tv Boom Bust RT March 31, 2018 8:30am-9:00am EDT
we grew by seven point three percent year over year in the fourth quarter of last year that figure be what many considered an already upbeat expectations the seven point four percent compares with twenty sixteen g.d.p. rate of three point two percent. and e.p.a. administrator scott pruitt has set a plan to for a major rollback of the corporate average fuel economy standards known as cafe standards to the white house for approval the fuel standards regulated by both the e.p.a. and the u.s. department of transportation seek to have a fleet of u.s. vehicles less dependent upon fossil fuels which caused global warming and could you know have problems for the country and the world with no specific numbers they're believed to be contained in mr pruitt sixteen page outline regulatory and industry experts expect specific deep cuts to the miles per gallon rule requirements later this year administrative pruitt's move sets up a legal fight with the state of california interestingly which has
a waiver under the clean air act to an extender it's higher than the federal cafe standards while auto industry leaders are pushing for the rollback of the u.s. standards experts say one unintended consequence could be the defacto creation of a second u.s. car market in california and the twelve other states that have moved in sync with california on pollution standards as one commentator noted the auto industry could be like the dog who caught the car and end up having to produce two different fuel efficiency rated vehicles. and at sun has failed to block an investigation by the attorneys general of new york and massachusetts and to whether the oil giant effectively defrauded investors the u.s. court of the a a u.s. district court judge dismissed the request from exxon to stifle the inquiry and called the allegations of bad faith by the attorney general's a quote wild stretch of logic more i healy a message. who sits and eric schneiderman of new york are pursuing evidence
published in the l.a. times an inside climate news that exxon publicly dismissed climate change while internal documents found the risk to be real and serious schneiderman's investigators have filed documents in the case that say that they show exxon used two sets of numbers to actually describe the possible proxy costs for greenhouse gas regulation one for investors and a second one for an internal corporate use. with taxis are just around the corner many americans may be scared of a certain three letter word or but this year americans may not have to see them as much here to tell us why or to correspondent joins us welcome in zero eight are going to be with you again as the dreaded tax day creeps up on americans this year more of us can rest easy because your risk of getting audited has dropped
significantly due to the i.r.s. cutting approximately one third of its audit unfortunate staff audits are way down across the board for all income brackets but most dramatically down for those very high income earners those making a million bucks or more they saw a spike in audits back in two thousand and ten to eleven shortly after the great recession and the housing crisis about one in ninety americans were facing audits a few years back but now it's looking more like one out of one hundred sixty people those are the lowest number since two thousand and three and now the cash strapped agency is going to have an even harder time performing their duties to keep up with the work flow that will stem from president trump's newly minted tax reform passed in december of two thousand and seventeen meanwhile the i.r.s. is asking congress for a three hundred ninety seven million dollars cash infusion to the remainder of their twenty eight hundred fiscal year their budget citing that they need it to hire at least six hundred more full time employees and say that at least a thousand of those people are going to be needed to respond to the four million
additional phone calls and taxpayer correspondence that the agency expects to receive due to that new tax law but more than ninety percent of that money will be spent on i.t. upgrades and other taxpayer assistance programs however the trump administration has other ideas in mind for another fifty eight hundred jobs that they're likely to cut that they deem obsolete this has triggered a response from the national treasury employees union which represents about one hundred. a thousand federal workers they say this quote this is an unsustainable situation for the agency that brings in ninety three percent of the nation's revenue and it will worsen with additional cuts proposed in the administration's twenty nine hundred budget out of the union president has testified before congress recently asking lawmakers to reject the administration's proposal in a statement the i.r.s. says that they have collected more than three point four trillion dollars that's with a t. and processed nearly two hundred fifty million tax returns and other forms last
year not to mention the over one hundred twenty million individual income tax refunds that have totaled about four hundred thirty seven billion bucks so bart a lot of folks here applauding this downward trend on audits and millions of americans will see a greater refund next april due to these new truck tax cuts no no telling what might happen with the agency if they keep this up and they can't keep handling the work flow with the shrinking budget well as they say manila the more workers there actually bring in more money right but heaven forbid if i'm calling for more virus agents but the economics are there are key correspondent manilla chen thank you very much. and for more on this we're joined by c.p.a. victor theory of commerce e.p.a. who specializes in helping taxpayers with texas issues related to bitcoin and other cryptocurrency is a big thank you so much for being with us what do you make of the i.r.s.
