a fairly rough period. market watchers are buzzing over news that general electric's leadership is considering a breakup of the iconic u.s. mega-corporation c.e.o. john flannery had floated the idea before and said tuesday that g.e. is quote looking aggressively at many permutations the story is big if true and as they say we'll keep an eye on it but to give you a sense of how big it is archie's ashley banks joins us to explain what a breakup of this mega corporation would mean and how all these pieces of the puzzle could be put together or apart actually well barred wall street is now scrambling to evaluate the standalone value of g.e.'s visit says now over the last year the company's stock has been the worst performing on the dow jones industrial average according to fact set that's more than a forty percent decline g.e. owns a slew of businesses g.e. capital he capital evasions services g.e.

energy financial services g.e. real estate g.e. oil and gas and many others although industrial analyst brian ilagan berg says the g.e.'s healthcare and aviation units are doing well in general electric will likely break up as a business as starting as early as the spring there's a porsche l. shareholder returns and the past year now a recent review found g.e. is looking to take a six point two billion dollars after tax charge for the fourth quarter of twenty seventeen now the company's c.e.o. john flannery said we are looking aggressively as the best structure or structures for our portfolio to maximize the potential of our businesses the company is also expected to contribute fifteen billion dollars over the next seven years to shore up the portfolios reservoir reserves excuse me j.p. morgan comment at saying this to us is not about. sense of value creation and more

an acknowledgement that the problems for crude the company from moving forward as previously planned even a few months ago when cohen analysts a bottom khana said quote there is no quick fix for g.e. and the stock remains biased to the downside and legan bird says it would take g.e. c.e.o. philander eight by the years to turn the company around after cutting g.e.'s dividends and restructuring its units bart. thank you ashley our to you america correspondent actually banks and we'll have more on this coming up to the great big story thomas edison started this company so lots to get to thank you actually iraq i'm. two weeks into the new year now is about the time that people all around the country are coming down from their christmas holidays and returning their post

holiday to their post holiday live this also includes returning or exchanging some gifts they received but to the dismay of many they will find that their gift word fact counterfeit goods bonilla chan digs a little deeper into that manila each year countries trade goods worth hundreds of billions of dollars a small fraction of that are counterfeit across the globe two and a half percent are counterfeit or pirated material that's according to the organization for economic cooperation and development in the u.s. that amounts to about four hundred sixty billion dollars and with the surge of online shopping many consumers are inadvertently clicking a not caught it says why industry experts and professionals call this a borderless crime i spoke with customs and border protection officials about this problem and they issued me this statement it read in part trade and counterfeit and pirated goods threatens america's innovation economy the competitiveness of our businesses the livelihood of u.s.

workers and in some cases national security and the health and safety of consumers . everyday americans shop online through e-commerce and purchase products from international sellers many international sellers are legitimate but there are those that market everything from fake handbags to counterfeit medicine sometimes selling the counterfeit products at comparable prices to the brand names leading consumers to believe they're buying authentic items at a slightly lower price now that's a grim warning for those who think of buying counterfeit products is not really harmful c.b.p. says there are deaths resulting from knock off goods anywhere from children being killed from illegitimate car seats to negative health effects from fake medicine that's why c.b.p. sees around two hundred fifty billion dollars annually in counterfeit goods some of the most common knockoffs are in footwear merchandise electronics even eyewear and many women can attest to the knockoff quality and high end name brand handbags like

louisville ton or prada some people receiving these items as gifts may never be the wiser the overwhelming producer to counterfeit goods as you may have guessed originate out of china to the tune of about sixty five percent of the counterfeit black market legislators and law enforcement are actively working to better stem the flow of these fakes from entering the american marketplace. thanks for that report i mean boy it's horrific i mean people dying and things but which which would be a pretty surprising thing but absent that what are the most surprising things you found in covering the story that i was absolutely stunned to make it really make me realize that people do die from these things counterfeit goods can actually risk people's lives so that of course was the most shocking element to this the next shocking element of you think well why can't officials or law enforcement just stop the tide of all of this coming in you just you know stop them at the ports right that's what you think but as the officials told me they said well nowadays people

are shipping parts of counterfeit goods so that's basically the time handbag that you might buy you know along twenty third avenue in new york might be assembled in the u.s. parts flown in through different ports of call like argentina or other other softer lenient ports and then with them together in the u.s. and they put them together here so you can't just see the products so interesting well it's so amazing that this is occurring manila that i think we want to do a little bit more dig a little bit deeper into it and in that regard we are super fortunate to have with us laura miller lara is the director of strategic planning for the international anti-counterfeiting color should c.c. laura thank you for joining us it's a pleasure to have you with us i mean what are some of these knock off his abilities reporting like the michael kors bag the fake michael kors they're pretty convincing right absolutely and thank you so much for having me it's very true that

