this is a shared economy how's that working out we'll get both sides but before you get all that bianca short about the major stories of finance and business on wednesday richard cordray director of the consumer financial protection bureau announced his resignation in an e-mail sent to the agency's staff he wrote i'm confident that we will come that you will continue to move forward nurture this institution we have built together and maintain its essential value to the american public he added that he'll be gone by november adding your after nearly four years there the news follows lots of previous speculation in the past few months about him leaving to run for governor of ohio where he once served as attorney general it also comes after frequent attacks by some republican lawmakers over certain regulations post two thousand and eight financial crisis. airbus announced its biggest order ever signing a deal to sell four hundred thirty jets for forty nine point five billion dollars the purchase was made by indigo partners which is a u.s. based private equity group that invests in airlines the agreement is set to be

finalized next month and will distribute the jets to frontier airlines jet smart alarmists and with air the order was announced at the dubai air show where rival boeing immediately responded by making a deal with budget airlines fly dubai in nashville on will sell one hundred seventy five planes for an estimated twenty seven billion dollars. and bitcoin was trading at thirteen thousand five hundred dollars in zimbabwe after the military seized power according to local exchange gullickson the price rose nearly ten percent to almost double its value on international exchanges been a wild ride for bitcoin in zimbabwe which saw nearly one million dollars in transactions over the last month that's compared to just ten thousand dollars in all of two thousand and sixteen the cryptocurrency craze followed a long period of economic troubles in the country with g.d.p. dropping significantly since two thousand and the stubborn unemployment rate more notably. then bob way hasn't had its own currency and nearly eight years. big

believer a digital currency bitcoin right now trading globally is like seventy two hundred sixty nine hockey but thirteen hundred fifty dollars in zimbabwe astronomical be careful folks. iraq obama made his historic visit to cuba in march of last year and there was a lot of hope among many people that relations which had been on the fritz for fifty plus years would begin to thaw and they did begin to thaw but now the trumpet ministration is pulling back and there's a super strange twist impacting u.s. diplomats he discusses jan john cavil ik john is the president of the us cuba trade and economic council we're really pleased to have you john thanks for being with us you know this is a first time in in my life

a couple years ago where i really thought that maybe we turned a corner on cuba relations that we were getting rid of the remnants of the cold war can you give our viewers sort of a quick flyby on us to better relations and then let us know what has been allowed just in recent years i sort of recall some humanitarian assistance agriculture assistance but bring us up to date if you would john and thanks again for being here. my pleasure. when this all began january first nine hundred fifty nine and we've had an adversarial relationship since then up until one thousand nine hundred two foreign subsidiaries of u.s. companies remained permitted to export products to cuba these were products that came from outside the united states one thousand nine hundred two cuban democracy act which says no more of that trade and that was valued up to about seven hundred million dollars a year but we're going to allow the direct export of health care products to cuba

as well as telecommunications services then we moved to nine hundred ninety six shoot down two aircraft are shot down by the cuban military and bill clinton signs into law of the liberty known as helms burton which makes a lot of creates a lot of conditions in order for the relationship between the two countries to be normalized we get to two thousand we have the trade sanctions reform an export hansen act which reauthorizes the direct export of food products and agricultural commodities to cuba during the last sixteen years we have had about five billion dollars in products exported to cuba on a cash basis and we then get to president obama who reestablishes diplomatic relations with cuba reopens the embassy makes some important changes to the bilateral relationship the cubans reciprocate and

then the unexpected happens in november of last year where. most cuba watchers were prepared for a hillary clinton administration they didn't get it president trump's inaugurated you have quietly issues relating to the health of u.s. diplomats then in june president trump makes a statement a speech in miami florida with respect to what he plans to do the regulations came out last week and we have fewer people being able to go to cuba and more constraints on the u.s. business community so that's basically where we are you should get like an award for doing a quick you know fifty plus years summary of cuba u.s. relations thank you for that actually pretty helpful to hear some of the i'd actually forgotten about the shooting it down the planes so thank you really

appreciate that i mean if you look at what the economics of it who has more to gain from trade with cuba or the cuban government has far more to gain because they can get products faster more efficiently and have better prices the challenge is this that. the ability for the u.s. business community to make the most through by having a commercial and economic and political structure that enables it to maximize earnings of foreign exchange and that doesn't exist what does exist is a continuing adversarial relationship where the cuban government continues to blame the united states government for many of its problems since one thousand nine hundred fifty nine one thousand nine hundred nine hundred sixty one the beginnings of what is known as the embargo and for us companies we tend to be used as bait to the interest by u.s.

