god board bank board rooms here discusses eric reimer a former f.c.c. official and policy commentator eric thank you for being with us first of all tell us what you make of their entire sort of nefarious actions give our viewers what wells fargo has done over the last three years to put them in this problematic circumstance and it's a very multifaceted problem basically it back in september two thousand and sixteen . the o.c.c. and the los angeles city attorney revealed that wells fargo for about a decade had been encouraging or at least facilitating its sales reps to create millions of fake accounts primarily checking accounts saving accounts credit cards for their customers that were not authorized by their customers and essentially disallowed wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line at the expense of their customers this also goes on top of several other scandals the past two years that wells fargo has faced a rating from the car loan scandal whereby they did not give the rebates to

customers for prepaying their car loans car insurance scandal life insurance can the whereby they overcharge customers for that and of all scandals even most recently a hundred million dollars settlement where they were found to have but overcharging veterans for mortgage refinancing under if you can't do anything like kick the veterans boy what a horrible thing so what's the fed going to do with regard to their assets or and so the federal reserve sanction is a very extraordinary one basically the federal reserve will be preventing wells fargo from increasing their assets beyond what they were at the end of the twenty seven thousand calendar year at twenty seventeen their assets that about one point nine trillion dollars and so until lot of wells fargo meets certain federal reserve . mandates regarding risk management and a change in their management culture they will not be permitted to grow their assets size beyond that they also have to replace for board members so that's why you should be. this comment about the fear of god and bank or grooms at their butts

actually capping their assets and if you look at what happened with the last six banks since that time june of two thousand and fifteen when all these nefarious actions came into. to light wells fargo really has been on the bottom of the barrel but you think you wrote to your right you wrote an op ed recently where was enough in seeking out the euro do you think they can actually get beyond that real quickly how are they going to do that i think by now they've been dreading this can of been dragging in the past few years and they've certainly lagged behind other major banks in terms of performance i think however now the scandal finally will be put to rest hopefully they will hopefully finally be able to start growing again after it's finally resolved ok eric reimer public strategist and public commentator on these things thank you so much for being with us great to have you great to be. time now for a quick break but stick around because when we return we'll discuss the market meltdown why did it occur is there more to come we'll get into it all and as we go

to break here are the numbers at the closing bell. geysers financial survival guide liquid those that you can convert music as quite easily. to keep in mind that would mean to place a. record. seems wrong. to me. to stamp out the attic. and in. the trail.

when something find themselves well it's a part. of the common ground. i'm here at muddy field stadium in edinburgh the home on the heart of scottish rugby i'm here to interview a scotland legend. a man who fought many great battles on this puts behind me now he's engaged in the greatest bottle of all his struggle against newt on disease. the us supermarket chain kroger is selling off its convenience stores the cleveland based chain will sell eight hundred stores to e.g.

group which operates a chain of british gas stations for two point one five billion dollars convenience stores operating under the names turkey hill. quick shop and tom thumb generally are in the southeast united states that took in four billion dollars in annual revenues last year kroger will hold on to their supermarket based gas stations and turkey hill dairy the sale as part of a previously announced plan to refocus on improving their supermarkets and kroger says they will also use revenue to retire their debt and pay back and buy back shares. if you feel like you're having a harder time finding a bank you may not be imagining it banks are closing branches in less profitable areas and the wall street journal reports that seventeen hundred were shuttered in the twelve month period that ended july of last year the journal calls this the longest string of bank closures since the great depression bank of america for

example has closed fifteen hundred locations since two thousand and nine mostly in rural areas while bank of america citi and other big national names have been closing branches since the two thousand and eight financial crisis regional banks are now accelerating the overall trend the prevailing of a t m's an online and mobile banking have also heavily contributed to the pressure to close. and we now move to discuss in detail the market meltdown more than eleven hundred point drop yesterday following friday's six hundred sixty six point fall there was a panic type selling yesterday what to make of it to help us sort it out we bring in melissa our mo of stock swoosh and naomi osland the chief market analyst of think markets here we go melissa first what do you think is going on. well good

morning i get out to be nice to see a bar learned i am i really wouldn't have it so we had a huge rally today into the close which i'm really not surprised about even though we sell on friday and we fell yesterday and we fell little bit more than was expected there really wasn't a catalyst for that to happen and i did actually this morning my trading room if we have hundred percent today we trace the bar from the sell off far from yesterday then we're going to turn right around and we actually did that so the panic lasted for no more than one day really and i was looking at it yesterday and i said there's no catalyst for this there simply was a reaction i think to the negative earnings that reported last week google and apple did not have good earnings thursday night they gap down with the market on friday and then i think investors took some profits you also have interest rates and bonds going up so you may see some repositioning of money so i think that's why

