Skip to main content

tv   Boom Bust  RT  December 22, 2021 1:30pm-2:01pm EST

1:30 pm
well, a state is going to be sold in, i don't know. i press a job, right. my pleasure to expert. thank you. has ever been on the program. thank you. thank you. and that was our team. will these at 9 live for moscow for me, kevin? oh, and thank you for watching and a very good evening to you. lou . ah, when you listen to this, he thinks the tone and you think x is going to happen. you know, why happen? said distinctive bringing response in gauge that are relevant to you. how we experience reward and pleasure while listening to some people looking at this is a kind of a kind of choreographing of our expectation. mm. psychology is a very big industry and there's
1:31 pm
a lot of opportunities to go to hackers do move it. it's not him, but he didn't bring the law in the country you're dealing with and why arrest him that the major cybersecurity challenge is the sovereignty of laws that cyberspace has no borders, new cell grantee. we ended up with, for example, the national health service in the u. k. that a chest was completely wiped out for the ransomware attack. if you were coming in to a clinic, because you had a test or you had an operation, they can't find your records. they had to go back to pen and paper. with this is them bus one business or you can't afford to miss. i make your blood and lab read to bore in washington,
1:32 pm
and here's what we have coming up as the future of president biden's bill back better bill has been thrown into jeopardy goldman sachs. i've dialed down its growth forecasts for the u. s. economy straight ahead. really discussed the revision as the fate of the plan hangs in the balance. and as 2021 draws to a close, we take a look at the performance of these throughout the year or break down those numbers . plus 2021 was a huge year for the field of auction. as a new wave of younger investors are getting involved. we'll take a look at what's next to the industry. we have a lot to get, get to. so let's get started. and we leave the program with us president joe biden's build back. better legislation, a $1.00 trillion dollar spending bill. we're just hit a major stumbling block. over the weekend, senator joe mentioned a somewhat conservative democrat from west virginia said he will split from his party and not support the bill, which means there are not enough boats in the senate to get the bill passed in all
1:33 pm
my years of public service and i've been around for a long time, i've never seen anything like this. the president united states has addressed that house democratic caucus twice. recently to urge action on the bipartisan infrastructure bill, which sometimes referred to as the best deal. last week, the speaker urged speaker policy or the importance of voting. there are multiple aspects of this story, obviously there is a political one, but also an angle that impacts the economy. in fact, goldman sachs has now cut his gdp forecast for 2022 in light of this statement by jo mansion, a cheap economist with goldman sachs set in a note to clients on sunday that the failure of the bill, which includes significant spending on climate infrastructure and social programs with slow economic growth in 2022. so joining us now discussed in boom, bus coast and investigative journalist spend swan and former congressman from florida. alan grayson. thank you so much for joining us, both view and character grace. i want to start with you on this. there is
1:34 pm
a lot of back and forth this week between matching and the white house and the binding ministration, saying it's blindsided by match it and calling his statement and unexplainable reversal. how do you see this? i see it as said, the what's at stake here is some programs that will medic huge difference. the was americans, for instance, the head start program which extends education preschoolers. that program is one of the most successful programs in american history. it's cut down on high school dropout rates by almost 20 percent cut down on college dropout rates almost as much . and that was going to be spreads the entire country. now it's going to be gone that the child tax credit, which helps people to afford to be able to raise children a real challenge these days. that's going to be gone in just a couple of weeks. so the, the sad part of this is not said what the sad part of this is, how much it's going to hurt americans. and there really is so much included and not
1:35 pm
nearly to trillion dollar package. now been on that point about goldman sachs. how big of an impact was those back better bills supposed to have on the u. s. economy overall? well, i think that's where there is an issue, right. and probably some disagreement, certainly, as you mentioned in the lead up here, there is a political side. this is the congressman can speak to that. but on the business side, on the market side, you know, goldman sachs is looking at this and saying, well this is, this will actually slow down growth. well, that depends on a couple things. one of the things it depends on whether or not some of the, the items that are inside this fill can still be passed as smaller pieces of legislation. and that's certainly as possible. certainly some of the, the issues with supply chains that are built into this as well as incentives for manufacturers. some of those elements of the bill could still exist in a smaller form, still be passed and still have an impact on the economy. the question is whether or not it's an all or nothing approach. if instead the approaches we either get all of it through and which obviously is not going to happen this year,
1:36 pm