companies toward cuba is substantive there are fifty two companies that have a presence in cuba today the gross a new revenues of all those of those fifty two companies worldwide is about a trillion dollars so this is some big players but the cuban government has limited them basically to if you can bring the cuban economy money were into it but if it's going to cost us anything we'll take it under advisement and just real quick john on on the travel you know i know a lot of lot of people thought of friends of mine were looking to go down there and what what are the specifics of this the regulations that were they proposed are they final the trump administration issued last week with regard to travel. the regulations are deemed as final that were published last week by the treasury department in the commerce department and the primary changes were to reduce the

number of visitors that could go on their own what are called independent travelers people the people educational but where they weren't going as a part of a group the obama administration had made that change which was substantive and which resulted in the largest percentage increase of travelers going to cuba and the airlines were the biggest beneficiaries because people were just hopping on planes and going with the changes of last week where now individuals will no longer be able to go they'll have to go in groups the cruise lines are going to be the primary beneficiary but overall what the trump administration did was to create anxiety and the design was to have fewer people traveling and have fewer businesses engaged in business and they accomplished that goal creating anxiety from the administration is not limited to cuba u.s.

relations less thing john explain this weird you know sonic audio issue with the diplomats to us briefly if you can. well about twenty two diplomats have said during the last year that they have been impacted by. a an incident or series of it incidence of sonic. interference or buzzing or humming and there are also been five canadian diplomats that have reported similar issues the cuban government has said that they didn't do it and they don't know who did it the u.s. government is saying we don't really care whether you did it or not it's your responsibility once you're informed about it to make it go away and so the trungpa mr ation from january twentieth through last week had been able

basically to not issue the new regulations and been a beneficiary of the impact of the health care issues and how that persists that perception is for companies and individuals and recently the state department issued a travel warning for cuba so you know they there's there's all this been going on that that culminated in the trump of mr ation being able to not actually do that much but it has an impact john cavil president the u.s. cuba trade an economic council thank you so much for being with us appreciate your help. my pleasure. time now for a quick break but stick around because when we return we'll examine whether hotels and home run fools like air b.n. b. can coexist in a shared economy class republicans are trying to add health care to their tax legislation last part if it's likely to pass as we go to break here the numbers at

the closing bell. and what holds his hands to. put themselves on the line to get accepted or rejected. so when you want to be president. some want to be rich. too going to be for us to see what before three in the morning can't be good. i'm

interested always in the water as in the. first sip. according to the department of justice r t the channel you're watching now is an agent of a foreign even hostile power all the while the d.o.j. refuses to explain why this is the case critics warn r.t. is a test case for a wider campaign of media suppression. i've played for many clubs over the years so i know the game inside out it's. football isn't only about what happens on the pitch put the final school it's about the passion from the fans it's the age of the super manager killian erroneous and spending two hundred twenty million on one player. it's an experience like nothing else i want to because i want to share what i think what i know about the beautiful

game a great someone more transfer. and thinks this minute. as if tax reform wasn't complicated enough republicans on capitol hill are trying to add a health care component to the tax legislation that make it easier to pass could president trump two major road legislative accomplishments by the end of the year here discusses conservative t.v. and radio host steve malzberg steve thank you so much for being with us my pleasure you know you got to be the guy to ask whether or not something that failed you know obamacare repeal in place was supposed to be done on day one somehow they think that's an additive but i'm ready for your take how does that make it easier to pass

this thing well first of all two for one who would want to for one especially donald trump who by the way tweeted out monday from asia that he would like to see this included in the senate bill and the tax reform so they heeded him and they listened and here's the deal you wrap it up in a different package slide it in and suddenly it becomes palatable i am told that the senate believes that they have fifty senators on board all republicans of course to get this passed and of course that's all they need because then the deciding vote could be cast by mike pence we don't know about susan collins we don't know about mccaskey they're going to have their qualms and their doubts but if you have fifty senators go for this and not only go for a two in one win but also it makes fiscal sense the senate neither the senate or the house can be over budget on this tax cut if they do suddenly they'll need sixty votes in the senate according to the rules to get it passed so they have to save

money and this is going to save them three hundred thirty four billion dollars over ten years yeah i mean i get the logic but you know susan collins as you say for. publican from maine who bailed last time on the on health care you know she said don't get this too complicated i wrote an op ed not long ago john and i said you know i want i want tax reform like you do maybe not exactly like you do but i want it to be a pad and i said you know the president's strategy should be to get out of the way and let congress do it so this last minute you know tweak throw in health care we'll see how it how it plays out but let's get into a couple more of the nitty gritty here how about state local taxes the salt and the adoption tax credit and and the student loan interest and the health care interest deductions from your taxes that's been really controversial what's going on with those well let me let me take the easy ones first the all the ones you mentioned

