no it's ready to take their future. the ball came over here it could erupt again at any time. most people have a strong choice. live in poverty. which one of. the following are different. these are little really. employed little that that's a low. pay

there on wednesday france to be about broadcasting around the world from washington d.c. tonight it's time to plan for a cliffhanger since the bank of england two major financial firms this comes as brags that talks turn a bit stale and trying to seize major growth in tech stocks and startups but are we seeing a bubble we take a look at this trend and my guess weighs in on that four point one trillion dollar budget the u.s. house of representatives has given us today stand by the bus starts right now. it's contingency planning time says sam woods deputy governor of the bank of england in a speech he has urged financial firms affected. britain's divorced from the

european union to prepare for a cliff edge scenarios where there are no negotiated terms for a transition or an implementation period his forecast if christmas arrives with no negotiations reached on the topic he says diminishing marginal returns will kick in contingency planning is a sliding scale of increase commitment investment and momentum through time it is much more prudent and prosaic then hovering over the relocate button or rushing to the exit door would says that top priority should be to ensure that existing insurance and derivatives contracts can continue postbag said and of course a smooth sharing of data across u.k. e.u. borders is in place. and they may have slipped back from their recent record highs but tech stocks in china are booming and some analysts say it's a great big bubble this year e-commerce giant alibaba stock has more than doubled and then internet firm tencent has climbed over eighty percent by do and j.d.

dot com has surged roughly fifty percent founder and executive chairman of the alibaba group jack ma says it's not about whether a product is made in the u.s. or made in china it's all made on the internet the manufacturing sector which brought such momentous highs and changes in the job market are a thing of the past it's the service sector which will dominate the future according to ma and sixty percent of small businesses will benefit from globalization and all this investment means of course we have to talk start ups take a look at this the number of startups in the united states valued at or above one billion dollars in the last seven years hit more than one hundred and then coming up at a fast clip as china three years ago in two thousand and fourteen it stood at twenty shooting up now to fifty six just a couple of years later and of course the very nature of a start up means we can't know their true value and few have gone public.

five days in for a fiscal year and we have a budget blueprint from the house of representatives all the democrats and eighteen republicans voted against the four point one trillion dollars budget which calls for more than five trillion dollars in spending cuts over the coming decade a slash to medicaid by about one trillion dollars over the next ten years a cut to other health care costs and forcing huge cuts to domestic programs funded in future years by congress here to weigh any conservative t.v. and radio host steve malzberg steve what is your opinion on this budget plenty of the g.o.p. is not happy about it. well first of all republican unity when is the last time we were able to see that i know eighteen or nineteen voted against it but still it all we got it passed and that's good and of course the real reason for passing this budget this blueprint as you correctly labeled it and that's what it is was to an avon the tax plan and the tax reform to go forward to go forward in the senate most

importantly under reconciliation which means that the senate can pass tax reform with fifty one votes instead of getting to the sixty vote threshold so so that was the main purpose of passing this they had to pass it to get that technicality out of the way now there's differences in this senate and house budget and what the senate is considering in committee today and will vote in two weeks they're going to have to come together and reconcile and get one budget passed before they could proceed to tax reform so these cuts and by the way these cuts told father made i don't think they're all going to stay and i don't think they're all going to be that deep but you have waste fraud you have abuse and so many programs that conservatives and republicans have talked about for years and now maybe will address them and these cuts quote unquote well it will address. and be a result of getting rid of that mismanagement so again there are differences

there's also differences in the tax plan said it says we're going to add one point five trillion dollars over ten years to the deficit with the tax reform the house says nothing gets added to the deficit so it's going to be all about coming together in the end i've got to ask you about medicaid what do you think about that being touched in this president campaign so much i'm not touching these entitlement programs. but again you know these have to be addressed these these systems are going to go bankrupt we've known that for years and years and years and again there is so much for audit and waste and abuse and this states have such a large role to play when it comes to many of these programs they know how to do it better block grants to the states discretion on the part of the governors in the state legislatures that i believe is the way to go on so many of these programs we have to take a good hard look and make changes while the republicans have the ability to do so

and you know trump he might have said that at some point but he ran as a reformer he ran as a businessman and this is smart business sense looking at these programs making corrections so they'll be solvent for decades to come before we go i want to talk to you about that tax reform issue you and i touched on this in the past the state local tax write off and is it going to be possible do you think that's going to be a bigger fight than we than we originally thought. yeah i mean i think i said all along that the republicans from states like new york new jersey california and they have middle class constituents and they're not going to sit back and say hey no more state and local tax deductions i think there's going to have to be some kind of compromise on that and you know chairman brady of the house ways and means says don't believe everything you hear don't believe about the extra bracket for rich don't believe about all these deductions going away everything is on the table thank you so much for that conservative t.v. and radio host steve malzberg my pleasure.

