will he be the winner. and this is woman see. there i marinate and this is boom bust here are some of the stories are tracking for you today. first up could j.p. morgan settlement be a bust worth is things may be going south for the very very big bank meanwhile sac capital stevie cohen could also be looking to settle and we'll tell you about the possible price ticket cost and putting grades that add that and just how valuable was that internship you had way way way back in college some are challenging the once unpaid gig to now pay its dues we sit down with eric the latter who's been in the middle of it all and finally the corporation behind some of the world's most expensive accessories the last one of the main mix so is l b m h about to lose

another big name plus it may be time to stock up on your favorite bottle of the know why well the wind could be drawing on the vine scary stuff argy producer rachel corrie's yes joins me to talk about this later in the show but let's get to today show. remember way last week got a can't believe it's only last week that one that was one j.p. morgan agreed to a tentative thirteen billion dollars settlement with the justice department well not so fast it seems that the settlement talks are now in danger of breaking down j.p. morgan has reportedly. protection from further criminal investigation and they asked

the f.d.i.c to take on some of the thirteen billion dollar price tag this is according to a washington post article now j.p. morgan has argued that they should be responsible for the bad mortgage securities wall move issued before the financial crisis now j.p. morgan acquired washington mutual out of receivership in two thousand and eight and they claim the f.d.i.c which put the bank in receivership in the first place should pay for the losses associated with woman also everyone's favorite formaldehyde shark art collector yeah that's a real thing steve cohen he's back in the news first and foremost yes he did actually purchase the dead shark for reported eight million dollars i understand he's supposed to be involved in good fun managing but anyway now his fund sac capital will plead guilty to securities fraud and possibly pay one point two billion dollars as part of a settlement with prosecutors the settlement over insider trading is set to be

announced next week now this would be on top of the six hundred million dollars fine that's paid to the s.e.c. last march as well there is also a separate as the suit that would been stevie cohen for managing outside money at his firm and in energy news north dakota the nation's second largest oil producer reduced almost three hundred pipelines seizing recorded almost three hundred oil pipeline spills since two thousand and twelve none of which none were reported to the public now regulators in north dakota are not required to notify the public about spills and according to the director of water quality in north dakota's health state department regulators are reviewing policies for when the reported oil incidents such as this massive spill in north dakota last month should take place which was kept quiet in fact for eleven days and finally the consumer price index and index that magic measures the cost of living in the u.s. climbed to the. point two percent scuse me point two percent in september however

core c.p.i. increase less than expected this is spurred speculation that fed officials meeting today and tomorrow will likely keep their foot on the pedal when it comes to any q.e. announcements tomorrow. the bureau of labor statistics released its october jobs report albi it a little late due to the sixteen day government shutdown however the report showed that more than forty four thousand federal workers applied for benefits in the weeks and dean on october twelfth that's just one week october twelfth in that week so how much as the government shutdown affected unemployment numbers here to discuss dean baker co-founder of the center for economic and policy research thank you for joining us a certain you know you being here now dean right off the bat how has this latest

government shutdown influenced the october jobs numbers well it's really hard to say i mean i think the direct impact will be fairly modest are probably going to be twenty thirty thousand fewer jobs because of that from the government sector will be some indirect effect that this will be a little hard to pick up but you can have things you know we had national parks being shut down where you had areas where a lot of people would go in there for the national parks we have hotels restaurants or the businesses related to that some of those will you know that might have otherwise been hiring some shut down altogether so you'll see an indirect impact there so we might see a falloff in told sixty seventy eighty thousand jobs less than what otherwise would have been there and these are part time not part time part time layoffs if you will so once they know if they file for unemployment they then want to pay back whatever they were given an unemployment correct you know there are going to have that back if you if you're out of work and you get benefits for the time you're out of work if you go back to work the next week. then you're forty went back to work but you

