committee which oversaw the market could torsion the two thousand and he works professional staff member of the u.s. securities and exchange commission plus is an attorney so he's a triple or quadruple threat to keep track of them tyler welcome thank you for being with us thanks for so what do you make of these market moves we've seen in the last in recent days last week or so yeah i think we're all trying to figure out what makes sense i mean one of the things i think we've seen is six hundred points in a day is a is a lot. and when you're talking about the largest point drop in history you have to pay attention we've seen a four point six drop in one day five point two percent drop over a week that's a lot and it's a lot to digest and one of the things i think we're seeing now is the era of speculation and it's not all that different from two thousand and ten when we had a flash crash and there's a lot of speculation what happened but we do know we know that some things work we know right now that we have some financial products seem to have been at the

heart of it we know there seem to be volatility products that were at the heart of it we also know that we didn't see some things we didn't see stub quotes we didn't see a bunch of broken trades we didn't see some of the things that did happen in the flash crash we didn't see huge delays in the tape in the field order book yet so what's what's really interesting is some post flash crash reform sclera have helped. but what we also are seeing is we still don't know what's going on we still don't know who's doing what and we don't see how the markets are interacting what we do know is that we're seeing a lot of one hundred point drop in a day let's i'm going to take a take these one at a time if that is so many things that are interesting but so you talk about that sixteen hundred drop now it was six it didn't end up at sixteen hundred a day don't want it up eleven seventy five i think that day or may that was a ten thirty today but it ended up a around a thousand or a little bit more but it dropped the dow moved to sixteen hundred as your six

hundred points is your your contention i mean correct yes so so my question is you know years ago after when you were at the commission at the at the s.c.c. we tried to harmonize these circuit breakers and that is a place where the market takes at first a pause then another pause then another pause if the markets move down a certain percentage and then. there is a time at which markets stop trading for the day is sixteen hundred points in a day something that needs to we need to re-evaluate whether or not these circuit breakers are calibrated correctly why i think it raises certainly a question i think it also raises questions again how the different financial products interact with you know you were obviously with the experience of the c.f.d. see at the f.c.c. when you have an index futures leading into individual activities which is what we saw then and some of the things we're seeing now you really have to wonder how those things are fitting together for market participants or seamlessly traded for the regulators they're not seeing mostly overseen in terms of the how the circuit

breakers are working you know a lot of things it's based off of percentages and one of the things we have to come to grips with is and i say when i say this is an eleven hundred seventy five point day is no longer a ten percent day and so it's a it's a four point six percent is that a big change absolutely is that something we have to worry about absolutely. but i think as the numbers. it larger the percentages get smaller you know ok let's get into some of these products that you're referring to so exchange traded funds that really came about twenty five little more years ago were pretty good invention most people would agree in that they're trying to track like the s. and p. five hundred or track the price of oil it's a basket. of products they'll try to mimic that so if you're a mom and pop investor you don't have to be in to ten different stocks to track tax

for example. pretty good most people would agree but now they have these things that you're referring to these leveraged exchange traded funds and then these crazy things called inverse e.t.f. so what's the problem with there two and three times it was like a crazy casino right where you can lose two and three times what you put in why are those potentially problematic well i think we have to look at financial products generally and this isn't just an issue for the c. f.t.c. and bitcoin for example where it's also come into play on bitcoin futures what's a financial product look like we're seeing it here on things like what's a volatility product you know the volatile the vix was created to help the pricing of the losses the volatility index is traded at the chicago board. a lot of people call it the fear gauge so anyway the vix so that so the vix is created in the eighty's and really launched in the ninety's is something to to measure and help

for pricing of options and originally one hundred stocks and then it gets expanded to five hundred it was never created as an investment vehicle now it's actually been in a financial product and what we don't really have is a system where the regulators take a step back and this is at the see if the c.e.o. or the f.c.c. and say why are we here why does this product exist what are the risks for investors and the way i would describe it is a really accurately describes timebomb might get s.e.c. approval that's not a great investment vehicle for both retail investors or a large pension fund or frankly anybody well look when you were at the a c c you work with commissioner kara stein and you know you gave the f.c.c. and my agency a hard time when you worked in the senate and thank you for doing so but you were pretty. powerful on talking about protecting investors mom and pop investors do you think that the f.c.c. ultimately even though i got your time by analogy. might look at classifying these

