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tv   Boom Bust  RT  December 17, 2020 8:30pm-9:01pm EST

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this is the bus the one business show you can't afford to miss i'm sorry montecito in washington coming up canada completed its independent review of boeing 737 and could see its return in january going to discuss some of the risks and safety of the plane with an aviation expert and more bad news for google as it now is facing a new lawsuit we have a tech round up with the host and investigative journalist have a lot to get to so let's just start. following making headlines once again as canada has approved boeing 737 marks jet return the country's aviation regulator
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said it expects to lift its flight ban on the jet in january adding transport canada aviation safety experts have completed their independent review of the design changes to the boeing 737 max aircraft recently certified by the united states federal aviation administration and have now validated these changes this was the longest grounded aircraft since the 2 fatal crashes that killed a total of 346 people back in 20021004 more on this and the. captain done a stager the communications committee chairman with the pilots association thank you for joining us and for coming back to us i want to start by asking you how extensive these changes are to the 737 how much additional training is needed for pilots. well thank you it's great to be back i will say before we start everyone to know that 346 lives that were needlessly lost in its aircraft are never
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forgotten and we have a pledge for never again a senior report that canadian officials have just. sense or no doubt that they're going to underground the aircraft of course the f.a.a. has and he also has as well so look at the canadian side and see what they found is it's great to have independent review. found a couple areas that they're going to do a little different on checklists that we find pleasing and we're going to keep looking at that but at the core of the issue the m. test this aircraft was unsafe and now with pilot training the reengineering as we've been assured and displayed is not what it used to be the hours of training we have. about an hour and a half of i pad training don't be alarmed because that's. about 8 to 10 hours to go through the manuals now that we have which is is was great to get granular detail to include to our simulator with an hour of one on one instruction with an
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evaluator pilot so i just went through that training last week and trying to be good training for what we know about the aircraft and it went beyond just the m.p.'s many areas that thailand's across the globe said we need to be able to do this trip was better we're all integrated into this training and other upgrades on systems unrelated to the m.p.'s that were found could be enhanced so somber as a day it is that this airplane flies because we have the memory of those families a lot of who are going into this. and we're going to get back at the job we're flying that airplane well i'm hearing a lot about the training that you've just recently had i want to talk about the rest of profile that people still have that whether or not there's actually consumer confidence hair fly or confident. some people think you could argue it's much safer because it has had so much focus it has had so much focus in terms of
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safety and having additional training for pilots but after given the training you just having it just went through do you believe it's still a risk at all well we don't play the game of we reject the you know less risk or safer than any other airplane as pilots we are because the last a defense for passengers we have one standard of safety in all aircraft have to meet that to include training in the engineering so this aircraft has certainly been more vetted than it was on your original roll out and redesigned in that's a good thing but we're not going to either an airplane is safe and we're trained to go on it or it's not it's not a level. higher safety than another so that's the way we look at it and we're going to be on here but you know trust when it's broken and when it's broken it's the blood of innocent souls takes time to rebuild in we're part of that he our trust was violated so we're going to base this on actions and it doesn't just stop with
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the airplane being on the ground it will go forward every day that aircraft you know and our passengers can be assured that we're not going to engage in flying that aircraft until or unless we believe it's safe and we train today for me mark mark day last week and rest. soon at american airlines it's definitely taken time a year it's been the longest grounded aircraft but according to recruitment documents reuters said boeing is now hiring up $250.00 pilots to help and realign ching the 737 max boeing already has plans for a 1000000000 dollar investment in pilot recruitment boeing really seems quite confidence in these changes is it encouraging to see. well i'm not sure what those brand ambassador pilots will be doing here in the u.s. uniquely in our unionized workforce we don't have pilots as commom from the outside start flying with us but not knowing all the details to say that anything these
