tv Boom Bust RT October 14, 2021 9:30am-10:01am EDT
so let's get started. and we began with the news conference late wednesday, how by president biden, who was promising to get supply chains moving after months of goods been stuck off . the ford of los angeles president biden says, major changes will be made to get those supplies moving. the port of los angeles will now he says, now begin operating 247 along with the port of long beach that has been doing that for a few weeks. about 40 percent of all freight interest, the country through those 2 ports alone. up until now they've only been open monday through friday, 9 to 5. by keeping them open 247. this will reportedly open an additional 60 hours a week of productivity night hours. the president says are also critical because there will be less traffic on the roadways to get those goods away from the ports. i want to be clear. this is across the board commitment to going to 247. this is a big 1st step in speeding up the movement of materials and goods through our supply chain. but now we need the rest of the private sector chain to step up as
well. this is not called a supply chain for nothing. this means the terminal operators, railways, trucking company, shippers, and other retailers as well strengthening our supply chain will continue to be my team's focus. if federal support is needed, our direct all appropriate action and the private sector doesn't step up. we're gonna call them out and ask them act, because our goal is not only to get through this immediate bottleneck, but to address the longstanding weaknesses and our transportation supply chain at this, pandemic has exposed. i. president biden also says that wal mart has made a commitment to a 50 percent increase in truck traffic during those off peak in night time hours, fedex and u. p. s are committing to significantly increasing the amount of goods that they are moving at night, as well as when they're st. biden's and right there is not call the supply chain for nothing. so is there any indication that all of these steps are actually going
to make a difference are now so know, and here's why a couple things that are very important. number one versus the president did not take any question. so there was a chance to follow up for reporters who were trying to ask questions, but consider this. they are 80 ships right now that are stuck out in the pacific off of the these 2 port supported los angeles and, and the other port as well, long beach. so the problem is that's about a 1000000 shipping cargo containers that still need to be offloaded and get into port. the problem isn't that just that they need to get them into port? it's the fact they're already ports full of the shipping containers and there's no one to take it out. so you p. s. a fedex, he says, are now going to commit to more time. the problem is neither of those companies currently go into those ports. only wal mart does. now they said they're going to do more re, but again, it's, it's, there's another issue here and that is that right now the u. s. trucking association says they're about 60060000 truckers short in terms of what they need to be able to deliver those goods around the country. so it is a bottleneck problem. it's not
a 11 spot problem and i think that's what we have to figure out. how do you get all of these systems in place as quickly as possible? and surely those are staggering numbers right there. and we think about how much is impacting us at the grocery store now will it's likely to become even more worse as we continue to go on those problems at up as well. the americans are quitting their jobs. a historic rate that's according to the u. s. department of labor which revealed that a record $4300000.00 workers quit in august, marking in nearly 3 percent increase from the month before. that includes $892000.00 workers in the food service and accommodation industries. along with 721000 and workers in the retail sector, and around 534000 in health care and social assistance, the latest numbers come as the u. s. is already facing more than 10000000 job openings with countless questions remaining as to how the current condition combined with the increase in vaccine mandates in the workplace or affecting the future of the countries workforce. joining us now to discuss it all is richard. wal,
host of the economic update and author of the sickness is the system. now professor, the majority of these workers that are now quitting their jobs, have been those frontline workers and the country relied heavily on over the last year. so what you make of the timing of this record exit? well, i think it's crystal clear to many of us that what we're seeing here is, is a fundamental historical shift with long term implications. workers who really gave a lot over the last 18 months while they were suffering a lot over the last 18 months. whether it was covert in their family or lost jobs or last incomes, or no security about getting the job back and on and on. and on they are now trying to come back and what they have discovered, and they're telling us this every day, is that the employer, they're returning to use the time off to make the job less attractive than it