dealing with crypto currencies now we saw that request from point based last year where they saw all those records but what's happening with those and are people going to have to report any gains on crypto currencies for last tax year. yes they will actually give us some that on my firm you know we have a lot of the currency traders hedge fund clients i c.e.o.'s mining clients and you know i get that question quite often from people and the fact is that a couple currency is treated as property so when one person trades for another for a ripple for example that's a tax of all of that and all this is it's all recorded on the exchanges so if people are not reporting it then and the exchange reported to the i.r.s. that could trigger an audit so it is a taxable event so people do have to people are responsible for reporting their taxes accordingly. so they are different matters people can use to
minimize the tax liability and you know to get proper consulting but that's something that should speak to the sea minimize their overall debt is a liability right now because it is that we're saying minimize their overall tax liability but is there something specifically that those who are invested in crypto currency can can do for example. if they are if we if you are investing in for example an exchange that is overseas say it's coin check or some exchange that's not trading in the u.s. like coin base will that necessarily create a taxable event do you know that are not. we're going to pause there and get the answer later on that we've lost the last bit but the time now been for a quick break so stick around because when we return we are once again joined by the bitcoin queen. held by or smart ballard and as we go to break markets are closed on friday so there are no u.s.
market number but here's a quiz for you what percent of banks are investing in walking change is it thirty three percent fifty two percent or ninety one percent if you watched our last broadcast you might know this one the answer after the break we'll be right back. to others financials and language today was all about money laundering first to visit this industry different. oh good this is a good start well we have our three banks all set up here maybe something in your something in america something overseas in the cayman islands or do we do all these banks are complicit in their tough talk or say we just have to give mccomas a camera to do some serious money laundering ok let's see how we did well we've got a nice luxury watch for max and for stacy oh beautiful jewelry and how about. luxury on one bill for max you know what money you want to hire. so much guys
of course. the most expensive fish in the world each one is selling for tens of thousands of euros it continues to grow its entire life if it was thirty years old you might have a two ton fish out there and yet they don't get that big today because we're way too good at catching. it's only women themselves a much larger mission was once there and that was much more widely distributed we have politicians that are in office for a few years they have to get reelected everything is very very short term our system is not suited and is not geared for long term survival and that's why we have the catastrophe is that you. make when you have no clean water no health care no infrastructure those are all symptoms of a greater problem in haiti and that greater problem is imperialism that problem is
debt dependency and domination that haiti has had to deal with since it became the first. free republic ruled by black people since eighteen zero four. and welcome back and the answer to our quiz question what percent of banks are investing in block chain is it thirty three fifty two or ninety one percent and the answer is ninety one percent to one leave the founder and c.e.o. of next change told us that last time on our broadcast hope you got it right turning to the tech sector microsoft is shifting their profit making strategy away from their most famous product the windows operating system those plans were disclosed yesterday in an internal memo that discussed the company's for three
organization in five years under the plan microsoft would redirect their resources toward the increasingly lucrative. issues of cloud computing and artificial intelligence the retrenchment is a kind of capstone to a series of recently abandoned projects at microsoft including streaming music service and a smart phone. and ellen must tesla's is conducting their largest recall ever related to the model s. sedans which have bolts that can corrode to the point that it results in power steering failures the recall impacts one hundred twenty three thousand model s. b. eccles built before twenty sixteen the company says thankfully there have been no injuries or accidents and connection with the problems. and finally another down beat tech news hoover has reached a settlement with the family of elaine bird who was struck and killed by a so-called self driving par in tempe arizona earlier this month the terms were not
disclosed who were likely was motivated to make the quick settlement to prevent the say the setting of a precedent with regard to liability in any future cases video from the incident shows her bird hit by headlights as she pushed a bike across the street and the car's occupants looking the other way arizona governor doug doocy suspended car testing program. and here to discuss crypto currency is a block chain and much more is the bitcoin queen of switzerland although feld meyer who's the c.e.o. and founder of smart valor all got thanks for being here or you just completed your krypto summit there tell us about it what were the highlights. hello nice to be here again well cripps assignment became the largest conference in europe
in blotching this this year and it's been very special because this time also full attention and policymakers state secretary joint life it's a conference and this itself is actually quite a statement. also you know it was interesting to see how different perspectives for example he had. to mrs draper you know in a famous u.s. investor and it was quite funny she sees that his perspective and he how she sees switzerland you know is completely different senses of politicians states than the secretary and so on so she pointed out this was silent so it sort of this kind of flows in a little bit the steam in the overall race was a global block she helped write and we actually out of switzerland had completely is different because it's
