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tv   Boom Bust  RT  September 2, 2017 1:29pm-2:01pm EDT

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a rush as well by customers to get those tanks filled the impact of harvey has production down every fineries by about seventeen percent this price gouging comes with a heavy penalty to gallagher's and as the misery continues you can expect more cases of this now according to the texas attorney general's office one convenience store in houston reportedly charge twenty dollars for a gallon of gas eight dollars fifty cents for a bottle of water and ninety nine dollars for a case of water which brings us to best buy forty two dollars was charged for a case of water during a hurricane well it hit social media and corporate and then chimed in it tweeted. first this was clearly a mistake in a single store we feel terrible about this as a company we are focused on helping not hurting people affected by this terrible event we are all deeply sorry that we gave anyone even the momentary impression we were trying to take advantage of the situation now a dozen federal and state agencies are banding together to investigate and
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prosecute these wrongdoers. gold saw a nearly four percent surge in august it settled above the key thirteen hundred dollar an ounce level in each of the past three sessions closing at around thirteen thirty and forty cents today we got our closely watched jobs report also today it was lower than expected along with some lackluster wage growth august was the eighty third consecutive month of job growth in the united states so the debate continues as to whether the fed will make the move to raise interest rates at the end of the year even in light of low inflation readings so the bureau of labor statistics has released that report as i mentioned but the unemployment rate moved important to note four point three to four point four percent and there were one hundred fifty six thousand new jobs created the jobs figure however was well below what many expected joining me to discuss this let's bring in my guest former u.s.
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attorney commissioner chilton. we've got a busy week you wrote a very poignant opinion editorial yesterday fox business on gas prices and hurricane harvey plus another one for sandy fantastic reform let's talk about those in a bit because they relate to the economy but for its what's your take on these job numbers well they're not as good as that people had anticipated linsey people intice a paid one hundred eighty thousand as you said one fifty six in addition the previous two months were revised down twenty thousand and twenty one thousand jobs respectively i mean last year we were talking about how great it was that two zero nine hundred ended up coming down to one in eighty nine but overall i mean we still seem to be on pretty positive footing all right well that's good to know it doesn't seem too bad so you know august didn't really measure up to the expectations are still pretty positive right now in august tends to be slow anyway that's true and
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if you look in the details of the numbers i mean manufacturing jobs were were up thirty six thousand new jobs in manufacturing twenty eight thousand new jobs in construction and really the last leader were state and local jobs with seventeen thousand less jobs but but overall i think we're looking good on jobs i mean we continue to have strong solid performance the average for the last three months is one hundred eighty thousand jobs so we're doing well i mean people were a little bit taken aback but will still make some some progress ok so right now going forward what do you think we're facing not just with jobs but economic growth well i mean we had a one point two percent first quarter gross domestic product that we were you know not real thrilled with that and then as you recall the second quarter was two point six percent that was just revised up as you reported last week to three point zero three percent which is is great if we continue continue but looking forward some of
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this is going to be really tough to gauge because of hurricane harvey i mean the jobs data will be real. tough to get the stuff that came out today was all pretty hardy that all the data was pre hurricane rb so it'll be tough to figure out what's going on and some of these numbers coming forward will be a little bit on woolly and the same be true for g.d.p. but i don't think given what we've had so far will see any change when the federal open markets committee meets and middle september i don't think they're going to be raising rates then they may not even be raising rates at the end of december right the c.m.e. group has a gauge on whether or not they think they're going to raise rates in december and only thirty percent two percent of the that people think that they're going to raise them but overall positive on the economy but because of harvey we don't want might not know some of the numbers right and a lot of people are talking about the cleanup efforts like those jobs absolutely that massive absolutely want to get to the. economic impact of harvey
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your op ed you talk about the gas crisis on the rise what's going on and how might it go it's kind of counterintuitive for people to understand the oil prices for us the gas price of oil prices sensually been down in the month that gone up in the last couple of days i think that settled at forty seven maybe thirty seven today up six cents from from yesterday but the gas prices continue to be on a real surge they've risen since we spoke a week ago before harvey was having we could go to day friday prices have gone up sixteen cents to the average nationwide prices to fifty right now and you recall that i said they could be as high as thirty cents well in d.c. this morning i saw they were forty cents higher so we're seeing more and more increases some of the refineries which is the real problem in corpus christi have come back online. brought to refineries online valero brought a refinery on line there's a couple in port arthur that are still doing assessments at the same time in lake
