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tv   Boom Bust  RT  March 29, 2018 7:30pm-8:00pm EDT

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permian for nine point five billion dollars and the largest exchange in the world the chicago mercantile exchange group or c.m.e. group is buying u.k.'s any x. group for what is reported to be three point eight billion dollars plus japan's leading drugmaker to keda just confirmed it is considering a takeover bid of rival irish rival shire and while the data shows those large increases in mergers and acquisitions one large potential murder merger has actually been put on hold ascension the largest not for profit hospital system in knighted states and providence saint joseph health also a large nonprofit hospital owner has said that they will put merger talks on hold for now the merger would have created the largest hospital owner in the nation profit or not for profit while not noted as a reason for idling any merger talks some say that and i trust issues as have been looming and as a concern and we've reported here on the program front and center in some larger merger talks is and i trust issues the a.t.m. t.
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time warner deal that is currently being challenged by the u.s. department of justice in federal court on grounds the merger will violate and i trust laws. and american city has been under cyber siege for nearly a week and you may not even have heard about it i hadn't until just recently one week ago the city of atlanta georgia was the victim of a ransomware attack which immediately restricted access to certain computer systems and files unless the city pays cyber attackers fifty one thousand dollars in bitcoin those systems and those files within it were remained behind digital lock and key and potentially deleted we reach out to the city's director of communications asking if they had any leads on suspects and if they knew if any data had been compromised and they said quote we have confirmed that we know who is responsible for the attack however we have not provided any additional details or comment beyond that at this time there is no evidence to show. that customer or
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employee data has been compromised however customers and employees are encouraged to take precautionary measures to monitor and protect their personal information that sounds rather is ominous and here to help us out is cyber security expert in the founder of c.e.o. of vera software todd shipley todd thank you for being with us again what's going on with things it's so strange that not many of us even heard of it i know you're in in this space and i'm sure heard of it right when it happened but but tell tell me and tell our viewers all about what's going on todd sure barque thanks for having me on well i mean i first found out about it when still a reaction happened when the atlanta airport turned off their wife we immediately in the industry knew something was wrong because something was under attack it ended up being a response of action by the airport they didn't get attacked but it was the entire city of atlanta which suffered a catastrophic attack in the sense that all the systems were down law enforcement had to write reports the city couldn't get taken fines the court system didn't know
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who was supposed to be in court so was pretty. bad attack on the city and crippled them for quite some time so i had even thought about the airport that's totally separate from from the city that airports privately correct runs ok well that's at least a good thing that's the bart that's the impact that this thing is had it's not just a single event it causes a lot of other things to occur which people don't pay attention to how would you rate atlanta's response to this problem right it right at first at least todd. well i think it's typical it was an reactionary response they didn't understand what was occurring to begin with and that's evident by the fact that they had employees that were releasing information about the attack that should have been releasing information but it was very typical about what happened they didn't know what was occurring they didn't have a proper cybersecurity response plan or they didn't know how to implement it and things begin to rapidly occur where they didn't understand what was happening and
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their systems all got shut down and they were unable to deal with it at first they brought in people to help and that has brought them back to some degree of villainy to respond to community needs but it was a big impact at first and wasn't done very well i wonder and this may be sort of a juvenile question todd but i wonder if it's like you see on the t.v. shows where you know you get a ransom letter or the characters in t.v. or movie do it and they say don't contact the police or anything because i noted in one of the reports that there was a t.v. a local t.v. station that ran it and they actually at lana station reported the story and showed the link to the hacker is bitcoin wallet where the city would deposit the ransom and that link is now gone so even if the city wants to pay this ransom is there no way to actually pay it. well we don't know yet whether their grants them. where people actually has recontacted the city or not we don't know that for sure
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but in fact that was the problem their media policy didn't include telling the employees not to provide anything to the media and in fact they had a screenshot of that exact thing where it had their bitcoin address it had for email address that had the darknet site that they were supposed to go pay the ransom at and all of that stuff now is not there for them to do this so it became a problem because of how they end up being reactionary in this and not having a good policy about how to deal with the follow on problems that are associated with this kind of attack ok so i know your answer is going to be yes but give us some details the question is should cities and towns be where you about this and should they protect precaution and so answer about cities and towns and tell us about companies and individuals what do they need to do todd. well obviously this is important because this is not something that has changed an ongoing thing for a number of years now the tactics of change what's important to understand about this particular ransomware this is not
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a drive by kind of thing where somebody downloads some malware and it infects their system because they opened up a p.d.f. file or something like that on their system that's kind of a thing that that occurs but we've learned to defend against this this was actually a bunch of threat actors going out and looking at systems across the country and trying to find weaknesses and then breaking into those systems that are weak and then complaining those that malware within that system so it's a very different kind of attack so cities counties even individuals have to pay attention to make sure that they've got their up to date security profiles going on that they're paying attention particularly cities and businesses because we know that boeing is one of the ones that was attacked with the same malware that they've got to be able to go out there in understand what the threats are and put a plan together to respond to it we're never going to be one hundred percent secure but they have to be able to respond when the attack occurs in an effective manner making sure that they've got the right backups and systems in place so that they can really establish themselves fairly quickly after the attack and not be put down
