day after the north sea forties pipeline system shut down for repairs according to an operator spokesman it could be weeks before it's back up and transporting four hundred fifty thousand barrels of oil per day again that's a problem to about forty percent of the u.k.'s total oil production and since october nearly one million barrels of oil a day have been wiped from the market due to production disruptions in the u.s. u.k. venezuela and iraq. a group of hackers in russia stole nearly ten million dollars from banks in russia the u.s. and the u.k. over the past year according to a report from the russian based security firm group i b they went after a.t.m. machines at eighteen different banks and are apparently still in operation in fact group by b. says it looks like banks across latin america could be next to hackers specifically went after institutions that use first data is star network which is the biggest bank messaging system in the u.s. although the network itself was never hacked

a few small banks using it had their debit cards breached on average hackers took five hundred thousand dollars per case in the u.s. and one point two million million dollars per case in russia. cyber security i mean the top priority for individuals businesses and government with computer hacks taking place nearly every single day the phrase we hear a lot is there are two types of companies those who have been hacked and those that don't know they've been hacked but what about the federal government which is seed its share of computer breaches i can attest to over the years let's ask todd shipley the c.e.o. of various software who joins us from the self-proclaimed biggest little city in the world reno nevada todd thank you for joining us sure appreciate it. avenue de ok so you know todd we have this new secretary of homeland security

kirsten nielsen she was the chief of staff for john kelly general john kelly who is now the chief of staff for the white house for president trump a she was confirmed by the senate not very long ago tell us. you know anything about here you think she's going to be good for cybersecurity the department of homeland security's the really sort of the head of all of these efforts what's your take well i think the fact that she's got some background in cybersecurity is important for all of us as we get further down this road where it infrastructure protection cyber security is the biggest piece of it now having the fact that she's got some background and it is important for all of us especially department of homeland security which is two hundred thousand employees in cover so many diverse things within our government the fact that she's got this background is going to be help for all of us are right now that that's the you know they say to me the

federal government is so prone because they really haven't been aggressive in doing this and i know you spoke on this program not too long about the f.d.a. and and some of the violations there but do you think government overall is doing enough this is a big deal part of the obama administration too but do you think that this is going to remain high on the list of to do's for the trump administration. what has two every president since george bush jr has had their cyber security plan and their plans to implement security for the nation and every president going forward from president trump on is going to have to deal with this we look at infrastructure protection as a whole for the nation cyber security issues have become to the forefront of what we need to address because everything that we do now whether it's the banking industry whether it's electricity doesn't matter the controls of our dams are all

done by computers and so cybersecurity in that kind of protection has to be at the forefront of every plan that goes forward if you look at the things that the government has some accountability for with regard to cyber it what are sort of the most vulnerable or the the things that can impact your consumers and individuals taxpayers if you will the most i mean is it something like like power. well unfortunately the government doesn't have control over that most of that is done by municipalities and companies that cell phone the the power they do have regulations that they can use to implement along with banking along with every other you know sector that is controlled by you know cyber issues now the government has to put some things into place but there is big problem amongst themselves we look at what's happened with o.p.m. and the other hacks that have occurred with the government there is the potential

victim too so it's a much larger problem than a lot of citizens understand sometimes because all these third parties are holding data about us and control the things that control our lives so it's a very big problem for everybody yeah i was you know i was with the government when that o.p.m. hacked matter fact my former agency was was hacked and they you know got all this data and you know then what you're told is they will give you some credit monitoring service which i got to tell you it doesn't make you feel feel too good i want to go back to what happened no not too long ago todd the fax breach you know they had collected aggregate information on over eight hundred consumers around the world and you know they're one of those three large credit agencies you know experian and trans union the others but you would assume a company like them with three point one billion dollars in annual revenues nine thousand such and such employees would deal with this appropriately how did consumers know that even if they're dealing with what they think are the biggest

and brightest companies in the world how do they have any confidence that their information is going to be protected. well they shouldn't have any confidence because the problem has shown over the past few years that the data is going to get stolen by these companies that hold or not buy them but but these companies hold the data that information is going to get stolen by somebody and so we're all going to be victims if we haven't been already and i would say after equifax we've probably all been victims i was a victim of the opium break into and so we've all had this problem but we don't recognize it as something that affects every day because some of the companies have gotten good about rectifying things particularly the credit card companies that issue new credit cards when when these problems happen we get a new credit card the mail destroyed the old one and we're ok and so i think there's a belief that these companies are going to take care of us even though they may not be doing the best job behind the scenes and most citizens don't know what's occurring. before we go just in