leverage and inverse e.t.s. in a different way than just any run of the mill product are they going to let it go yet so i think in some respects the there is a lot of water already under the bridge and i think over the last several years there's been a lot of financial products that have been like go by the agency i think there is actually a renewed interest and i credit chairman clayton and his and his colleagues he's got a full commission to look at these issues and i actually believe they are looking at how they can do their best to protect investors and i think that that's going to be reconsidering some of the water that's already gone under the bridge and saying look we are here as the investors advocate we have a protection job to do and i think i believe that they're going to be doing it and you said the key word there job at the s.c.c. and they know it well but to remind our viewers is to protect investors it's not about protecting the wealthiest among us but you are the executive director of the

healthy markets association you've been a public servant we thank you for that we thank you for spending time with us thank you for shit. and before we go according to reports from nestle's the candy maker india's pet population the pet population is up to nineteen million in the country that's up from seven million just twelve years ago why would the candy company nestle be tracking this number because besides making candy nestle and competitor mars both also make you guessed it that food nestle owns purina and mars all markets the pedigree brand both corporations are now competing with local companies and other multinationals to feed those millions of hungry cats and dogs according to the financial times over the past few years pet care products sales have been growing at an average rate of twelve percent each year euro monitor says pet care products sales are up almost two hundred eighty eight million dollars last

year alone up from around ninety eight million dollars just five years earlier in two thousand and twelve i wonder if they have a curry flavored gravy train. on a programming note tomorrow night tosh a sweet reports from los angeles on who is making money from all that surveillance we've been discussing today plus will discuss oil and gasoline prices in light of the recent price drops and we'll get more on digital currencies from the bitcoin queen of switzerland all that's coming up next time but that's it for today thanks for watching be sure to catch boom bust on you tube you tube dot com slash boom bust archie see you again. in twenty forty you know bloody revolution to the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is

always spontaneous or is it you know here i mean you know i was booked to do a clue in the new bill is that i'm still in the middle of the former ukrainian president recalls the events of twenty four to. those who took part in this to do over five billion dollars to assist ukraine in these and other calls that will ensure a secure and prosperous and democratic. led . us to mars and coalition negotiations germany's two largest parties have provisionally agreed on a compromise that may yet pull through all of these difficulties a sign of something major going wrong in german politics the birthing pangs of the country's fourth from the coalition.

that just. so over there i want to do things that show the face that would be very clear. the way. the. management. and the on they they are and they have. skimmed you need to feel this. stuff yeah i'm them what do you how much. do you want. to talk to me much if. i want to be in the book that knows you still want to talk to my next question.

is shooting in a florida high school leaves at least seventeen people dead with both children and adults among the victims. authorities have taken the suspect into custody here is

a nineteen year old former student of the school named the suspect is named nicholas cruz. for our studios in moscow this is our national john thomas certainly glad to have you with us let's go right to our breaking news this hour coming from the u.s. where a shooting has taken place at a high school in southern florida seventeen people are dead following the attack according to local officials the rampage has also left up to fifty injured reports say and i'm very five video has emerged online appearing to show the moment of the school shooting at the high school we cannot independently verify its authenticity but before we show it to you we must warn you that you might find the following video upsetting.

for more on this i'm joined live by our. thanks for being with us here on our national we know it's been a long day for everybody as the situation plays out but it's important to stay across the story and we thank you for doing that what do we know so far about the incident. well multiple fatalities have been confirmed in the deadly shooting that took place today at marjorie stoneman douglas high a high school about fifty kilometers north of miami florida now according to the broward county sheriff's office seventeen people lost their lives and up to fifteen were injured now the sheriff's office had a detailed account of today's events so let's take a quick listen. we have seventeen and for goodness. well victims were in the building. the true true victims were outside just outside the

building one victim was on the street at the border of pine island. and choose for. people. lost their lives at the house it's a mystery i don't know thirty teachers border it would be more sure we students are sure we told. the sheriff's office has also confirmed that the suspected shooter has been detained and is now in police custody but authorities have identified the shooter as nineteen year old nicholas cruz a former student who was quote expelled for disciplinary reasons near the end of the school day cruz opened fire outside the school then proceeded inside and continued shooting he reportedly used a ar fifteen rifle and even had extra magazines in his possession and as soon as the incident unfolded a multiple ambulances police cars and even armored vehicles were deployed to the

scene a swat teams cleared the school and then reunited students with their families who described the circumstances as chaotic and frantic for florida governor rick scott said he's been in touch with local officials and homeland security has apparently been in contact with both state and local officials now we also heard from the white house donald trump expressed his condolences via twitter and white house press secretary sarah huckabee sanders said that trump has offered financial assistance to florida needed but according to every town for gun safety a gun control advocacy group the u.s. has seen eighteen school shootings in the first forty five days of twenty teen so these horrific says his six could absolutely reflect a greater societal issue right now.