in 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 boss and his city attorney revealed that wells fargo for about a decade had been encouraging or at least facilitating it's a 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 this allows wells fargo to reach sales quotas to drive increased fees and to basically bolster their bottom line at the expense of their customers that also goes on top of several other scandals the past few years that wells fargo has faced ranging from the car loan scandal where 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 whereby 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 so the federal reserve sanction is a very strong area one basically the federal reserve will be preventing wells fargo from increasing their assets beyond what they were at the end twenty seven thousand calendar year at twenty seventeen their assets to one point nine trillion dollars and so until was wells fargo meets certain federal reserve. mandates regarding risk management in a change in their management culture they would not be permitted to grow their assets size beyond that they also have to replace four board members so that's why this comment about the fear. god and bank boardrooms at their potentially capping

their assets and if you look at what happened with the 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 it 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 scanners been dragging in the past few years and they've certainly lagged behind other major banks in terms of performance i think however now to 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. time now for a quick break but stick around because when we return we'll discuss the market meltdown why did it occur more to come we'll get into it all in as we go to break

here are the numbers at the closing bell. imax keyser one for my guide to financial survival this is. a device used by professional scallywags to earn money. that's right these hedge funds are simply not accountable and we're just adding to them. totally destabilize the global economy you need to protect yourself and get informed guys are. running the float that is the best out of the jewels of. the concepts i was playing to perform i had actually passed myself to.

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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 i've 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 when i am i really wouldn't panic so we had a huge rally today into the close which i'm really not surprised about even though we fell in 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 or 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 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 to know you want about you what you want your target going. orlaith saints are having me i think the catalyst for us it was the us non-farm payroll started on friday right because soon reese seen that vein in cream and coming in the inflation fear of the quam among traders was that a k. now the fed is behind the curve very hard to because inflation is has started to take up and you know this inflation game especially with the rakes what happened yesterday because during the time in the last hour there was a massive explosion in the wall a tele t.

index and that caused a massive retention 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 this they are not that popular has the banks are closing those jobs and it is important for the companies to make sure that the educating. their employees and students are also getting the top of rank in terms of the education so as you are setting saying earlier in your. section talking about cryptocurrency is just the regulations are really great and what i wanted to test out is the villain the ice your 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 which are eliminating due to the technology and this technology is one of the factor that we are seeing in the inflation and hence we have not seen the village increment but that of aging crimen is happening because of the tax incentives come. that's triggered that market selloff right but that was just on an excuse because the fundamentals are still strong and i disagree with that guest by saying that i think cause in the state is good but i have what i do concur is that yes ok the expectations are far ahead because markets 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 got

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 the 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 have 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 it went to bomb it 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 were 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 that 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 then 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 markets 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 out more last week before we fell on friday and monday but people were still up and people are still up in there for a one case 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 so 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. the high frequency traders traders i've called cheaters because they're in and out of markets 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. i think high frequency trading is good in terms of providing a liquidity but he's all for things because when the thing starts melting up and then you start saying the dow dropped five hundred six hundred eight hundred thousand and fifteen hundred that is a machine war and this is what we said 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 in let me ask both of you just really quick one i want to couple word answer are you now buyers are you sellers or you wait and sears buyers sellers wait in sears melissa. wait to nothing way for the box to catch up and sell it strength again today with a good sign but if you want a confirmation wait to the market at that name. by a bus 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 wallace is there be sure to check it out and be sure to catch boom bust on you tube at you tube 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 anybody tell us that. mr guys you got to buy them the going to. have been this is us to quote them out of it for you man but then left bill brought up locals are ready to stand up for the basic human rights of access to water it's about water but it's also over much more than war it's about the hurt and the redistribution of. their date 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 hat in the politically possessed despite its turbulent history does. soviet union and has dominated international sport however little was known about the long use of those champions from the design. but if you don't get the. right on this you're right you believe this is that. the best new bomb will become simple been bottle couldn't be just a military drone that this guy through least one well witnessed you will because those are still listed years after your year war the the first soviet a limpid team of nine hundred fifty two manipulated seeds of mindless concentration

camp prisoners and frontline soldiers but it still thinks they have enough is good little news here it's good she says he and much good little mischief because immersed in the second seven month old still shall go with it as a car as a facility with the video on the go that's about it doesn't feel special robust lupus little parcel of enthusiasm will go from you don't want to have them still more simply repeating your words or words there's trips up the army now will feel nice and doesn't worry the the .

i'm going to go. with just two days to the start of the winter olympics hopes diminish for dozens of russian athletes fighting to overturn their ban. still may have unlocked germany's two largest parties and will merkel's conservatives and the social democrats finally reach an agreement to form a coalition government. and a new party has been launched in the u.k. but the aim of reversing breck's it but the sport it's getting from across the channel is leading to accusations of french meddling and britain's internal affairs .