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the way we've seen in the past where the way sony was and so many others were because they didn't have a plan in place that properly addressed this great advice tod as always todd shipley the founder and c.e.o. of various software thanks for your expertise thanks mark. and home sales begin to take off around this time a year but this year looks to be a little more interesting than others and longer term fundamentals of supply and demand may boost home prices housing markets in san francisco seattle las vegas have already seen some increases in home prices although last week following the federal reserve's open markets committee meeting in this subsequent raise of interest rates freddie mac. reports mortgage rates have reached four point four five percent further increases are expected later this year and will undoubtedly impact home purchases and here to
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discuss housing is cathy fifty the co-founder and co c.e.o. of the real worth the we're real wealth network i'm sorry and she's also the author of retire rich with rentals kathy thank you for joining us do you agree with the fundamentals that perhaps we are going to see higher home prices this year across the country there is a lack of inventory a lack of housing inventory because during the great recession which remember was only five six years ago at the depth of it builders got wiped out and it's taken a while for them to get back up and running builder fees are enormous and they've increased builder costs are up thirty percent so it's and there's not really a solution in sight yet to increase the inventory levels it's getting better but with that so much so much demand from new households of the millennial is coming of age and yet not the supply so yes i do think we're going to see continued increases
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in housing costs and are there for specific geographic areas where you know we're going to see this more witness than others are some of the metropolitan areas or is it all over. it's really well there's two generations that we have to look at their someone else they are the largest generation today and then there's the baby boomers who are the second largest they used to rule the the economy and now it's really the millennial because there's more of them so what are the baby boomers doing they're retiring ten thousand a day are retiring and they're moving somewhere where they can afford to retire and that hopefully has a nice place for that is a vacation type place so florida will continue to boom as more and more people move there and texas as well these are the two top states where we're seeing migration but then you've also got these millenniums who are just starting out in life and so they're going to be going where the jobs take them and we're seeing massive growth of course in seattle portland denver san francisco l.a. new york miami these areas will continue to boom until it just becomes so on
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affordable that that companies and those people begin to move out of town kind of like what's happening in california there's more people moving out. you know but we just had a guest on top shipley and he's in reno and reno is actually a place where people are moving from from what palo alto and that area to reno is that correct yeah that's right our company is actually building two hundred fifty homes there and we're not even close to the number of homes that are needed there's about sixty five hundred new homes needed every year in reno because so many big companies are moving their google amazon you've got tesla battery facilities there and and switch so and lots and lots of high tech companies because we're only three or four hours drive from the silicon valley but in reno it's a whole different whole different economy much more affordable i'm just curious it's changing it seems like a double whammy one you got the supply and demand fundamentals of less housing
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available so prices will increase and we're seeing interest rates getting higher so is there anything to be optimistic about as a potential home buyer kathy. well if you're a homeowner you're seeing your prices rise so that's always nice but a home buyer they're getting squeezed and both the both sides the home prices going up and interest rates going up we have to remember that a four and a half percent interest rate is still really good and historically very low so lock it in while you can and home prices while there are a ball of it in many places there above the last high the last peak of two thousand and six if you adjust for inflation inflation it's really more like two thousand and four levels where we are today so in many parts of the over the country it's still believe it or not it's still cheaper to own than to rent and you lock in that payment for thirty years whereas we know that rents are will continue to rise so if you can do it do it great kit kat the i want to thank you would love to have you
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back again to talk about international housing and also about air b.n. b. and some of the home away etc lots of cover in the future kathy fact the c.e.o. and co-founder of the real wealth network thanks for joining us. and time now for a quick break but hang here because when we return we'll talk about how blocked and crystal currencies argue centralizing the financial sector with your wanly the founder and c.e.o. of next age the financial social media site and as we go to break here the numbers of the closing bell three green arrows one stock and good point is down by roughly seven and a half percent over the last twenty four hours will be right that. the most expensive fish in the world each one selling for the tens of thousands of euros it continues to grow its entire life if it was thirty years old you might
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have a two ton fish out there and yet they don't get that big today because we're way too good. it's only. the remnants of a much larger mission was once there was much more widely distributed we have politicians that are in office for a few years if they get reelected everything is very very short term our system is not suited and is not cleared for long term survival and that's why we have the catastrophes. you understand. it's just the two charts overlay them one is the us dollar one is the big prize as us dollar has moments of strength in the otherwise long multi decade bear market to oblivion you see a pressure on big going as dollar were soon just bear market and its new all time lows on the dollar index below seventy you'll see it going at a new all time highs but the dollar is the devils currency the dollar is different
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currency that supports the establishment that supports the charlatans and you know it does have a strong days but the trend is dizzy. time about email best of the entire game i need them i get. them but then again. and again and i mean by the men my money i've. been thinking of moving to india again in full in the us have them and you can see so if you want. to get a new boat and actually get at the way i've seen a good deal like the city because the. patient is fulfilling and hopeful you can think cool by using chokeholds oh wow.
