the rebuttal i'm stephen ball. hollywood guy you know suspect every proud american first of all i'm just george bush in our view to say this is my buddy famous financial guru will use a little bit different i'm. going to the well you know windows up with all the drama happening in our country and rude of. me every day americans. want. to be sure to bridge the gap this is the great american.

i'm beyond this you need this is boom bust broadcasting around the world from washington d.c. coming up we'll explore the global surgeon i.c.a.o. is in the future a digital currency market then we'll also take a look at how luxury products have compared with traditional stocks as a good investment and told us that's paul nassif increase in fees just hurting middle class americans the first let's check today's top stories around business and finance news. bitcoin has hit yet another record high of eight thousand dollars on friday well it did drop to around seventy five hundred it jumped back up to the seventy nine hundred mark by the afternoon this follows quite the week for the cryptocurrency which fell to fifty five hundred just last weekend and the time that's passed that quincy market cap rose from ninety two billion dollars to one hundred thirty three point five billion dollars and that debt can be attributed to a delay in an eye. upgrade to the bitcoin network that was supposed to make

transactions faster but that would have caused a horde for another bitcoin spinoff would have been created it's been avoided for now but there's still no guarantee that a hard work won't happen in the future. the federal communications commission just reversed a decade's old rule that will make it easier for media companies to merge the agency voted three to two to eliminate the ban on cross ownership of a newspaper and a television station in a major market and that's not all the f.c.c. also voted in favor of allowing media companies to buy several stations in the same market and for local stations to jointly sell ad time it will also become easier for companies to buy several radio stations in some markets and the decision is expected to pave the way for sinclair broadcast group to buy tribune media which has been widely criticized no word on how it impacts comcast and rise in the thames at acquiring twenty first century fox though. oil exports from

singapore grew faster than expected in october jumping twenty point nine percent year on year that's significantly higher than the forecasts compiled by reuters which estimated ten percent growth in back in september exports actually fell one point one percent the biggest chunk of it went to china where shipments increased over fifty percent followed by twenty six point one percent to the european union but sells to singapore as other major trade partners like taiwan hong kong and indonesia declined since last year according to the government g.d.p. growth will come in at three point four percent which is greater than the initial trade releases new data. as the digital world alone the investments are made and i c o's are initial coin offerings are akin to initial public offerings for i.p.o.'s where investors populate a company with capital the i c o's deal with digital coins and related digital to.

knowledge is a little currency exchanges well we've seen a lot of government action related to ice in the last few months and to talk more about that sat down with dr nicolette cost to set partner and attorney at the global law firm mayor brown first asked her to set the landscape for what's been going on around the world. here's what she had to say. so the big question right now is are they regulated or not. we have heard a lot of noise about the financial impact the risks but of course for them to be able to go through official legal transparent way they have to be seen addressed by regulators so what we have seen now is as you've mentioned briefly some countries have simply decided to ban them you think of you think of south korea you think of china those are examples where they have been clearly banned now others for example we've seen recently mentions about russia about poor and canada

australia germany just to name a few were regulators have taken a position about addressing the risks so not regulating them as such yet but identifying to risk the us went to a bit further but that's more or less the global status of those. fantastic and you know in some of those countries you mentioned just for our viewers they have also banned in china south korea and in russia they have even banned the trading of digital currencies so nicollette i mean you know about global regulations all around the world but you are head of tech and compliance there in france tell us about what's going on in the european union with regard to i.c.a.o. . so that's an interesting question bart this week the big news here in europe is that securities market with thirty which is more or less the umbrella that's over. sora last the role is sure that they're looking at risks for investors

systemic risk and also making sure that there's a convergence between regulators so as port addressing both investors and firms identifying the growing different things that have to be assessed ample zz would be assessing you know if there is any money laundering issues if they are clear and transparent if we know who is behind them and from of course the firm side is are there acting in the know clearly that they might lose all of their investment of. as possible tokens of coins being securities and therefore potentially falling on their federal securities law so they analyzed if you remember bart. o. . related to. a few months ago and what had happened then and the negative.