this is r.t. international coming to you live from the russian capital with me thanks for tuning in first there are only two days to go until the two thousand eight hundred winter olympics in south korea and 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 on wednesday with the session adjourned for the day the athletes are challenging the international olympic committee's decision to ban them from competing in the wake of the doping scandal. reports. the olympic dreams of almost fifty russian asked they right now depend on the court of arbitration for sports and for the pm chang games this is their new home. the court convened for a few hours on wednesday but there was no decision we resumed the hearing tomorrow

. but simply a final decision can be rendered at the end of the day tomorrow what it is called after the opening ceremony the goal is really to finish for you and then when it is going to so i would say to me the last moments of the announcement should be striving to not simply could be only. it is a huge court case as many as forty seven russian athletes and coaches with a clean doping test history against the international olympic committee but in a sense it's a battle between the court of arbitration for sport forecasts and the i.o.c. here's why a group of russian winter athletes were and this really a few months ago banned for life by the i.o.c. their medals were taken away but then all of this was overturned by cas last week regardless of that the olympic officials decided to flash a red card plus there were more russian winter athletes who didn't get lifetime

bans but despite the fact that they had never been caught cheating before as well they still heard that they can't come to pyongyang so it's the careers and the olympic dreams of these athletes that a swiss law firm is trying to save and the hearings are happening right behind these doors swiss lawyers are saying that the grounds for the lawsuits are the nontransparent nature of the criteria plus the on lawful nature of the verdict itself and most importantly discrimination on bases of. citizenship and remember that some of the people whose fate is being protected here are reigning olympic champions. the limping 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 lympics for many years it was my cherished dream. i was shocked to 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 crazy. so to put it very mildly cason the i.o.c. don't see eye to why the court clears a group of russian athletes but the olympic officials can't be bothered this situation put the two organizations almost on a brink of conflict the secretary general of cass says that there is no crisis but see for yourself who these accounts are the decision is extremely disappointing

these decision shows the the urchin to meet for reforms in the internal structure of castes i must support my and my panel of other traitors and so far i think the procedure was fully respected their reaction was very strong understand is that the disappointment of the i.o.c. because they expected another verdict but we should not. it's better to wait before criticizing the decisions themselves because they are not being drafted yet. so again there's very little time for cast to make up its mind the opening ceremonies coming up on friday february ninth but whatever the decision is the russian sport cas and the i.o.c. will never be the same again we spoke to a russian skater who did not receive an invitation to the games despite being

cleared by cas a week ago. 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 saatchi winter olympics they give no explanation do not share their reasons that's why the fear of losing seems the only plausible motive behind the decision i saw those looks from my foreign colleagues i heard them sneaking around some foreign athletes even took pictures 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. a lawyer representing some of the athletes currently appealing the i.o.c. ban told us that she hopes the decision will reflect the facts i believe necessary to take all legal steps every available to us to ensure our participation

. in the uk. we hope that the independent panel that was composed will truly and. at the facts and of the law in front of them and. to the right decision. the i.o.c. has almost plenary power to even ignore what the court of arbitration for sports has decided and i think nations would probably say we don't want the i.o.c. making arbitrary decisions that while it 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. earlier the i.o.c. issued strict rules regarding russia's athletes uniforms as russian competitors are only allowed to compete under a neutral flag the uniform should bear the word olympic athlete from russia or its

acronym away our it should also be of a single or dual color and we know it will be grey no russian flag or any of its colors white blue and red are allowed however that didn't stop one russian design company from showing its support for russia's athletes by launching a line of special t. shirts putting on the acronym one of its designers shared his motivation behind the move with when is stupid to deprive people of their own country and identity because whatever uniform athletes wearing we all know that their own russian athletes that's why we came up with the project using the strange name for a limpet teen lympics affleck's from russia a we wanted to show you that for us and for athletes truth and sport it would drive us and all these bonds and sanctions just political gains we've really seen huge number of these prints for noncommercial use they're intended to the fans we hope that it will encourage arrests leads they'll see that we support them and that we need their records and

victories. meanwhile north korean delegates arrived on tuesday among them over two hundred cheerleaders the women crossed the demilitarized zone dressed in red and black wearing d.p.i. r.-k. flags as they did some chatted with journalists the delegation is almost three hundred strong making it reportedly one of the largest border crossings between the two countries leader kim jong un sr is also expected to attend the games in the north and the south have agreed to marshal together under one flag at the opening ceremony seen as a sign of thawing relations but while the north is on a charm offensive u.s. vice president mike pence who is also going to the games has a very different message i'm announcing today that the united states of america will soon unveil the toughest and most aggressive round of economic sanctions on north korea ever we will continue to intensify our maximum pressure campaign until north korea takes concrete steps toward complete verifiable and irreversible

denuclearization. a new antibiotics that party is about to be launched in the u.k. and it's finding its first support across the channel french m.p.'s belonging to a manual macross on marsh movement not only back to the idea but have reportedly been giving advice to the party's founders are to starla devinsky has the details this is really a brand new political party it's a boat on the quay its goals are quite ambitious pledging to transform british politics and reverse breaks it it wants a second referendum on it i think there's no chance breaks it being reversed the great people have spoken and that's an end of the. they can bash their head against a brick wall although get a sore head while the party is launching.