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which. welcome back president donald trump criticize amazon on twitter today saying the online retailer pays little in state and local taxes exploits the u.s. postal service and puts retailers out of business that was nice emmas and use various tax break to pay no net federal income taxes on five point six billion dollars in profit in two thousand and seventeen according to amazon's security fix change commission filings cited by the institute for taxation and economic policy or i tap i type says amazon paid an effective tax rate of eleven point four percent
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for the previous five years amazon also got a tax cut from the trumpet ministration amazon can now pay only twenty one percent instead of thirty five percent in taxes on deferred profits and a break that amazon has valued at seven hundred eighty nine million dollars amazon did not collect sales tax for years giving it a critical advantage over real world retailers and only began collecting sales taxes in all states in april of last year also amazon does make use of local paid non-career u.s.p.s. employees called city carrier assistance to enable its sunday package deliveries as part of a special negotiated services agreements and is on founder jeff bezos as the world's richest person with a reported that worth of over one hundred billion dollars. and poland has officially approved a four point seven five billion dollars deal to buy patriot missiles from the u.s.
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arms manufacturer raytheon the polish president hailed the deal as a extraordinary historic moment in public in a public ceremony. yesterday raytheon is committed to delivering two patriot batteries to poland in twenty twenty two and negotiations for more purchases are indigo shaken currently more mania sweden and switzerland have also bought patriots in recent months raytheon will still have to compete with lockheed martin and european firm m b d a for the prize of a missile defense system in germany while germany picked a system made jointly by lockheed an m b d a three years ago no contract has been signed. and royal dutch shell has contacted regulatory authorities in the netherlands about a former senior executive peter robinson who may have received kickbacks from the two thousand and eleven sale of company interest interest in an oil producing area of nigeria mr robinson previously served as shells vice president for subsaharan
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africa this is not the first instance of potentially problematic criminal activity for mr robinson he also is a defendant in one of the largest oil related corruption cases ever where he is facing criminal charges in italy related to yet another nigerian oil producing area that trial is set to begin in may. and ratings agency standard and poor has doubled its estimated growth of south africa for the year amidst the transition of power to new the new president and increased investor confidence but s. and p. still considers south african bonds in junk status for ratings purposes a designation which denotes continuing uncertainties and exposure to adverts business financial and economic conditions garner ramaphosa is the new president who took over from jacob zuma in february africa's experience four years of zero per capita g.d.p. growth.
