name was my savings. i have nothing. i have nothing and it's not like i don't try. i look for resources, i look for jobs. i look for everything i can to make this pass and all i end up doing is passing the road to the american dream saved with dead refugees. this very idealized image of the older america, native americans look past the death that happened every single day. this is a modern history of the usa, my america on r t. the
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more unmarked graves of indigenous children are found in canada on the grounds of a former catholic run school, bringing the total to over a 1000 people. it is prompted the prime minister to ask, but francis, to make amends to the community. i really hope that this time it will lead towards hope coming onto the canadian soil and apology apologizing directly. highly infectious delta strain of coven plunges russia into a new wave of the pandemic. moscow makes proof of the vaccination to our codes mandatory. be able to get into restaurants pubs, in cafes. i'm in in the capital, puts the system for the test. 9 officially inside a.

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