including the adoption the senate keeps whereas the house did away with some of them on as you mentioned the medical deduction and others but the senate keeps them and to the adoption the deduction the house passed an amendment the brady amendment he's the chairman of the house ways and means committee so they're going to have that in there as well the real sticking point is going to be salt state local taxes the deduction for state local taxes is got from the house totally got from the senate what the house allows in their bill is for a property tax deduction of up to ten thousand dollars the senate says no way but i heard the majority leader mccarthy today say that you know this is something that's going to have to be discussed we may not have enough republicans in the house to pass our bill if we reconcile with the senate and there's no property tax deduction whatsoever so i think there will be

a property tax deduction when the two bills are passed and they come to reconcile you know to reconcile in the conference i think that will be included a great point i mean in the house you know they've got the republicans have about a thirty. thirty vote bargain but if you take even the republicans from those high stacked tax states there's no fourteen or fifteen in california there's eight or nine and in new york so they get close to be making making a difference paper and get it done by the end of this year as they keep doubling down on doing yeah by the way new jersey where i live boy if i get a good hit but anyway yeah i think they're going to get it done the house is get a vote on their bill tomorrow the senate is going to vote on their bill that week after thanksgiving and donald trump wants to sign this for a big christmas present and a big victory you know politically speaking which if you want to talk about we can for the republicans and for the president we'll get to that next time and i love doing this with you thanks for coming and steve conservative. steve malzberg thank

you. shared economies exist throughout history that is the old school business relationships that are disrupted by new kids on the block we saw it and continue to see it in retail which is now heavily based as we all know upon online sales as opposed to the legacy brick and mortar stores and we've seen it with lifton over a sharing what used to be the domain of taxicabs and we're seeing it in hotels which are not competing with home rentals and companies like air b.n. b. or they are competing with these home rental companies like air b.n. b. b. r. b. o. home away and others so how is that working in this new shared economy here tell us is professor brian friedman he's the founder of friedman capital and his professorship at georgetown and real estate finance brian thank you for being here really appreciate you ok so is this how hot and heavy the pressure that's on the hotels from the air b.n. b. and b.

are b.o.'s now this is a very real thing and it's only going to become stronger more people are interested in using air b.n. b. and b. or b. out before you might know one or two people there are doing it now more and more people are doing it it's becoming a thing to do and so for hotels it's a real problem because there's more supply there's more supply of rooms in a given market if you go back to the professor and look at who started the whole condo apartment rentals who was it are they still around how are they doing well they are all still around but there's been a ton of consolidation and air b.n. b. in fact is actually buying the pioneer companies because as much as they're growing it they are now also going through acquisition that's very similar to the marriotts of the world they own thirty brands to day air b.n. b. is at the point where they see these brands they want these brands to develop then they'll go and buy them so it's expression happy in the luxury and are these i know where a b. and b.

is international or all the they're all the international around the globe. and are they having the same sort of pushing the same pressure on hotels how's the hotel industry sort of separate from this home rental thing how is that go and overall how does hotel doing the hotels are doing fine right now but you're dealing with an industry that has been very slow to adapt and it's constantly been disrupted that. the hotel companies they lost to the internet and when i say that is they should have been able to embrace internet and there should be more bookings happening on their websites but in fact more bookings happening online travel agencies and other hotels still they still building they're still constructing their you've got enough revenues capital to do that yes there's still plenty of construction happening but it's happening in a localized level so it's a sick markets there's real construction occurring there any place it's particularly hot new york or california yes new york is definitely experiencing oversupply nashville is experiencing there's a lot of construction going on but in those markets it's actually an acute areas of

those markets for example here in washington d.c. a bunch of new hotels have come on but they've come along in the southwest waterfront so that's not really affecting a hotel that's for sale in downtown c.b.d. washington ok you know we spoke before air about something that i thought was really interesting about the home rental area using being used by local governments explain that to our viewers ok there's a couple things i'd like to address with that fourteen and a half percent of their being the rooms are tax that means if they charge one hundred dollars we does revenue fourteen half percent for it here in washington d.c. and in paris it's like twenty three percent i think that's very powerful so the governments can create more affordable housing days there's an act extra tax base but most importantly when it comes to somebody like me they want to build housing if i know that my house is going to be immediately rented it gives me the ability to build that much more and so that's what the real fact air b.n. b. has is if it gives me it gives the developer the ability to build twenty percent more housing. and if you're able to build twenty percent more housing and the