a v c i was self is it news you know you know global koppel crypt finance right so it was quite interesting you know just changes of perspective well there's lots that we had a guest on yesterday who you know joe one leaf from from next change you and i met in hong kong or it originally as i recall and joe on we had him on yesterday all go and he was saying you know san francisco and london are really the hub but it really is all about what the regulatory attitude is too that's a major part of it so when you say you had regulators there in switzerland that cripple some of that that's pretty interesting what are they doing what are the regulators doing to try and attract a block chain in crypto investment and even maybe dhamma siling in the country. so there are several things you know that has going on in parallel right so the first so first you know major lie this kind of flake hull financial regulated deals was
a plea cations for financial services companies in this field was exchange yes well that's and so on and it's been very positive right you've been able until now to get approval in a much easier ways and it will be in u.s. or london so it's one thing the other thing is what's going on was i see all it's right and until now here in switzerland who have seen probably wants out of all good companies all i see as fun treason we're going strong as a swiss companies and swiss entity separate and just recently it's been like last month's you know fin must was that agreed to issue an i.c. ok rights which were rare balance radically actually also very positive you know and confirms the stance that switzerland wants to attract so it's companies and fun treason but just for the top quality companies well let me ask you because it's one thing if the regulators do that you need that absolutely so that's really good news that you're reporting to us and to people who are interested in this space but the
other part is really the money that i think can help you know fuel injectors things and that's the institutional money so you've got some big swiss banks over there used to work at one or two of them at least how are they reacting to bitcoin and other crypto currencies and blocking all the. you know bart i think this is different to different tools at least to put data right so while in us a lot of lives banks that you know say shutting down accounts of klein's a deal encrypt occurrences and you're not a lot investment group the currency is ready to be completely different picture here in switzerland trades so you see in switzerland a lot of clients interest it insists immersion in new alternative as a class rate and say i ask their bankers laycock and they invest in that end result of beans that you know several swiss banks started to work was crypto currency fell
combine you know actually. has been for years quite a big brand in switzerland and whilst management at brighton bank in it started to offer a crypto currency straight so this is a mall in rage and as we see more and more interest from institutional investor sites right so will banks also just their strategy but on the as a site when it comes to work and it was blotching companies so it was while it providers was exchanges or even you know it was i see all companies so this is funnel pretty much closed door so in switzerland it's very difficult to open a bank account you know if you are on ziran up to i.c.a.o. so that's a problem that you're also going to so we're just about out of time although but what about u.b.s. and credit suisse that used to work at u.b.s. didn't you what are they thinking on krypto those. well i think you know as it were
going on the different initiatives hols is a going to benefit from cystic knowledge and certain applications on that there are mostly talking about permission to private blog chains right which in my eyes you know i have limited innovation potential right what is really new is you know it is just centralized money and as internet of value rates and spas this is where we're talking about public low chains. but but i think they're still vegeta locked into work with looks in companies and start ups and it's unfortunate very much hopes that they will change their stance on that. at some point in the future well as you if you keep talking with them all day i'm sure they will you're very persuasive that's all the felde meyer the bitcoin queen of switzerland and the c.e.o. and founder of smart valor thank you for being with us olga welcome bart see you so do you soon.
the big battle continues not far from where we are right here in washington d.c. between the u.s. department of justice and a t. and t. and time warner which are seeking to merge d.o.j. says the merger would violate an i trust laws and we've covered this on several occasions on the program but now we have someone who's actually been in the actual courtroom every single day we're pleased to be joined by andrew barlow rather of doyle barlow and bizarre under a thank you for being here for the lay people who don't know sort of the constructs try to trust law what are the fundamentals here that d.o.j. is looking out for this case ok i guess that the first thing to say this is a vertical transaction so it's kind of exciting from and i stress a lawyer perspective because this is the first vertical transaction challenged in court in forty years. the and that's not to say that this is
a novel case though because the and i trust division and the f.t.c. have been challenging vertical mergers just many of them when the defendants have have been faced with litigation have either settled the case or they have abandoned the transaction so this one's going to court so what is the d.o.j. trying to prove here what they're what they're trying to prove is that the transaction may substantially less in competition in a relevant line of commerce so the argument goes like this the d.o.j. is trying to prove that the merged firm will have will use the turner networks. in a way to substantially less than competition and how it hurt it just look at the current networks or c.n.n. and what c.n.n. t.b.s. t.n.t. cartoon network ok so their contention is they will use those turner networks they will use those turner. now works as
a weapon right and what they will do is raise prices to pay t.v. companies distributors of programming and then those costs will be passed on to consumers so that would be the harm they're also alleging that the and there would be no competition because you really start with that your option well that's your option you know the whole question is is it truly must have programming now what has happened at the trial well at the trial the the d.o.j. has put on witnesses these distributors cox communications dish and comcast so far very early and so the competitors the competitors or depending on how you look at it competitors or customers right because they're customers in a way because they are purchasing the licensing rights from turner turner networks and broadcast the programs to broadcast the programs exactly and what we have here
