step down next year. continued after monday intern closer to the ten thousand dollar threshold by tuesday morning the cryptocurrency was trading at nine thousand nine hundred forty two dollars which is nearly a two thousand dollar increase since friday of last week and on some exchanges like the c. x. it actually surpassed the ten thousand dollar mark year to date that quinn is up almost nine hundred percent with a one hundred sixty eight billion dollars market cap that makes a digital currency bigger than some companies like citi group or i.b.m. it's even larger than some of the g.d.p. of countries like nigeria and qatar and now coin base which is the largest corn exchange in the u.s. has thirteen point one million accounts over double last year's amount. while that coins climb has been exciting for some crypto currency still isn't a widely understood concept to help us break down bitcoins recent gains and explain

what it means for consumers we're joined now by former u.s. trading commissioner board chilton. hi bianca even some of the most optimistic market prognosticators have underestimated the soaring bitcoin prices with new records in recent days bitcoin zooming through nine thousand dollars and beginning to bust ten thousand dollars per call and one analyst suggested that bitcoin prices could rise above forty thousand dollars by the end of next year it's no wonder that many are be fuddled by bitcoin as the government financial regulator for years i was the first to call for consumer perfect protections and regulatory oversight of bitcoin it's abundantly apparent that regulations and consumer protections are needed now more than ever and here's why one bitcoin has been used for illicit purposes in the past for silk road and other things there's no overt evidence that it's currently being used for the any ominous activities but the dark digital

nature of the currency itself leads to potentially inappropriate use the federal bureau of investigation the f.b.i. they put people in jail in the past for money laundering and other unlawful activities and i really wouldn't be surprised if that doesn't occur again perhaps even sooner rather than later so regulations are requiring greater transparency around the world to help investigators and the public better understand what's going on that's about to happen and we need to know about bitcoin another digital currency trading because what we don't know is astounding it's reported that the number of investors has increased by several hundred thousand dollars in the last week alone just since thanksgiving coin base is the largest digital currency exchange and they boast over thirteen point three million investors but we don't know much more about it than that who are these investors are they large institutional folks are they with small funds are they pension funds getting into

the act if so should pension funds be allowed to do so and how many average individuals are in these mark. it's are the originators of the founders of these digital exchanges the trading venue's themselves are they investing in these things which investors are holding large concentrations of bitcoin or ether and how large is large can they push prices around and royall markets push them to where they're manipulating i've said that bitcoin isn't a fraud as defined in the law and i wrote a book on ponzi scam so like that farmers commercial i know a thing or two about them but while the mechanics of digital currency is could theoretically be used as a scam as jamie dimon of j.p. morgan chase and russian president vladimir putin have suggested there's certainly no evidence there's any intent to do that nothing untoward and while the places that one can actually spend a bit coin or ether token are admittedly limited at this time the venue is for cash conversion of these currencies is growing if people can actually convert their

digital holdings into something of tangible value that's not that's not a fraud or a scam a coin based upon something real something we could touch and feel be better you betcha but we aren't there yet hopefully soon that said it is possible it is possible that without any real regulations manipulation or attempted manipulation could be occurring are those in the bitcoin space simply trying to boost the trading higher and higher by reinvesting any of their profits the answer today is we simply don't know enter the chicago mercantile exchange group which has said they will soon before the end of the year offer bitcoin futures this is a game changer a gargantuan game changer in my view because c.m.e. is regulated it's regulated by my old agency the c f t c the commodity futures trading commission and i know c.m.e. group to be really diligent and deliberate and compliant with the righteous rules

of the road they have market monitoring that's unsurpassed in the future space. as they investigate and find traders who participate in the fairy s. activities while trading on c.m.e. platforms like the chicago board of trade the new york mercantile exchange nymex and the commodity exchange comix and the key oversight and enforcement tools such as circuit breakers those circuit breakers actually stop trading when the price moves one way or another by seven percent or thirteen percent and then it completely stops all trading at twenty percent in a single day that's critical to lessening the voracious volatility which we've seen in bitcoin trading and ether trading and c.m.e. group can spot manipulation they know it when they see it and they know that when large traders controlled large positions they know if that trader tries to push around markets and they will go after them if they see anything approaching violation of the rules will c.m.e.