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charles louisiana they've slowed down some refinery production so it remains to be seen how high they will go nationwide average but as i said you know people should be filling up their cars that are long lines in texas but you know everybody fills up usually for labor day weekend but they want to avoid the price increase save a few dollars i'd fill er up now right hurricane harvey the numbers we're seeing right now is that it could add up to be the most expensive natural disaster in history will congress actually provide this disaster assistance as much as that means because a lot of people are liking not only at the at the disaster assistance but the economic growth impacted by the storm people thought katrina it couldn't get worse than katrina and this is going to be exponentially worse yet you saw a couple of things there i mean great incisive question so on the disaster aid front just within the last couple hours the president announced with. the vice president at his side that they are going to request five point nine billion
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dollars which is a good and welcome thing but like you're like you're indicating treat it was one hundred billion in federal sat and so it's a drop in the bucket to what's going to be needed now if you compare the two harvey will be sources suggest the most expensive natural disaster in our history at one hundred ninety billion dollars katrina was one sixty and when you compare the things and you say why were they so different one i mean houston is just bigger it's the fourth largest city and new orleans's you know like the fifty largest city four hundred fifty thousand in new orleans versus two million and the economies are more diversified and right and so in katrina it was really there there commies really was built on tourism and retail but in houston it's energy as we've been talking about story it's industry and it's also medical research so there's a lot of differences between the two the other difference is that people will
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probably be returning to houston because the it's a wealthier city and town in general they've got high priced homes and they want to come back to i mean a lot of people in katrina when their houses got damage and they didn't have insurance not just bailed and headed for headed north to avoid having this stuff happen right future so big differences between the two let's talk about other words trump has sat out wednesday he gave a speech in missouri mention tax reform let's listen to your thoughts on these clips that are with us that is why the foundation of our job creation agenda is to fundamentally reform our tax code for the first time in more than thirty years i want to work with congress republicans and democrats alike on a plan that is pro growth pro jobs pro worker and pro american so this is our once in general a. aeration opportunity to deliver real tax reform for every day hardworking
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americans and i am fully committed to working with congress to get this job done and i don't want to be disappointed by congress do you understand. moving on to treasury secretary of state no chen said more details will be coming out later this month he called it a blueprint conduct of national economic council said that the administration has been working with capitol hill for months on tax reform a year out however this has not been enough and i think a lot of people agree with you know by well i mean all they've done is one page and if you think that the president provided more details in his speech in missouri he didn't know there was nothing new a matter of fact he gave less details and you heard in the clip you played i mean you know pro growth pro jobs pro america i mean of course everybody is in favor of that i suppose you could i'd have built it why you would have been appropriate to
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but his his what he's offering is more like crackerjacks in that we may get a surprise when it comes down he said congress has to vote for tax reform he said if democrats don't vote for it they should be defeated yet there's no there there i mean where's the b. remember the old commercial sort of there's nothing that's been said now in fairness for your viewers who didn't look at the remarks he said a little bit more but again not very detailed he said what he wants to have corporate tax cuts he wants to make the tax code more simple he wants to have some middle class tax cut all we didn't give a number on the corporate side he said drop it from thirty five down to fifteen so we know what he wants to do on business but for average folks he doesn't know how low it can go and then he wants to repatriate some of this money so this is the money that company said all right he's bringing back a lot about on the show bringing that back you know to lower tax rates so all of those things are what he's called for but quite frankly what i said in my c. and b. c. it is. action plan should be just get out of the way i mean he is so damaged at this