keep the money that benefits that you've got for the period of time you're out of work even with this temporary shutdown that's right because it's you're eligible for benefits from the time you're laid off ok it even if it's a temporary layoff that's right because they don't know that the time right so they don't make the turkey the fact that it is temporary but not really until further notice that well you know food government employees who are in that boat i mean as well as the private sector i mean this is a very bad situation because we can all look back in retrospect and go ok it was two weeks it's not that awful but no one knew that for certain at the time they didn't know it could drag on of course we all hoped that one but you didn't know that if you're one of people being laid off it's a very serious matter and now you said that u.s. unemployment problem is quote i have a quarter here nothing short of a national emergency system pretty aggressive words and obviously high levels of unemployment are very bad they're not a good thing but. always really in a place where we can call it a national emergency but suborn understand if you look at the unemployment rate

doesn't look that high so seven point three percent you know way better than we were a few years ago was a ten percent if you look at the employment to population ratio explained in the second it's barely budged were up about four tenths of a percentage point from its low in the downturn that went from fifty eight point two to fifty eight point six it's about four percentage points below where it was before we had the downturn and the reason why i'm focusing on this employment to population ratio it's the percentage of the workforce percentage of the population that's working a lot of people aren't being counted as unemployed because they're not looking for a job and it's not that they're all happy not to work they've given up so you've been looking for work for a year year and a half two years many people did it just goes nothing out there so when the government comes to your door and says are you looking for work you go no it's not that you won't like it it's just that you've given up hope so that's the main reason the unemployment has fallen it's not that people found jobs the main reason is people have given up looking for work now you mention coming to the door i want to check on that for a second come. means of the door and calling a landline not

a really as effective as maybe a text message do you think that the numbers are skewed by the very nature of the way their collected world there is some skewing this is something john schmidt my colleague at the center for economic and policy research has looked at closely and used to be the case that our main survey the current population survey covered about ninety five percent of the population today it's about eighty eight and what's striking is the people that it's missing are young african-americans young hispanics these are the people that are missing they miss about one third of young black men and these are people are very likely to be unemployed so in some sense we're almost certainly understating how bad it is ok not young people in general it's hispanic and african-american and those in particular i mean younger people are covered less than older people so if we take older white males they're covered in a very high rate over white females too for that matter but you know but the biggest falls for young black men and young hispanic men ok now another moving right along i want to ask you find applications for unemployment benefits are typically

followed by more hiring it seems natural kind of and in that way but in recent months hiring has actually slowed down rather than accelerated why on earth is this will it's interesting i've been following that very closely and there's two things that goes on when you see a fall in unemployment benefits one could be fewer people are being laid off that's good news the other thing is people may not qualify you have to have a work history to qualify and it's not an extensive work history but you have to match a lot of people get. i have been out of work much of the last two years they got hired part time for two months three months four months they're out of work again they are going to qualify for benefits so i suspect a lot of people lose their jobs and come a day don't apply for benefits because they won't qualify so it's not like if you went into work over the holiday season when you usually see some hiring that you're going to get benefits after the holiday season if you'd only worked for what six weeks exactly exactly so i think a lot of people are in that boat today they weren't in that boat back in two thousand and eight two thousand and nine cause they've been working but now that we've had this long period a prolonged period of downturn you can see

a lot of people laid off that are going to qualify for benefits and this varies state to state oh absolutely i mean some states are tighter and giving benefits they have more restrictive requirements others it tends to be a blue state red state thing i would say boils down strictly that way tends to be more democratic states have easier eligibility requirements where's the red states republican states tend to be tighter so a higher percent the unemployed who are not eligible for benefits ok now how do we get unemployment numbers back up to a place where you personally believe they should be in terms of having our economy in the best place they could possibly be why actually it's a simple story the reason the unemployment rate soared the economy plunged collapse the housing bubble that was driving the economy we had eight trillion dollars in housing bubble wealth that led to record rates of construction very high levels of consumption kids all these people see their house price double you can triple they were spending based on that that's gone now we need something to replace it and we have always people saying well they like the private sector this and that that's fine and i like the private sector to get going to do it you need the government to

