making record breaking gains could it reach the forty thousand dollar mark by the end of next year and we'll hear former dallas fed advisors take on janet yellen final testimony to congress and what she expects from the next chairman now let's check the stories topping today's headlines. in a rare move the trump administration has officially launched an investigation regarding imports from china the commerce department made the move on tuesday which includes over six hundred million dollars worth of aluminum sheet commerce secretary wilbur ross said the agency has evidence that proves chinese producers are selling it in the u.s. at a legally low prices he argued that the chinese government is providing unfair subsidies to producers and that u.s. producers of aluminum sheet are suffering from injuries caused by the imports in an interview with c.n.n. b c wilbur said president trump said he would have vigorously enforce our trade laws and be more unfortunate minded than our predecessors today's action shows that

we intend to make good on that promise to the american people the first time in nearly twenty five years that an administration itself initiated this kind of investigation in the past they usually begin with a petition from an industry organization or group of companies. who has been accused of hiring former cia agents to spy on rival companies the claim was made in court on tuesday by former employee richard jacobs who worked as the company's manager of global intelligence he first made the allegation in may in a letter written by his lawyer which argued that jacobs was wrongfully demoted and then fired for trying to stop misconduct it's unclear which competitors were was allegedly going after but jacobs did say that some of the stolen information involved drivers his testimony came on the eve of jury selection for a trial between labor and way moe which is google's self driving car service the trial was supposed to begin next week but has since been delayed due to the recently unsealed clay. a new report from mckinsey global

institute says automation could kill up to seventy three million jobs in the u.s. in a little over a decade however the report did say that about twenty million of those displaced workers could easily move into similar jobs so that means almost a third of the american workforce will have to totally be totally retrained to enter new occupations the researchers said it will be industries that involve operating machinery and preparing fast food that could be hit the hardest by the changes in the report they wrote income polarization could continue in the united states and other advanced economies if every employment is slow for unemployment will likely rise in the short term and wages could face downward pressure. and in just twenty four hours made a thousand dollar gain jumping all the way to eleven thousand three hundred seventy seven dollars and thirty three cents by nine sixteen am on wednesday however it

dropped an hour later to ten thousand seven hundred seventy seven dollars and twenty seven cents for context a crypto currency was worth six cents in two thousand and ten at the beginning of this year it was less than a thousand c.m.e. group already announced its plan to launch bitcoin futures by the end of this year but nasdaq might be hopping on the crypto bandwagon too according to a report in the wall street journal now as tax bitcoin contract would debut on nasdaq futures. on wednesday federal reserve chair janet yellen gave her final testimony to the joint committee economic committee on capitol hill well she said we can expect a gradual increase in interest rates to come she didn't offer much beyond that here to discuss further is danielle de martino booth president of money strong l.l.c. and author of fed up an insider's take on why the federal reserve is bad for america danielle yellen gave a pretty positive review of the u.s. economy in what was likely her last address to congress take

a listen to what she said would you drop this year seventeen million more americans are employed now to eight years ago meanwhile the unemployment rate which to four point one percent in october has full and six tenth's percentage points since the true newfie year and this nearly six percentage points below its peak in twenty two. but you still wouldn't confirm if the fed will raise rates in december why not . oh i don't think that the fed is going to fight the market they've never bought the market when there's this high of a probability for december so i would fully anticipate the fed pulls the trigger on december the thirteenth she she's just characteristically yellow and not committing to anything but i was fairly intrigued by some of the other things she had on her testimony today as as it regards with regards to the to the debt levels in the united states as well as trying to avoid boom bust cycles i found these to be

fairly ironic statements coming from tear yellen some of the critics argue that she did nothing but leave a mass for her successor an op ed in seeking alpha read with the help of politicians and the government she increased the money supply decreased the purchasing power of the dollar even further and oversaw the best possible part of a nearly decade long unprecedented low interest rate environment that has in its wake left significant economic bubbles and record levels of household debt that will have to be dealt under somebody else's watch pretty tough assessment there what are your thoughts on that statement. it is but she's truly enjoyed the honeymoon i mean if we can think back to how good we all felt towards the latter part of the one nine hundred ninety s. i mean it was one thousand nine hundred in one thousand nine hundred nine we were all partying we were all happy the last time america's assessment of the economy in fact was as positive as it is today was in one thousand nine hundred ninety nine so yellen has enjoyed this but this is on the heels of the most overvalued markets