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point in dealing with capitol hill he calls the leaders names. he's the bully bellicose behavior is just he's become really a non energy on capitol hill and so good work for i don't want anything negative of course about steve minucci in the secretary treasury or gary cohen they're doing good service they should support the hill run the budget numbers but let these guys mitch mcconnell and paul ryan in the senate and house respectively do their job of collecting votes they're good at it despite what the president tweets yeah fat chance to think it were expecting any unusual action plan wishful thinking no i do because right now for the negative on that you're not going to give us any sunshine now it appears the bottom line secretary newton said it could be done at the end of the year and since may i've been saying i don't think there's i think it's zippy due to chance they could get it done next year at the beginning before all the ruckus and rebellious campaign rhetoric starts so we'll cross our fingers for that hour i thank you so much for me. quick break now stick around though when we
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get back after two years alan dupont become one and the stock market and how that amazon got in trouble with the solar eclipse going to tell you went on that as we go to break here are the numbers because i'm down. with the make this manufacture consent to the public well. when the really close isn't protect themselves. but the flames go around the sun we don't know. we
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can all middle of the room six. million real new. welcome to the wonderful world of blood donation. come here every three weeks to get my transfusion to be specific i receive in. my body gets and support is that i cannot produce itself around the world giving blood is seen as a symbol of generosity and does this because it helps people it just says one of the side effects is that it. put money on your car. half of all plasma based drugs today come from private companies and are produced from paid plasma a small. role. and. one of the risks of paid donation.
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there is proof that the frequency of pathologies is much higher paid. if i would fly. over two years all. the money. and who runs the blood business. the two thousand and eight economic crisis turn some countries into pigs these are the countries with we can recall them is that needed austerity policies if you are in a situation or even the recession austerities a very bad idea it doesn't work it makes millions of people very unhappy those who are unemployed see their wages decline almost a decade how good are the results she saw. a. big deal. they've been in full view she still clematis i mean to for
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legal. challenge must. think they see something and not get it. while the same mission is still in place who one of the consequences is to weaken bluebirds food dismantle the will first one this is the truth the consider this is the consequences are actually quite acceptable to the decision makers. would you have for breakfast yesterday why would you put those through. your wife or two dogs why do you need them that was your biggest fear i could have been going to a right wing so less trying to read
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a book or just say if you ever met the pope has the best quarterback for exploring the topic so simple. now i've interviewed you to question more. well it's been a long road for the lawyers behind a massive one hundred thirty billion dollar merger nearly two years in fact but now two chemical giants dow and dupont have cut the ribbon in fact they stopped trading on the stock exchange a separate entities on august thirty first but the closing price of sixty six dollars fifty five cents it opened at the same price in the following session under the new ticker symbol d.p. the plan is to carve out three independent publicly traded industry giants encompassing agriculture materials science and specialty products savings are
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expected within two years after a projected three billion dollars slashing costs it bolsters hope that dow dupont will see a bump in revenue by one billion dollars annually. and the peak of globalized trade has likely passed so says the c.e.o. of the world's largest sovereign wealth fund. the head of norquist bank investment management which holds one point three percent of the world stocks so the global trade may have hit he calls an inflection point brought about in part by populist protectionism policies by leaders such as president donald trump trump is head out of china and accused it of flooding the market with cheap goods which lowers the value of american products she says the only two economic powerhouses that matter are the united states and china the move would escorting him her allies and someone say it could start a trade war. canada's
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economy is red hot with a surge in consumer spending driving that country's growth predictions of a slowdown are being tossed to the table as economists begin to revise their numbers after a positive g.d.p. report march's alex when i went to center on to with this story alex sometimes not so great predictions to a better than expected reality here what's happening with canada's economy we're going to expect the celebration of four point five percent driven by consumers believe it or not this is putting care about at the top of the group of seven nations right now on performance when it comes to the economy to the g.d.p. here's a chart just show you just how it goes through the roof or you know not too bad right now there you are as growth was the fastest in six years of top of the three point seven percent average forecast from economists up the nation's benefiting from a mix of things we're seeing internationally speaking we're seeing growth globally
