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tv   Boom Bust  RT  August 4, 2021 11:30pm-12:01am EDT

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for the next 30 years and how the victim say they still with the consequences today . the, the news the the this is been bus 11 visit show you can't afford to miss. i'm ready to love. and then washington coming after we actually see is telling congress it needs more authority over the world of crypto currency. with the chair, referring to the centralized currencies as the wild west will discuss, was amazon warehouse workers in alabama could see a 2nd shot at their union boat as federal officials say amazon didn't fight fair.
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the last time around, we break it all down was an expert in the labor movement that american and spirit airlines had cancelled hundreds of flight for a 3rd day. now we'll take a look at the reasons behind the cancellations and how it is impacting the companies in real time. we have a pac show today for us dive right in. really the program with the latest comments from the chairman of the securities and exchange commission here in the us, gary gambler is calling on congress to give his agency more power to regulate crypto currency. referring to the world of crypto as the wild west, he claimed it is rife with fraud scams and abuse in certain applications. therefore, the fcc need more congressional authority to prevent transactions, products and platforms from falling through regulatory cracks. it's comments like those that are music to the ears of a congress that has already been calling for more action to be taken further in depth. this was bring in boom bus co host, an crypto analyst, christy i. now,
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christy, let's start by following up on a topic we covered earlier this week, which was how the language of the, by an administration infrastructure bill stood impact crypto holders. what has the response been there, especially from the crypto community? while essentially this was the very last minute addition into the bill and they really didn't expect there to be a big response from the crypto community thing that it was literally just slipped into the bill at the very last 11th hour. but basically the bill had to find some way to prove that they can fund itself, because essentially the republicans had killed off all the unpalatable ways to fund the bill that the democrats had pushed through. so now they're looking to alternate alternative sources of funding. so they turned to the crypto industry to line their pockets, thinking that it was just some sort of small community that was just going to roll over on his back. but instead the crib, the community has banded together at the 11th hour, and the response has been just overwhelming in the community. the senate is really
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hearing it on twitter that it's now getting picked up all over mainstream media right now. being the attack of the cyber hornets. so the story is actually really funny, senators, ron windham, and to me have already gotten more engagement on twitter, criticizing this infrastructure bill than any other tweet this year. and so this massive out pouring from twitter from read it from the community really forced them to listen and now amend their language. so basically the criticism specifically is that washington has no idea what they are doing and they have no actual knowledge of the industry. the crypto industry is not criticizing or objecting about having to pay any sort of crypto taxes. they're not objecting towards the fact that brokers such as coined they should be treated like brokers. they're objecting to the fact that this bill really solidifies washington doesn't know what they're talking about because they're classify miners and speakers in the same language as brokers and minors. and stickers obviously are not brokers. so basically the
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current language of the bill is just unacceptable and very ambiguous to the industry. so thanks to the cyber hornets. the crypt, the industry one does the very last minute battle. and i think this is very powerful because they won this concession and the industry is showing that they are punching way their way. class right now, the current bill community doesn't mess around. and it's fascinating to see that congress is decided, oh, we need to get this funding. we'll just turn to them and have them bring in the money that we can't seem to get elsewhere. now on another topic of congress trying to go after crypto holders we heard those comments from fcc cher, jens ler, calling for more authority and regulating criptos. so how is the industry responding to his latest comments? well, the crippler industry is actually very supportive of carry again, so he's been a long time supporter and advocate of block chain and the overall technology and the impact that it could have on the future of the monetary system. so, but he has made very clear today that despite the fact that he's
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a very strong supporter of block chain, that doesn't mean that he's going to go easy on the industry. so specifically, he said quote, i am not neutral about investor protection. so before we get ahead of ourselves, investor protection is a very broad scope. and if you look at the language of the regulators, there are 2 points that they're very focused on investor protection and systemic risks. that is what they're focused on. and in terms of investor protection, that could include a lot from k y c to restricting margin trading margin, lending to trading for derivatives for retail investors. so this encompasses a very broad aspect and nothing has been defined or clarified yet it's still very ambiguous. so as of now it doesn't pose any existential risk to the entire crypto industry. so crypto is actually taking a quite well right now. in fact, if you look at the markets, they are about 2 percent after again, there's comments because at least they are reassured that someone who truly understands crypto and who has been involved in the industry is now trying to take steps to regulate and make up policies not someone, not some senator,