we are seeing a trend in fact in seemingly higher quality knockoffs at more close to retail price point so we're used to always have situations where the consumer probably knew what they were getting when they saw five hundred dollar handbags for thirty dollars we're now seeing very well crafted websites with customer service lines and elaborate explanations about how they got the goods wholesale and leading people to . leaving might just be getting a very good deal so how do you tell if you're getting a fake i mean if. you're buying a michael kors bag for twenty five bucks you know you you know it didn't come from the store but other than that i mean manila talked about the pieces being brought in peter neal and they're so how do you know i mean how do you know if you are paying sort of a full boat price but not getting the whole boat it really is all about the distribution mechanism i mean first of all the quality never will be as good as the original if you have suspicions then you probably have

a counterfeit in addition you know you can look to the labrat x. clinicians on the website or in the store won't be set up like that particular brand would want a retail outlet to look like for that brand you can try calling those customer service lines you can also look at labeling you can look at packaging it might look a little bit different it might not be complete it might seem a little bit different than what you would see on a legitimate website already. on the internet when things aren't spelled the right way or the right. things to look at the one that's sorry go ahead you know as i spoke with some c.b.p. people they advised me that you know they're charging higher prices on sites that are like amazon it's not necessarily going to a chinese retailer where you might be suspect that you're getting a fake item but if you're buying something from like amazon and they're charging close to retail how do you how does a consumer protect themselves there are a lot of issues with e-commerce platforms and the fact that it's more difficult to tell exactly what you're getting that's why the i.c.c.

does work so closely with intermediaries to help to clean up that problem looking at customer reviews taking advantage of the return policy if you do get a counterfeit item those are all really important other web sites will take advantage as well of people's different or standing of what happens in different countries so one thing that's very close to my heart for example is these purported canadian pharmaceutical websites these online pharmacies get their. the popular belief that they're just giving away like candy out there and as a result there's all these web sites that sell very counterfeit medications that can be extremely harmful or at the very least ineffective because they slapped if you made a lease on it in a model and it's white jacket and people think that it's legitimate what what about . you purchased one of these things is there is there some liability on the part of the person who purchases them is the consumer in trouble. will start out whether so there's no liability for purchasing or owning

a counterfeit good for personal use however there really isn't a victimless it's not a victimless crime while you may not have legal liability the consumer really does need to think about the harm that they're causing out there we talked about economic harm i mean ip crime generate a tremendous amount of revenue for criminals criminal networks terrorist networks globally over half a trillion dollars per year which to give you a better perspective is over a billion dollars greater than the economic impact of drug trafficking and account for about two point five percent of global imports so there's a lot of economic harm there's the harms innovation you were mentioning child labor and every child all these things and including very little harm with the safety issues with these items it's a tremendous problem laura thank you so much i want to have you back and talk about this a little bit more alarm miller director of strategic planning for the c.d.c. thanks very much for joining us thank you so much. time now for

a super quick timeout but hang with us because when we return we'll talk about crypto currency is cratering and what will it take to make digital currency usable in commerce was the talk this week reports on the economic and human toll being inflicted as a result of those horrible california multiply and as we go to break the dow jones industrial average which shot past twenty six thousand yesterday remain near that level as we go to one to air and here are those numbers after closing bell. about your sudden passing i've only just learned you worry yourself in taking your last bang turn. your attitude up to you as we all knew it would i tell you i'm sorry i could so i write these last words in hopes to put to rest these things that

i never got off my chest. i remember when we first met my life turned on each breath. but then my feeling started to change you talked about more like it was a game still some are fond of you those that didn't like to question our arc and i secretly promised to never be like it said one does not leave a funeral the same as one enters my mind it's consumed with death this one different person i speak to now because there are no other takers. to claim that mainstream media has met its maker. the new global economic war is unfolding in the realm of education the right to education being supplanted by the right to access education low higher education is becoming just another product the. but it's not just about education

anymore it's also about running a business where you're good. enough. for them you. want is the place of students in this business model before college i was born now and i'm extremely bored higher education the new global economic war. when you don't. see the teachers who are. there to court to. not through only ten spaces. left alone. said. claiming to know servant is vastly better. you speak french. most of those old you have to. send them all to new.