since one thousand nine hundred nine the most overvalued bond market in the history of mankind and the most overvalued commercial real estate market as well again this is as was said in that seeking alpha this is going to be somebody else's mess to clean up and i don't envy them. during his testimony on tuesday jay powell hinted that we could see a continuation of interest rate hikes as yellen suggested as well and didn't take opportunities to comment on the tax reform plan when asked by some senators who do you think that he will really be that much different from yellen. look i truly appreciate the fact that he sounded like an adult. whoever asked of the question in the senate yesterday he pushed it right back on them and said this is not the fed's purview this is your job do it and he moved on and i found him to be very articulate and very forthright and aggressive even in the way he was able to push on to the next subject because these are things that are not in the fed's purview

to to address nor should they be and i have high hopes that jay powell brings independence back to the federal reserve and forces the fiscal authorities to start doing their jobs and one thing that stuck out to me was powells mention of the opioid crisis which he tied to long term unemployment but i think people rarely consider america's addiction problem when they think about the fed so is this something you think we could see more talk of down the road. well you know i would actually with all due deference to his very much acknowledging a very economic issue with the crisis that we have that is not again something that the fed should be addressing these are things that are very much societal and fiscal issues you mentioned all these jobs that will potentially be lost to automation in the years going forward it is the it is the job of the fiscal authorities and the private sector to make it to create environments in which job

retraining can take place such that we don't have these situations on our hands to begin with on twitter you mentioned powells remarks on education and wrote agree one hundred fifty percent with powells connecting gradation of education in one nine hundred seventy s. and one nine hundred eighty s. to rising inequality in the decades that followed these are fundamental changes our politicians not central bankers must address so can you elaborate on what you meant by that. well how was very he was very articulate in saying that the inequality crisis that we have on our hands didn't happen overnight this was the degradation of the u.s. education system that occurred over several decades of time when when you just unionization took over the ability to educate our children on an equal level and now we have what the aftermath of this terrible crisis of education in this country i will say that federal reserve policy has exacerbated it and why did the inequality gap by by helping the top one percent gain wealth as they have these

past few years thanks to that thanks to the feds unconventional monetary policy but again it is the job of the fiscal authorities to to reform the education system not that of the fed one thing that's brought up about powell frequently is that he has different experience than janet yellen is not a lifelong academic he had a career as a lawyer he worked in the private sector and then eventually made his way to the fed but the same could be said about you know several members of of the government specifically in congress not everyone was a lawyer before they were elected some of them were teachers or journalists in one case a reality television star on the real world but we know that congress still doesn't have the best approval rating it still hovers around ten percent so you think that argument holds a lot of weight. well i think that the argument is very valid because you want somebody running the federal reserve from a variety of backgrounds who has an understanding of different aspects of not just the economy but also the financial system few people realize that jay powell was at

the treasury department when a huge treasury. scandal broke out he was the person in charge of bringing down solomon brothers and putting warren buffett at the helm at the time and fully understands the interworkings between the financial markets and the congressional authorities and the treasury department and the economic data we need somebody with this full breadth of experience and i welcome jay powell as a change agent at the fed the trumpet ministration really wants to do a lot on cutting back regulations do you think powell assuming he is voted in by senate you think of a big role in that i think that yesterday he very subtly sanctioned the fact that too big to fail needs to go away and i really applaud it what he had to say that he no longer felt that any financial institution in this country was too big to fail and that means that if they make their bet hopefully they'll be able to lie and lie in it in the future the flip side of it is what he what he recognized and that is

that dodd frank imposed onerous regulations upon small and midsize banks in this country that have been buried in compliance costs and enable to do their jobs for the communities that they serve and i completely agree with him that a lot of the regulatory. a lot of the regulations have been put in place for small and midsized banks need to be rolled back i welcome these changes that with randy quarrels who's also going to be working with them on regulation danielle de martino booth president of money strong l.l.c. and author of fed up and insiders take on why the federal reserve is bad for america thanks so much for your time thank you bianca appreciate it. time now for a quick break but stick around because when we work turn does the consumer financial protection bureau how the future at all will find out when the president of public citizen and wells fargo is in more hot water for its auto insurance and mortgage lending practices as they go to break here the numbers at the closing bell .

were we respect the environment the environment will respect the rule of law be punished for it because the one doing. the program will be in other ways which always think. the country doesn't have a right to responsibility to protect its citizens you know what have we determined but what we see and actions are taken in the country. on all countries in the caribbean.

altie we have a great team we need to strengthen before the free float world cold and you're better than a legend to keep it to the back. in ninety ninety two that's my forty five for the european championships at the very last moment no one believed in us but we won and i'm hoping to bring some of that winning spirit to the r.c.t. . recently i've had a lot of practice so i can guarantee you that peter schmeichel will be on the bench for him since my last will come from the road to receive. those in the euro zone.