a bullet point if you are going to prognosticate about you know what we should be looking for with regard to vulnerabilities and hacks going into twenty eighteen what would it be. well i think that the really over reliance by all of us on the technology is the problem i think there has to be a point where we understand that the technology is not going to always protect us and we have to have a better understanding of how we can be a victim and what we can do to protect ourselves and that's the biggest thing what can i personally do to protect my selves when other people hold my data good advice todd shipley c.e.o. of vera software thanks for joining us but you made that biggest little city in the world little bigger today thanks for your advice and then for to go to break bitcoin futures trading began on monday on the chicago board options exchange the trading started off a little rocky at fifteen thousand dollars a on monday and moved up to sixteen thousand six hundred dollars in only six minutes it's an eleven percent rise and

circuit breakers were hit which halted trading but it seemed things seem to have smoothed out and finally something i've been calling for since i was back in the government as a regulator the trading of bitcoin products in this case options and then futures next week with the chicago mercantile exchange group is out there so bianca that's a good thing right well even before this massive hit coin cern's was generally associated with politics so some groups like the futurist industry association has suggested that your old agency c f p b should not allowed for. trading says a former regulator what do you think about that yeah i i think it can't happen fast enough i mean that volatility in my view is in part due to because it's not regulated beyond good because people don't have any clarity or confidence about who's behind these trades and you look at some confidence of bitcoin or people

wouldn't be putting money into it but i think that the money going in is without a lot of people going short i read something. the other day where it was a joke headline that says bitcoin investors are surprised that klein can actually go down and you would think that might be true if you're a bitcoin investor but it can go down it's unregulated now and finally we're getting on to the bike of thoughtful regulation well one thing that i think is interesting is that some money managers are not allowing their customers to short peter as they have to take a long term position sell at a big deal it is a big deal i mean there's some peter ship we've been on the program bunch of times that he won't even touch but going even for his investors but it is a big deal if you can't go short and that is one of the advantage and going short means you're just going to bet on the price in the next couple of days or week or or months as opposed to taking sort of

a longer term view that bitcoin all rise over over the months and it is a big problem and i think the ability to hedge your bet go short and long which you can do in most of these options and futures contracts because it's now being regulated offered cboe offering see it offered at the c.m.e. group starting next monday and then ultimately at nasdaq next year that would be a good thing for not just individuals and average and best years but for everybody and for the country quite frankly do you think liquidity is going to be a problem for these contracts it is a liquidity problem right now and you know that that's why you'll see the prices moving around so much because you make one fairly sizable train that rocks the boat a lot but one of the things that both of us spend a lot of time watching this and listening to things about all things bitcoin but the bottom line is a lot of the institutional investors are not in here and once the high frequency

traders the traders i affectionately called cheetahs because they're so fast get in here they're the ones who can make markets and go short even if it's only for a few seconds or so they will. provide that needed liquidity the volume there will be increased and that volume leads to better price discovery more thorough and deliberate prices so it in my view all of this regulation and the ability for the people who are the professional market makers the h f t's the large institutional banks everything getting them in i think should level prices and then having the transparency in these markets is just going to be a good thing for digital currencies all around. all right well with that will keep an eye on that one but as we go to break we've got crude oil coming up crude oil by the oculus talking about brant reached record yesterday at sixty five sixty five dollars dow closed just twenty four hundred as we go to break here other numbers at the closing bell.

credit is one of the basic instruments to drive an economy but it can also lead to tragedy i did i took a line the whole gist i came to god and meant that the debts ty came and in the spiral not. many lives have been broken really takes us to the banks got you into trouble. big bankers come. on the banks but i just didn't think of the. lost money through the back. people see no future bad things happen you know you become ill get into a job no relationship breaks down you become a casualty is debt

a life long trip or is there a way out of those actually come to a bit of you know would like to ditch bill for so much suspicion someone. it's a. wonder when they hit a car the city would need a. bullet and really knew nothing then we took a. little. just a row reserved in the right channel or enough time in the mall riminton make

a friendly come up with him for a moment up on the us as a local middle kingdom they wanted us in the beginning to see all. of this. sort of. a thought that. the tax reform bill making its way through capitol hill has clearly divided congress but now it's taking heat from leaders abroad in a letter to treasury treasury secretary steven the new chain finance ministers from europe's five biggest economies claimed the bill violates double taxation treaties and world trade rules in response and treasury spokesman said we appreciate the views of the finance ministers adding we are closely working with congress as they finalize the legislation leaders in china are also apparently worried too according

to a report in the wall street journal chinese officials are putting together a contingency plan to fight the potential consequences of u.s. tax reform what do they fear could make the u.s. more attractive to businesses and cut investment from china. will tax reform actually be done for the first time in over thirty years president trump says sell the moves and haggling is gone on in private and public as they can for a conference congressional committee meets to work out the compromise details here discusses dean baker the co-director for the center for economic and policy research and steve mauled bird conservative t.v. and radio host gentlemen welcome you know we haven't spoken before it dean on this what do you make of the house and senate bill so far well it's kind of