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who is literally making a policies off the cuff thinking that they're trying to bankroll their agenda. yeah, that's a great point. and at least it could be encouraging in some ways for the crypto community. now moving to another agency that not too many people are fond of the i r s has c 1200000000 dollars worth of crypto this fiscal year. where did they seize it from and what becomes of it now? so early on this year, back in june, the u. s. government actually auction off, all of those, kept those all the light coin, the big coins and some portions of bitcoin cash. and these were essentially holdings that they had fees from tax non compliance cases. and that number has only grown bigger in the coming years in 2019 they seized about $700000.00 worth a cut, though in 2020. that number was about a 137000000. and now here in 2020, where 2021 we're seeing that number in the billions. so that number is expected to
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grow as the year progresses and crypto seizure and sales operations has now grown so massive that the government officials are now turning to the private sector in order to help them store and manage the sales of these auctions. so once the crypto has been sold, the proceeds are then distributed to either the treasury forfeiture fund or the department of justice forfeiture fund. and right now as of today, crypto currency remains the largest contributor to both of those funds. so this is just another example that regulation is coming slowly but surely to the industry. now when it comes to those crypto users out there who are really making movements online, is that we're, we're seeing, i mean, i know read it has been a place where they have all congregated. now we're talking about twitter is this just kind of the future of how people are getting involved and encrypt joe and adopting it as they go along? i believe so social media is going to play a very big role, whether we're talking about equities or corporate, corporate strategies or even crypto currency. social media has now given
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a voice to the people which was kind of what twitter wanted it to be in the 1st place. they wanted normal mainstream users to be able to talk to and have conversations with very iconic, influential. so mainstream media and social media has now taken this to another level. and the fact that we've seen this, this cyber horn attack managed to manage to rescind the bill at the very last 11th hour. i think that it's really powerful and it's something that we're going to see expected in the future. and i think other social media platforms such as telegram, they're also getting into this mix as well. yeah. and it is powerful to see the things that the mainstream media normally wouldn't be talking about. but now, because it's all of our social media, they have to talk about it. most christie. i thank you so much for your time and insight. thank you. amazon could find itself facing another union vote after a federal official with the national labor relations board released a statement calling for a do over for warehouse workers and alabama. you may remember back in april when
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the original vote drew national attention both for its existence and for amazon's extreme efforts to try to stop it. while the company declared victory, an appeal was then filed in may, the president of the union supporting efforts to organize an alabama said it was the testimony from workers that has led to call for a 2nd vote. and a statement stuart apple mom said, quote, the question of whether or not to have the union is supposed to be the workers decision and not the employer's amazon cheated, they got caught, and they're being held accountable. however, amazon says it did nothing wrong insisting employees had a chance to be heard during a noisy time when all types of voices were weighing in on the national debate. and it was those workers who voted overwhelmingly in favor of a direct connection with the company. so is that the case with joining me now to discuss is fessor, richard wolf, host of economic update, and author of the thickness is the system. now, professor,
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it's no secret that amazon is going to do everything in his power to stop a 2nd boat from happening. but how much authority do these federal labor officials have here? well, if they can find evidence and presented that there were violations of the rules and regulations governing union elections, of the sort that they had, they can demand another another election, another words that that possibility exists in the law. and in the, in the history. it's not the 1st time that's kind of thing has been alleged. so the short answer is yes. if the evidence is there on the board, could take that step ok. and i know that there were a lot of complaints that were spoken about against amazon. one of the major complaints was the way in which amazon handled the collection of votes. specifically, we heard from workers testifying that they saw amazon as security officers
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accessing the mailbox that was meant to collect a ballot. now, in a warehouse where these workers are scared of losing their jobs, if they don't comply, how much of a role does intimidation play in a 1st, or even a 2nd? bo, it's always there. and if anyone, let me go out on a limb here. if anyone's suggest to you that it isn't there, they really don't understand how these elections work. they happen all over the country. there's a procedure to get an election called. and once the election is called by the national or the state labor relations board, both sides, both sides go to work, trying to persuade workers and lack persuasion. if it gets heavy handed slides over into intimidation, i would not be surprised to learn with hard evidence that amazon did that.