spend the money that was the west and we had from the depression we got the depression when the government spent a ton of money it was social with world war two but that was what finally got a sound the depression i don't want to use up a war i want to spend money lots of useful things we need to do infrastructure education child care a long list of things we could and should be doing that's what we need when the private sector picks up you can cut that back but it's not going to do that now while we obviously don't want to war quickly what do you think the catalyst should be or could be will. you know i would love to see president obama take the lead is second term president no one could go to my office and say look we need to get the government back in gear here's our list of needs we're going to rebuild the country i think that could be a popular gender there's a lot of things that the government does people like dean we have to jump out of this the thank you so much for your insight we have to have you back to talk further for me that was dean baker co-founder of the center for economic and policy research. coming up did you have

a paid or unpaid internship in college many kids to earn their stripes for free banking for free banking on the experience that they're going to get out of a job the internship but the tide is now turning and the battle may be may be ending but not scary place for any battle zone eric got us here to debate the very issue and what may happen to the world's a wine supply drink up now because you may have a hard time finding your favorite pretty soon it's all coming up stay here. the fact that. they would like to do the job did you know the price is the only industry specifically mention in the constitution and. that's because a free and open press is critical to our democracy trek albus. in fact the single biggest threat facing our nation today is the corporate takeover of our government and i was proud to mco we've been a hydrangea right hand full of transnational corporations that will profit by

destroying what our founding fathers once it's all just my job market and on this show we reveal the big picture of what's actually going on in the world we go beyond identifying the truck driver will debate in a real discussion critical issues facing america but never feel ready to join the movement then walk a little bit there. i am the president and i think a society that case i'm sick corporation kind of continue to consume because you can do. the banks are trying to get them all about money and i'm actually sick for a politician writing the laws and regulations to tax corporate bankers. out. there is just to flood threat is a society. that. talking about the same story

doesn't make it news no softball interviews no puff pieces some tough questions. the college internship program has more or less become a customary middle ground between the classroom and free level of point but with it has come an explosion of internships and some interns are now taking action massive media conglomerate condé nast publications include the new yorker my very favorite vanity fair and vogue announced it will be ending its internship program at the end of this year the move comes only four months after two interned sued condé nast claiming they were paid below minimum wage salaries for summer jobs the w magazine and the new yorker now while the case is still pending it's only one of several

recent lawsuits filed by low paid and unpaid interns in the media fields now perhaps one of my very favorite fictional media characters and media executives jack donaghy probably put it best on n.b.c.'s thirty rock to check it out. and what are you doing oh hello sir i've been taking them longer to make extra money i just don't let myself read the t. shirts with off color slogans laundry. we pay you a living where you can afford against us or. it's sad but true joining me now to discuss eric clapton lost and public interest fellow georgetown university hello eric thank you for being here today thank you for your interest in this topic oh and this really hits home for me because as a journalism student i did my fair share of summer and summer and actually in the year internships four years of college i had one every single year and i was never ever paid for a single one of the right however i have to say that i never expected to be paid there was. some sort of understanding that you know that the invaluable experience

that would come out of this was worth whatever time and energy it had to be there's no money or you know monetary compensation for it why has the tide turned well i think you speak two to one aspect of it which is that people have come to expect that this is the status quo and this is normal but i would ask did your employer benefit from the work you provided them while you were there and the answer most likely is yes obviously no you know and that's the thing is internships are interns are throughout the economy particular culture production industries like the media performing necessary work often it's dismissed as somehow grunt work or low level work but it's necessary work to help these organizations make money and you know the idea that somehow entry level jobs should disappear and make way for college students to gain experience while the people who own these companies are laughing their way to the bank that doesn't really make any it doesn't hold water and that's a very good argument and you had a very different experience which i want to talk about because my experience i

remember being able to interview celebrities on red carpets and make a demo reel out of it and it changed my entire career that's what i had a very positive experience tell me about yours was so i was an unpaid intern on the film black swan portman movie learning how to do my dollar you know. i learned what it looked like to be doing that kind of entry level work on a movie and a movie production i didn't learn anything in the sense of there was a school program nobody that i'm aware of who was in in turn on that movie was enrolled in school it was a student of any kind everyone was a graduate in a freelance industry within which employers have learned that by calling certain jobs internships they said we don't have to pay for them and that's basically what was going on on that film ok now you you went to court with this. and you won we did you know federal court decided in our. in june of this summer that in

