changes to the u.s. cuba policy put in place by former president barack obama regarding diplomatic relations travel and business dealings with the military there and a big win for greece creditors agreed to grant the prime and strapped country a multibillion euro payout ending months of uncertainty regarding bond payments also major merger alert online retail giant amazon an ounce and plans to purchase organic grocery chain whole foods down by you must start right now. get ready for balance sheet issues in cuba president donald trump traveled to miami friday and announced a revised cuba policy aimed at halting the flow of american money to the country.

our policy will seek a much better deal for the cuban people and for the united states. we do not want u.s. dollars to prop up a military monopoly that exploits and abuses the citizens of cuba. our new policy begin with strictly enforcing u.s. law. we will not lift sanctions on the cuban regime until all political prisoners are freed freedoms of assembly. and expression are respected. political parties are legal. and free and should be supervised elections. are secured.

trump stopped short of a complete reversal of the obama era re-establishment of diplomatic relations with the country aside from a tightening of travel restrictions and business cash injections a slash in funding of the country's military and security services has also drawn ire from many quarters but especially from american business groups. we've entered the era of the quantitative fund or perhaps it's the park investment decisions are increasingly made by numerical methods rather than by human judgement this means we are now staring at the largest gap between quantitative computer generated funds and discretionary human managers in history the quantitative space value is estimated to be as high as five billion dollars and it's growing in size according to j.p. morgan chase passive and quantitative investors now count for about sixty percent of the equity assets compared to thirty percent a decade ago and now only ten percent of trading volume comes from discretionary

investors in fact it's the fastest growing category on credit suisse is prime brokerage platform one thing is clear it's time to enter the quanta. the russia collusion and obstruction debacle in the halls of congress are a huge distraction right now for the nation and it has far reaching financial implications that is what my guest says joining me now david stockman former director of the office of management and budget under president reagan and author of trump's nation on the brink of ruin and how to bring it back sir thank you very much for joining me i'd like to ask you you say it's time for wall street to hunker down because a potential government shutdown we could be facing could wipe market gains tell us about that. well we're in the midst of the biggest political train wreck in modern history this trump is totally right this is

a witch hunt in fact it wouldn't be too extreme to define it as a coup d'etat by the deep state and their and its democratic partisans and allies to read litigate the twenty's sixteen election and remove trump from office that's where they're heading there will be no governance in washington there will be no tax stimulus or infrastructure and we're heading for a expiration of the debt ceiling and you know running out of cash that will create an enormous crisis by august or september and they're not going to be able to cope with it i think the odds by the day are increasing that we're going to have a government shutdown the mother of all debt ceiling crises the market is utterly unprepared and it really is if you will the orange that's about ready

to take wall street by surprise when you think you've mentioned in some of your writings the s. and p. could fall by six hundred points about around thirty four percent of a drop from where we are now you call it a machine driven bubble is that right yes i have because think about it the market today is trading at twenty five times s. and p. five hundred earnings which were one hundred dollars a share in the period ending in march that represents a tiny growth from eighty five dollars a share way back in june twenty seven ten years ago or about one point two percent a year over the last decade now why would you pay twenty five times earnings for one percent growth after a tepid expansion of one hundred months that. it's near the end of its sell by day we're going to have a recession one of these days likely sooner than later and the market is

dramatically overpriced. i would say sixteen times earnings where we are today given all the headwinds in the world the chaos in washington the fact that the fed is now finally going to begin to shrink its balance sheet and not just a little bit but by two trillion dollars over the next two or three years with all that stary this in the face the market is barely were sixteen hundred not twenty four hundred thirty some where it ended today so there is a huge air pocket between the fantasy that still prevails on wall street and the reality of the economic world and the breakdown that's happening by the hour in washington when you have trump tweeting against his own assistant attorney general rather than firing him nixon at least did back in one thousand nine hundred seventy