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pilots do they certainly should enter the door they come in on the back of some really horrific. kind of pilot near like pushing with the roll out of the macs that was in the past so these men and women shouldn't come to the door whenever they enter globally sycophants for boeing but as honest pilots the pilots answering questions in shareholding gets that i don't think we're going to experience that because we have our own internal qadri of management pilots their union but you know anything that is investment into ensuring that the pilots are highly trained and all the questions are answered of course we're going to be in support of that anything against the commercial interest or lot of the airplane is more safe than any other airplane you know play the game is pilots were out of it's it's a safe airplane or we don't go before we go i want to talk about boeing 77 dreamliner who's also undergoing some broader quality control checks they're taking
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longer than expected but these do mark the for the family line lapse for boeing and it hurted a lot we've seen in the market we've seen what the company where the aircraft maker has been through does this speak to potential quality control issues at boeing or is this too to this increasingly rigorous quality control checks. well i think clearly the quality control was not to the level that they deem necessary nor the f.a.a. so how that was discovered is is not as important as as turning a new page in ensuring that those quality issues deficiencies are handled swiftly and there's no clock original. calendar on this and i'm going to comes to trying to airplane just one a darn right sir if it's happening because boeing is looking closer than complements the boeing that's happening because the f a's are going closer compliments of them either way it's a safety culture and what matters is what we do going forward not denying the past and trying the jet better which metaphorically sounds like what they're attempting
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to do i'm certain it's its reputation here for boeing but. more more important it's reputation here if something bad goes wrong on the other side we're here to make sure that doesn't happen all much like you said it is about building and regaining that trust that was once broken capped and on a stage or a communication committee chairman but the pilots association thank you for joining us today. thank you sarah no happy holidays. the u.s. continues to pressure european mobile operators to replace china's telecom giant while way as are mean 5 g. suppliers well now many are considering turning to samsung who already landed a $6000000000.00 deal with us giant horizon currently huawei equipment makes up nearly half of europe's 4 g. network this is a major concern for samsung is always existing 4 g. network won't be compatible with its products and it would cost hundreds of millions to replace will samsung spokesman argued that this is
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a misconception but did not provide any technical details europe has already spent billions of euros investing in fiber optic networks while global system for mobile communication projects that on global level over the next 5 years expect them to pay $1.00 trillion dollars to be invested in 5 g. now to google the company is facing a new lawsuit brought by the state of texas which is suing the tech giant over what it calls anti competitive ad tech practices the case actually marks the 2nd antitrust action against google remember this was after the u.s. justice department filed a landmark monopolization case against the company in october well joining me now for this tech breakdown major. let's co-host an investigative journalist ben so on ben let's start with this issue of the lawsuit against school here by texas what's that all about. yes it's pretty interesting you know for those who are watching you've got to understand that when it comes to the only in the ad space we're talking about websites and online advertising google or alphabet the parent company
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. collectively account for about 85 percent of the entire network across the entire internet i mean that's pretty phenomenal when you consider that but what this lawsuit states is that in 2017 when facebook began to become a true rival to google in the alphabet in terms of the market that google actually met with facebook and offered them a deal to say we'll give. special position in terms of our add options if you were kind of curb your development of at practice so essentially saying we'll pay you off to not truly become a competitor and we'll give you a better position in terms of at auctions than any of your competitors or other social media sites that is the claim that's been made by the way just thought i'd throw this in there it was also named after a whole star wars thing it was called blue jet i or jet i blew excuse me jet i blew it was the name of this project but it really does speak to the heart of competitive practices which is that instead of dealing with the free market in