russia. nice drive. no left left left more or less ok stop that's really good. a district court judge in washington has ruled that president trump's budget director mick mulvaney can remain as the new acting director of the consumer financial protection bureau but all of a ne has argued and voted against the existence of the bureau to talk about what that could mean for the c.f. p.b.s. future bart chilton sat down with bartlett naylor president of public citizen art first asked him for his take on the judge's decision here's what he had to say. the judge denied the request of the anguish for a temporary restraining order on the ability of nick known veiny to become the

acting director of the sea of p.b.s. i think it's up to the courts presuming this will be appealed to make the final decision i think the argument is that the statute that created the consumer financial protection bureau provides for a succession plan in the absence of the director and that would be the. the woman there in this case lee and english there is a complete there is a default law federal vacancies act that provides that in the absence of such a clear statute then the president can name somebody that is confirmed by the senate and that's what the president did with mick mulvaney for planning purposes let's just assume that theoretically at least mick mulvaney stays at the c.f.p. be for the forseeable future he clearly hates this thing a president trump says the agency is a sick joke so what do you think he'll do bartlett on on scaling back the c f p b's

work. well given the universe of good works that the c p b has accomplished and would plan to accomplish under a sensible leadership the potential harms are enormous. there's a fourth forthcoming role on payday lending this is the lending that goes to some of the most vulnerable of our citizens and that can be this aerated there is a consumer complaint database this is where if you have a complaint with the bank you can petition to the f.c.c. your petition is part of a database that's public you can see if other people have some of those same problems to see if p.b. then contacts the financial institution to see what the problem is and ideally. if there is really a problem then restitution is paid this could go dark and mulvaney

a host of other potential rulemaking could be simply put in the trash can and he can roll back any number of areas from enforcement we do know that we unfortunately have a very predatory financial industry that is you know lifting the wallets of so many americans. to simply making sure that. companies are operating as they should be perhaps the most conspicuous example of misconduct has been wells fargo which created millions of fake accounts in the service of trying to have set meet sales quotas and it was the c f p b that brought this case charging roughly one hundred million dollars in fines and it has made an american see even more aware that companies as big as wells fargo with some five thousand branches can be engaged in such widespread misconduct it's it seems that the that the fox may not just be guarding the hen house the fox may be inside the red alert

red alert but speaking of you know money that's been returned to actual consumers i mean it's something like twenty million maybe close to thirty million american consumers had twelve billion with a big dollars that was in or purposely collected returned to them and part of this is a deal with wells fargo but it's also some of the arch other large financial institutions bank of america and citibank and do you think that that sort of thing will continue or might mick mulvaney just put an end to that. the worry is that he will put an end to that i think you can measure the hostility of the financial sector by that figure you mentioned some twelve billion dollars has been returned from this industry to the some thirty million customers from who. that was taken and i think that the the the propensity of financial firms to do that and do it even where

c f p b is has yet taken force and action is so pervasive that as that a directive from a new director to to fall asleep or to be less aggressive really imperils the american consumer the financial industry has grown to where it used to absorb something like three cents of every dollar american consumer dollar to something like six cents and it's not because they've become more efficient the way you know your smartphone which probably has more computer power than what got us you know navigated the apollo missions to land on the moon and that has that has grown more efficient more less expensive whereas the financial sector simply dealing with our money has grown more expensive that's just the overarching plumbing the financial sector in addition to that there are the scams of the hundreds of which that the c. a p p has uncovered and found restitution for the victims all of that is in

jeopardy under a director again who believes this agency shouldn't exist in the first place. but just real quick you mentioned a minute ago about the less fortunate among us and how there is a we know there's a racial wealth gap in the u.s. and see if b b is really chartered to protect consumers from discriminatory practices on mortgages credit cards car loans and we don't want that gap to widen even they've dealt with payday loans and payment of wages with prepaid cards which disproportionately harm people of color minorities can you speak to this sort of a racial injustice issue which i've really heard nobody talk about in all of the c f p b discussion in the last several days explain that yes people of color minorities african-americans. latinos are even as we speak under banked they have incomes and banking relationships in

a much less lower percentage than their white counterparts and they are prey to abusive and predatory lending to see if p.b.s. brought in cases against home lenders who are either shunning minorities or charging them higher rates even when they qualify for the better rate credit credit card companies are abusing minorities in much higher levels than they are their white counterparts and see if p.p. has brought a number of these cases and returned again returned money to these victims it makes me think about one of the reasons that independent agencies are so important is that they can actually remain above politics and this decision by the judge sort of up and that and politics comes into play with the new administration and you know bad happens in government of course elections have consequences but this agency was set up to not deal with politics as much does this concern you this decision with