incredible because here it is you've had for decades would you have this massive aubert redistribution to the richest one percent of the population their share of income going from ten percent to over twenty percent and most people get very little if any of the gains of economic growth over this period and what's this tax plan to do it says let's give them even more they'll get seventy five percent of the benefits of this tax plan when it's full. phased in two thousand and twenty seven so it's hard for me to think of a worse way to go than this tax plan it's not exactly what the president had promised him a candidate a candidate trumpet promised now steve is such a consummate professional during the whole time you're talking about that he has a great smile on that that's why he's the broad because what we do know and love now steve i almost feel like we should have a tax reform advent calendar because every day there's another box that we opened yesterday it was a technical fix that needed to be dealt with and today it's yet another bunch of

billions of dollars are playing around with in particular let's talk about the corporate rate candidate trump said fifteen percent is it going to be twenty twenty two percent and is it all about the money at the end of the day steve well there are reports late this afternoon that it's probably going to be twenty one percent and that it could start next year as opposed to the senate bill which would have delayed their twenty percent to two thousand and nineteen so it looks like they're going to compromise there on that it also looks like the compromise bill will have a thirty seven percent top individual rate which is certainly good news for people who are making you know in that top bracket but you know to the point that was made earlier this bill it's a first time once again i have to remind everybody that you're going to have this corporate look look at what you reported about china they're making contingency plans because all of a sudden the united states business might come to the united states because it's going to be so attractive isn't that

a horrible thing for the american worker and the american family this is the first time we're combining the corporate cut with the individual rates in effect effect of cuts and you're going to see the average american family benefit not only from the increased child tax credit the doubling of the standard deduction and other such changes but you're also going to see them have the benefit of the cooperate. advantage so this is going to be a win win you're going to have economic growth over three four percent and that democrats will have that famous egg on their collective faces well look that the bottom line is and i'm with you as you know on the corporate tax rate needs to be somewhat competitive more competitive than it is and we do want jobs you're absolutely right but it's also a little bit in my view a pig in a poke given what the president had talked about i don't know if we have the chart that steve i've known you you've seen before and dean you're probably going to know this stuff off the top of your head but the bottom line is those making a million dollars or more in year one will get about sixty thousand dollars tax cut

and in year twenty seven ten to twenty twenty seven even a nine thousand dollars tax cut but if you're making less than forty thousand dollars you're essentially flat for the first year and the last year twenty twenty seven you actually pay a few hundred bucks that's not what the president promised as it. well. you get no good i mean the president promised to help the middle class and it's very hard to see how the middle class and give a lot of working people as you said there are going to be losers on this they phase out those individual tax cuts as of i think two thousand and twenty i don't know where that we are now with the latest version but those are there in two thousand and twenty seven i'll just put it that way what is there is of course the corporate tax and we actually have done this before this one the crazy things we keep doing the same things and expecting a different result i'm old enough to remember the eighty six tax reform we cut the corporate tax rate from forty six percent to thirty five percent guess what happened investment fellow as a share g.d.p.

over the next two years we didn't get some big growth boom so you just go let's do this again something difference is going to happen that's absurd right not nominate you're going to be happy with them and toss us an easy a little easier one on this so you know we just said that it's not there in twenty seven and that's true it's not and maybe if it had gone through twenty seven the individual tax cut maybe it wouldn't be costing them some some money but that's not what the bills do they make permanent the corporate tax cut and then they think well you know we'll get to the individuals later right. well know that when they all start the same time it in fact it might but they don't end this entitle a corporate card on an island then do a little exemplary i understand but if we're going to temporary if we're going to sit here and worry about what's going to happen in ten years or we're in a hot on our part side well but but the point is the law i don't think the american public is going to say oh in ten years and by the way you know you talk about a sixty thousand dollar cut for people who make

a million dollars and virtually nothing for people who make forty thousand and the people who make a million dollars they pay the taxes in this country the people at the top one percent pays the overwhelming majority of income taxes the people on the lower rung most of them pay no federal tax. but as dean said we just is not what the president promised so the average income in the united states is fifty eight thousand and change fifty thousand three hundred and i just get concerned that those people aren't being impacted like the prompt like the president promised to me just what he promised so didn't let me let me ask you in order to do this deal the corporate talk the tax cuts everything else in it they've got to have some pay for years and can you talk a little bit about those papers where are we going to see this squeezed out because it's really a zero sum game at the end right you know paul ryan and other republicans are even talking about they're talking about going after medicare going after medicaid going out for food stamps a lot of programs that