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as well as the fact that trade volumes have gone up domestically there's a number of factors that have come into play with the bottoming of oil prices for example that was something that canada was quite afraid of the oil industry's going to go. because of everything what's happening with oil really hasn't had that much of an impact on the nation oil prices are actually your production at least is going up a bit in canada so that has raised this positive trend or at least assisted it now federal deficit spending some people say it's good some people say it's bad well government spending tons of money and guess what that gets injected to the economy and moves things forward all those somewhere down the road people probably have to pay for it rising industrial production is another one and a house prices you know we've talked about those many a time in toronto a big cooper yeah some people are saying dow the bubble has burst in trauma bay goober you can call it a bubble bursting or you could call it a simple reset when prices were just basically going through the roof and not necessarily at a pace that they should have been looks like an economist are taking it as
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seriously as a bubble bursting so in that respect again things are looking but let's talk about the household the consumers this is the big one so their housing houses are house values have gone up which is a bold in them as well as the fact is the jobs market is pretty steady here in canada all that put together you know first quarter we saw four point eight percent growth four point four percent now in the second quarter that's the first time we've seen anything like that since the two thousand and eight recession so it's all positive numbers and it's really pushing the economy forward ok so the final analysis by economists based on this report is pretty stellar money they say but you know a lot of us were saying they were saying that there's are going to be a drop of two percent net and now they're fixing their books and saying hey you know the things are looking good i guess we made a mistake when be the first time economists make a mistake when the banks or the banks are reacting in a positive way simply because we saw the interest rate the first of many years here in canada just
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a month or so ago and now we're hearing that probably next week we're going to see another point to point to five percent interest rate just because of the way the performance is going this is a c. i b c prediction and it. we will hop in and we might see another interest rate jump in two thousand and eighteen sometime so the banks are looking at it in a positive way the canadian dollar schoolyards which is another positive thing economists say you know like i said we're predicting a slowdown this isn't happening that way so these numbers what we've seen in canada is for the past five years sub three port a percent growth so if these numbers the study to the end of the year will see a three percent plus growth in this country and believe it or not five years we haven't seen anything like that since one thousand nine hundred twenty six in this nation so this is actually pretty big that this cycle is being broken wow those are some impressive numbers and good news for canada thank you so much alex we have is joining us from toronto thank you.
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amazon has been hit with an eclipse rated lawsuit the white house is trying to stop a russian oil company from buying a major refinery and the national labor relations board is going after test. has more on all of that for us right now about a week after the solar eclipse occurred amazon was hit with a lawsuit regarding allegedly faulty glasses a couple in south carolina filed the lawsuit on tuesday claiming the eclipse classes they purchased on amazon damaged their eyes they reported headaches i watering and vision pearman including blurriness and distorted vision earlier in august amazon started emailing customers about potentially unsafe classes that it couldn't verify but the company didn't say how many were up for sale or name the vendors and so far no comment has been issued on the lawsuit the way our trying to do all it can to stop the russian based rust off from taking more stake in citgo
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even though it's a u.s. based firm it's own by venezuela which has recently been relying heavily on its allies for help in return for a one point five billion dollars. loane venezuela was ready to hand over half of those shares to us now but not of the trumpet ministration has anything to say about that rosneft has been sanctioned by the u.s. for years now ever since sanctions were imposed regarding the conflict in ukraine meanwhile the head of ross nuff said he has no plans for a takeover. and tesla looks like it could be in trouble with the u.s. labor authorities on thursday the national labor relations board filed a complaint over unfair labor practices according to workers' complaints employees had to sign confidentiality agreements that prevented them from talking about working conditions tesla has since denied the accusations and has until september fourteenth to formally respond to the claims. let's talk more about this test
