the tax cuts and jobs act i spent the rest of the day hashing out other details before the final vote however members of congress have the rest of the month to continue debating what should and shouldn't being printed in the bill so far i want to turn to you and ask you some questions about this most notably about the out dated their analysis from the tax policy center which said that in the next ten years a quarter of americans could see their taxes increase they also had some questions about the growth projections included in the bell so what are your thoughts on that when you think members of congress are going to jail well a couple of things one you know not only that group but the congressional budget office which is run by a republican appointee but it's a nonpartisan in the staffers and that the person a guy named keith hall used to be the top economic council advisor for president bush so he is a republican but he's a public servant and a good fellow widely respected so they've also come up with these numbers and i

don't know if we have them on the on the chart but they did this analysis and if you take a look at you know what people over a million dollars will be making in twenty nineteen they will get a huge nearly sixty thousand dollars tax benefit and if you go all the way out to the to be out years to twenty twenty five twenty twenty seven they'll get twenty five thousand dollars and then ninety one hundred dollars in a benefit on the flip side if you go and you look at the least fortunate among us those making less than forty thousand dollars a year in year in twenty nineteen the full first full year they will essentially be paid be paying the not a lot but seventy nine bucks forty six book bucks and then if you look at the out year go all the way to twenty twenty seven they'll be paying five hundred thirty dollars seven hundred eighty eight dollars now these aren't my numbers these are based upon the budget congressional. that office run by republicans and the weird

thing is is that both steven minucci and the treasury secretary and a lot of republicans have said look we want this whole tax bill to pay for itself but that's not what's going on according to their own analysis so it's before taling to me bianca right well as you said they're not your numbers but you can't work on capitol hill for a very long time so what do you predict will happen by the end of the year i mean we only have a month left now right so i worked on capitol hill for way too long may be a part of the problem but i worked in both the house and the senate and the bottom line is that i've always said that they could get tax reform done but i didn't see it happening this year if it occurs they're really putting politics above policy and more importantly people because this is not what president trump said it was going to do this isn't helping average folks this really is shifting the balance and making it a wage change and by the way they haven't even seen the text of the bill that never

happened in the fifteen years i worked in the house and senate never seen where the text wasn't available i look they don't always read every page members didn't read it staffs read a lot of it but to not even have that it's crazy and there's no reason they have to do this by the end of the year other than saying they want to get an early christmas present so i hope they just take their time and get it right as opposed to getting it done fast. we're going to be entrepreneurs on this program but we haven't focused on market entrepreneurs and there's no more accomplished market on board than the father of financial futures and the father of environmental markets and carbon trading dr richard sander we're fortunate to have him join us from chicago sir richard doc sanders thank you welcome and please with us you know i want to ask you a couple of questions before we get to the main thing which is your newest

entrepreneur endeavor the american financial exchange but first you have all this wealth of information and can you tell us what you think about the markets going up they were up over twenty four thousand yesterday down past that a little bit today then then up just a little bit i mean it is the dow on a path to continue what do you think's going on dark. well i think that we have a very strong economy bart and that looks to be the case for twenty eighteen equally if not more importantly this system is awash with cash. in obviously are still in the mode of very easy money as the japanese are so while it's hit lofty levels and i wouldn't be surprised if you saw correctly stays strong and there's no

exogamous political events the you don't fight the tape and so i think. you may have a correction and but i don't think that will in the long term stop the upward move khana me turns down and you know doc we talk about the u.s. and certainly every time there's another record like there was yesterday we see the president tweeting about the record we've had more than fifty records of the dow jones industrial average this year but frankly your global markets and all markets around the world that you indicated are are doing pretty well so it's it's not there's anything should perspex schol going on in the u.s. i mean it's great the economy the numbers are good except for growth is good other markets are doing well too right. yeah we have worldwide growth for a. period we haven't seen in some years bar europe is really