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and with the advent of block chain technology. geez and crypto currencies how are they impacting the financial system our next guest says decentralization of finance is on the way joining us is joulwan leda founder and c.e.o. of next change the financial social networking site and full disclosure i serve on next changes advisory board but we don't want that to stop you from seeing and hearing one of the best financial minds out there on these important and emerging technologies and you want to welcome we've waited for you on this show for a while i know you're a traveling man and in concord on the lot but we're pleased to have you finally live from new york so you've been going all over the globe talking about how blocked chain and crypto currency is or decentralizing finance give us the one hundred thousand foot view and you want and welcome well it's great to be here bart . financial services disruption and. evolution is coming in many different
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ways we all know it from robo advisors chap in fancy applications but what's underlying some of the interesting evolution is coming from blotching cryptocurrency is already having a profound impact because. basically is a distributed ledger and it really eliminates the middleman is providing a number of opportunities in financial services where the impact is very large we see a lot of talk about blocking but in fact the actual applications and executions actually happening in financial services now there's a lot of fits and starts on with the large financial institutions you used to work at one yourself but are the existing financial institutions out there taking block chain and cryptocurrency seriously. well i think they're taking it very seriously if you look at the latest polls. that banks are actually in two thousand and
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eighteen ninety one percent have planned to invest in block chain and last year and twenty seventeen fourteen already have planned production so this is actually real in the financial services area and where we see most of the actual applications are with private chain banks financial institutions want to be involved but they want to have control so private blog chain is one of the major areas that they are involved in well that maybe when you say private block change you won that may be why we still don't see the major banks sort of outwardly supporting any particular crypto currency we all know what jamie dimon said about bitcoin but why aren't you seeing it be a bear investing as you say ninety one percent they think it's in the future but why are they talking about it or is it just because they're private no i think what it is is not just banks governments are the same i look at what's happening in
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block chain blocks chain is is very much talked about the actual technology is promoted however crypto currency is a little bit more sensitive issue because the actual currency what will be the form of it in the future is still relatively unknown so i would say banks and governments are a little bit reserved in what their opinion might be we just proven that you are in new york city by the way with sirens in the background and a honking horns he's not in some box some places in new york you could tell from the sound jawan we have seen the crypto market capitalizations scaled back a lot now it was up a lot too but but why do you think that is are there some concerns out there now. well it's kind of the natural evolution of any asset class you have the ups and downs and what we saw was a dramatic rise in two thousand and seventeen and they probably from mid december
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to decline now of sixty percent so this is still a small in size in terms of asset class because if you look at the total market is actually less than the market capitalization of j.p. morgan and if you look at the theorem it's about the same size of morgan stanley we still have a long way to go to determine what's going to be the actual market capitalization so i would just stay tuned right and used to manage a lot of these sorts of things and in the past in your former banker life what you want we've had a bunch of great crypto guest on the show here on boom bust are i'm particularly fond of a report khan who calls herself the crypto queen i call her the crypto queen and it's also olga feld meyer who we'll have on the show back soon she calls herself the bitcoin queen of switzerland and olga says that switzerland is going to be the new palo alto of crypto but others want that designation to which are the hottest areas prescript o.
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and block chain development geographically. well when you actually look at the data we looked at. and when you look around the world the hottest areas are in san francisco and london projects in san francisco focus on largely the areas that are interfaces with lock chain exchanges and wallets in in london is focused on most of the projects related to the theory i'm such as identity management and also smart contracts and and the next. largest markets are in new york and also in china so i must actually respectfully disagree that the actual development the actual skill developers are not are not in all of the largest sizes not taken place in switzerland well you know what they say is when you eat if you don't have a lot to say say it loudly and what will be asking all go about what you what they
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want to do and then the regulators are certainly trying to be a proactive over there but you want look into your crystal ball and how do you think finance will be changed through decentralization except if you look for example i don't know three or five years from now what will look like. well i think it's going to be varied and let me start with just financial inclusion it's not just about the sophisticated technology financial kluge in is a very important part of block chain because this is a three hundred m. billion three hundred eighty billion dollar industry where it's about closing the critical app for small businesses and also bringing adults that are not a part of the financial system into the financial system and elevating their spending so that's a very important part of what's happening with large chain they will not the people in the emerging markets will no longer need branches they will be able to do everything on mobile phones and have settlements very quickly while i also see is
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evolution in terms of the actual cryptocurrency market ameri bodies talking about can crypto currency be feel currency there are number of examples of of this already but mostly are in token form we saw what's happening in venezuela with the peytral but what we're going to see i believe in twenty eighteen and probably twenty ninety a major central bank a crypto currency as fee our currency not because our economy is in demise but more about the fact that it is a currency that is going to be use because it is cheap to use you can control crime and it's accessible to everyone you want to lead a founder and c.e.o. of next change the financial social media site we're glad to finally have you on we hope you'll come back thanks for being with us you won thank you bart. and thank you for watching be sure to catch boom bust on you tube at youtube dot com slash
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boom bust r.t. and we'll catch you tomorrow goodie. if i'm insurgent on a terrorist group enjoys forum sanctuary move no matter how much money to be put on a show you put all new there they will be in one way on to. read hibernates themselves to come by the time it would be like counting days i'm not taking the loops. on that are the boys so much all of them mama. i don't mind the little bit of the best song at all the. young read
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what she quote is behind such success. russia expels sixty u.s. diplomats and shuts the american consulate incident they just copying washington's move over the script all case while the state department says it was that of the rights to respond further. sources close to wiki leaks say the ecuadorian embassy has brought julian a saunders internet access to stop him tweeting about catalonia and design a vivienne westwood says he must get online. it's really important that he's got i access to the world but only it. manages to do. and netflix users threatened to boycott the online entertainment giant as it appoints former president obama's national security advisor to its board of directors.


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