some activists and politicians to gas the oil pipelines around the world are facing massive challenges as black called loses its luster artie's outs and joins us in toronto with more now alex canada europe and mexico they all seem to be having their issues at these pipelines these days let's start in your neck of the woods where a major project has been cancelled what can you tell us about this this is the energy east pipeline now what it was meant to do is move or oil from scratch one and alberta over to the east coast work could be refined in export and this would have also helped bring more oil more oil to until back in of course the maritime provinces the provinces on the east coast a lot of people that are proponents for the pipeline itself said that it could we can get off of saudi and venezuelan oil we've seen the way that these things have worked in the past that's not necessarily the solution the way to do it but this

map this give you a better idea of basically what this would have meant you could see that the pipelines moving east there as about one hundred thirty miles worth of new pipeline would have been delayed to about an existing eighteen hundred miles that are already make up a pipeline that was a gas pipeline this would have been converted to move oil instead of gas now trans canada says you know back in the day when they came up with this idea which was back in two thousand and thirteen it was a fantastic idea because oil was about one hundred bucks a barrel now it's not one hundred dollars a barrel as you know and because of that they say just simply it's not lucrative plus all the environmental loopholes in our oceans the loopholes or hurdles that they have to move towards and across are just way too numerous for them now there was a lot of opposition to this pipeline as well especially from native communities they're claiming victory as they did with the northern gateway pipeline that was supposed to move oil from alberta through some of the most pristine forests you can imagine through british columbia to the pacific ocean so they're saying this is a. for them the reality though is that the victory is for people that are against

oil just oil is not being used as much as it was before politicians from alberta obviously are a little bit ticked off about this but if you go and talk to politicians and quot back they'll tell you this is fantastic quebec is a little bit more progressive than the rest of canada when it comes to environmentalism so they're happy today we're talking about these politicians we hear that in europe the u.s. is pressuring politicians to kill the north to project what's the latest on that. another massive project this would move directly from russia to germany again the map gives you the best idea what would happen here it would go under the baltic sea and of course going into the baltic sea would not have to cross ukraine poland the bulk of the baltic states and that is an area of contention ukraine right now there's a massive pipeline that goes through the ukraine from russia gazprom uses it and you know there is a bit of control there especially what is moving up through poland so these countries all have

a stake in this that's where the contention comes into play so this oil would move directly from russia under the baltic sea to germany to where the one of the biggest markets is now again you're hearing this you know this that they'd be too reliant on one oil from one place so the europeans are saying all everything would be coming from russia well guess what you're buying most of your oil from russia right now this would just move it faster probably more efficiently and the u.s. is telling the european commission hey you guys there's a lot of having this and so the european commission is putting all kind of roadblocks up to try to make this a much more difficult task than it needs to be so right now it looks like things are according to some people but as a u.s. and its allies especially on trees that are really like the ukraine there of course is south of the border now let's go down there pipelines are facing a completely different steve he's our astonishing stories coming out. and how much oil could they possibly be stealing here lindsay is

a completely different politicians the that well you know you're right you're right thanks for. that let's call it something different so back in two thousand and fourteen mexico open up their markets when it comes to oil companies could come into the big guys next on the. year there are over two thousand holes in there. for the i think about. through the jungle so the places where there are twenty percent are ready to sit over this stuff all the way from politicians to chiefs of police a lot of people have been blamed for this happening in mexico i mean it's a nightmare what if there's a smaller company is not the exxon's of the world or really the world to invest our money in and that's the problem that they're having right now four hours a year has been stolen through these little kind of it's the hands of thieves what a different set of problems that is but very honest from toronto thank you.

and the doubt. that. in the us a child can choose a school with his as teachers we don't. recruit we'll sisters if the cadet is interested in go on in the military but we don't recruit ourselves. the pentagon is funding a program to boost interest in the military among teenagers. so that. with yourself. you can't go wrong with the military it's

a great stepping stone for whatever you want to do but some veterans are willing to tell enthusiastic children a little more they ask me call of duty is a very popular first year video game. it's play and that's because like call of duty to turn off call of duty oh yeah. for these kids to still hear. the darker side does the pentagon allow them to be told or does it just need more recruits. americans are constantly warned about the threat of terrorism terrorism is very real and very deadly however terrorism is not the primary killer in america americans are the gun debate is important but why is america so much. well it's been a week of tough questioning for bankers and business diets like hell and now we've