you had some selling ok well that's a one to one what about you what you want your take on. orlaith things were having me i think the catalyst for us it was the u.s. non-farm payrolls started on friday right because soon recently seen that rage in cream and coming in the inflation fear of the quam among traders was that a k. now the fed is behind the curve for a hard to because the inflation has started to take up and you know this inflation game especially with the rakes what happened yesterday because during the time that in the last hour there was a massive explosion in the wall eternity in that act and that caused a massive attention of investors yes i agree with the guest that there is no major catalyst because everyone does believe that the fundamentals of the u.s. economy are very strong because wages are improving u.s. non-farm payroll does tell you that the employment market is strong but as you said

earlier there are certain jobs within the u.s. market which are becoming less they are not that popular hence the banks are closing those jobs and it is important for the companies to make sure that the are also educating. their employees and students are also getting the top of rank in terms of their education so as you were setting saying earlier in your. section talking about cryptocurrency is just the regulations are really great and what i want to touch that is the villain the i.c. or market the start ups such as developer they are doing a great job because that's what exactly they're trying to do they're trying to create a boot camps where they can teach students about the artificial intelligence so hence these jobs are richer eliminating due to the technology and this technology is one of the factor that we are seeing in inflation and hence we have not seen the

village increment but that vision crimen is happening because of the tax incentives come. that's traded that market selloff right but that was just only an excuse because the fundamentals are still strong and i disagree with that guest by saying that i think ports in the us to have good but i have what i do concur is that yes ok the expectations are far ahead because market or the analysts are predicting numbers which are not realistic so we have a reality check that's what happened ten percent correction in the market is an excellent thing because i mean even if we get a twenty percent correction we'd be more than happy to look at it because the fundamentals are sound ok well that's a lot to unpack we have that you raise so many good questions there so you know it seems like everybody has sort of an answer and i very much respect to both of your views i've heard even people some crazy conservative commentator say well this is

president obama's fault because the cheap money despite the fact that everybody sort of like the cheap money for the last nobody's complained about it you know as markets been going up and then i heard somebody earlier talk about it's the trump tumble i mean for gosh sakes my view is that by and large presidents don't have that much of an impact on the stock market sure when there is something like legislation passes but what's your thought on that melissa i mean is this donald trump or barack obama's fault or does this have to do more with these underlying economic fundamentals. well i will tell you that the market was bullish under president obama yes it was for the eight years that obama was president the market was bullish but you got to look at where when a bomber started it was right after that huge debacle with the banking crisis so we really had nowhere to go but up after that and we did but when trump was elected after that in two thousand and sixteen of them or two thousand and sixteen the

market took off and it never looked back for fourteen and a half months the market power trended up so we dropped for today's big deal the fact is that there's an old adage the trend is your friend and that's still in place we don't really have to do a correction people always like to predict corrections when it happens it happens if you're in the market long term is a long term investor this selloff doesn't mean anything to you if you're short term daytrader than you might have short of the last two days as far as trump goes his policies are in place now because tax reform passed at the end of two thousand and seventeen and people are looking ahead with a high expectations that was something your other guest said that's true the expectations are high but it doesn't mean we're not going to meet them look at what the market's done look at all the cash these companies are going to be saving and taxes are going to do something with it a lot of them have been given bonuses a lot of them have been given wage increases and they're also going to influence the the savings on their businesses with growth and that is going to happen and it's something that takes time this just past it may not reflect right now the

second but it might reflect in the next six to twelve months of earnings for these companies so you have to be optimistic fundamentally and technically there's just no downside here for a ten percent correction to happen in two days that is scary for people because it's that it's a speed that the that it happened was what was scary if it had gone to do and taken seven days to happen we want to be talking about it the fact is that it was a fact that it happened very quickly but i want to say one quick thing people here is when you panic when you are down money and the trend changes. everyone was up ok so you might have been up more last week before we fell on friday on monday but people were still up and people are still up in there for a one case and the trend is still intact and even more so after today's close so there was no reason to really panic if you were up in stocks and you wanted to take profits there was nothing wrong with that last week if you're in for the long term

and you hold it through but the trend is your friend you panic when you're down like what i have said for panic and we got up in the morning and we got down overnight in the after hours at some huge number that would be panic city usa but that didn't happen and actually we were acting crazy last night in the after hours the market dropped a lot and then it recovered it recovered by the open today the volatility has been high the last twenty four hours the last forty eight that's true but we were in such of such a territory of low volatility almost no volatility you can expect that to go on for every other just like you can expect the market to go up in a straight line forever which are pretty much did for november two thousand and sixteen intel two days ago out there realistic you know let me ask you about something melissa did there we just got about a minute left but she's talked about the speed and that is i think concerning you want the high frequency traders traders i've called because they're in and out of market so quickly but when things happen in markets today you want them because