emerging japan showing positive signs china and india so i think we're in a period of worldwide prosperity and growth and certainly the u.s. is experiencing that as well with its rebound and europe will catch up and japan will continue to do well and i expect china and india to do well so i think they're then being caught up in buying new highs patient didn't vester will be rewarded let's go to the new kids on the block to block chain and and electronic trading a little bit but i know we know we've talked personally about this before doc but you're coming out with a new book my favorite richard sandor book is called. what is it richard the about derivatives good derivatives good rivets that going to arrive at that sort of the

bible but this this book at this brand new car coming out rather beginning of the year tell us a little bit about that and what's your take on block chain and the bitcoin with teams to be busting prices every couple of days what's your general view doc. well my viewpoint is that the block chain is revolutionary guard as you well know electronic trading which we spoke about academically forty eight years ago in a paper i wrote when i was teaching at berkeley was a roadmap for how futures could become more efficient and liquidity vast to benefit hedgers and market makers. i believe that the block chain is the next big revolution not for trading per se but first settlement clearing we're opening up

a trust net we're thats really not hakka ball and i see enormous potential for it in the environment the book speaks about that i've got david tap scott don tapscott writing a chapter done wilson writing a chapter blith master's doing the forward and we talk about from everything from medical records to catastrophe bonds withdrawal ready exist in a block chain form that smart contracts in the syria will be evermore present in the economy in this book suggests that the revolution in electronic trading will be reinvented with the block chain which is the block chain is just nothing more than a simple accounting ledger except it's distributed worldwide which means it

can't be hacked and if at some point bart chilton decides to sell richard sand or one hundred shares of apple we could theoretically do this on. a trusted public network so i don't know what will happen bart but i do believe that we are well into it and it will come a lot faster than electronic trading ok. before we go i want to get to the juiciest part of all of this i want to get to the american financial exchange this is your a series serial on premier or doc entrepreneur and what tell us about f.x. and what's going on there. a fax was born in two thousand and twelve as a concept that was based on the fact that london as live bore europe as you're aboard china even has jibe or there's no american interest rate and the

benchmarks were all polls as opposed to real data so we set up an exchange where banks and non-banks could borrow in lend from each other over night and this would be called a marable or that particular rate would serve mostly small to medium sized banks bar you and i know that the small to medium size banks have an important role they lend disproportionately to small businesses they finance the equipment that the farmers use the inventory for the small dealer in arkansas for the small manufacture wisconsin these six thousand small to medium sized banks have an important role and we wanted to be a platform for them and for them to have their own interest rate

benchmark that they could key commercial loans to credit cards and mortgages we started with six banks that were ready about twenty months ago as of this morning we've got sixty seven members fifty nine banks broker dealers and cm's be d.c.'s life insurance companies to come and we're hoping that we can be a source of liquidity for these banks to borrow short term and therefore be a key engine of job creation doc i know if anybody can do it you can i after going through the live or thing a bunch of times from a regulatory perspective i'm so excited and proud to know you and really look forward to your success with a with a marable or an f.x. doc saying interest really thank you for being here appreciate it. thanks bard always good about appreciate your friendship keep up the job you're doing

thank. time now for a quick break but stick around because when we were turn argentino were things the credentials of dozens of activists that were planning to attend an upcoming trade meeting then we'll take a look at how retail industry has been doing since black friday and cyber monday now as we go to break here the numbers at the closing bell. going from the call it's more than just money it's more than just revolutionary it's affecting black hole that sucking in every asset class announcer the history of humanity into one glorious up to who knows where.

welcome to the wonderful world of blood donation i come here every three weeks to get my transfusion to be specific i receive immunoglobulin that my body gets and support is that i cannot produce itself around the world giving blood is seen as a symbol of generosity knowing does this because it helps people it's just that one of the side effects is that it helps this applies more. to put the money on your car immediately you don't have all plasma based drugs today come from private companies and are produced from paid plans from a small company you know a motor car and. what are the risks of a donation you know then is proof that the frequency of pathology is much higher paid. it's over two years old.