governments are. requiring that twenty percent of the housing that's built goes to affordable housing giving me the ability to build twenty percent more we just bought twenty percent more affordable housing units that's pretty great but just to be clear if you're a local government and you tax certain things can you give a break on the rentals if you're getting the revenue from it if you're if you're the government now has to be to be very clear just like hotel hotel pays real estate taxes but when i go to the hotel i pay seventeen and a half percent sales tax in washington d.c. so with air b.n. b. the real estate owner still paying the real estate tax now they're capturing another tax. boy brian thank you so much professor really good to see appreciate you spend the time with us thanks a lot ok. according to the latest global wealth report from credit suisse global growth has grown by

twenty seven percent since two thousand and eight but not all generations are reaping the rewards and the benefits of that group bianca has more on that for us this year is wealth report from credit suisse had a lot of i have popping numbers for example the top one percent now owns fifty point one percent of the world's wealth that's up from forty two point five percent at the peak of the two thousand and eight. but on top of the obvious expansion of inequality analysts pointed out another concern of theirs what they call the millennial disadvantage in the report they wrote the millennial zz people who came of age after the turn of the century have had a run of bad luck most clearly in developed markets capital losses in the global financial crisis of two thousand and eight to two thousand and nine and high subsequent unemployment have dealt serious blows to young workers and savers and rising student debt in several developed countries tighter mortgage rules after two thousand and eight higher house prices increased income inequality less access to

penn. trends and lower income mobility and you have a perfect storm holding back wealth accumulation by the millennial in many countries so it's not just the recovery or lack there of that's hurting and threatening the millennial generation it also is also the rapid buildup of student debt that's making it harder to save for anything and the increase in inequality that's dampening mobility based off of the numbers the report's conclusions was pretty bleak credit suisse ended by saying one equals are more likely to experience greater challenges in building wealth over time the bank added that the also have a harder time overcoming inequality in previous generations so two things one as well as talking with steve malts byrd i mean the tax reform bill if it passes they're talking about potentially taking away the interest of deduction for student loan which so. we're in this credit suisse study bianco they talking about just us ruses side of the states do it certainly expand beyond the u.s.

but not equally everywhere so it's bad for morale millennial in the u.s. and also millennial is in europe particularly in countries like germany where millennial are saying that they're not making this as much as their parents said when their parents were their age but if you look at emerging markets like china millennial they're fairing much better in terms of wage growth and then of course when you look at the price of higher education i mean it simply doesn't even compare in the u.s. it's skyrocketed out of control and you know we're trying now to rein in student debt but it's kind of too late so depending on where you live it can be tough to be a millennial but not like it is in the u.s. or in certain parts of the or you know we've even got we've got a great it's only the for unemployment rate is only four point one percent now but there are a lot a lot of people in the predominant number of millennia old who mean that's that lower age group are the ones who have higher unemployment so the four point one is just where i get but the higher is the younger kids and they're coming out with a lot of debt and not many jobs and under employment so that's sort of

a twofer for millennia old. not just claim it but actually finding jobs that will what they're capable of doing going to be a lot of overly qualified in turns around for the never next little while here is at least i will ask them to hang in there and then the economy is going to get better we're going to get things we are sort of venture. ok thanks for watching be sure to catch the boom bust on direct t.v. channel three twenty one of the united states and if you miss out on directv cat food us on you tube at you tube dot com on the left r t thanks for watching us. i would see him we don't have any protection for whistleblowers at all if you do

have to die for resupply was on i think the public sector as well as in the private sector that information would have to be can be made public and that actually puts pressure on the parliament to become more on this. and. that business in favor of all the public. stuff. is. not. going on in.

those who don't consume don't tell you ben doesn't do it on jay dealing with the single and the most from that are equal going to tens of thousands of what he calls a stance make that connection don't consume don't be don't see don't implode move it out to those moving in as the solutions will toss out acid all to the sitting on . it's the cradle of jazz. this is america is still a very good we have. good nose disc jazz feeling. a city of climatic contest of alligators on the loose of poverty and crime are used by the least twill members of my friends close my herd of street racing

in the peace of the night this is new orleans itself a man who looks the best place in the world. every single minute there's a new drug a for some fabulous days like shaky like scent of them they make up then they get a grant from some corrupt congressmen in america billions of dollars and the side effect is always make may do suicide may do suicide may and do suicide if what you know but the american flag is inducing suicide because you look at that you say oh it's a farm a cocker see. almost three hundred islamic state fighters are believed to have fled the liberated syrian

city of a. rocca the pentagon admits that only a few suspected militants were detained as they left. the can you say to know why this is fighters leave the city and go somewhere else can you say that we can say with the one hundred percent certainty that. the russian parliament passes a law allowing the kremlin to classify media outlets as foreign agents and falls a similar move made against r t in the united states. and a u.k. think tank claims that volunteers attempting to help refugees crossing international borders are being treated as criminals by the e.u. we hear from an aid worker who fell foul of the authorities.