is that. you know the d.o.j. saying well. since the a.t.m. t. also owns directv well there's an increased incentive an ability to raise these prices to the distributors and if why would there not be well. the it wouldn't be because there is also an incentive to make sure that turner programming gets in front of his many eyeballs as possible you want that content in every pay to t.v. service that you can find and this is one reason why turner has been licensing its programming to not just the the traditional pay t.v. providers such as satellite and cable and the telcos but they've been licensing their programming to virtual video program distributors in their i mean their they provided the programming to sling dish has
a protocol sling to google you tube live and a sony view so so these virtual competitors are also part of this case so that is the reason why you could argue that there is not they don't have that incentive i mean do they have the ability well yes i mean you'd have the ability but do they have the economic incentive to do so so that that's a big debate in the courtroom we're talking about the distributor witnesses and what they're saying what would have been sort of the if you had to mention two or three sort of big highlights so far with the with the witnesses well i think you know with the distributors you know they've come in and they've supported the d.o.j. case you know they've said look after this transaction they're going to have more leverage. able to well not comcast there's it's mixed so it's mixed so so dish and cox communications have come in and testified that you know there is
a good side there the prices could go up and. that they feel vulnerable right especially dish and it's sling product that relies on turner but you know the big part of this is is the contact is the content really must have. right the argument from the distributors and everyone actually agrees with this is even the the turner executive the c.e.o. he also agreed that turner does have must have programming because of their sports contracts with the n.b.a. and march madness now what's interesting about that is sorts as most have to educate people about it or leave it as right but at the same time there's a lot of sports out there and turner doesn't have a monopoly on sports right there sports on c.b.s. n.b.c. a.b.c. fox they don't have college football they don't have the n.f.l. they don't have hockey. you know but they do have you know major league baseball they have the n.b.a.
but its share contracts is a big deal because if you think about this way slaying offers a product that doesn't have some of these major networks and that means that when the super bowl the granddaddy of them all. they you can watch it on sling . and you can even watch march madness on slink you can watch all of the programming because if you only had access to turner networks you wouldn't get every march madness game so what do they do what a sling do they encourage their customers their subscribers to subscribe to c.b.s. all access right if you subscribe to c.b.s. all access you get all the march madness games so it's interesting there's a tit for tat here you know every time the d.o.j. is trying to have a building block if you think about it and building a house maybe leaks a lot of counterargument and the cattle arguments come in and you know we are very very early in this case we've only had several witnesses and like i said comcast
had a different view they don't believe anything will change after this merger you know they don't believe incentives change so it's interesting the other thing is we're going to do it we're going up there but i can't thank you enough and you told me before we went on here that you worked for the government at d.o.j. thank you for your government service thank you for being here andre barlow a law firm doyle barlow and mazhar we really appreciate you coming in here thank you. and that's all for now but be sure to join us on monday when we have beer here alex mahela bichon fred kaufman will join us to explain plus lionel of why no media will join us to talk about censorship in china you know want to miss this one that's it thanks again for watching be sure to catch boom bust on you tube at you tube dot com slash boom bust our to see you next week .
time out email best of the entire you might even want to get it. but i think. that again that i mean i my my money i mean god. has had to. move to move to india again in email so you just have images conservative what. so many noted by other natural again at the way i've got to get you on the cd because i think. patience is fulfilling and hopefully it can feel cool for you don't change oh. i'm max kaiser one for my guide to financial survival this is fun it's
a device used by professional scallywags to earn money. that's right these hedge funds are simply not accountable and we're just getting more and more to them. totally destabilize the global economy you need to protect yourself and get informed skies are for. that field to be sure to grow. it is job in the world it's as close to being a king as any job there is one business model helps to run a prison now we just do it on my guess is no b.o.b. is the case and they don't no one comes anymore we don't have to serve them anymore is cost effective that's what they want to do that at the moment they don't give a damn if you do the chores or not they're actually paying us to put them back into the louisiana incarceration rate is twice as high as the usa breach what she could is behind such success.
and there are some for some it's all of them mama. i don't mama little bit of the best someone yet with all the will. be able to do a little tricky tricky i'm not critical of a lot of what they have of the chilcote you know down the road you but you know what. sort of. what i mean when you come in with the he's going to get stuff for us to do if that's the question as to yes but oh yes the chest but. the rest of what they hear for everyone that is for you of the.
seventeen people are confirmed killed and over a thousand injured israeli soldiers fire bullets and use drones and to gas accusing palestinian demonstrators of inciting violence at the gaza border is the mother and you eat me the very young kid he killed the baby of the ten year old and he was close to the fans political football billboards spring up in european cities calling for a boycott of this summer's pfieffer world cup in russia we look at the group behind the campaign not finish your papers please the u.s. could now require visa applicants to hand over information about their social media activity.
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