three i think it's just a measure of how absurd all of this is got. well as you mention the coup d'etat by state you know a lot of members of that deep state you're referencing have to get elected we've got midterms coming up and a little over a year congress recesses an august do you really think nothing is going to pass health care infrastructure taxes before that time do you really think that would be political suicide do you really think it's going to come to that a shutdown will i was your sense absolutely i'm sure they would like to pass something but they can't they don't have the votes they don't have the consensus here we are june is almost over they haven't even passed in the senate yet to build a repeal and replace if they do it's totally incompatible with the house they can't get a conference reported bill before labor day if i ever they haven't even started on a budget resolution for twenty eight team without

a budget resolution there's no tax bill because you need reconciliation to pass in the kind of tax bill that all the reason i say the government shutdown is the debt ceiling is now frozen that nineteen point eight trillion they have one hundred fifty billion the cash it's draining away by two to three billion a day they will be out of cash and there is no majority in the house or the senate for that matter to pass a clean debt ceiling bill and without a clean bill you're having an enormous fight over you know what's the quid pro quo to raise the debt ceiling that will not be easily it's likely to in a complete breakdown like we haven't seen even to eleven ok well you know what i want to bring you on if they pass something let's come on in argue about how about that i'm guessing at least past one thing even if it's hodgepodge right or

bring you on and argue about that how about that ok that would be triggered i thank you so much david thought. former director of the office of management and budget under president reagan and author of a nation on the brink of ruin how to bring it back. after months of fruitless talks the future of greece's massive debt repayment plan wasn't looking so good but by the end of this week the outlook for greece became a little more optimistic. got the down low for us bianca it's been a long time coming but we have a complete deal and table finally we do have a deal so it's pretty significant but the specifics laid out beyond about a year have not been mentioned yet so it could change within forward and keep our eye out on that and a partial victory for the story to government greece has officially security deal

with creditors the announcement came on thursday following a six hour long euro group meeting in luxembourg greece will receive an eight point five billion euro loan installment which will take care of their upcoming debt payment in july and euro area finance ministers in addition to the international monetary fund also committed to helping the country with long term relief. as we welcomed the beaches policy package that was fully agreed between greece and you see two should and. should agree to try and actions for the sake of very few. fiscal measures for the first those program periods that have been adopted address the underlying structural imbalances in greek public finances decisive steps have also be taken to reduce and pills and to operationalize the privatization investment fund the second part of the agreement regarding long term systems includes the possibility of extending repayments by fifteen years we could also see

repayments connected directly to greece's growth in the future. during a news conference greek finance minister euclid tsakalotos acknowledged greece had some had to make some sacrifices in order to reach the deal but he added that he now sees a quote light at the end of the tunnel we feel that after this euro group there is a much greater clarity on both for both the greek people and the financial markets these it as much clarity as to greet people deserve after all the reforms that have been carried out and all the sacrifices that have been made perhaps not but we recognize that we did not see the perfect to be the enemy of the good and we also recognize that all sides have to try to give on compromise to some extent. one of the agreements disappointments for greece was that the i.m.f.

refused to regard their debt load as sustainable because of backers that still blocked from entering the european central bank's asset purchase program which is something that would cut borrowing costs overall the greek economy is in a much better place now than it was just a few days ago but beyond the government the rest of the population isn't feeling as optimistic about the new deal. you know what's interesting about that is the greek finance minister says that we don't want the perfect to be the enemy of the good one of the people saying because they seem to have a problem with every single thing that comes in the pipeline granted none of it's easy they can't be smiling on this and they're not i mean the way the public has reacted so far they're basically complaining about the same things that they've been complaining about for the past few weeks that we've been anticipating this deal which is they don't support the tax increases of course and they don't want the cuts to their pensions especially when you see video of these protests in athens and other parts of greece you'll see a lot of the older citizens participating in them because the cut to their pensions

has been very significant and the former finance ministry on a spare. baucus also called out the steel and doesn't think it's going to actually push greece out of the step problem so you know the government is taking this as a partial victory but for the rest of the country it's not looking it's positive thank you so much. we are going to a break now but stick with us when we return waste in our oceans a new study shows eleven million pounds of plastic are being dumped into our waterways and the risks we face we go to break check out the numbers the closing bell.