group add legitimacy to bitcoin and even foster higher than already high prices they've actually probably already done so when they announce this and that may continue for a while but in the longer run markets will be more efficient and effective safe and secure because of c.m.e. groups involvement so if there is suspected fraud or abuse or manipulation they'll go after that in this bold a new digital currency world that's a major regulatory move bianca. that was former us trading commission report chilton. with access to the internet being easier than ever cyber monday had its most successful day yet by ten am on monday americans had spent fourteen billion dollars shopping online since thanksgiving according to adobe analytics more than half of those purchases were made on mobile devices and compared to last year there was a seventeen percent increase in sales it wasn't just amazon and exclusively online

retailers that did well though department stores like kohl's and j.c. penney both said online traffic skyrocketed a very welcome response from the otherwise dire outlook for traditional retail companies. considering the several aspects being debated about the tax reform proposal floating on capitol hill not everyone is convinced we'll see it passed by years and to get his take on where it stands we're joined now by conservative commentator steve malzberg steve what do you think are we going to see tax reform passed by christmas. well yes a big step was taken today the senate budget committee along party lines pass the senate bill out of committee and in effect sends it to the floor where we'll get a vote on it possibly by the end of the week and of course if that happens and the house in the senate will have to reconcile their two different bills and come up with the bill and then have votes again but yeah today was huge two senators on

that committee voted yes and many people thought that they might vote no one was bob corker bob corker is concerned about. budget and deficits and what he's looking for is some kind of trigger that would raise the tax rates if the projected revenues fall short under the tax cuts i don't agree with that but it made him happy supposedly he got some kind of outline plan for maybe having that happen and ron johnson who was a no vote until recently he met with donald trump as did many senators they talked it out and johnson wound up voting yes his concern has passed through businesses and getting them more tax relief well there are still a lot of questions about how the proposal will actually help the middle class especially where homeownership and health care are involved so do you think the act is good as aides or does it still need to make some changes well again there's a senate bill and as the house bill the senate bill gets rid of the obamacare individual mandate the house bill does not the house bill allows for that while it

gets rid of salt state and local taxes it allows ten thousand dollars for property tax deduction the senate bill does not so there are there are major differences in these bills even the corporate rate the senate bill would delay the implementation of the cut for a year the house bill to do it immediately so there's going to be a lot of getting together and sitting in a room and hashing it all out when push comes to shove. all right well now i want to ask you about the potential for a government shutdown because on tuesday president trump said he doesn't see a deal with democrats happening in order to avoid one so if they don't what sort of implications do you think it could have on both sides of the aisle well you know today nancy pelosi and chuck schumer backed out of a meeting with republican leaders mcconnell and and ryan because donald trump tweeted out that schumer and chuck don't really want. to be tough on immigration or they're not tough on crime they want higher taxes so palosi and schumer said well we're not coming to the meeting they called it a

a show meeting but they do want to talk to republican leadership without trump which i think is very disrespectful of them look i think this has to happen you have to close down the government for a while isn't necessarily a terrible thing and many people say well republicans control all three branches so it shouldn't happen it'll be on their watch they'll be responsible for it the media and it seems to always blame republicans whether they are in control or not and you need sixty democrats to get through the filibuster in the senate so they're going to need eight democrats in the senate to get this done and i think eventual leave they will well in the summer trump said at a rally that he would be willing to resort to a shutdown in order to build a border wall so is that a comment you think we should take literally. i you know what i think the border wall is very important it's certainly important to the base and he ticked off a lot of republicans when he said he would trade the border wall for daca because doc was a key thing the democrats want in this you know government funding going forward

for the next year fiscal year so many republicans said don't don't give them daca you know you'll get the funding for the wall some other way so that's going to be one key fight you hit it right on the head there. steve malzberg conservative commentator thanks so much for your time my pleasure time now for a quick break but stick around because when we were turn we'll sit down with mark born ten of the macy's institute to talk about a pretty critical analysis of the tax reform plan making its way through congress and as we go to break here the numbers of the closing bell. this footage is unique because there's a tribal lens on normally off limits to the public eric's allowed in because he's

this is personal don't. the people here know him simply is don't to eric he's rich famous some always on the move sailing yacht some flying aircraft that. he's considered one of the best neurosurgeons in brazil. that's happening almost all. our souls are. going to be busy doing nothing is going to lose to the population because it's going to keep people as. hey everybody i'm stephen ball. test hollywood guy the suspect every proud

american first of all i'm just george bush and r.v.'s to say this is my buddy max famous financial guru where she's a little bit different i'm not. going to harness the oh no one knows up with all the drama happening in our country i'm shooting the road have to meet every day americans. and hopefully start to bridge the gap this is the great american pill. when lawmakers manufactured and sentenced to public wealth. when the ruling closest to protect themselves. with the famous larry go round me the one percent.