it not happen at all. or we're going to carve out the pieces that will specifically impact job growth, job creation incentives for certain businesses. you know, those are, those are big questions. so whether or not that actually happens, i think, is still up in the air. but if it were to happen, i think it wouldn't have the detrimental effect on markets coming back. i certainly as much as goldman sachs is saying, and it is notable that it seems to be all or nothing, not just with everything that's in this package, but also with every democrat that was needed in order to pass it. now congressman grace and when it comes to mansion, he said that he cannot though for the bill and part because of his concerns about inflation. is that a legitimate concern given the fact that we're already looking at inflation being near 40 year highs right now? it's not there, it's not appropriate to cut social programs in order to deal with inflation. there's a complete disconnect there. it's simply not appropriate to cut expansion of social
1:37 pm
programs, inflation. nobody with the child tax credit, the call to a high price of gasoline. sir, there are proper ways to deal with that proper macroeconomic ways. i'll tell you that if we increase excellent corporation, the rich, you see a dramatic drop in the federal deficit and dramatic drop in inflation. that's long overdue to say that we should deny people pre k schooling, but we should allow prescription drug price to increase out of control. these are not things that are going to help to address inflation at all. well, and congress grants, and i know you don't want to get into a back and forth about a specific person and in the way of sen, mansion. but i think the question that arises from this issue is, you know, all of these issues, if you know anything about the state of west virginia, you know, these directly affect the constituents of that. they, all of the things that you just mentioned. do they not the west virginians have the highest percentage of income from federal benefits of anyone in the entire country?
1:38 pm
32 percent of all, every dollar that comes into west virginia comes from the federal government. the highest other state is mississippi a 30 percent. so and by the way, i live in florida where a number of people are known to receive medicare and security. it's remarkable. ready to me that western ends are that dependent upon federal spending and joe mentioned wants to shut it off. he wants to keep it from increasing or cut it back . i don't think that's very logical. i'm not questioning his motives. i think he's calling it sees it. other people disagree with me about that, but the fact is that western is not needed place in the country. i'll give you one example. western was electrified because t v a is a provision in the bill that mansion so he's against that would provide $20000000000.00 right. internet to west virginia and other rural areas around the country. how could he possibly be against that? absolutely. now battle, one other aspect of this is america's biggest coal mining union is calling on
1:39 pm
mentioned actually reconsidered the opposition to this bill. why are they doing that right now? they're doing that. they're pushing for pardon? they met their yeah, i didn't think that the biggest issue here that we're, what we're looking at is essentially the idea that these coal minor say look there certain elements built into this bill that are especially helpful for them. and this, this union is talking about this right, additional financing and, and money that goes to helping treat black lung, which is a condition that co minor suffer from as well as a whole number of elements here for unionization. that would actually make it a legal to for any company, by the way, not just in west virginia, but across the country to prevent workers from being able to unionize. so there are some very important things in this bill. i think again that the problem is going to be that joe mentioned obviously is looking at it from his own perspective and he's explaining his reasons for he's citing inflation is a big part of it. that the problem, i think that the bill is facing, is that it tries to do too many things at once. and there's too much involved here
1:40 pm
when there are some very, legitimately important issues built into this bill. as we mentioned right now, this issue of unionization, right? is a critical one moving forward, especially in a country right now that it's becoming increasingly more technological and more automated. that's going to be needed for workers as we watch this kind of great walk away as they call it, the great resignation of workers who are saying we don't have good enough conditions and the pay is not right. we're going to need to see more organization for labor. so how do you get those things passed without putting everything into one all inclusive bill? if it's an, if it's an all or nothing approach that i think it ultimately isn't going to work. so what are these important issues that can be carved out and past individually? i know what's more work to do with that way, but that may be the way it has to be done, right? representing grades. what do you make of that whole situation? because that was the next point i wanted to hit on with you is, does this go piece mail or does it end up being an all or nothing situation, you know, obviously legislative before, so you have that insight, it cannot go piecemeal because it has to go through the reconciliation process to
1:41 pm
avoid a republican filibuster, not a single republican come out in favor of any part of the bill, which means that it needs all the democratic boats and the vote, vice president and nor to pass. you can't do that system and set up them more than one reconciliation bill each year. so what we have to do. ready probably is to reformulate it mansion supposedly made an offer to the white house that would have certain elements of funded for 10 years like pre k and other elements of it funded not at all. i think there's an association to get closer or better for us to where joe match wants them to be in the hope of getting something done. if what he passes passes, that itself would be a landmark accomplishment. if jo mansions proposal ended up being the final bill that would make america better. boom by spend, swan and former congressman alan grayson. thank you so much for your insights today out all of us. thank you very much. thank you. and as 2021 comes to a close, commodities are wrapping up an impressive year that saw them out performing other