chorus of the younger generation is that if they walk the trend and go against the status quo it all endangered their prospects in life and so many of them shell out basically and get jobs in the city or on wall street and they don't continue in their use false exuberance for her many enough years to make it a permanent solution a permanent movement but now not to belabor the point but now with things like crypto currency this generation can bypass the entire financial infrastructure and create their own financial realities. the president has said. he doesn't see marshall as the ground solution the

president of the. long. because he's not been here for the long haul do sorry is that in december so well so there's no read need for it to imply you would like to. extend martial law for that for personal reasons or for small. armstrong calling all the going home and. we're going to be your hosts but treat thousands seventy confederations cup a bunch we're going to be visiting the host cities or sochi that's. going to be great you don't believe something pretty much to begin to tell the fans need to know about the match so don't forget to join to some feel it's going to be full of .

at least thirty people are confirmed dead and many more are missing after a fire ripped through a twenty four story building in london wednesday morning u.k. citizens are calling the blackened burned out apartment highrise a tragic symbol of the slash vital services the government has undertaken in the last seven years this is on top of a deadly terrorist attack in the center of london weeks ago which saw people lash out at a conservative government cut of thousands of police officers after the bronx that vote last summer conservative prime minister trace from a man the helm of hard line divorce talks as a vote to leave the e.u. was as much a rejection of the lead as it was a vote to leave the block an election on june eighth meant to shore up support of her government ended with me losing ground to anti austerity opponent jeremy corbin as both visited the site of the disaster on thursday corben received

a notably warm reception compared to many. it's a bold move and breckon more. amazon's thirteen point four billion dollars deal to buy whole foods senate stocks climbing today whole foods went up twenty seven percent to forty one ninety seven while amazon climbed three point one percent to nine hundred ninety four thirty three elsewhere it's a clean up in aisle one as investors dumped the stocks of major retailers and grocery store operators a few of the biggest losses in the s. and p. five hundred target tumbled eight point four percent to fifty dollars eighty one cents costco is down five point nine percent to one hundred sixty nine forty five and wal-mart fell five point five percent to seventy four sixty five amazon has had massive testing ground for this deal with its own grocery stores and its new prime fresh grocery delivery service and the online retail giant might be able to sell inexpensive groceries as it makes its money from other online items on its marketplace thus crushing the competition on both sides processed food

manufacturers are set to lose out to shoppers move toward fresh natural food three perfect examples on the news hormel lost two point six percent to thirty three seventy and campbell's soup fell three point two percent to fifty five thirteen general mills the maker of that sugar cereal dipped three point one percent to fifty seven dollars. and a new study published in the journal nature suggests that there are five thousand more metric tonnes of plastic in the ocean today than there were yesterday much of the plastic waste and dumped into rivers lakes and opera first dissolves into micro plastic which is then even by fish and other wildlife further threatening the health of our seats but as daunting as the challenge of cleaning up the world's oceans might same it may not be that far out of reach or all that expensive. has the story of this story doesn't make you want to recycle plastics i don't know what will even though most nations of the world are not keeping an annual measurement of

the levels of plastic waste that enters rivers and waterways scientists estimate that as much as two point four million tons of it are ending up in the ocean every year efforts are now underway to clean it up. pound for pound there will be more plastic in the world's oceans by the year two thousand and fifty than there are fish this according to forecast by the world economic forum and researchers at the journal nature have now for the first time published estimates on the levels of plastic waste that enters our waterways and eventually the ocean every year it amounts to between one point one and two point four million metric tons scientists believe that much of this plastic has ended up in the stomachs of more than half of the world's sea turtles and almost all marine birds on the planet the study looked at data from one hundred eighty two countries and forty thousand seven hundred sixty rivers to determine that eighty six percent of the plastic floating downstream and into the ocean is coming from the asian continent mostly china and india once in the ocean plastic is broken down into smaller pieces that are