we can all middle of the room six. million real new. senators returned to washington this week with the hopes of passing tax reform by christmas but a new analysis of putting a damper on some republicans helps and passing it that's. soon to hear more on this we're joined now by mark berndt tenth senior fellow at the macy's institute mark the nonpartisan tax policy center released its analysis of the tax cuts and jobs act and it didn't look too good for the bill supporters so what's your main takeaway from the analysis well there's

a lots of changes to the tax code in this bill they change the rates they change the brackets they change our deductions they they change our exemptions and many many other things the problem with it is in the net result is that it provides very little tax relief it provides very little incentive for economic growth and it adds one point five trillion dollars to the national debt over the next ten years so it basically amounts to a scam of the american people in favor of politicians who can now raise campaign contributions from special interest groups because these special interest groups they need they want to maintain their little advantages in the tax code so the money is flowing into washington d.c. from lobbyists and special interest groups as a result of this tax reform debate and one of the major provisions of the bill is to lower corporate tax rate so in your ideal world what would the official pay rate

be. well in the ideal world there would be no corporate income tax at all it would be it's considered it an irrational tax by almost all economist and basically corporations waste tons of resources trying to avoid the corporate income tax but by doing things that they otherwise wouldn't do spending more money on accountants for example it also. excuse me it also provides very little revenue in the overall scheme of things about nine percent of the budget comes from the corporate tax and if we didn't tax the corporation's income that income would go to their shareholders in the form of dividends which are taxed so it's not like corporations are avoiding taxes altogether their shareholders will still be paying their fair share of taxes through the taxes on dividends that they receive and capital gains

that they receive well the center did point out that it could increase the g.d.p. by the year zero point six percent in two thousand and eighteen which would then flatlined to a zero point two percent increase by twenty thirty seven economic growth is a great thing it's in the licks are that tends to solve everybody's problems but the fact that it doesn't raise economic growth very much harkens back to the fact that what i said earlier that these tax bills is really very little forward that increases the national debt from twenty twenty push up interest rates which would tend to discourage investment and they went on to write that an increase in interest rates would negate the incentives of a lower tax rate so if that's true what's the main point of this bill. well it's to raise give politicians more campaign contributions but it all harkens back to the idea that government spending in the business and entrepreneurs' and so we really need to address both taxes and spending and then spending now as well is

spending in the future and if we can cut government spending and transfer resources from the public sector to the private sector where they're actually productive you know the private sector even with a fifty percent tax burden is what produces our standard of living government doesn't produce anything at all on its own it only takes taxes and buys things from the private sector and so that's really at the core of what american should be debating and what congress should be debating is reducing i mean u.s. government has you know redundant military bases and spy networks it has redundant regulatory agencies so we could have a tremendous increase excuse me you could give a tremendous cut in government spending and with all these redundancies there would be no pain whatsoever for the average american i want to talk about some other

potential impacts both the house and the senate have their own versions of the bill and most notably the senate's sliver peeled the individual mandate which would leave millions of people uninsured or could lead them on insurance so do you think this tax proposal makes up for the financial impact that could have on millions of americans. well i think the individual mandate is something that would be eliminating it would be one step in the right direction in the united states we have the most expensive health care in the world but only mediocre results in terms of outcome and the reason for that is that the government is subsidizing consumption and insurance and it's monopolising all aspects of the supply side and so that's driven up the price of health care and so what we need to do is remove government. out of that process in order to get a more market very surgeons. for those things are very let hundreds of customers

were targeted this year that there's a new pay strip better but anyway turn to people who are ripped off well apparently this isn't just a problem in the u.s. have also been in hot water for a banks in this country over the past few years how with the finance services such as mujhe for doing this and again you know if you're looking at people that are looking to get their bonuses so t.v. was the last one that was hit and that was just this summer just this past summer they had to pay twenty one point eight million out they also had to pay one hundred seventy five to the terro securities commission for the investigation that they put forward just to see exactly what was going on here but again look we're talking about a lack of oversight the so this is what the banks are saying a lack of oversight of investment services could result in bag employees overcharging the investor clients to increase profits and they said so nonchalantly you know that they think well be doing that now just imagine you or i robbed the bank at the bank catches us and then the next day worse they were like you know no no no no no you don't worry about it i'll pay the money back no it doesn't work

that way but it seems when it's the other way around you know it's ok it's ok they pay the money back and nobody really cares in the end the bank they did their internal investigations so they did the right day and they came clean by telling everybody yeah we did this so that's the way the perspective is right now at least the banks told us what was going on at least. repeat what they were what people in the bottom line do is it my eyes that does that that there were a lot of our viewers agree oversight the big stuff to be watching their employees period our chief correspondent alex the hell of it thanks so much for your time thank you. club stores like cosco are well known in the u.s. when it comes to saving money and shopping more efficiently especially when you have a lot of people to feed but a new study shows that those stores might not actually provide such great benefits according to research from dartmouth club store customers spend more and eat more and not in a good way the study found that regular club shoppers spend five percent more on

packaged food per person it also shows how they spend more time shopping and consume eight percent more in calories what really surprised researchers is that it was a consistent trend among all club shoppers regardless of income education level or eating habits in conclusion they suggest ditching the club memberships if you're looking to save money or spend your time wisely. that's all for now be sure to catch the bus under activity in the united states you can find us on the our team channel three two one if you missed us on direct t.v. catch boom bust on you tube at youtube dot com boom bust thanks for watching see you next time.

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