was before with worse working conditions with either no income raised in wages, salary or a very small one. and in any case, arrays that was not adequate to the rising prices of food, clothing and rentals. in other words, instead of being welcomed back as heroes who work to extra, they are being asked to pile more deprivation now that they're back to work on top of what they suffered and they won't have it. let me give you a proof of it. if you like, here's another number that people are not noticing. we have more strikes going on. caterpillar catalogue ah, nabisco, the symphony orchestra of san antonio, texas, the janitors at the denver airport. they're all going on strike. and for the same reasons that their brothers and sisters are going to quit their job, they're angry,
they want to change, and they see in the economy, which to them looks like it's taking care of the folks at the top and leaving them in a very bad situation and they're frankly bitter and angry and that better be taken care of, or else it is socially explosive. and it's pretty difficult to argue with that line of thinking. there's been such a focus though on americans getting back to work and we see this increasing number of companies that are now introducing vaccine mandates, sparking warnings that there could be an even larger worker shortage. we know that obviously over the weekend we had the issues with the airlines, which by the way we should say the airlines are saying has nothing to do with that mandate. but we do know that the southwest pilots union is asking for a stay on that. that workers who are working in air traffic control, there are 6000 of those workers, professor wolf who are not vaccinated. there are very short deadline on some of this next month, december 8th, in some cases for people to be vaccinated. is that going to add to this list of
workers who will be out of a job or will choose to leave their jobs in the next few weeks and months? yes, i think your point to something important. it is going to make the situation worse . i would like to clarify because i was worried about this. i have spoken to many union leaders and they all, all tell me the same story. they and their members are not against being vaccinated. they don't have a problem with that. what they have is a problem with the employer not coming to them to work out a way to do this in an obvious attempt to kind of dictate to the unions who want instead that this be worked out with negotiation. that's a basic principle of union of management relationships, or it should have been as if there had been a different approach and if there were a different one now, i think you'd get through this particular problem a lot faster than just bumping heads. well,
i know that when it comes to airlines like american and like southwest, they've kind of said that they were put in this spot because of what the federal government is doing because of what the binding ministration is saying in terms of vaccine mandate. so how is the government playing a role when it comes to these unions and their employers being able to kind of work these things out, especially when it comes to getting people back into the workplace? well, you know, there was a time when the unions in the democratic party had the kind of relationship that would have made that impossible what you just described. they would have had a government bringing the 2 sides together, maybe with some government officials alongside to make it happen quicker. but they wouldn't have mandated to one side which then imposes the mandate on the other because of the long history of labor management conflict that that will reignite. so i think it's a failure on both a business and the government center in managing this and workers are pushing back . that's with the quitting that's with the strikes and now with the opposition to
how the vaccination this to happen. absolutely, and it will be interesting to see exactly what kind of agreements they come to you and if they do come to an agreement, as we continue to see losses that are filed, professor richard, well, thank you so much for your time and insight. thank you. well, an incredible morning for space flight. no doubt about that. right? it's blue origin launched. it's new shepherd 18. it's the 2nd man flight for the company. by the way, we brought you that long to live on our t america and portable tv aboard. that flight star star trek and some r t. americas. i don't understand william shatner who at 9 years old, made history by becoming the oldest person ever to go into space. correspondent, ashley banks has more from van horn, texas. here in van were in texas, and if you look at just beyond me, you will see a rock at a blasting off into space carrying william shatner with 3 scraps call new shepherd for is now embarking on an end 11 minute mission and will travel 62 miles and cross
the carman line, which is an internationally recognized boundary of space. death be those founder blue origin and bite it shatner to take part in this mission, shatner is also joined by 3 others blue origin, the vice president of mission in flight operation. the audrey powers, gandhi buyers, the co founder of the medical research platform, metadata solutions, and also researcher turn tech entrepreneur. kristen motion yours. there's a great number of star trek fans in texas residents who have traveled to van horn to capture this moment. they are more than excited to finally witness the launch. it was originally scheduled for tuesday, however, due to high winds. the flight was delayed until today. we just heard the sonic boom, which means the spacecraft will begin descending rapidly. you can see shot in or in the other passengers descending by way of parachute. and there you have it folks, this mission have made shot or the oldest man to ever reach the edge of space. this is a 2nd mission from blue origin, and you'll be those take part in the company. first launch with other passengers.