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the companies often do it would not be unique. it's a bit more of a mystery why amazon is doing this, and i think your audience needs to know that the 2nd most important market for amazon is in europe and in europe. virtually all of amazon's operations are already unionized over a 100000 of their employees on members of quite militant unions that have struck against amazon and that have improved the conditions of workers over there. so amazon has long ago had to accommodate unionization in europe, italy, spain, france, germany, the big countries of europe are, it believes it can hold on here, but that's kind of the mystery of it all. why they fight so hard here, since they've made very good profits over in europe, even though they've had unions from the beginning. you know, that's a really good point. i know that that's something that we've talked about before
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has been just how much power amazon seems to have here in this country. a lot of it seems to come from the fact that they get former u. s. government and members that then go on the board of amazon, do you think that it all comes down to sort of their lobbying arm that has allowed them to have so much power? yeah, i think it's the lobbying arm, but i go take a step further. europeans are committed to unionism, they've been committed for a long time. it's much harder to get the politicians there to be anti union. an awful lot of the people in those countries believe in unions, not that they on critical. they are sometimes, but they believe the workers get a better deal if they're organized. and so a politician who seems to be going against that is going to find himself or herself in trouble. in contrast, here in the united states, amazon seems to find much more fertile ground. do. how shall i be polite here?
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persuade politicians to come down more on their side than on the workers side. yeah, it certainly seems that way. now, switching over to another topic that has a lot of labor unions talking, i know we've seen protests against vaccine mandates in europe, and there has increasingly been talk about how it would impact workers worldwide. now here in the u. s. we've heard from labor unions for teachers, firefighters, postal workers, and so on, coming out against those proposed mandate. so how much of a standing do these unions have in this fight? i think the issue is enormously important, and i think it has to be properly understood. it's not that the union's or their members are against vaccination. that's not the issue for most of them. what they are against is the mandate. they are very suspicious and to be honest, they have good reason to be when either the employer or the government or the 2 of
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them acting together, start issuing edicts or mandates. you must do this. you must do that. the whole point of the union is to say that before you do anything in the workplace, there has to be some collective bargaining. some negotiation there has to be input from the union's had the government and the employers gotten together and proposed to work out a plan. my guess is you'd see much less opposition from the unions than what you're seeing to now a sudden decision by people at the top who made decisions. the unions don't like throwing another one. that them you're going to get pushed back and that's what you're seeing. yeah, that's exactly what unions remained to come out in the 1st place. excellent point. consider here, professor richard will thank you for your time. thank you. time now for a quick break, but when we come back,
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hundreds of flights keep getting cancel weaving, passengers stranded and crowded airport out of time, one coven cases are already on the right. we'll discuss the impact next. and as we go to break sure the numbers that the clothes shoes ah, they are growing indications. donald trump will indeed make a 3rd run for the presidency in 2024. the former president remains the most favored potential primary candidate within the g o. p. what about the republican party leadership? are they on board span? the storm have a message that would return him to 1600 pennsylvania avenue. ah,
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it doesn't look as of off the field. what you actually puzzle you through kind of the same with the national youth and she she said to build me up with your school budget, i would continue to tell you because it was a dinner each school from a crowded my by i the welcome
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back. it's the notification no traveller wants to receive hundreds of flights, were cancelled for a 3rd day for those flying with american and spirit airlines. that includes more than half of spirit scheduled flights on tuesday, which the airlines says came as a result of what it called operational challenges in some areas of their network. along with extreme weather system, outages and staffing shortages, american has cited similar circumstances when explaining why it cancelled 300 flights on sunday. more than 560 on monday and 300 more on tuesday. the airlines dock is down more than 10.8 percent for the week. the spree of cancellations has caused a logistical nightmare for the thousands of passengers who are life stranded in crowds at airports across the country. at a time when kobe cases in the u. s. have already been on the rise and stock fell on