in the money and that's the truth and who runs the blood business. there's been a lot going on at the world trade organization recently the u.s. government has informed the w t o that it opposes china's request to be recognized as a market economy if the decision is up held it would allow washington to keep high anti-dumping duties on chinese goods the statement was made in a brief which said the evidence is overwhelming that w t o members have not surrendered their longstanding right to reject prices or costs that are not

determined under market economy conditions in determining price comparability for purposes of anti-dumping comparisons meanwhile argentina has banned over sixty activists from a w t o meeting in buenos aires scheduled for later this month the decision applies to members of n.g.o.s that had originally been accredited to attend the meeting. analysts and investors are pouring over the data and details from black friday and cyber monday black friday sales posted a big year over year increase before six point six billion dollars in sales made cyber monday the biggest shopping day ever but is making retail history to get the sector as you see d.c. swings back in black to find out i spoke with melissa our most founder of stocks to take a look at what she had to say actually i found this really interesting information out i thought i'd share with you the other day i saw tell the viewers black friday it sounds. something ominous but actually it's not back in one nine hundred thirty

nine it was right after the great depression retailers were struggling for sales so they asked the president to extend the holiday shopping carry which would mean moving thanksgiving up and he actually did it but a couple states fought him on it so it was half and half to about nine hundred forty one when congress passed a law that thanksgiving that would be the fourth thursday in november so it falls you know differently on a different day each year but it has extended the holiday period and the reason that it's called black friday is because it turns retailers into the black going from red to block meaning positive in sales then towards the end of the fourth quarter and actually goldman sachs came out this year and said that you know this year two thousand and seventeen is go it's going to be a big year for retailers and thirty five percent of the ranya revenues may be in this final quarter of the end of twenty seventeen so it's going to be a big shopping parity just you just gave the number i mean it's huge six point five nine billion it turned out to be for the holiday weekend that we've just started

super think thank you for that i really enjoyed it and i know our viewers did too the little historical so look while black friday and cyber monday sales as we talked about are you know really great the foot traffic the in-store traffic really traffic is basically flat or falling flight lee according to shopper trak what's the real state of retail for the holiday season going forward now and going forward melissa what's the big picture that fits into both of these figures we've been talking about. well it's kind of interesting looking at the statistics people are doing more online shopping now on black friday than they had previously we're moving towards a trend again it's twenty seventeen going forward twenty eight hundred twenty one thousand by two thousand and twenty it may slip but raza right now you're still seeing more people in the store in black friday friday than the shopping online but on monday on cyber monday you are seeing about sixty six percent of the people

doing online shopping on cyber monday waving not shopping on black friday online waiting to see if they can get a better deal on monday through sales and social media advertisements all that kind of thing one of the statistics i thought was very interesting though is that more people in the age group thirty five to forty five forty four actually shot more online then people eighteen to twenty four which i thought was really interesting because i was a big apple was like fifty percent to sixty two percent so i thought younger people shop more online on the apps on their phones and that people's thirty five to forty four but that wasn't the case in the numbers that came out in the report so i was a little bit surprised by that the other thing was surprise about. you'll find this funny part but more men go into stores and more women shop online yeah that does surprise me and was not more but i do recall

a couple years ago most of my wife and i went shopping after midnight on the morning of black friday and we got some really great deals but now would seems the sales are starting earlier in your earlier even before thanksgiving focusing less on black friday or cyber monday so what what's the strategy of the retailers here and how big is this trend to sort of stretch out these retail shopping days and did you have to give a retail shopping day a name to make it a success. i don't think so but i think it helps because people have in their mind black friday now people have cyber monday which actually has been going on for years now it's cyber week like this whole week is cyber week i didn't notice this year actually for the first time more so than even last year although there were a couple sales last year even more sales now before thanksgiving day it doesn't have a name maybe we should come up with a name bar to call it something but i will tell you that there was a lot of sales discounts off and gift cards and different free shipping offers

right before the thanksgiving and even before the holiday weekend you know one of the reasons that ad was on stock keeps blowing out their numbers they just had a earnings the stock just made brand new all time highs in the last week one of the reasons is because they've had a success with the online business they sell so many things online plus now they have they purchased whole foods are selling things there you can get some of the nice discounts and offers in the store one of the reasons that amazon is so successful the stock is so successful is because they're really doing everything right with the free shipping the same day shipping the next day shipping with the online sales so all these other retailers have to come up with new ideas to compete with the amazon so they're doing the sales right before they're doing everything they can at any type of thing that they can to try to get people in the door to again go from red to black because a lot of these stocks a lot of these retailers are in downtrends macy's is in a down trend you know there you've got the kohl's which stock which is in a down trend bed bath and beyond is in a down trend