1:42 pm
aspects. assets as demand came, roaring back around the world, in fact, the s and p goldman sachs commodity index is up 35 percent this year. that means it has overtaken the u. s. equity index that has to be $500.00 for the 1st time in a decade. despite it seeing gains of 23 percent for the year, now some of the top performers in the commodities market were crude oil, which is up 40 percent this year. copper, which saw gains of 21 percent and even coffee, which is up 84 percent. however, while gold saw gains of 25 percent back in 2020, it is actually fall in 5 percent this year, doing concern surrounding one of the most reliable inflation hedges. now countless questions remain as to what we can expect from the year to come and how it will be impacted by central banks around the world. finally, pulling back from the easy monetary policies that have been in place for nearly 2 years to joining us and todd by the horrid chief strategist. but training,
1:43 pm
but it's great to have you on the show today. so what do you make of the performance? we've seen from commodities this year, and how has it been influenced by these continued pandemic policies, from governments around the world. i read your high brand, you know, look, we've got a, we have one way inflation. we're working no matter what they say about interest rates, we're really working in a negative interest rate regardless of how they want to phrase what they're doing. the inflation is not transitory. that is why you're seeing these commodity prices skyrocket, because the cost to put them together is skyrocketing along with it. you can solve these problems very simply by going back to shale producing and fracking, and you would cut oil prices. oil is up for one reason. it is the lack of understanding of this administration to take care of energy. there is no reason to give up the 40 of oil. we are already the greenest country in the world. and when you have 30 switches on the countries in coal, you're not going to get, you know, higher prices, you're not going to get pollution. that that's going to come,
1:44 pm
regardless because they're using it. so we have to cut back on the costs and one of the biggest inputs and any product is fossil fuels and we have it here. we just don't want to take it. and that's something we've certainly talked about in the handling of this situation as we transition to green energy, or at least those are the plan. now i came to a commodity segment without obviously hitting gold. it's been kind of a stand out disappointment this year with some even predicting that it could see a 16 percent drop next year. is gold at risk of losing its position as a hedge against inflation? well, gold is really not a hedge. to begin with. goal is a good solid hard asset that i think that people should own because it some day and the way things are going. it could be used as a currency, but certainly i could see 1450 coming in gold before we started to reach them higher. now i'm, i'm very confident i'm a buyer of physical metals going forward, but i could see a very dramatic pullback here. you know, remember we've,
1:45 pm
we've had one of the narrowest ranges in gold and silver this year that we've had in years. so there has not been a lot of movement and the precious metal and you know, you've got, you know, other things that are kind of competing for position. the other crypto current general is not a direct competitor, but it is competing for, you know, stored values is a call. so there's no surprise that gold has been under some pressure. we had to run up to about $2200.00. and now we're pulling back and, and again, remember when you have a negative interest rates is why the only reason gold is still where it's at. because we did come back and make a little bit of a rally from lower places after the announcement of fed. because they didn't figured out that their interest rates aren't really going up, they're still working into effective negative rate. and certainly been interesting to see that interesting crypto currency is really increased over the last year to see how prices skyrocket in. more and more people have gotten in boy onboard as it's become more popular. now, given the performance that we've seen over the last year, there of course already,
1:46 pm
warnings that commodities won't see nearly the same performance next year. as central banks around the world start to pull back on those easy monetary policies they had had in place since the beginning beginning of the pandemic. do you agree with that prediction? no, i don't. i the, i think you might see a higher prices. you know, you, when you look at the overall structure of the farmers and the creators of these commodities, okay. their costs are going up so high, they may choose not to plant, they may choose not to raise cal. they made shoes because of the cost. you know, they have to be able to make a living as well. and what we're really doing is preventing them from going to be so you could actually have a shortage. you know, we still have a growing population, even though it's a small growth over the last year. you have to have the ability to provide for these people, food and energy and things like that. and again, when you start to see the input cost, you know, a farmer has to make a, a business decision. if it's worth planting, do they want to take the risk?