fact my co plaintiff alex footman were employees under the law and we were owed back pay congratulations thank you but i have to follow up by asking you know do you think going into an internship knowing full well that it's unpaid or of low paid and then turning around and suing the person who provided this opportunity organization just for argument's sake do you think that that is disingenuous no i went into this is zooming there must be some justification for what they were doing under the law it just so happens that as my internship was winding down the department of labor issued a fact sheet reiterating the standard that any employer would need to meet to have paid people on a work premises. in order for it to be legitimate it goes all way back to nine hundred forty seven not long after the fair labor standards act was passed as part of the new deal is that as your last guest was speaking to another one of the reasons we got out of the great depression was putting a floor below which you cannot negotiate yourself you're wages because that harms

everybody else the thing is if i'm going to do it for free then the person who's holding out for a decent salary has to compete against me and suddenly they're out of a job so one of the things the government does our society does is establish a floor i would say it's an adequate floor it's a poverty wage floor right now the minimum wage but we're not allowed to enter into contracts to accept positions below that standard right and it's hard for a company to negotiate with a price point of zero which is why their points are exactly what's happening right now you know i want to i want to show a quote up on screen a sting from northwestern university's matilde school of journalism she had this to say now. i'm disappointed on behalf of all future internes as well we're no longer going to favor that have that foot in the door now this is interesting because this she's speaking to the condé nast program shut down and that was a big loss for a lot of people who. love magazines want to get into the publishing world we all

saw the devil wears prada and loved it so you know if you don't want to be anna wintour or slave you want to be paid to do that work the question is you know. do you think terminating these internships is the right solution opposed to maybe something else like you said pay but terminating them altogether seems hurting everyone well it's an interesting choice that condit has made so basically they've been called out called the court to explain why they think they should be getting all this labor for free. i would venture they realize the court case against them has merit so the answer begs the question that what are they going to do in response are they going to continue employing unpaid interns as part of their defense so obviously there's nothing wrong here recognizing that the more they do it the bigger the exposure is when they finally when that when they're finally found to be in violation of on have to pay everybody their back pay so i think by canceling the unpaid internship program rather than simply pain everybody it allows them both to limit their exposure they no longer have to worry about paying all the

interns going forward while the lawsuit works itself out in the same time maybe generate this kind of backlash and get people upset about people like me bringing these lawsuits i'm not the one who steered this train off the tracks if there's an adjustment period necessary before we finally get everything back in alignment so that labor is being compensated that students are getting quality internship programs instead of it's having labor stolen from them in their wages stolen from them in a form of exploitation i'm not the one who converted that system i'm trying to get it right again and i think it's students are getting upset enough to put pressure on their colleges to start putting pressure on the department of labor or congress whoever it is to put in practice a standard. set of rules and practices that respect labor and respect the labor market then i think we're pushing this in the right direction eric thank you so much we have to have you back again to talk more of it because i have so many more questions i want to get to you about that i'd love to be but i love the healthy

argument discussion that was lost and public interest fellow at georgetown university time now for days. in today's big deal business conglomerate l v m h many of the world's most iconic luxury brands from dawn period to geve on cheated of beers diamonds i mean all the good stuff and marc jacobs one of the most famous fashion designers in the whole wide world has his own brand with l b m h but for the past sixteen years he's been at the creative helm of tahn i said i rachel i think clearly i am not part of the

image family he's credited with transforming the flagship brand from a has been suitcase company to one of the hottest names in high fashion but now jacobs is out. because he's off to prep his own brand mark shake ups obviously for an i.p.o. is exciting stuff for mr jacobs so is this bad news for l v m h though to discuss i'm joined now by our t.v. producer rachel rachel how you doing pretty good how you go ritual is l. damage crying into three hundred dollar champagne i mean come on and when you're taking victory shots of hennessy right now this is actually a huge win for l v m h and here's why so marc jacobs has already kind of rehabilitated the luva tone brand in a way that's been really good for the company but now it's kind of plateaued so sixteen years in the fashion industry is a really good age for a supermodel but it's not i mean at this point his health has kind of ended and it's time for him to go back to focusing on his own brand and they're going to