got tough regulations being pitched to shut down banks have they repeatedly do wrong by consumers the new c.e.o. of wells fargo testified earlier this week over his company fraudulently opening more than three point five million fake accounts on behalf of customers to meet sales targets over the span of seven years the bill is a direct hit by democrats at wells fargo j.p. morgan bank of america and citigroup every u.s. bank identified as a global systematically systemically rather important bank would undergo a regulatory review within ninety days to determine whether it had repeatedly and illegally harmed consumers also in the bill if they are called out a one hundred twenty day span of time would be given to dismantle the company and bar its executives from working in the industry but this is sure to meet stern pushback from republicans. and what if your regional flights were

thirty minutes instead of an hour well you might rethink that long distance commute it will make getting to work a lot easier and a seattle based startup zoom arrow agrees it's got plans to produce its first hybrid electric plane in just a few years time and it's got backing from aerospace giant boeing as well as jet blue technology ventures the united states has one hundred thirty six major hub airports and five thousand regional airports zero wants to use these for its twelve seeders inflect in fact these twelve cedars can fly seven hundred miles at eight cents per seat mile and about two hundred fifty dollars is what it would total now all also they'll be outfitted to undergo future modifications without building a new aircraft stretching the. thirty years of use c.e.o. kumar says getting from the large jobs to regional tarmacs is slow and costly which has created a regional transport gap that his company is set to fill in fact test flights are

planned for two thousand and nineteen. as the opioid addiction rate in america climbs the pressure on the health care industry has grown in particular it's the insurance companies that receive much of this blame and one major us to shore is responding in a big way. has more on that for the opioid crisis has cost the u.s. hundreds of thousands of lives and tens of billions of dollars and we try to examine the roots of it and girls are often pointed at pharmaceutical companies that manufacture the painkillers there's also lots of blame placed on the doctors that prescribe them but recently the focus has expanded to health insurance companies one of which has plans to cut sales of the opioid oxycontin in a statement released on wednesday cigna allowed announced it will no longer cover

the cost of it for customers with employer based plans beginning in january chief pharmacy officer john mason are said our focus is on helping customers get the most value from their medications from their medications this means obtaining effective pain relief will also guarding against opioid misuse cigna also signed a new contract with him to continue coverage of alternative medication that carries less risk mr added the insights we obtain from the metrics in the new value based contract will help us continue to evolve our opioid management strategies to assist our customers and their doctors and by doing this the company is hoping to reduce customer opioid use by twenty five percent in less than two years back in april cigna said it dropped twenty. percent as a result of similar tactics considering there's already a plan to provide an alternative medication there's no indication yet of this cutting a hole in cygnus revenue we also don't know how this could impact other major

insurers and the opioids they cover especially if they see more lawsuits filed against them. will any exceptions be made to customers that have already been prescribe these drugs yes there certainly will for example if you are in hospice care or maybe you're going right cancer treatment for very obvious reasons they will continue to provide coverage and i'm assuming you know that there might be other exceptions made on a case by case basis moving forward but what they're really trying to emphasize here is that they're offering an opioid alternative which they're hoping will work as a good replacement but plenty of their pharma competitors are pointing out there is less risk associated but there's still a risk so we don't know how well this is really going to do we don't know how much it will contribute to a drop in opiate addiction right and this is going to be devastating for a lot of people but more devastating is the impact on the millions of people who are addicted across the country but then the billions that costs to us per year on

this how do we measure that so the opiate addiction just forget any other thing you could be addicted costs eighty billion dollars a year to the u.s. economy and some of it's obvious health care costs right criminal justice costs which unfortunately you can only do and state governments the most and they don't have the budgets to deal with that that's why a lot of people are wondering if and when president trump will declare a national emergency because he's referred to the crisis as a national emergency but it's not until he declares that more funding would open up to those areas that are really struggling to deal with it but another area that is in maybe given as much attention is the way that the opiate crisis impacts the job market because if you're suffering from addiction you're probably going to miss work a few days or you might end up losing your. because you're fired or for you have to leave on your own terms for whatever reason and that really could have a big impact on productivity which increase impacts industries across the board

and then also can really dig a hole in your personal finances whether it's you your individual or that suffering or if you have a loved one that's going through it in fact a lot of financial advisors are saying this is a growing problem that our clients are coming to us for and we're not really prepared on how to help them you know they're not given training on how to deal with a client that is going through an addiction and they don't exactly know what sort of advice to get them in different in the way people have known to say for so long so it really can impact us on deeply personal level on top of you know as a whole the u.s. economy has had a very big impact so far and if rates go down it could help but right now it's already a national emergency level problem thank you so much for more information on this boom bust if. you.