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wednesday in response to the latest report on jobs in the private sector. 80 peas, private payroll showed 330000 jobs out in july just a fraction of the 653000 that was expected. while the labor department official report won't be made public until friday. there are concerns. it could also show that the u. s. is still making progress jobs, not enough. so joining me now to break down the latest is tobin smith, the ceo of transformative research tobin is great to have you back on the show. so why does it appear that these estimates were so far off and how much of a role do private jobs play in the market? well, they play a big role simply because the fed mandate is the full employment idea. and so when you get evidence that it's not hitting numbers, then you know the marker reacts to it because there's a theory out there. it's called a 3 peak theory. we have hit peak earnings, we hit p, g, d p and we've hit peak stimulus. so when you get
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a number in there like that, it tells the 3 peak terrorists to sell cyclical stocks, which we saw today, and to buy secular growth. the audience needs understand secular means that there's a theme, a revolution behind it, something that's going regardless of g. d p, so that's what happened. but remember friday was report is what counts. this one is just sort of a nice no any one, but it's not, not an important thing and a whole host, a spare thing. one is made even more, almost more important in a sense because it was so far off the mark that people are going wait a 2nd. that was our expectation and we didn't hit it at all. right. a yeah, but there's been some various here. it doesn't matter until unemployment insurance, it runs out because at the end of the day, nobody can tell how many people are going to get me another bare man, i'm going to grant a week doing nothing. i mean, hey, is there and they're making more money. they clearly got the system figured out.
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maybe more than you are. are i one another? on another note here, we've heard non stop talk about the delta vary and, and fears that are rising coven cases could lead to government trying to enforce new locked balance. and all of the major healthcare stocks are in the greenish notice. notably, they have been this year, but in the last week, i mean we saw that anthem is up 3.78 percent. cigna is up 1.59 percent. and united health group is up to point 66 percent. what do you make of that? well we all of them all for very, very simple reason. i think people forget that they're major business, 70 percent of their business is either medicare advantage being they get a check every month for the government or medicaid advantage, which is from the government for people under certain probably level those checks haven't stopped. those payments haven't stopped. then you have 10000 people a day. the and i did states turning 65 and 5000 people
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a day turning 70. and that's a secular growth wave. so if you wanted to buy one stock that you new earnings went to grow simply because 15000 people a day are getting into their system. and many people want the medicare advantage. that's one way to say, hey, i don't pay anything, i get all these benefits. and that benefit is a fixed amount of cash that goes to those company out, so they're kill it. but that's a secular growth that's not going away. and that's why they're up today because secular growth looks great relative to is the cyclical business. the 3 picks your 3 picks for her going down. all right, so, you know, it makes fairly good sense to be, look inside. i appreciate the fact that you always come with illustration for us. now there seem to be a lot of fear when it comes to the stock market. a lot of talk saying, you know, if the federal reserve pulls back on these policies too soon, as they make too much movement, then it will completely crash the stock market. and at the same time, we keep seeing the stock market at record high after record high. i mean,
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what do you make of that? and is it one of those cases where any down trend is going to feel like a crash, no matter what it is? well 1st off, the math does that every time to start the overall, it's called the s and p 500. not the doubt moves down to it's 50 day moving average that average price for 50 days. if you bought that or even even better, if it dipped underneath it, you've made money 26 times in a row. so i guarantee you, when it drops down to 50 days, if people are gone for number 28, that's, that's built into the algorithm that's building the we call it muscle memory, right? so you're going to have that in the really the reason is is that every day when i ran a mutual fund, i had to put money to work. i can't sit there and be in cash. most of the rules are you can't be in care. what am i going to do by a bond that gives me a negative 2 and a half percent return, or i'm going to buy sigma or united health or apple. we're earnings are growing, they'll be more valuable,