1:47 pm
because you know what goes into planting is not only the risk of planning into that we don't know what the weather is going to be, but the energy costs the borrowing costs because they're all borrow millions of dollars to create. so you could see our shortage in crops and in grains and, and other soft commodities that could create a much bigger problem. so i disagree vehemently that what they're saying is or wrong as usual, hailey and there is a lot of daycare and we will continue to follow up to the new year. talk to her about the training. thank you so much for your time. thank you. and time now for a quick break, but when we come back, the oxford market has surged in 2021 thanks to suassa new investors in the sector. we'll discuss all the developments on the other side as we go to break those numbers at the clothes. shoes.
1:48 pm
ah, working hammer shirts in the backs. she popped in. she said, well, i'm getting ready to go shopping for christmas. and when we say there was a good bye to another, shooting another safe part of american life shattered by violence. the gunman was armed with an a ar 15, semi automatic rifle. when the issue comes home, it's time to act when we're silent on this issue, the other side wins by default, lady that lived over there, i was walking one of the dogs. so why do you wear again where you stay on the
1:49 pm
ticket often? i think the people need to take responsibility into their own and be prepared if those kinds of weapons were less available. we wouldn't have a lot of the shootings. we certainly wouldn't have the number for is your media a reflection of reality in the world transformed what will make you feel safe? isolation for community. are you going the right way? where are you being led to somewhere? direct. what is true? what is great? in the world corrupted, you need to descend a join us in the depths or remain in the
1:50 pm
shallows. and so it began 2 weeks of our christmas and new year's the specials. and when we looked back in the year, that was and parents in the future with some of ross serv, amazing guests, all heterodox thinkers, that wouldn't be caught dead on raytheon financed corporate media. first, james powered counselor. mm hm. with the welcome back. as we mentioned monday here on boom, bust auction houses have had their time in the limelight in 2021. we gave you the
1:51 pm
details on so the bes record year with total sales of $7300000000.00. the best in it's 277, your history. now more data is out showing that christy sold $7100000000.00 worth of collectibles, while philip saw a record sales of $1200000000.00. bring the total for world big 3 auction houses to over $15000000000.00. experts point out that this highlights the increase in global wealth. we have seen since the onset of the pandemic due to a number of factors including loose monetary policy and record asset prices. in fact, be talked about the increase in interest from f t's and the movement attracting younger collector. and it's not just fine art and then f t that are having a moment as sports trading cards and collectibles are going crazy as well. golden auctions, which specializes in trading cards, autograph memorabilia and game used items announced in march. it already reached $100000000.00 in sale,
1:52 pm
eclipsing its total sales for the previous year. so of course, 1000 growing since then the highest priced car that they have sold this year was about a $19.00 oh, $9.00 honest wagner. that went for $3750000.00. so what is feeling the feel for discuss what brigand can go, and he's executive chairman and founder at golden auction. thanks so much for joining us again. can we really appreciate it? i want to start with that last point. what's pushing the increased interest in auctions and collectibles. as a whole. for my industry, we've seen an upward trend really since 2013. escalade little bit in 2019. but i think obviously as you enter 2020, you know, i point to actually the stock market crash as indicated of, of in a bit more. you know, before coven, even because when that happens, you would expect that our interest in collectibles would go down and our prices
1:53 pm
would go down. but in fact, they spike. because the younger generation is looking for a way to know a way to invest, and they don't believe in traditional markets, which is why you see things like crypto and end up going up and why trading cards and collectibles and art and comic books. and many of the things have taken off, it's really a combination of everything you said plus are looking for non traditional ways, alternative assets to our invest your money. that's fascinating. and i know you mentioned the younger generation there. and it's interesting because at the same time, we're seeing record years to the likes of some of these and christie's and they themselves are pointing to young people joining the collectible game. are you seeing the same trend in sports, cars, and collectibles as well? it's huge. i'm sure i have many my, i know, at least one gentleman under the age of 18 who spent over a 1000000 dollars with me, with, you know, through through his parents in,
1:54 pm