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a lawsuit what are workers claiming specifically happened so the biggest thing here is that they had to sign these contracts that prevented them at all from talking about conditions at the. california plant that's where a non-disclosure sort of going to. plant they couldn't even talk about any safety concerns that they may have had and a lot of these workers are alleging that they were even threatened by management with being fired or even being sued if they broke the agreements and that contract so this particular lawsuit was filed by three workers from the california plant and the united auto workers which is a union that for a long time has been encouraging test. to unionize much to the dismay of c.e.o. elon musk and upper management but based on those response which is that they're saying that these workers are just lying it looks like this will actually head to the courtroom and won't be settled outside of court well it sounds like with non-disclosure agreements it's more like you can't run to the press it seems odd
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that they can't take it to the higher ups but is this connected to these other work or claims from earlier this year because tesla is no stranger to this stuff yet so this started back in february with a. one worker actually working writing a blog post about this particular worker agreement and it caused a you know huge media storm and a lot of drama at tests and responded he said each of his claims are false and that he's lying but on top of that he also said that he was really trying to make the quality of the work life better in the future he promised to create a free frozen yogurt machine at this plant also said that he was going. because that is obviously what they're most concerned about he also said he wants to create an electric car roller coaster throughout the plant for them to get around so this is such a millennial situation trying to improve the quality is regardless of whether or not their claims are actually true apparently he wants to he wants to help right i
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got to ask you though do you think people are really going to feel too bad play the violin for these tesla workers a lot of people would like to work at tesla and it seems like the really going to hash out what these safety situations were before people start to go oh it's it's really bad it's not like they're alcoa like an aluminum plant you know what i mean i think it will really depend on if this actually goes to court and if we learn about what they were let's get we need to know what specifically they're complaining about but that really is the argument he says you get paid way more than most u.s. auto workers and you know to be complaining about seventy to one hundred thousand dollars a day or versus you know just a small manufacturing plant in the middle of the u.s. like there are a lot of i must say i want to visit a slippery when wet sign that wasn't put down or is it operating machines with. components uncovered i mean i'd like to see what the what the stuff is here but in other news the hyperloop it one must hyperloop just hit two hundred twenty miles
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per hour a court of public opinion might not side with them interesting to see the details on that thank you very much been best. ok it's time to talk back this week we've been inundated with talk of a fed rate hike is it going to happen when by december how jittery is the market actually over this how is gold affected obviously it's going up but what's next what about the weak dollar it goes on and on it seems every economist of course has their own point of view on top of all this we've got a good but relatively weaker jobs report with lower inflation than we've seen in actually quite some time so let's push the experts aside and let me ask you what do you think do you think the fed will actually raise rates on us you deserve to be heard on air so hit us up with your thoughts and analysis on twitter or at e-mail or with.
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going to be taken into the afterlife that's a lot of people from the future are now arriving in the present like he's able to pay for his very into the present using bitcoin he doesn't talk about it much because he's already considered to be quite a strange man but you know that's the truth. it was a. spliff it. was time we. each one of them carrying twenty if you will. drugs. they just step. is the main thing. they have
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this is the this is for me. if. i don't know don't. make or. break. for not one. muscle in the dubrovnik in venice i will fix travel destinations so it must be nice to live or is it. crowds of tourists disrupt the city's economic and social life in them and
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hopefully before this on the celestial get out of them all such as the traditional . sun us comes by you sometimes see them as we don't mind a school but there's a. mile of cities trying desperately not to collapse. the profit of what goes up will probably go on the dole coffee cup at home in the bushes up the on some snuck up the suppose it's in the unit. to. buy. is a tourist phobia fulfill an identity. here's what people have been saying about reject. this is just. the only show i go out of my way to launch you know what it is that really packs a punch oh yeah mr john oliver of r t america is doing the same. apparently
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better than. the c. people you've never heard of love back to the night president of the world bank. sent us an email. breaking news story russian diplomatic sites in the us including russia. have officially closed by the us they did bomb. shells and covered those these all the pictures that i. can see film. one of those now closed probably seems russia's trade mission in washington d.c. . the counterterrorism chief has revealed britain has the highest number of islam is the extremists in all of europe.


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