earlier today bitcoins price had fallen below ten thousand dollars the digital currency was approaching twenty thousand dollars just a month and a day ago on december sixteenth and bitcoin fellow digital currencies ripple in theory are also losing value by double digit percentages and the sector as a whole is deflating an analyst at a virtual currency watcher coin desk suggested this afternoon that bitcoin could soon fall eight thousand dollars to eight thousand dollars analysts say the moving

average for bitcoin over the past one hundred days is ten thousand dollars by this afternoon the price had rebounded somewhat however it is still not clear if the floor has been found some has even suggested that there may be even a greater price collapse of several thousand dollars time for more on digital currencies and the big kahuna bitcoin we're joined by jeffrey tucker editorial director for the american institute for economic research cites your time geoffrey do you think that there is a way to ultimately incorporate bitcoin into the country's mainstream currency system. i don't think it needs to be done as a matter of policy but i tell you what crypto currency is got a future maybe not from the treasury department of the federal reserve or something like that but in terms of just regular people discovering it and using it i think it definitely has a future you know how i agree with you by the way but how how is it going to happen you know i sort of said it you've got to be able to use it in daily commerce it's

going to be honored but do you agree and how will that actually happen well so like if you had asked that question three years ago two years ago i would have said oh everybody is going to have because you're going to be paying for your coffee and your hamburgers with it and that kind of stuff but that is not how history is unfolding and the reason is the transaction fees are so high and the processing time is so slow and that's because the network is clogged and because right now the protocols not designed to scale anywhere near something like these or master card or or even a c h e n o's so it can't happen in the current conditions but this is precisely why we've seen such diverse occasion taking place within the crypto asset sector you know because itself is down to something like going to bed at and check and this morning but something like maybe thirty two percent of the overall crypto asset sector so it's kind of a. not as big a player as it used to be now we're seeing other currencies really being used like

light coin and dash i got a i don't answer it this morning from a conference and said when you come here you can always been that so that's interesting that that is like a little less than arrow and all these other things let me ask you this if you can reason so many little points here sorry sorry jeff or you bring so many good points i don't want to lose them so when you talk about the processing time that is a huge deal i mean i know you can purchase bed and breakfast except for with bitcoin but you know it's not like your credit cards what. takes ten minutes or so and then there is the transaction fence of you've articulated the big think but how do we get over that i noticed that ripple was there was a report maybe two weeks ago or less that ripple was in some discussion with american express is that going to be the ultimate thing where a digital currency actually works in tandem with a discoverer an amex or these or master card. that's exactly how it's going to work

going we're moving to a competitive money system and a competitive system for prepayment what makes what makes crypto different from something like visa master card or the dollar is that big client wraps together the money i should say blocking right wraps together the money with the payment system the one in the same that's that's very difficult for people to understand because because for fifty years i have a long it's been sixty years they've been very separate actually for all time they've been separate we've had a money and a payment system that's one of the great innovations that's taking place within the in the blocks and sector is the unity of these of these two great systems into into one apparatus into one machine and what that means is that it dramatically reduces counterparty risk so in a conventional payment systems you know your pain but they're trusting you they're

trusting the payer the trust in the bank who has got to trust everybody else until the final thought about happens two three days later with crypto asset exchange it's really is like exchanging physical property once the payment is confirmed then it is done there's no charge backs you're completed so that kind of kind of party risk of reduced to virtually nothing which is why i think wall street's going to get more and more interested in this technology and i think that's what happens it's going to happen because it's going to perform the old fashioned systems little by little well i. i do agree with you i think you know maybe thirty forty years from now or our grandkids will think how quaint it was we carry pieces of paper you know around in our in our wallets. and you can see it now i don't know if you follow the demographics of crypto adoption but i think it's just hilarious you know i live in atlanta we now have eighteen big client because in cash a.t.m.'s all over

town and you can go to any of there's a long line all young people. big stacks of cash pushing them into the machine to buy because and and these people you know sometimes i think i think you can have a condescending attitude towards young people in their investments because older people are going to be sorry because of them because they're going to go down a price or go lose money the fact is young people want to take the risk that everybody's excited about it it's a way they can get into the markets they can play the markets a little bit i mean i have friends of mine that buy every kind of coin you can imagine you know and there are thousands of these things now and they know that a lot of them are going to zero but it's an adventure for people this is the way adoption is happening so it's a demographic i mean older people i've noticed this are for the most part terrified of the sector they think it's just kind of crazy young people very adaptable you know this past christmas a lot of people got because of cash because and dashed like went for christmas

because they asked for it from their parents yeah well it's not a bad bed gift although we talked about dog calling here the you know sort of the the jokey thing based upon mean that it had grown to a half billion bucks and yeah that is that's a funny story but that's a funny story because congress was created to troll the crypto community with a crypto community troll back. then has for years kept being a pretty darn valuable coin it's also fun to mind i have friends of my mind if you know there's there's a lot of. funny things going on the sector things that i would've expected. because i've been involved since about two thousand and thirteen and back in those days i really did expect that because it's become going to become a real competitor to the dollar and i was wrong about that because i didn't anticipate the scaling problems but i was wrong and other things like i didn't expect a nefarious application called crypto cat it would become