result that had happened on some aspects of it they they had investigative report and they basically clarify that a token or a coin could not necessarily will but could fall under the definition of a security if the famous how we test which is which comes from of the nine hundred forty six securities. supreme court decision qualified identifies a security so we will see how it evolves will see how there if it is that are being developed right now will be addressed on that aspect as well having the underlying lateral as as a bit corny or a if you're any kind of virtual currency or token how it would be addressed but it's interesting to see that because singapore for example and hong kong have even followed that first kind of assessment of the i.c.c. and the. security or not if it does fall under. the description of what

a security is here nickel what i know they did something recently about celebrity endorsements of these ice c.e.o.'s and my recollection is that the former basketball player dennis rodman adores a pot calling and i think paris hilton and the actress and cause and even floyd mayweather the boxer of and voiced one of these and coins what was the guidance or the instructions that the f.c.c. gave about celebrity endorsements well that's a that's an interesting point because that's part of the of the the visor we've rolled that regulators are taking very still it seriously right now and in relation to i suppose and to virtual currencies they basically. warned about the fact that if a celebrity endorses a n i c o they still have the obligation to disclose the nature of the compensation to scope and if they do not. abide by for there are federal securities laws there could be serious violations if they are doing so so and again this is part of the

of the i.c.c. saying again be aware and make sure that that you are not just being influenced by subjective. subjective factors and you still have to do your assessment of making sure that that you know that you know what is your expectation of of profits and what are the risks you're taking and again i think what's interesting about it you know it's it's not that it's good there it's bad or there are risks like in any new developments there are cyber security risk there are money laundering risks so it's all about trying to see if we can work it through with a transparent approach a safer approach for investors while always trying to find the right balance between you know making sure we are protecting the investors and the systemic risk and for not just the stability of markets but at the same time also not hindering and stopping innovation so i think this is the biggest challenge that regulators

will have to face in the coming days weeks and months dr nicolette costa said thank you so much for bringing being with us really appreciate it. thank you very much commission children. time now for a quick break but stick around because when we were turn we'll discuss the evolution of investing and find out how hidden fees are hurting the middle class plus pope francis is it a two hundred thousand dollar lamborghini find out how he's putting it to good use for those abroad as we go to break here the numbers at the closing bell live live live. live live.

now to cut. to the to the right thing to them at least the touch . i. apply to many flips over the years so i know the gunman so i got. the ball isn't only about what happens on the pitch to the final school it's about the passion from the fans it's the age of the super money kill you narrowness and spending to get to the twenty million and one player. it's an experience like nothing else not to because i want to share what i think what i know about the beautiful guy but great so will transfer. at least it's more nudes.

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the global economy has changed a lot since the two thousand and eight financial crisis not everyone trusts the markets the way that they once did but not too long ago we learned that there is a certain luxury product that promises a better return than most stocks and even gold to hear more on this we're joined now by jeff burke founder of order i thank you for joining us jeff you sell this highly coveted item which is the arm as birkin bag but it's obviously not something that everyone can afford so for that reason alone is it really that strong of an investment. it's not so much not people can't just only afford it is the difficulty

to get it even if you can't afford it and there's a secondary marketplace where people are gladly paying those fifty two hundred percent over the retail if we can get one that's brand new and i. read a lot of these articles about burke a minister as an investment vehicle and they certainly appreciate and produce every year as a present priest almost every year and but to say that it's squarely an investment getting out of it is only is reputable is the person selling the bag so if if if a normal woman is carrying the bag and she thinks everyone's so eager for twenty thousand dollars if she jumps on e bay and tries to get twenty herself it's there's an authenticity concern great so the people the reason the birkin does so well as you just said is because it is so exclusive even if you have all the money in the world sometimes you can't necessarily get your hands on one so is that the secret to success in this very crazy retail industry right now to just sell something that you don't make in bulk . a commitment to quality you know however the demand that they've somehow built by

design or not there is still a high commitment to quality in the making of the bag itself the bag that you have in your mind's eye is probably forty to forty eight hours to make that thing by hand. so i think that a lot of people are going to where do you see not only just beauty but what what they're getting for their money and you know. and so it's so the economy and the job market has have both changed a lot since the recession and not everyone has necessarily felt the recovery so since two thousand and eight how do you think since you work in the industry how do you think the luxury goods market has fared. this comeback in a big way i would have to say the biggest thing they've done is really down on just in time manufacturing you know when the plane crashed it gave birth to this whole industry called flash sale which is gilt common rule on dot com and through a period of time you were able to go on and get why is gucci and told the purple label at fifty dollars for