clustered together to form the great pacific garbage patch and for other plastic gyres in the world's oceans but what was once thought to be an unimaginable challenge to repair is being met head on by conservationists at the ocean cleanup project using a series of inflatable pontoons linked together the device actually attracts floating debris the initiative has also raised more than twenty one million dollars with a functional prototype now in place the. project has announced that it will begin removing plastic from the pacific ocean within the next year and hopes to reduce the size of the great pacific garbage patch by fifty percent within the next five years but as promising as the project may sound the rate at which plastic continues to make its way into the ocean every year undermines even the best of conservation efforts here in the united states cleanup efforts in the states of california washington and oregon cost five hundred million dollars a year the ocean cleanup project believes that a continued commitment to these efforts combined with waste reduction on land could pave the road toward

a plastic free ocean by the year two thousand and fifty linsey a lot of money it's a great project plastic free really how feasible is that i'm skeptical as always tell me no of course like you said in your introduction every day we're seeing five thousand metric tons of plastic entering the ocean without an effective global campaign to get people to recycle to reduce the amount of waste that's going to the oceans it's always going to be an uphill battle for conservation is in terms of feasibility in theory the program works to clean up project it's a feasible program so long as we're talking about pieces of plastic that are floating there up on the surface there big enough to see there big enough to hold in your hand the problem that most scientists will agree with is the idea of these micro plastics that dissolve and how do you clean that up much of it ends up in at the bottom of the ocean where we can't reach it some people might argue that we're too far gone to actually fix the problem but that doesn't mean that it's not worth like they're trying out the waste and they're not going to get in front of the problem we need laws all right thank you very much.

i i i i. according to my next gas and generation y. is in trouble unless it gets with it get smart on money such as credit card debt student debt stagnant wages how do we navigate ourselves out of that may is to get ahead financially very best storage and says there is a way. the founder and c.e.o. of workable wealth and author of worker well nine steps to making smarter choices with your money thank you so much for talking to me about this we have. a younger generation that has a harder time when it comes to financial planning in the long term you can graduate high school go work a good year and raise a family anymore we know this one is the plan that's actually feasible. plan is actually feasible is to start paying attention to your money as early as possible the problem of this generation house isn't necessarily it's a little bit unique but it's not unique to this age group when we're in our

twenty's burner thirty's this group has a lot of conflicting priorities with their cashflow right now they're getting married they're starting new jobs they're having kids they're buying their first homes and so it's really easy to kick the can down the road when it comes to thinking about your long term future but the best thing that they can do is start to think about it now or at least start to get organized around those more immediate pressing needs on their finances so that they can use that cash flow later on to start to develop a plan for themselves so in your book you talk about good and bad debt in mind some aliens and people my mom has always said student loans are good debt i mean they're not as bad as bad debt so what's the difference. so baghdad is basically when we're spending our money we're paying an increasing balance on an item of decreasing value most debt is bad debt but i mean we're talking about car loans we're talking about credit cards you're paying into her dad once that's going to consumer debt exactly you're paying for clothes or paying for dining out all of those things that's bad debt and there's definitely a debate around if any debt is actually good debt these days and the debt is

actually you know we look at it a lot of people look at their mortgages the real estate that it's going to grow in value they look at student loans it's always been said that they are good debt because what that's doing is contributing to your education which will therefore result in an increased income to you over time yeah right this generate go yeah yeah you know the problem that this generation is having that i'm seeing with a lot of people is nobody is having the conversation about how much of that student loan debt is too much i'm having people come to me with two hundred thousand dollars of loans and they have a job that's bringing in sixty thousand dollars of year nobody's talking to them about what that income actually doesn't terms of a mortgage in terms of a lifestyle in terms of car loans and then you have a student loan on top of it nobody's having that conversation on the front end and these eighteen year olds are going into their college educations thinking you know they want to be teachers on the other side which is fantastic but they need to understand what that actually balances out to on the front end well to defend myself when i was eighteen going to college i didn't realize