infuse some new blood into. that i also don't know how to do it so. i think french culture of swine right here they are. but you know it is fashion is it's obviously big big business and makes it massive business and you know the guy has got a multinational conglomerate here that is centrally takes things that cost maybe ten or twenty dollars to make and puts so much bad. are you into them because of the status of them right so we've talked about this earlier live atone bags you know these counterfeit bags are actually made in the exact same factory there is no difference between a louis vuitton bag that you buy in a flagship store and one that you might buy on the streets of chinatown or somewhere else except for the fact that people are willing to pay a lot of money because if you get the actual one with the brand it shows you can afford to pay for it so it's really about paying more money just to show that you

can pay a lot of money and as you might not be surprised to learn there's a lot of money in that and really it's a brilliant business and marketing scheme if they have to because you know it's just the returns on this are are too good to be true if you will but you know i want to talk about michael kors because he kind of led the church you're. going to do his own thing started on i.p.o. and he has this whole luxury brand marc jacobs is getting on that same train but marc jacobs has two partners and that's going to be an interesting dynamic who is the chairman of. that's another reason why it is doing pretty well here because they are going to profit when if in weigh in marc marc jacobs does get i.p.o. which would be about three years from now is what analysts are saying so he would make money off of that or if you chooses not to get involved to step out a little bit he can sell his shares or i guess it would be called shares and his his you want to share exactly who is exactly in advance and make money that way now i mean this is other terrifying news which you and i have to get to there may be

a global shortage of one. report from morgan stanley shares that is right now happening and the wine industry is suffering from an under supply of three hundred million cases a year now to give you some context one production totals two point eight billion cases per year now rachel should why lovers be really really nervous right now this is when people should start cramming into their champagne this is a kind of a big deal. and the reason why this is happening is is really because of the weather there have been you know issues with crops in both argentina and france two major wine wine producers as well as the increase of popularity in wine so china is a country now the third biggest kind of drinkers of wine this didn't used to be the case but as the quality of living increases in china people are thinking you know the way that we can relax after it after a long day is by drinking a fine glass of wine and i think that wine is something that's become cheaper for a lot of people like now i can buy an eight dollars bottle of wine and actually

manage to drink it rather than just kind of be repulsed by. having to use the bout there and you know what i'm going to scary thing it makes me think monsanto's you know they're really good at handling crazy weather situations with their crops who we have grapes next month center want this to get through i mean this is going to win but if you're not that far fetched i mean they're if they're engineering all these kinds of seeds they can be i mean presumably they could have seeds that would need water or something like that but i think you know people should start switching to those built in brewed beer which taste kind of windy anyway but don't aren't dealing with the same weather issues i like original as always thank you for joining us that's all for now but you can see all segments featured in today's show on you tube at youtube dot com slash boom bust r.t. and we also love hearing from you so please check out our facebook page at facebook dot com slash boom bust our t.v. for all of us here at boom bust thank you for watching see you back here tomorrow but i have.

a. very hard. lead a plug in their sex lives up her make their legs let's listen. legs

plenty. plenty. of. a nation of three cretaceous three sons four chargers three arrangement three. three. three. download free broadcast quality video for your media projects free media zero down to our teeth dot com. we're not psyched to look back to camp at guantanamo where patients are worse than in the here and now our strike never turned the world's attention to the place and

some. of our time. coming up on our t.v. a new layer to the n.s.a. surveillance was revealed today the spy agency was able to infiltrate the links for yahoo and google data centers giving them access to hundreds of millions of users doubt this is why european lawmakers are also demanding answers about u.s. spying on world leaders the latest on that just ahead and a briefing on capitol hill hosted a pakistani family that witnessed one of their loved ones killed by a u.s. drone attack coming up we'll speak with congressman alan grayson the man who organized the hearing on why this issue is so important. and the secretary of u.s. health and human services faces a grilling before congress over obamacare lawmakers are furious over americans facing health care sign up issues and some even losing their insurance coverage the latest from today's hearing.