in 2021. when i was at the national convention, i've been to every national sports collection convention, probably since the late 19 eighties are the average age was probably 20 plus years younger for the attendees that it was at any other convention. so it's definitely attracting a younger generation, which is great long term for the business. i know you deal a bit and you mentioned it, and i, we mentioned there at the top there the in f t. do you see that as a temporary fat or is this the future of these collectables? i think it is a, it is a future collectible. it's definitely not the future of collectibles on it, but it is, it is certainly a interesting market in 20211 that we have dabbled in one that we're looking to explore or greater extent in 2022. and, you know, you can argue with results. i mean, there are people that are spending money and there are people that are buying them
1:55 pm
. so therefore, as you know, somebody who deals and collectibles, we're looking very carefully of category. now you mentioned people that kind of want to get away from the traditional investments. maybe they don't have trust in the stock market, but when it comes to collectibles in even to f t's, do you see them as a good store of value here? or is there worry that there could be a bubble and that price is could come down significantly. i mean, for example, could that harness wagner lose 2 thirds of its value? if there are economic issues that impact it? i'll take the 2nd half 1st off. the 2nd half is absolutely not. in fact, the wagner is a truly unusual collectible because it's the only asset i know of that every single time tracing back to $19.00 oh $9.00. when the card was printed every single time, a 100 percent, that there was a sale of the card. it's sold for a higher price than the owner board. so if you treat the entire history, the cart, there is never one's been sale, were the owner of that car. and when re selling it lost money and this goes through
1:56 pm
all throughout the grades and for trading cards. you know, they've been around really since the 170, so this is not a new thing. this is a tried and true and tested on certainly some of the more speculative, modern issues and cards perhaps issued over the past 5 years on the rookies. you may get hurt or may not in out or more risky the same way that and if he literally can lose 80 percent of its value in a week. and that's kind of exciting to these people. i personally, i prefer things that are a little bit more a more stable and i like the hard asset collectives. i actually heard you speak into our director while we were in the break there and you were kind of explaining something to him. and you were mentioning like a new in box item and open to say a lego or a video game or something like that. but i got to ask a question, can, what's the fun in that, why we're going to buy some great toy and i don't get to play with it. what you do
1:57 pm
is you buy to, you know, i think i told people that if you, if something is produced purpose of being a collectible, ok, it's most and more often than that's not going to become valuable. it's the things that you do not expect. who would have thought that a, you know, in debt that a baseball card from 1920, at the time, or a comic book in 1939 am superman or batman would one day be worth 4 or $5000000.00 or a video game of zelda we're, we're married brothers would all of a sudden be $200000.00 or $2000000.00 or we recently sold a star wars v chatting. you know, many of these things. they put a store, an early print store was be a chest for over $50000.00. so it is the things you do not expect just like original apple computers for 1st generation i phone, you really never know what's going to turn around. so, you know,
1:58 pm
we all don't have them try it warehouses, but if you're buying something that could be a collectible and you can afford it by to open one of them and put the other one away for your kids and see what happens. i got about 30 seconds left, but what's the next trend next year that you might be looking at? i like your 1st of all, i like to sports flexible, one district. i like a comic book a lot. we've been getting into d h. s. and video games as well. so really things that the generation grew up with that are now in their thirties and fourties and have more disposable income. what they were doing is kids. that's always what you want to look at. who would have ever thought my v h s. collection might be worth something. can golden executive chairman at founder at golden auctions? thanks so much for joining us today. thank you for having me. and that's it for this time. you can catch boom, both on demand on the portable tv app available on smartphones and tablets. google play in the apple app store by searching portable tv, portable tv. you can also download it on samsung, smart tvs and roku devices,
1:59 pm
or simply check it out at portable. that tv will see you next time with ah when you listen to a sequence of tone and you think x is going to happen. you know, why happens instead of distinctive bringing responses and gauge that are relevant
2:00 pm
to how we experience reward and pleasure while listening to some people looking at this is a kind of music, is it kind of choreographing of our expectation? mm. a tonight, exclusive interview without t rushes for a minute to says moscow will react to a flagrant of 10 by berlin to block holidays. new german language channels of to europe's leading satellite provider removes a, it's at the request of the country's media regulator shook, and would it be new use? we cannot tolerate this any longer and we believe it is unacceptable. situation will go on. we'll have to respond to it. i love also question.


info Stream Only

Uploaded by TV Archive on