a three day period. but then people got conditioned so if i'm a pole customer and i roll into a wall in a way for gilt sacks calls polo they say killed that and now the flour still industry is really going away ok well i want to ask you about amazon quickly because it's hard to talk about online retail without talking about amazon and they just announced that they're going to cooperate with calvin klein for an exclusive exclusive products but the one criticism of amazon is that it doesn't really have the cool factor that some of the other hand online retailers have so do you think there this new project with calvin klein is going to do well i'm sure it's going to do well but you know underwear is really much more a mass market product right then a period valentino pumps or an arm as burke and or. something we talk a lot about on the show is how the internet has disrupted the retail industry every industry in particular retail butt. you were lyall lot on instagram for yourself which i think is so interesting so what was it like creating

a company and relying on instagram in this very tough environment you know my wife had been tinkering with the perkins on e bay and she was studying the few other people that are doing this and she just came into me in two thousand and twelve she's like well no one's on instagram i can figure out the d.n.a. of this the hashtag bird can hash tag thirty five centimeter and we just built a organic community that's like eighty thousand people now when we put up a bag and she also knew that authenticity is a concern for people out there and she was very also madell taking pictures in our house on the couch for the wall she just had this theory that if i'm successful people are going to know my house and they're going to know that i have that bag and that's a real bag so we have a community now eighty thousand people will do probably eighty million this year and over fifty countries thirty five percent of our business is the middle east so what is the difference between uploading pictures from your home on instagram versus e-bay or amazon. for our level the game on we do have an

e bay store and then all in all honesty people know who we are so there's a bag on e bay that's thirty thousand bucks they're probably going to pick up the phone and calls directly on that you know this very sophisticated customer that's a woman who knows that hey maybe i can get a deal or hey if i water them the money at least i can save maybe three percent on the credit card for them to charge me so since you're you know pretty reliant on social media is so big for your company what is what are your security concerns because obviously everything is done online so how do you assure people that you're not just a thief if i don't wire you hundred thousand dollars on the street we're on the street and it's really it's just just like there's a huge community of guys that are motorheads and they just follow these nine hundred sixty seven mustangs they talk about it all the time there's a parallel universe where there's hundreds of thousands of women thing like purse blog and they're constantly do you what do you think of. porters no one has used them or they would shit and just work on the street constantly delivering stuff on

time and it sounds like you've gotten up there a time jeff burk founder of pre-date porter thank you so much for joining us likewise. between stagnant wages higher cost of living and expensive college degrees it's no secret that the american middle class has felt squeezed financially but there could be another factor we've been overlooking that's having an even bigger influence here more on that we're joined now by devon fergus author of land of the feet hidden costs and the decline of the american middle class. devin i want to start out by talking about your book land of the fee which you say the explosion of fees has been overlooked when we talk about wealth inequality so what do you mean by that sure. he's have risen both in the public and private sector over the last generation and those fees are increasingly. grows in areas of mobility

housing education employment and in transportation and so it becomes a barrier to the middle class and so i know you just mentioned a few of them but the four main areas in your book are housing work transportation and schooling out of the four which is which has the worst when it comes to sure there's a great question i would probably say the the the worst is perhaps we're going to argue student loans and often because the first major fee that people face customers face and also as a sort of hidden hangover effect and so student loans. you get the student loan get a loan payment. it increases your debt to income ratio which means that they lose your credit score which means that she raised your interest rates for for a home mortgage in order to buy a car or whatever consumer product you want to purchase is so supposedly a student loan s'posed last ten years but the average person who takes that is to loan us two or three graduating seniors take twenty one years to pay off their

student loan and it's going to continue to increase over time so how and when did this buildup of fees begin i mean did it start with one particularly industry. in part started with i think it started both with the public and private sector ramy start to the private sector first in the baking industry first. in things like. fees things like that you know sort of spread to other industries in other fields also to the private sector and for those for the for the publics for the private sector fees or are we to. to raise revenue and also to obscure the true price of a product but for the proposed became a way to sort of to to close revenue get this was a profit stream for the private sector in a revenue stream for the for the public ok i want to ask you quickly about telecom because according to the consumer federation of america eighteen fries and comcast