many say that phasers is re shaping the small town and bringing tourism to van horn . i'm sitting in taxes that many people have never heard of. i have a feeling, this will not be the last phase one. can we see coming from van horn? i'm ashley banks reporting in van horn, texas. and with so much buzz around today's historic blue origin lawn, you may be surprised that not everyone's feeling the same excitement from lawsuits to workplace injuries and reports of mandatory overtime. amazon has come under fire for its treatment of its own employees, are teak or wanted to have a jury following the story and joins us now with the latest via, what can you tell us the today was no doubt another big day for jeff bezos, blue origin made it 2nd successful human launch into space, all paid by is thriving company, amazon, which has made bases a very rich in fact, basis was v, which was person in the world with a net worth of $189.00,
a $1000000000.00 until this week. when he lost the 1st spot to eli mosque, who has a net worth of $224000000000.00. and like school yard kids must make sure baze. those didn't forget that on monday year, apply to retweet from baze those with emoji, showing a silver metal with the number 2 on it. but that might not be bays those lee's worries right now, because while today's flight was successful, it's not all good news for blue origin, which is facing plenty of scrutiny. so by 2 weeks ago, a group of 21 current and former employees are blue origin. publish and essay speaking against what they describe as a very toxic workplace in year parts of what they said. and i quote, if this company, culture and work environment are a chemical aid for the future, jeff bezos and visions, we are headed in a direction our flex,
the worst of the world we live in now. and sure, and sorely needs to change. many of those who signed off on this essay also said that they wouldn't fly on the rocket because it was in a safe. now that is and not all being to an investigation by cnbc blue origin is experiencing a high turnover rate losing hundreds of personnel. jess, this year then there is the blue origin lawsuit that's a challenge. nasa decision to award the moon landing contract award only to rival company space x. now initially, nasa promised to offer multiple contracts. then in april, decided to award just one contract to space ex says worth $2900000000.00. now that didn't said well with base those plus, there is a legal findings obtained by the virgin, which nasa attorneys call blue origins,
ill conceived after this space company. try to put a $5900000000.00 price tag on their lewin. i loon, our lender bid. and finally nasa is accusing blue origin and i coat of threatening to destroy the once in a lifetime, momentum to prioritize its own fortunes or that of nasa. the united states and every person alive today who dreams to see humans exploring world beyond our own. now those humans, nasa is referring to is still have to pay at least $500000.00 a seat for the ride now. so keep in mind there's are their grievances coming from amazon's warehouse workers. many of them nationwide complaining about being pressured to work faster and longer hours and describing their work environment as toxic that only got worse by the pandemic, because their productivity increased with more people ordering deliveries,
correspondence. cavender, thank you. well, time now for a quick break, but when we come back, the ever grand saga continues as one of the most indebted companies in the world, missus. another deadline will discuss what it means next. and as we go to break, here are the members of the clothes with back guys with financial survival guide. when customers go buy, you reduce the price now well, reduce the lower that's undergrad and what's good for food market. it's not good for the global economy. with these people learn from their own experience, how vulnerable
a business is to the bank. so you push my business over the age, pushes me right to the bankruptcy. now i realize we were good. this isn't just the back that may be involved in this is the concept. see, firms is the lawyers. these people have got one of their stories at a walk kind of whistle blower. tell people's marriages have broken up and lost their family homes. it is spectacularly devastating. people's lives. they have committed suicide, but left behind north, the explicitly state that it was the constant intimidation and billing by buying coffee sauce that late them to i took the spear, it's obscene. these people up nor sold a raw.