regard to other financial regulators the other four five that are out there yes this one in particular the see if p.p. was set up to have a senate confirmed independent regulator such that when he or she makes difficult decisions they are immune from influence from politicians with mick mulvaney in there at least temporarily he could be removed at the president's will if were he unlikely were he to take a sort of step he could be simply removed from office unlike a senate confirmed director that's the single most troubling part of having having him serve there but it is taking place all over the financial regulatory agencies from the controller of the currency to the federal reserve we're putting in wall street agents people that you know a few weeks ago were lobbyist the most striking example is. wells fargo attorney who was put in control of america's national banks the agency is called the controller of the currency he's the one that defended wells fargo against

a notable class action lawsuit and then at the comptroller of the currency in a temporary position but nominated or named by trump he took all sorts of steps and made pronouncements about completely transforming the banking industry such as for example letting wal-mart and bank of america merge this didn't happen he has now been replaced by a confirmed director but this is an example of what the trump administration seems to be bent on doing is taking all of the guardrails off of wall street and and letting them run. too fast and recklessly bartlet naylor republic citizen you know we've heard some things that i haven't seen any place else in the news today from you so thanks for being with us sharing your expertise and we want you back to keep a call and what's going on at the c.f.p. be thanks for joining us my pleasure thank you for having me. well fargo is facing a new round of consequences from regulators this time over misconduct within its

auto insurance and mortgage operations the financial institution could possibly be facing numerous penalties and will have to pay millions in reimbursements archie correspondent ashley banks has more on that for us so earlier this month the office of the comptroller of the currency sent a letter to want to wells fargo write you later saying the big willingly harmed its customers and had until november twenty fourth to respond the letter said the bank failed to correct problems in a broad range of areas not just the auto insurance and mortgage lending units over the summer the bank revealed in a press release said forced nearly six hundred thousand customers who finance their car purchases with the bank to pay for collision coverage that they did not meet on top of that twenty thousand customers had their cars improperly repossessed five hundred seventy thousand customers were acted. and potentially will receive their money back it's estimated the bank will have to pay one hundred million dollars and

cash to customers affected and thirty million dollars to b.p. the and account adjustments wells fargo also admitted to charging some customers improper fees to extend the interest rate commitments they received from the institution on their mortgage applications just last year wells fargo came under fire for creating as many as three point five million accounts using fictitious or an all to rise customer of. wells fargo the not to pay restitution to customers who are harmed which led to the forced departure of wells fargo's chief executive wells fargo said quote we're looking across our entire company to identify and fix problems be transparent and open about what we find and make things right in addition it said it is making changes across our risk management functions and line of business operations to rebuild the trust of our customers and team members according to media reports wells fargo fired franklin codell the head of consumer

lending who is being blamed for questionable practices while the auto lending and mortgages the company is looking to replace him by the end of the year and the company is looking to reshape its board to as shareholders criticize the board for its the latest string of scandals and misconduct the company is looking to add three new independent directors by january first this will be an addition to the six new board members the company added this year. wells fargo has had to pay more than a few times this year as we know but in this situation what sort of consequences specifically are they facing yet so right now the enforcement action that's being weighed against fargo is a cease and desist order and it's also known as a consent order so over the pounds five a year for. google has space at least four of these consumer orders so if the o.c.c. were to issue another one this would be the fifth within the last five years which

is completely major so according to experts if the o.c.c. does issue this order against wells fargo the institution itself will face penalty is now i mentioned earlier last year the company created those three point five fictitious million accounts and so they face penalties that reach up to fifty five million dollars so experts are saying that if any new sanctions are imposed on this institution that's going to harm their reputation and this could lead to a lot of private companies are just private individuals filing lawsuits against the company many lawsuits it sounds like he actually banks thank you so much for that. that's all for now but be sure to catch the bus on you tube at youtube dot com bust r t thanks for watching see you next time.

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french president emanuel mcraney proposes a military intervention in libya to combat human trafficking and rescue my good friend slaved in the country. reporters without borders tries to counselor press events critical of the controversial syrian rescue group the white comix somethings slammed by the organizers as an attack on free speech i'm very disappointed to see the georges the swooshes from our screen full of the guard of some sort of. north korean television releases the first images of the country's most advanced missile to date reportedly capable of reaching washington this is the u.s. ambassador warned young that its leadership will be white.