a six percent interest rate was going to hurt me that bad. exactly and nobody talks about that that's actually the problem and so that's where we're used to right we're used to saying student loan debt is good and i do say it does add value it does add an increased income but there is a break even you have to understand how much is too much and understand what that interest and those payments can actually do to you i wish people would sit down with an eighteen year old and say build your ideal dream budget before you take out these loans and factor in a seven hundred dollars a month student loan payment on the other side right what is that it does for just say i'm going to go to a start up ok my mom was an entirely wrong student student that isn't exactly the worst of that is there a trend in age groups coming to see you the younger people having a totally different view not only in how to manage money that you know where they think the dollars can go. so they're trying to i work with specifically you know those in their late twenty's or early forty's so that is who comes to me for the most part which is different and what this generation is going through is they're going through those transitions that i mentioned earlier so where is the preview

tyreese are just trying to figure out ok do i have a big enough to live off of it can i take my four percent a year what can i do for me this age group is coming to me with with conflicting priorities right they want to buy student loans they want to have children they're not factoring in daycare cost in addition to the mortgages and they're trying to figure out employee benefits or trying to figure out how can they start their own benefits or start their own business because this is actually kind of a good economy for this generation as well so yeah a lot of this generation the priorities are just there's there's so much going on at one time and that is the trend that i'm seeing i say that you can do it all but you can't do it all at once and so what i usually encourage is you know pick that one those one or two top priorities let's focus on those first and then you know maybe make small moves with everything else but you have to basically start to prioritize those goals you can't do everything at once you can't have the fancy car the fancy house the beautiful family and everything else so yeah so do you want the mortgage do you want you know to launch your business what are those things you're trying to do well in the thing that seems so stymieing to adulthood now among other

things but you can buy the house but you're going to have to take the bus because it's seems as if the young are very discouraged by what they hear hey we're going to bring you want to talk about this again because this is something young people are hitting hitting the wall over time and time again and the student loan debt is a terrible scourge in this country so thank you so much for your time mary beth sora john founder and c.e.o. of workable wealth author of working a wealth nine steps to making smarter choices with your money. how now brown cow get this more than seven percent of american adults believe chocolate milk comes from brown cows that's according to the innovation center of u.s. dairy why is that the case well apparently it's illiteracy according to observers americans have very little idea how their food is actually made other than it comes from a factory they're literally illiterate about food they also have little idea of what components it contains that's why they need future farmers of america clubs and big

city high schools you raise that showed at the county fair and all the while you are conscious of the fact that it does not lactate chocolate milk go f.f.a. . that's all for now from all of us here at the boss thanks for watching see you next time. finally from the also the chickens that have led now hundreds of bulletin thousand people a point. lining if he would be would it be that easy to find and found that out in me. plus is that going to be what the city people. didn't. look at i thought it might have been my little bit of a wonder that i little bit that i accept that out of money could be no doubt much

of the way for them are not together but it. is this one big life. some forces of. the sea. you can be no problem. kids are.

little. you don't. he then entered into his own joking dealing with the single and only person in that are equal who don't just listen to what he calls a stance make that connection don't. don't we don't see only him doing. all that devotional moodiness is on time so the answer to all. those dogs. about all the another week of this.

year was gone by the. headlines nazi seven american troops were wounded as a rogue afghan soldier opens fire at a military base in northern afghanistan. also to come this hour of course intensified for the case and battle prime minister to resign is trying to protest outside downing street with many that criticizing to reason mais response to wednesday's deadly tower block fire. there has been a victorious start to the confederations cup for the host nation russia marshall international should of course joins us to talk about that so no picture of.