a lot of the stories of people like unfortunately the seventeen super interesting you know another thing a tablet accounted for about fourteen going to keep going to see a shine of say here on my if you can get a cheaper price you just press the good thing says it's available but when it goes to check your door and you've got that pair of shoes and you so that's that's a negative and so that was unexpected and two when you say you know the people who prefer to go wait in line and it reminds me of that was a television commercial. now or they say you know for people who like spilling coffee on themselves we're people who like revolving turnstiles which up you know i don't know who really likes to go and just get stuck in the lines so it's the bottom line melissa's it's not too late is it for people who haven't started shopping yet this year to go out there and get some deals before the year and now it's not too late at all and that's that's the whole thing i mean these retailers are really going to keep doing discounts and specials and office between now and

pretty much christmas eve because they need the sales this is got to be a big quarter for them some of them they need this quarter to be huge and you know imus on just going to keep going to at a tremendous pacers nothing that can stop it and no one that can stop it but as far as brick and mortar stores i believe they will continue to do specials and offer us from down through the end of the holiday season you wait to the last minute you may get even a better offer who knows however you may not get exactly the size or item that you want so you take a chance and that's the that's the one thing the other interesting statistic that i noticed too from the most recent consumer report was that more when people were buying stuff the top number one item was clothing which i was surprised was talking about the phones i was going to say it was going to be electronics but that was number four so i was really surprised about that that close was one electronics was for in fact books and c.d.'s and music was three and twenty's was two which is

typical for holiday but i was really surprised that phones televisions all the tronics was for actually talking about that in reference to stocks that's another good stock best buy is in a strong uptrend two best buys in a strong outright and wal-mart's in a strong trend amazon's and a strong uptrend those are good retailers to buy stocks that are strong the other ones that i named are doing so well target's not doing so well right now either so all of the bucket of stocks the retailers that need. this big push look for them to have all kinds of deals like coles is doing the coles cash it basically it's just like real cash where you get the cash off the item or this kind off the item if you have a coles cox and target's doing free shipping up until the end of the year as well up until the holidays so that you know the stores have been offered deals but you may not get exactly what you what are you may not getting your size and that's the chance to take thank you so much most are most for being with us with stocks woosh who is helping traders tridge smarter thank you again thank you thanks for having

me and have a great holiday. that's all for now be sure to catch bill bastone you tube at youtube dot com slash boom bust r.t. thanks for watching the next time. what politicians do you suppose to. put themselves on the line to get accepted or rejected. so when you want to be president. you simply want to be preached. to the right person this is what the. three of you get. interested always in the water using. more.

they call me a useful idiot i mean you called me a useful useful idiots go expressing my opinions on t.v. there are thousands of us doing it behind this record is the same strategy we attack persons instead of talking about what's next. you'll ban me from getting this close to the white house i'm with a group code pink why not ban the color pink one hour stretch i should be sent to the town because i want to try to break me on the wheel but what i long time is this sort of nonsense you don't scare me and i'll continue to voice my opinion i'll continue to speak out in good company i'm in good company you're going to be you want to do this because we're all free thinkers. the village of core was just daniel to chile. would you say if you chance you how

did it get nation. what you've seen with the goose and that's it but also his you know the sort of but i'm also going then what's the question you're still with all peaceful cynical to go back to the shouldn't have said. that though it's the wall of. this with all of them all over the. bottom of my ceiling there did you have both those you're off the. russian product you're not just getting excellent quality.

all the fun that we all have in the draw for the two thousand and eight finals we. can see i still believe the fact that i'm standing in the draw. in russia has now been held at the kremlin palace something treating fixture sort of forward to the next summer. mixed reactions to a odd exhibition on martin luther king jr alongside the perpetrators of recent terrorist atrocities. might become a new battleground for washington the country's government reportedly having approved the use of american drone.