they provide liquidity but when things happen in markets they have been in an awful hurry is that a concern that you have. absolutely i think high frequency trading is good in terms of providing liquidity but he's all for things because when the thing starts melting up and then you start seeing the dow drop five hundred six hundred eight hundred thousand and fifteen hundred that is a machine war and this is what we study in the morning to our notes for investors that this is nothing but a machine will and a product which is sold by an institution to suppress the tele t. and that product wasn't right and that's the that's the flavor that's what you get in the market when let me ask both of you just really quick one on one a couple word answer are you now buyers are you sellers or you wait and sears buyers sellers waiting sears melissa. wait to nothing way for the market to catch up and sell it strength again today with a good sign but if you want

a confirmation wait to the market cap that name. by of the best stop loss as yesterday's low. thank you so much sure appreciate both of you joining us we'll get to this again in the future hopefully not too soon on a big tumble like this and that's all for today tomorrow we have a treat for you with the queen of crypto a reef a con you're going to love it plus space x. has successfully launched a rocket into space we'll have more on that today with ed schultz and watching the hawks before wallace is there be sure to check it out and be sure to catch boom bust on you tube at youtube dot com slash r t thanks for watching catch it next time. across europe municipalities are taking their water supply back from private

companies. this is the simple song alone even some company elsewhere they invite private companies to take over the utilities many by the telescope was allowed for miss you guys forgot to buy them the going to go. buy been this is a map of us to quote them out of it for you member of the left bill brought up locals are ready to stand up for the basic human right of access to water it's about water but it's also over much more than water it's about to hurt and the redistribution of. debt downwards we want our. two americas to be intensely charged in opposing news narratives to cable news networks reflect these divisions or rather function as triggers intensifying cultural divide also what has happened to journalism is it now

a profession inhabited by hats in the politically possessed. despite its title and history deceive us union i know has dominated international sport however this was not about the numbers of those champions from the field. you don't gotta go. right on that you're right. that. the warm will therefore been better for me just remember if your brother described proof for the order you'll look irish was the first computers after your you were the first son of your to lympics team with nine hundred fifty two minutes needed seats of ifas concentration camp prisoners and from slime soldiers which still think maybe in the earth it's good to know if there is corruption because you are

much there to shift for the government because you're bursting with it you're in for one full through shot forward to get out of the earth with you if you think that we are going to get there with. the variations you'll push you over through personal personal enthusiasm will overwhelm you know when you're outdoors the more secluded than yours are where are the workers here we are in the world free of rising tide can we. are. i. you know one of the.

headlines on r.t. international with two days to go until the winter olympics get underway the hopes of dozens of russian leaders fighting a legal battle to have a ton of the games diminishing. says it will continue to protect. this embassy in london after a british judge ruled the wiki leaks co-founder is still wanted for. a new party is being. said he supports getting from across the channel has led to accusations of french meddling in britain's in total.

midday on wednesday here in moscow thanks for joining us on r.t. international latest world news headlines. just two days now until the twenty eighteen winter olympics get underway it's still unclear who will compete the court of arbitration for sport has heard the case of dozens of russian athletes but no decision was reached today the session adjourned until tomorrow the russian athletes are challenging the international olympic committee's decision to ban them from competing in south korea over the. trying to reports sports history is being made on wednesday and thursday is the two hearing rooms that you can see behind my shoulder it is the court of arbitration sports ad hoc panel determining the fate of dozens of russian athletes right before the winter olympic games and then chang begin one state's session didn't bring them to any decision

but here's what the cost secretary-general told journalists right after it was over so this isn't today we resume the hearing tomorrow at twelve and possibly a final this isn't going to be rendered at the end of the day tomorrow it is a huge court case as many as forty seven russian athletes and coaches with a clean don't bring history versus the international olympic committee but in a sense it is a battle between the court of arbitration for sports or cas and the i.o.c. here's why a group of russian winter athletes were and should we be months ago were banned for a lifetime by the i.o.c. their medals were taken away but then last week all of that was overturned by cas were guard the so that the olympic officials flashed the red card again plus there was also another group of russian athletes who were never given life bands