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dealing with facebook as a competitor google simply bought the mav similar to what google is accused of doing by the d.o.j. in their relationship with apple where they bought off apple to make sure they were the default search engine on the i.o.'s right now it's to google specifically meanwhile amazon also it's claiming that the pentagon's decision to give a $10000000000.00 jedi cloud contract to microsoft is quote the product of an increasingly corrupt environment under the trump administration what is the corruption they're alleging what are they talking about here yeah it's kind of a daze and i don't know how both these projects have star wars name so another project here the jet i project in this case i know unrelated essentially it's amazon is has been crying since this happened last year in which the pentagon awarded microsoft is to a $1000000000.00 cloud contract for the pentagon amazon believed as did most of the world that amazon was the company that was going to receive this bid and the reason amazon believes that talk about corruption is because the request for proposal was
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actually written specifically for amazon there were certain terms that were written into this request for proposal this r.f.p. that would have made amazon really the only company that could have fulfilled it but because the pentagon under the truck was going to stretch and said we're going with microsoft instead amazon is claiming oh it's because president trump doesn't like jeff bezos because he owns the washington post and the washington post as me. about trump therefore trying to use corrupt practices but the bottom line is this there the reality is the pentagon is not required to use anyone and the fact they didn't use amazon amazon thinks they're going to hold this thing up in court and prevent this cloud computing going forward based on what because they think they should have been awarded the contract they have no right to it but they seem to believe they do they're just upset they didn't get it much like you said i want to bring it back to what we mentioned earlier just about the european and mobile operators believing that sam sam could be the answer to replace follies 5 g. as i mean supplier but there are some concerns here for obvious reasons what are
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those right yeah well you mentioned right now when you were reading the kind of the intro into this and you said samsung is calling this a misconception it's actually not a misconception the reality is this if samsung becomes the primary provider of 5 g. technology across europe in order to do that they can't just start tomorrow and say start installing 5 g. technology because right now most of the technology across europe that set up for these european mobile operators is while way technology and remember the whole point of this is to remove while way so you and i have talked about this before the process is called rip and replace you rip out the product that's in there and you replace that product in order for samsung to come along and start building 5 g. technology best case scenario their technology at 5 g. would have to be compatible with wall ways 4 g. technology if it's not twitch it's probably you would have to go back and rip and replace millions upon hundreds of millions of dollars worth of telecom equipment
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that's currently 4 g. technology samsung says it's not a big deal it's a very big deal you know we've talked about this before i trip in a place like you said costing hundreds of millions of dollars the west coast investigative journalist pentagon thank you as always. you got. time now for a quick break but when we come back. on a relief. claim they continue to go up we'll break down what could happen on capitol hill and how markets are rising on these talks once again as we go to break here the numbers up close.
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we may. need to look at so. suitable not just for one of my kids. that isn't a mom of their life. model it doesn't. even get to. those who would care to. believe this in fact.
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is there such a thing as public opinion anymore after all after 2 election cycles in a row data has been largely imperfect because there is more than just one public and are there good reasons not to trust the polls. as the u.s. economy was booming gaining numbers of people were made homeless. you can work 40 hours in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of it is that we're not financially equality and the lack of affordable housing or a living minimum wage gave many people no choice. that's been a problem with the city knows turn around and told me stay away i don't miss. the food that there is no answer because yes the records resource the most vulnerable
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are abandoned on the streets to become the invisible clerks. problem drugs don't always come from unscrupulous dealers but from pharmacies to in every state in the united states we see me very sharp increase in the number of people seeking treatment for addiction to prescription opioids and invaded america under the banner of medicine persisted with the pain but instead of trying to wean him off though she did those after dose after dose after dose and really became his drug dealer so who's to blame patients doctors manufacturers all the governments of . the universe and really of. information crisis. that is the reality of this thing we call the. if you can touch it achieve soul it 'd. doesn't change the galaxy or that it.