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they're buying back stock. so almost every part of the equation that makes a stock go up and value is being met until the rates come up here. the 2 and a half, 3 percent range. and then you can start to say, ok, i can buy bonds and i get a guarantee 3 percent. right? and i'll just add in that china going after all are technology companies is literally taken about a trillion dollars into our market. because now who in a world would buy a chinese tech stock? yeah, that's a good point. all right, now i have about 30 seconds left here, and i want to ask you about your state of travel stocks, especially as we're seeing all these flights being canceled with american and spirit airlines. we're seeing that their shares are really being hit. what does it look like? they're well, i stay away from right now. they have systemic problems in their system. is they have to have x amount of people per flight, per service per the deal. and they don't have that in many cases. the only reason they're cancelling those flights is that they're not meeting the regulatory requirement to put the plane in the air. by the way, i was an airport to salt lake city on sunday. oh, my gosh. oh routed,
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you couldn't. you couldn't find a spot to walk, so the demand there, but they don't have a systems yet to deliver on that are going to have to leave it right there. great inside is always tobin smith of transform new research. thank you so much for your time. always a pleasure. and finally, we've been talking a lot about the vast wonder of space here on the bus lately. but sometimes humans are capable of making our own natural beauty in the stars check this one out. it's a video of falling debrief from the per a russian space module from the international space station. in this video posted to the european space agency facebook page, you can see the defunct module re entering the atmosphere according to the french asked or not who recorded the footage from the i assess. the fire is a result of the device entering the earth atmosphere without a heat shield before seeing its end as the shooting star. the pers model has been
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in operation of the i s s since 2001 fascinating. but i said for this time, you can catch boom bus on demand by downloading the portable tv app, which is available on smartphones and tablets to the google play. and the apple app store, my searching portable tv, portable tv can also be downloaded on samsung, smart tv, and roku devices, or simply check it out portable dot tv will see you next time me want to make sure, you know board is under blind number please. as emerge, we don't have authority, we go to the back seen the whole world leads to take action and be ready people
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judge, you know. 2 come crisis we can do better, we should be better. everyone is contributing each in our own way, but we also know this crisis will not go on forever. the challenge is to response has been massive. so many good people are helping us. it makes us feel very proud that we are together in the oh, i see that it doesn't look like this is of off the old you actually are 0. so can you through the with
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that actually use um, she, she says to build me up with your school budget that i can use to tell you because if i was in the school from a credit issued by she was in join me every 1st day on the alex summon show and i'll be speaking to guess in the world, the politic sport business. i'm show business. i'll see you then. me the know what was,
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what was the good them and you can measure can while we're on by now, i know i should know moment the new york on mon tesla deals on miles like the ones that are similar now, you know, but i do need an initiation and much, i don't know how you get off the. so give me a shout and one out my my name is the
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the, the, the israels air force that has struck the ground targets in southern lebanon as a week of simmering tensions in the middle east. results in the exchange of rocket fire. you now accepted digital cove in 1900 certificates from san marino, where most of the population is unoccupied with. wouldn't it be the same russian job phil waiting approval from the block medicines agency and to cover up or not debate rages over how effective wearing a medical mask in, in controlling the spread of running virus. sweden dropped the requirement before recording 0 new code cases while the u. s. s. it is crucial to wear one. now those are headlines this hour in just under an hour's time. my colleague kevin will be here with the full.

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