and they were never caught for cheating but still that the heart that they can't compete and young chang so it's the careers of the olympic hopes of these two groups that a swiss law firm is trying to say the swiss lawyers say that the grounds for these lawsuits are the nontransparent nature of the criteria that was applied plus the unlawful nature of the verdict itself and most important thing the discrimination on the basis of sit. isn't ship and remember that some of the people whose fate is being determined here are reigning olympic champions. movement does not consider me an athlete who deserves to be a part of it without even providing an explanation i've never given

a reason to doubt my honesty and my integrity. the games in korea were to be the first in my career. together with my partner we've been working towards these in the pics for many years was my cherished dream . i was showing the lympics my dream and i was working towards this goal throughout my entire sports career i've given no reasons to doubt that i'm. so to put it very mildly cass and the i.o.c. don't see eye to eye the court clears russian athletes but olympic officials can't be bothered and this situation is almost put the two are going to say shane's on the brink of a conflict the secretary general who i've spoken to has denied any crisis but see for yourself due to insufficient evidence the appearance of held the sanctions and

notes and their individual results achieved in such reinstated who these accounts the decision is the extreme really disappointing these decision shows so the urchin to meet. for reforms in the internal structure of the costs so cas will have to make up its mind the opening ceremony of the olympics is just around the corner on friday in fact but whatever the decision russian sport the international olympic committee and the court of arbitration for sport will never be to say you know we spoke to a russian skater she did not receive an invitation to the game just by being cleared by cas a week ago. grossman you're also some of this so it is sad for me to see other russian athletes posting videos and photos from korea clearly the first explanation which comes to mind is that they want to get rid of the strongest

competitors maybe they were upset because we were ranked first at the start she with her lympics may give notice planation do not share the reasons that's why the fear of losing seems the only plausible motive behind her decision i saw those look through my foreign colleagues i heard them sneaking around some foreign athletes even to be cures of me it wasn't a pleasant feeling when other athletes refused to enter an elevator with me i felt helpless because there was no way for me to prove them wrong spoto and of course meant for the lawyer of the athletes who filed their appeal today we believe it's necessary to take all the legal steps available to us to ensure participation of the merits in the armaments and we hope that the independent panel that was composed was well fully and thorough only the look at the facts and the law in front of them and come to the right decision. the i.o.c.

has almost plenary power to even ignore what the court of arbitration for sport says has decided and i think nations would probably say we don't want the i.o.c. making arbitrary decisions that may one day affect our athletes international sports community and member nations really need to get together and create a body that can enforce rules fairly and across the board. equally because we do not have that right now athletes from all over the world have started to arrive at the olympic facilities and the south korean city of kim chang among them are russian athletes who are allowed to compete as lympics athletes from russia under a neutral flag. of the i.o.c. is due to strict rules regarding uniforms. so the uniform should bear the words elliptic athletes from russia or its acronym a are should also be of

a single dual color we know it's going to be grey no russian flag or any of its colors white blue and red are allowed to be shown that they don't stop one russian design company from showing its support for russian athletes launching a special line if t. shirts punning on the acronym we spoke to one of its design this. or. is stupid to deprive people of their own country and identity because whatever uniform the athletes are wearing we all know that they are our own russian athletes that's why we came up with the project using this strange name prolific teen olympic athletes from russia or a r we wanted to show you there for us and for athletes truth and sport are what drive us and all these bands and sanctions is just political games we have released a huge number of these prints for noncommercial use they're intended for the fans we hope that it will encourage our athletes they'll see that we support them and that we need their records and victories. julian assange is to remain stranded

inside the ecuadorian embassy that's after a british judge ruled that an arrest warrant for the wiki leaks founder remains in force the president of ecuador though says his country will continue to protect us and. our government inherited the issue of the mistress sons from our predecessors clearly it causes a certain inconvenience but since the first days in office we pledged our support for him until he is safe and we believe he is in danger the london court ruling is important but it will not change our position we will continue to protect mr sands under international refugee law. so with the court ruling going against him a charge looks to stay holed up in the ecuadorian embassy in london sweden dropped all criminal rape charges against him last year but the u.k. says it will still arrest him if he leaves the embassy effectively leaving us arjen limbo human rights campaigner peter tatchell believes if steps one foot out of that

door he could easily be extradited there's no doubt the. bottom line in the a sound case is the very serious unlikely risk that he would be extradited to the united states to face a whole raft of very serious charges including espionage which can in theory carry the death penalty and at the very least he can expect forty years in prison and possibly life imprisonment so it is totally understandable that as a rational human being journalists aren't would not wish to step outside the ecuadorian embassy when that risk of arrest and extradition to the u.s. hangs over his head on tuesday took to twitter over a minor scare at the ecuadorian embassy in london apparently a package was delivered to him containing a written threat and identified white powder.