advances it includes used in clothing construction may revolutionize revolutionize the garment industry and with the advent of robots this too for it could wreak havoc on unemployment numbers to discuss this is legal and media analyst lionel i've lionel media is it about time we just accept that this is inevitable lionel yes. obs ari yes but that's great provided this isn't your job you know it's interesting if one were to google stitches glue versus stitches you'll find that even in the emergency room adhesives are replacing actual stitches so there's something about needle and thread now listen this is the problem and you know this when ever there's been progress err respective of the progress you've heard of before the buggy whip maker and spittoons and all of this jazz there's somebody who's going to lose your job and if you are that person

losing it if you're the person who had made a livelihood and handcrafting whatever it is you're out of luck but me tell you something everywhere here in new york you buy the furred that shake shack you know shake shack i mean. they're not talking about robot hamburger flipper now do we used to have an expression when somebody referred to a very low tier job they would say a ditch digger or are they would say wow i don't care who you are out of here if you're flipping burgers it was considered euphemistically as baby the lowest rung of the employment ladder even that being replaced but let me tell you right now if you think robots are the problem that's not a thing it's artificial intelligence it's a ad let me go one step further news rooms stories news stories new writers written by ai album or the

robot if you will could you ever see there being a robot a human facsimile for a presenter not that anybody can replace your o.-i we could easily help. well there is going to come a point though we're going to say this is great and we're going to find out those jobs were human play. barber but what happens is listen lindsay you know and i know this is the ultimate this is what happens this is progress but right now there is a feeling of we're going to call this the lindsay curve or something going to some titration curve where young people in particular think this is cool or list cars flipping burgers or. clothes blue whatever and then all of a sudden it's going to lose its favor they're going to say wait a minute and then there's going to be this feeling of we might want to go back to

old school oh gee dare i say and let me tell you this remember robots are one thing this is when you program a machine but ai artificial intelligence programs itself and the first thing it does is to try to replicate itself i don't want to recreate itself and when that happens. it's all far well over i've got to add thank you for the ray of sunshine and let me ask you though robots in ai can't replace everything tell me something you don't think they will replace . i'll check back with you next week how's that takes a lot to think because i'm really because not so much what it can replace it's what people will accept as a replacement that's and that's actually that's that's a very good point i think like a doctor's bedside manner or something like that but one thing we do need to touch

on next time is what. we can go on about robot lovers all day long i'm sure more real but i know spouses friends are sort of it's up to so it's up to us to what we accept until that is right. i bid you adieu thank you very much legal and media lionel always a pleasure thank you. you may have heard that amazon is testing its own delivery service but let's talk about something more impressive its search for its next five billion dollar headquarters what it calls to i say search for apprentice really just taking a pick cities across the nation are bending over backward to win it over let's take a look at the city of tucson arizona sent to seattle e-commerce company a twenty one foot tall cactus amazon had to donate it to a museum in alabama three massive amazon boxes have appeared around the city of birmingham more boxes are set to arrive as the mayor makes his case to the company

and then over to stonecrest georgia ed just became a city this year it's got fifty three thousand people and it will consider giving amazon three hundred forty five of its acres and the chance to call those acres amazon so impressed mayor jason larry says what we're offering is the ability to control their brand and their city forever the race to impress will not slow down the company brings fifty thousand jobs with its new headquarters thanks for watching be sure to catch boom bust on direct t.v. in the united states you can find us right on the r t channel three two one and if you miss us on directv just get boom bust on you tube youtube dot com slash two months r t thanks for watching see you next time. the economic development is all about really pleased to report this quarter we've heard one hundred six point. but what do we know about the

other figures. when i think about. that are c. might do made over twenty million dollars last year. more than one thousand times the average wal-mart a says. with all due respect i have to say i don't think that's right. just how a free market would. people when from pretty simple financial lives pre nine hundred eighty to the point now where people are the just totally submerged in their financial accounts and they're all in debt and what exactly devoid society. the part of the government tried to do that nicely maybe. it might be making things worse. by saying this is more work this is lose them

goes hopelessly disastrously wrong here's what people have been saying about rejected in the us and just pull on awesome the only show i go out of my way to launch you know what it is that really packs a punch oh yeah mr john oliver of r t america is doing the same we are apparently better than two thousand and six and see people you've never heard of love redacted tonight the president of the world bank so they can go write me seriously send us an e-mail. despite all the efforts of the central banks to kill the economy by keeping bankers solvent when they should have been declared bankrupt years ago the index is showing that interest rates are going to go higher this means two things number one property market's going to crash and number two bond markets going to crash.

bush has prosecuted. no reportedly considered registering american media outlets. here in russia in response to the unprecedented pressure. over the states. president calls for a senate investigation into what he called fake news networks in the united states . coming up through this thirty minute news update the head of the spanish government in catalonia apologizes for the violence referendum in that breakaway region but says nonetheless the police were justified in their actions. coming up where that's going to go and. pharmacist has been found guilty for spreading terrorist.