are sixty billion dollars annually. which is just outrageous to think about when i first saw that number i couldn't believe it but i mean how do we let them get away with this why does this keep happening sure it keeps happening. and i've actually written about the produce of a telecom industry in ways. sort of consumers. to keep house in part because of lax oversight my concern is actually down the road with the current administration . boasting about the rule back of regulations that's going to have an impact probably down the road when you move the financial regulatory cops off the beat to happen is great offense for predation and so that's what we will have in the future and that brings me to my next question about richard cordray who obviously just stepped down from the consumer financial protection bureau he'll be out by the end of the month and he was really looked at as a very tough regulator especially when it comes to things like payday loans and

mortgages and so on but obviously he did not come into the picture until after the crisis so how do you think he and his predecessors that were in his role temporarily beforehand did they make any progress no absolutely. pity loans to the ways in which to sort of try to grossly roll back into force payday loan abuses the also had some impact in terms of student loans as well and so i think he had a solid start. to great concern that with the due addition of congress they might be rollbacks and frank maybe is one reason is that the court is sort of stepped. into. surge is what comes in the aftermath of richard cordray great so it sounds like you might be concerned about who could replace him precisely who replace him this is really the big question though the though of also also hurt. because he has to this is going to be less of a of a will push to roll back the influence of powers of

a c a p b so maybe the congress and the white house might focus on things like like tax reform or other financial issues ok so back to the u.s. economy for a second if in a perfect world we found a way to get rid of all these hidden what would the u.s. economy look like i mean these companies are making billions of dollars a year it sounds like you can change a few g.d.p. percentage points off sure it would be you know look at the micro level or some level would have made you mean to the individual u.s. households and so would add maybe fifteen to twenty percent back to the pocketbooks of the american consumer that would in turn mean more money in their pocket to spend on more goods and services as well so and we're also fees is also a massive transfer of wealth from the middle class to the one percent or so i said to be less of a transfer of wealth as consumers use the use of money in their pockets to buy goods and services that sounds like it could have a pretty big impact it could absolutely so obviously it's

a pretty significant situation in the u.s. how does it compare to other countries i mean is this a problem anywhere else in the world. i mean also in the broadest sense the rise of fees and is certainly a problem particularly u.k. there's a organization called debt on our doorstep which was created really in the middle of the two thousand on the eve of the financial crisis and so deftly the question of fees and more broadly has an impact as an impact everywhere we could almost think of the u.s. as some kind of canary in the mine things my started the u.s. or even more specifically within within africa community. the nation it goes goes abroad. some people talk about to be the american the finish of the great american as as these american products start at home and go abroad to create abusive financial practices ok thank you so much for joining us stephan ferguson author of land of the thank you thank you.

earlier this week pope francis was gifted a two hundred thousand dollar lamborghini that share the same color scheme of the vatican flag it won't be writing it around the holy see as promises instead he signed it before. according to the vatican proceeds from the auction will go toward projects helping christians return to their homes in iraq that were destroyed by isis the funds will also help female victims of human trafficking and medical groups that provide services in central africa it was definitely a sight to see considering the pope's dread of the traditional papal limousines on a normal day the only vehicle you'll see him in is in one thousand nine hundred four for not for. that's all for now be sure to catch boom bust on direct t.v. in the united states you can find us on the r t channel three two one and if you missed us on directv on you tube you tube. thanks for watching

next time. the political crisis inflicted upon lebanon by saudi arabia appears to receive it least for now is this a sign of things to come as the saudi royal family changes so to saudi arabia and the region is it time to break free. in america a college degree requires a great deal. paying decades of debt. studying so hard it requires trust. going through humiliation to enter an elite

society. and parching to dance sometimes quite literally. want other true colors of universities in the us. headlines on r.t.e. international as i souls grip on cereal all body evaporates there is a dramatic shift from a military to a political solution to the war as new peace talks start today in russia following president assad the surprise visit to sought. after the failure to form a coalition government in germany we look at one issue that's proving a stumbling block in negotiations that of climate change and what critics say has been merkel's all told and no action. as a country we think we can become pioneers on the way to creating the age of

renewable energy doesn't often do it this is not easy even for germany who still have quite a way to go.