a lot of middle income people moderate income people really depend on so on the one hand these are people they're seeing little sometimes negative from the tax cuts will be paying more in taxes then on top of that they're going to be seeing their medicare cut it we already see there they're getting rid of the mandate in the exchanges that according to congressional budget office is going to raise the price of people's insurance by ten percent so if you have someone say a family that's paying ten thousand twelve thousand year for insurance they're going to see their bill increased twelve hundred a year they're that good nothing says they had no say why it's added tax like that the tax on the tax side so these people are getting hit left and right. will go ahead finish your thought on that go ahead. ten percent that mean compared to obamacare is increases that's a that's a bargain how did they get to be paying attention i guess i'll say obama care increases h.p.v. t.v. i want to shift just a little bit because we almost got to yesterday we didn't have the opportunity so

how we doing on state and local taxes and one of the reasons which is actually a kin to what dean was talking about with less duction first state and local taxes local education for example is going to be impacted pretty big time but what are they going to and you've got a lot of you know northeastern state republicans who are upset about that some of the republicans who maybe folks don't care about on capitol hill in california but how are they going to resolve that are going to thread that needle steve well lisa elden republican from new york who was one of those who voted no in the house because of the salt situation said that it looks like instead of ten thousand dollar deduction for property taxes only they might expand this and the compromise will be twenty eight up to twenty thousand dollars deduction including property tax and state and local taxes so that will certainly make it a lot more palatable for people like seldon and and the republicans and the people of new york california and the other states that would have been hit hardest all right great thank thank you dean did you want to weigh in on salt well yeah i mean

we're up to see what they end up coming up with but this is obviously a big hit to a lot of the blue states if you're playing games here you know you're hitting new york you're hitting california a number of our there are the more liberal states and that does mean you know there's going to be pressure on them to cut their taxes and they'll have less money for education for health care for their people that's a big deal a shas a point on the health care thing and again i don't know where this stands in conference but the house bill eliminated the medical care deduction see if a lot of people with serious health bills and people take it people of issues like cancer heart disease serious medical conditions they suddenly would be looking at a lot higher tax bills so that you know the richest people in the country donald trump and his friends will pay less hard for me to see the sense in that well the senate bill put it back in and increased it by the way so we'll see. there that does come out but both of you thank you so much you know one of things we don't talk about on this show because when you have other people talk about it is that alabama senate race and that could be critically pretty critical because as we've talked about on the program before steve with you the vote in the senate is razor

thin so if the republican wins that could help because that senator whomever he may be and it will be a hero looks like will be. fifty five moscow time breaking into a regular programs will have hurt international i'm kevin are going to cross live now from a shoulder there to a press briefing at the organization for islamic cooperation it's a summit it's been taking place all day talks have been held there over the u.s. recognizing jerusalem as israel's capital has been big news from there let's listen in. and that it is against the resolutions of international legality and the resolutions of the peace and security council of the united nations that this is. a single unilateral decision that we're not changing anything on the ground. i don't have.

a so this is the broad. line of the deliberations we had and it is also important to indicate this because we had this a from more than one president more than one prime minister of foreign affairs minister. is a red line and it should not be touched and it is of interest to to christians muslims. alike this is a holy city and we should there should be no definitive status for this city only through negotiations. on the basis of the two state solution which is a consensus of among all countries including western countries and also in line with. you and resolutions that there will be political action illegal action

and immediate action in relation to all countries in the world on this particular question. and this will also cover international organizations including the peace and security council and this is what you are going to hear about in. decisions that. countries vie to support palestine by recognizing the state of palestine and this can be considered a reaction to the solution as indicated by president to. lead other countries that recognize. the state of palestine and we believe that this is a very wise. decision there's also the support we sided to give to the people. we mean here economic support also

different forms of support economic educational or any other type of support think you are very much. president saying. thank you president mahmoud abbas thank you very much for your attention to grow up moderately thank you. we have come to this. summit held following an invitation by the president or we believe that this is one of the most successful islamic a summit that took place. to deal with a very important then serious. and that is the issue of. following the decision made by the united states of america to transfer. from tel aviv to chords and

a decision that considers the courts as the unified capital of israel this decision by the united states of america contradicts all you n. resolutions specially the resolutions of the peace and security council which the united states itself. agreed to. these resolutions are prohibit the transfer of. to. before the final status negotiations so the united. states itself is doing what it had already prohibited. and this is also the case of all international organizations including the un peace and security council we witnessed. a very. strong

reaction from different corners of the world and this is something that cannot be denied at all demonstrations took place all over the world. also we heard the voices of condemnation from all societies the forefront of which are members of fourteen members of the peace and security council fourteen members of the peace and security council except for the united states of course all of them. took a negative positions against and what the united states did in this particular period. therefore there was a need. for actions by the islamic. and the summit which president. organized.