oh, just don't. oh, any world that is yet to shape out disdain becomes the attitude and engagement equals the trail. when so many find themselves worlds apart, we choose to look for common ground. ah, welcome back in the face of an ongoing energy crunch that is taking its toll on europe and asia. russia is again denying allegations that it is using energy as a weapon. a group of the law makers has gone as far as to call for an investigation into the russian energy giant gas prop. as they allege that moscow is behind the skyrocketing natural gas prices, in an effort to push for the certification of the north stream to pipeline. however,
russian president putin argued that europe is not paying attention to reality during an energy conference on wednesday, he noted that russia has always fulfilled his obligations to europe, even at the height of the cold war. russia, as deputy foreign minister also said in an interview that moscow wants to work with europe to achieve energy security. and he revealed that guy's prompt has already started using supplies from its own reserve, in an attempt to help stabilize the market. morgan stanley has upgraded china's property sector to attractive, which is surprising, considering how worried investors are, as they are closely watching, to see what happens with ever grant. the world's most indebted company because it might still default. and if it does, whether or not there will be contagion, the u. s. investment banks that it believes that policy easing of the property sector looks likely to kick in, which will support chinese real estate stocks. that's bringing boomers co health, christy. i and john, well to be in the land cobra business school to discuss this with us and to sniff
out what is true and not true didn't grow to start with you. home cells in china, they are weighed down. that's not really surprising. in part because of restrictions on lending as well as these worries about developers financial health . it seems like china is trying to reset its entire housing industry here. i believe the statement was to be about living and not about speculation. is that working? well, the real estate sector in china represent, sorry, 5 trillion as in value. that's an extraordinarily high percentage of the chinese economy. and you're right to say that residential housing sales are off about 20 to 30 percent year on year. the fear is that the ever grand situation, which by the way, leaves about 1600000, every grand customers waiting for properties that haven't yet been completed.
this is going to cause some contagion across the chinese real estate market, drive down values drive down consumer demand, and therefore bring other property developers into financial difficulty as well. so it's a serious situation and the question is whether or not we've hit bottom and whether or not the central government in beijing can make measures take measures that will alleviate the possibility of this contagion taking hold. now christy is being reported that ever grand just mrs. 3rd round of bon payments and as many weeks intensifying market years over contagion, as we noted now, is this a case where every brand is too big to fail? i don't think anything is too big to fail because by saying that you're essentially saying that no risk is too great because at the end of the day, you'll just get a free bail out. so it's just like a perpetual get out of jail free card. so it's
a very dangerous mentality to have to just continuously rely on the government for these bail us. and china doesn't want to create that dependency. so i don't think the market thinks it's too big to fail either, which is a good thing. it's trading more rationally now acknowledging the risks and the possible contagion effects slowing down the global economy. so far as though this sell off a quiz to be appears to be very limited to more riskier bond names. but then there's also the problem of the baton will follow up the default to hurt the confidence of the consumers. and the home buyers, which as calls just said, makes up a very significant part of china's crucial economic growth engine. because right now, the real estate boom is just experiencing a dramatic overhaul, speculations and prices, soria and holes became the main savings vehicles for chinese families. because nearly 3 fourths of household wealth in china is actually tied to a piece of property. so this loss of confidence in the market could spill over to lower sales of cars and appliances, further hurting the economy. and so far,
beijing has been very silent on this. having vowed to no longer rescued companies that are failing. so many local officials have now been left to their own accord to respond to the growing frustration. but i don't think it's a reckoning in the financial markets right now, but the financial markets have opened up the emergency spigots to make it easier for the local banks to draw more money just in case. now speaking of possible fall out there, i mean being quality when we're talking about ever graham, we're also learning that the electric vehicle unit of the embattled chinese property developer said its 1st cars will roll off. * the production line next year is, is evie division, insulated from the rest of the company? not necessarily i think that while cause medically and superficially, it's a separate division. there is a cross financing that's taking place here in the background where the profits emanating from the real estate division we're going to fund the investment in the