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after months of talks congress could be closer than ever to passing a 2nd stimulus package and it all comes as funding is needed for the government itself in order to avoid a looming shutdown our teacher rachel 11 joins us now to discuss rachael what's the latest well republicans and democrats in congress are now saying that they are finally ready to pass the next coronavirus relief bill and they're saying that the price tag for this $1.00 is around $900000000000.00 so what is expected to be included in that let's take a look at some of those provisions it would include
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a $600.00 stimulus check $300.00 per week in federal unemployment insurance $300000000000.00 for small business loans an extension on the federal moratorium on inventions and funding for covert $1000.00 testing and vaccine distribution now as far as what is expected not to be in this proposal that state and local funding liability protection for businesses and support for restaurants that have been hit particularly hard by lockdown measures in recent months now it's also important to note here that there's a lot we still don't know about what could be in this bill and on top of that we've also seen a lot of criticism over the idea that they're going to go forward with just $600.00 in stimulus checks and we've heard members of congress say that $600.00 isn't going to go very far for the millions of americans who are struggling right now it's true it's only half of what we saw last time but why now i mean we've heard this back and forth for months now what the timing of all this while congress knows that they are running out of time here not only are they looking at
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a government shutdown on saturday if they don't pass spending for themselves but now they're looking at all of these issues and saying that they are going to pass one large omnibus spending bill that includes the money they need to keep the government going that includes this current virus aid relief and that also includes this annual defense bill now the thing with that. phones bill is that president trump has threatened to veto it because it includes provisions that he doesn't want in the bill so we actually heard from senate majority leader mitch mcconnell earlier and he called on trump and specifically said that now is the time to put politics aside take a listen. but i will say this much for president in my judgment we're very close to a point that arises in every major negotiation has to point where each face is a fork in the road on the other hand after months of action do we want to move swiftly on but on usual bipartisanship to close out our issues. and right that can quickly. and the law. now on top of those deadlines that congress is facing
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the american people are also facing deadlines on protections that were passed earlier this year for example an estimated $12000000.00 americans stand to lose their federal unemployment benefits the day after christmas the current federal moratorium on a vixens expires at the end of the gear and jobless claims were up to $885000.00 last week which is the highest we've seen since september so certainly a lot at stake here well not a lot on this bill but what can we expect are we going to see another one well that could likely be the case we've heard from president elect joe biden he's referring to this purposeful as a down payment and he's saying that as soon as he gets in office there's going to be more relief and more of what the american people are looking for but of course we also have to look at congress and whether or not they're going to be able to come together or it's going to take them months and months again to pass that very much needed relief a massive bill that he says is committed to helping the people are to correspondent rachel levin thank you for your time thank you. you know for the depth of markets
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and more we turn to both co-host christine and michael. strategies michael let's start with the u.s. and p. and nasdaq they're both hitting record highs this is despite the the jobless claims despite congress pushing or in spite of the. american people really needing that stimulus hasn't passed yet will a deal get done in time. course a deal will get done is there anybody in d.c. that really cares about it anymore either you don't see the market is valued say earlier you can question you know the valuation of the market this is the most overvalued market we have ever had in the history of our stock market if you look at the median p. e. ratio on the s. and p. $500.00 it's now at $31.00 according to ned davis research the s. and p. 500 would have the crash why 45 percent just to return to your normal valuation and if you listened to mr powell press conference i mean another paraphrase but this is
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my jerk decision of what he said he said that the us treasury only can remain solvent under severe all interest rate policies and you can only justify the value of the stock market when there are a regime 0 interest rates so let's we are and that's where we're headed more and more debt and more and more debt monetization and switch on not when they want to stay in the federal reserve said they were to keep interest rates nearing farrel they thought that what their plan is as of as of their latest meeting kristie i want to talk about robin hood here in the midst of co that it's one of the biggest winners and past escrow is a stay at home americans turn to training to earn some income here extra cash however it recently set off an investigation with the thek what happened there. well now the financial has agreed to pay $65000000.00 to settle regulatory claims that it didn't sufficiently disclose its business deals with high speed trading firms so scoring to see robin hood fail to flee would be on its website how it made