a big deal in late two thousand and seventeen where pictures of kiddies reselling for five and ten thousand dollars on the ferry i'm blocked and platforms and there's a lot of unexpected things that are going to happen which is why i don't think that government should have anything to do with the script occurences i think we should leave them to the private sector we should liberalize them we need to deregulate them keep keep government hands out of it and just let it develop on its own so they become can become amazing just like roads are just like like electricity or flight or any other great technology and this is a truly great technology it is needs to evolve and develop through a process of discovery experimentation and gradual adoption i agree that it needs to evolve that way but as a former regulator you might understand that i have a little different viewpoint you know we'd like to have you back some time jeffrey to talk about that it again we really appreciate you being with us today it was

geoffrey talker editorial director for the american institute for economic research thanks for your time. those her rent is california mudslides have not only cost lives they continue to create devastating problems for businesses and for families with more here's the tosh a suite with the latest. here you can see a part of highway one hundred one is under water and this is the way that most forest travel in someone to see you know downtown santa barbara and also their wine country and as you can imagine not as many people are able to get through which the force is hurting businesses collectively we have p.t.s.d. shock. trauma and dissociation the name weimer lives in want to see do and remembers today's massive mudslides all too well we thought it was the fire again also with the massive rain. wind and hundred mile an ira our boulders rushing by can imagine the sound of her husband when driving around and in

warmer photos of all the devastation he would text me everywhere i would just see the tax i was like putting a pillow over my head thinking i can't deal with this her husband was unable to get back into town so they've been separated for more than a week with no cash running water or electricity while most says she's grateful for patrick braid it's the smallest things that often have the biggest impact brady is giving free food and drinks to first responders and the few residents who decided not to evacuate he did the same thing during the thomas fire taking over the business after his father john patrick who passed in two thousand and sixteen parade says he feels it's his duty to give back to the community who so dearly loved his father these are our people we've got forty three year history. with all the families you know with all the children braid says he's fortunate local stores like trader joe's are donating food and supplies but the lack of business is

hurting everyone now just as it did back in december when the thomas fire hit after that thomas fire. we lost a week and a half of business this business back account got down to seven hundred dollars that's scary right and to help his fellow businesses and residents out and he's in the process of putting together a nonprofit to help rebuild want to see joe and i was sworn in. the day that the disaster happened santa barbara merrick happy morello says her first day on the job was one she'll never forget photographs and even video cannot tell the story she says committees were working on ways to help their economy bounce back from the thomas fire just before the monthlies hit we have lost of sales tax. people being employed they're not getting paid. their taxes when people come to visit us and stay in our hotels even the day trippers can't get up here so now the main hope is to get the one on one three way back open to visitors from the north and south can

begin contributing to the economy once again. spokesperson for count trances crews are working at nextel or a good pace hoping to reopen the one to one by next week so the locals may look at us one a one as kind of a local road and you could make the argument that it is but on the greater scale this is a major artery for the movement of goods and services and is directly related to the health of many businesses so now officials say it will take months for things to resume normal pay and only time will tell exactly what kind of financial impact it's going to have on veterans day and what to think of it costs are to. horrific that's all for now thanks for watching be sure to catch a boom bust on you tube you tube dot com slash boom bust arctic kitchenette.

young children have worked in bolivia for generations almost three quarters of a million a doing so today. this culture led to the development of the libya's new liberal and highly controversial children's code in two thousand and fourteen which gave children as young as ten the right to work on the. certain circumstances one does anything this. is all news. eat well without having the end all. of the things years. but there are hundreds of thousands of children in bolivia operating completely outside the local.

mining work is strictly forbidden by the children but it's never enforced and that means the school boy minus here continue risking their lives for the money they need to survive on. i don't think that any country can push a button and get rid of trade this is far too important to be farmers to political backlash money is a very fine people think and i think it will be very quick before people find ways around it because as i say it but it might be damaging it might cut it back but the idea that you could do anything nearly thirty minutes south of it is very unlikely . but rather stand in here from us and. move from one small.

amount of goods that are our from our trophy for our brothers in a profit off the floor for them to care of their. own lawyers and that compatible i don't catch and then you can there and keep an eye on what i don't think is a channel for truffle that it will never. be known what then i'm all in my machine little side of. the family owned model. number set up around the hey how do you want to do it. because it's whole for first choice for the i'm yours or you haven't failed to turn mysterious said. british. civil. from model for the name after a couple fronts around mr hates it for jim and then boil for hope that are for him

and for. the money. i. thank god. i. i. think i. take it demands that the u.s. ends its support for syrian kurds and the dispatch between two countries over washington trained border forces. a new leak from the fancy bad.