electric vehicle division. now the v division, let's face it ever granted. if this plan comes to fruition is going to be late to the market, it's going to be a late entrance in the e v market. they have claimed that they have the ambition to sell 1000000 vehicles a year in china and a population of 1400000000 people. that's not an excessive number from a market share point of view. but for a late comer in the market to have that ambition is quite, quite significant. i'm not sure the going to be able to deliver on the promise. yeah. in christy to that point, i mean, it just seems like when you have a company that we keep talking about how indebted it is, but it has all these financial problems is trying to secure outside investment. and then simultaneously, they're promising this new electric vehicle roll out, which let's face it,
there are going to be problems with it. it's going to come up against certain struggles and financial issues. why are they even messing with this right now, rather than fixing their core business products? because they're doing an e long must trademark with a, with a shift in the subject. and this distraction, the techniques because you're right. the numbers are absolutely terrible for ever. and the numbers were table for tesla, but look at here, let's show a new cyber shock. production didn't reach their goals, but look here we're going to have some automated home robots now. so ever grants have taken paid out of tesla book. same thing. we have a debt crisis, we a mis payments, but oh look we're coming out with ease next year. it's super exciting. so at this point, they're just going to be competing with tesla, neo and bird ever grants so far has not actually delivered a single vehicle to their customers, but they have set very ambitious goals of annual productions to well, the crowd with their big numbers of 1000000 cars by 2025 st. that's what tesla did . so confidence on evergreen is at an all time low. so i suppose this was
a very good p r stunt. i think evers grant has spread themselves too thin. they've definitely has some sort of cross financing done. they've already sold bits and pieces of their e, b division before and or to generate cash flow or to meet their debt obligation. so i do think it's a very big possibility for them to actually just build the i p and then sell that entire division in order to pay down their debt obligations or restructure in order to survive robots, christie, i and john growth dina, the miami, herber business thank you both for your time. thank and that's it for this time we'll see you next time. ah. ah. it's over a month basically, but i still believe go. he did. who bought? i bought a dial, tomato, a couple of pretty, then you quite buy that from politicians to athletes and movies. does the musicals
does it seems every big name in the world has been here, let's see, are copa bismark office corrosive school. and when you get the go for i need to remove it does not give me a glass with new sport, but she said basil makes dreams come true. that every one who falls in love with people like what me and the surgeons tactile perception as well as his or her eyesight helps a lot. because you need to make sure you don't break the thread well, placing the switches and robotic hands can't do that. not now, and i believe not ever, you can write software to the machine, but you cannot give it a human tactile perception. when
i see black manager lesson plans of myself when i was growing up, like america spoke to me with white astray did not. those who say black marsh magic is a movement we are importing from america. no, nothing of who we are. i lived in a world where wide lives and i was not wise. like missing. and i wasn't known from black america. i learned how to speak back to whiteness. aboriginal people, dear outlaw every day. we're out wanted them now with the police were out more when she speaks. i'm scared that my children are going to grow up in a country that think says no racism, but they're more likely to end up in the criminal justice system. then they're all
fresh would each don't, don't love. would you think that that would because if that's something you would prevent them with the quote that that's an actual percentage of us. yep. or properties was for what fin? he bought on with affiliate what that to the what like you with work with and i think some of them went, he's got the west when, according to want to show them for philip keeps them from the, from the news or kind of what the stuff that the thing monthly media, cisco web logo slated to 3 years. i will continue to 11 little scared, little squiggly with john coach if it, what are one? why do you think that us them? i mean, on i besides in that we still live do
ah, police in norway say that bowen aro rampaged? don't kill 5 in kong berg appears to be a terrorist attack. i think that the suspect had previously converted to islam and was on their radar over signs of robert calibration. also i had a li, 6 people are reportedly killed on 60 others wounded after gunmen open fire and pe routes out a protest against the judge leading the probe into the deadly port bloss their last year dumb. if they do dumbed, if they don't straighten in police, bear the brunt of public anger at government tactics to watch over anti locked on activists. the tight restoral.