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money from its deals with the brokerages such as that all securities and virtual financial so robin hood while on the surface advertises free commission this trading they instead generate revenue by routing customer orders to the traders which then pay for the right to execute many of these trades so this practice is known as payment for order flow and this creates a conflict of interest for brokers like robin hood because of the incentive to maximize the progress revenue rather than ensure that customers get a good price on their trades so that as you see it so that robin hood made misleading statements and admissions and it's customer communications and that the website did not disclose that it's the largest revenue source for making money was through these payments from the strain so as a result robin hood's customers order for executed at prices that were inferior to other brokers prices they found that these inferior prices led to the loss of $34100000.00 for customers despite the fact that robin hood claimed that its execution quality matched that or that of its competitors so now robin hood is
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saying that it's working with additional market makers to improve its trading executions but this is going to continue to be a problem especially as robin hood targets demographic and these novice traders with little to no experience in the markets and they are especially vulnerable as robin hood's business model is to kind of investing like one giant casino without providing opportunities for new investors a lot of people joining in times of need much like we said to earn extra income michael i want to turn back to these jobless claim numbers that we mentioned it was supposed to slow modestly but it went from 825002885008 3rd that have the highest number we've seen since september right so how is the u.s. going to dig itself out of this hole. well it's not going to without crashing 1st unfortunately you know in challenger year 2020 the government will have borrowed 4 trillion dollars or 2 in dollars assuming this latest iteration of stimulus gets
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passed and mr powell has promised well in most of that 4 trillion most of that was printed by the federal reserve and now mr powell promised in his press conference to monetize $1.00 trillion dollars for adam this is an alternate record amount. of hitting if you forgive me but this is unbelievable $1.00 trillion dollars for adam he's going to monetise of treasury debt so when you think about all the debt that we have you know 128 percent of g.d.p. of course it has to be monetized otherwise reality will reveal that this market is completely untenable at these prices and the debt is untenable at these levels well michael kocher michael speaking of obviously fed chairman they're going to leave rates unchanged and they didn't change much too but their plan they said they still have a lot of resources but inflation expectations are now 18 month high if i want to
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see inflation go up that high. so the court p.c.t. deflator said looks at they want to see something north of too short to have percent for a sustainable period of time and that means years because it's just a metric target now don't forget so over the years it was below 2 percent we couldn't get to 2 percent it's still below 2 percent. so it's have to wait above that for a very long duration before they're satisfied but let's just be honest to just be honest here their stand trying to normalize interest rates in 2018 and the stock market collapse the russell 2000 laws are set in a couple of months and then they stop normalizing the balance sheet they stop raising interest rates they get a year later in the repo market crash in the summer or late summer and the floor 2019 so we can't pretend any longer i don't know why mr powell is pretending. all well when all of his menial meaningless mandates are met then he can and spend
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your way the size of his balance sheet or raise interest rates back to some kind of normal distro posterous if jen never happened without an economic and stock market it's hastur that's kind of what we're looking at here unfortunately we're out of time with co-host christine michael pentode of multiple strategies thank you for your in office today. to talk to now you can catch him bust on the man on the portable t.v. app or simply check out part of all the t.v. with you next to. a wire vehicle in debt so much well here now housing is very expensive and education is very expensive and health care is very expensive because of all the money printing that's being done to help people manage their expenses up quite
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a job. as the u.s. economy was booming growing numbers of people were made homeless. you can work 40 hours 'd in a week and still not have enough to get housing everybody believes america still is the land of opportunity the reality of those who were not financially equality and the lack of affordable housing for a living minimum wage gave many people no choice you know that's been a problem with the city knows turn limits and told me stay away almost. the food that there is no answer because yes that requires resources the most vulnerable are abandoned on the streets to become the invisible cops. the universe is really of. information crisis. that is the ultimate reality of this thing we call matter. if you can touch it achieve soul it. doesn't change
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the galaxies or about it. sports a top court rejects an appeal by russia's anti-doping agency to overturn a ban on russian athletes but reduces it to 2 years the court of arbitration for sports decision means that the russian national flag will not be seen at international sporting events till the end of 2022. also the russian president vladimir putin wraps up his annual q. and a session with journalists and the public just over 4 hours for the 1st time it was done remotely by video link covert 19. russia was the 1st country in the world to
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come up with and stop producing its own vaccine.


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