make us a collaborator with any kind of foreign intervention that the president decides on . now i'll be back at the top of the hour with more so don't go away. for a world cup twenty eight team coverage we've signed one of the greatest goalkeepers of all time but there was one more question and by the way who's going to be our coach. you guys i know you are nervous he's a huge tournaments and the huge amount of pressure to come out you have to go i mean eighty percent of the digital with you and you go all the great game the greatest good you are the rock at the back nobody gets past you we need you to get down going let's go. a low as just a warning and i'm really happy to join that for the two thousand and three and world cup in russia meet the special one come on top of the share needs to just

take the rio p.r.t. teams latest edition to make up a bigger need to just say look. join me every thursday on the alex simon show and i'll be speaking to guests of the world of politics sports business i'm show business i'll see you then.

it's been almost fifty years since we've had human beings on the surface of another planetary body and i hope that we could actually put together an international lunar exploration initiative much like we have the international space station consortium and together the countries of the world cooperating with the private sector could afford to get back into real space exploration and i think that would that would create a real a lot of excitement. hey

guys this is boom bust broadcasting around the world from washington d.c. right here i'm partial to. coming up today we talk with bartlett naylor a public citizen about the trumpet ministration and all those efforts on capitol hill to reduce financial firm regulations and perhaps increase risk and it's a big energy week we speke to speak with chris martenson of peak prosperity dot com about global oil and energy related issues on the front burner all that's coming up but first let's get some headlines stocks are once again edging higher in the u.s. after investors sought refuge in safer investments for two days in the wake of president donald trump announcement on tariffs on imported steel and aluminum today's rally seems to be a response to a south korean diplomatic delegations report. that north korea is willing to hold

nuclear talks with the u.s. and to suspend testing during any talks which have lowered fears of conflict meanwhile investors seem to be taking some solace on the broad pushback against mr trump's announced tariff plans today the alumina aluminum association sent a letter to president trump that says quote unfortunately the tariffs proposed will do little to address the fundamental problem of aluminum overcapacity in china while impacting supply chains with vital trading partners who play by the rules will have more on this later. the committee on foreign investments in the united states has moved to hold off a hostile takeover bid for u.s. chip maker qualcomm by singapore based broadcom the u.s. treasury department which chairs the committee invoked national security concerns and told qualcomm in a letter to delay a shareholder meeting to consider the one hundred seventeen billion dollar bid that

had been set for today until the committee can fully review the bid the committee sees qualcomm's five g. wireless technology as sensitive to national security and is increasingly concerned about keeping such as bent technologies out of the hands of chinese firms the decision to review the deal was in response to a petition from qualcomm to the committee after broadcom as hostile bid escalated to nominating six candidates for qualcomm's eleven board member the review means the deal is unlikely to proceed. the federal trade commission is challenging j.m. smucker company proposed their acquisition of west and cooking oil brand from food and egg giant con agra brands smucker already owns christgau brand the f.t.c. and the f.t.c. says in an official and administrative complaint that if smucker were to acquire western brand it would then control more than seventy percent of the market for

blended canola and vegetable oil sold in grocery stores increasing smucker's leverage with grocers and ultimately leading to potentially higher prices the f.t.c. says in a press release that documents of smucker's own internal deliberations cite the elimination of price competition as a reason in favor of the acquisition the administrative trial to adjudicate the complaint is scheduled to begin on august seventh. and now we move to reducing regulations on the financial sector is it a good thing that will generate more freedom and therefore economic growth or will reduce regulations on the financial sector put the economy or consumers at risk here to answer those questions and more as bartlett nailer of public citizen butler thank you for being with us again we really appreciate your expertise particularly in the middle of all this bring us up to date on what's going on in the united

states senate really as we speak literally as we speak the bill is asked twenty one fifty five it's got about forty provisions in it the motion to proceed with that they took place today at about eleven o'clock in the morning it got sixty six votes in favor which means about seventeen democrats joined with the republicans and to move this bill forward it's likely to be debated over the next few days with a final vote as early as thursday if not into next week so the president had. talked when he was a candidate about repealing the wall street reform and consumer protection act of two thousand and ten but otherwise known as dodd frank and i sort of thought well that's probably not going to happen it would be really bad and then he's talked in the last year since he's been president about the reduced regulations but those reduce regulations have really been in sort of the energy area the environmental area not as much we'll talk about a couple later but not as much in the financial sector but this legislation work to

be approved by the house and the house is probably more than willing to go along with it could have some detrimental impacts what are you most concerned about that's right this will be likely the biggest financial bill that clears congress and signed by the president since dodd frank itself was signed by the president on june twenty first two thousand and ten then president obama among the forty provision there are a half dozen that are truly problematic most conspicuous is a section that reduces supervision for twenty five of the largest thirty eight banks we call them stadium banks because twelve of twelve of them have baseball and football stadiums named after them they're hardly community banks these are are big banks when you get a stadium named after you or if you don't have a lot of it that's a criteria but it's a pretty good indicator you're large you are systemically risky if you have a stadium named after you yes collectively they hold about four trillion dollars

and some of these are bad actors and many of them have sanctions against them during the crisis they received a collective fifty billion dollars in bailouts if countrywide existed today it would fall in that class and that originated almost a third of all the loans and and many if not most of the toxic loans that really polluted the entire system so by reducing these regulations it's an invitation for trump's regulators to to lower the guardrails why the stock market. doing well unemployment is down lending is robust and these banks are relatively safe right now and we simply are going to go backwards in time there is a one word change in that provision that says that the fed the federal reserve shall tailor the regulations to the risk profile of the bank which means that they're going to have to look at each bank and say well you are less risky and if

a bank doesn't like the regulations it could take the fed to court and say you've reduced it for this other company and you'll have to reduce it for us as well ok let's unpack that a little bit so these words mean a lot wrote many laws or worked with people that wrote many laws and the difference between a may and a shell is huge that's right so if it says that the fed shall work with the financial and the bed may work with the financial institutions one it's not a requirement so therefore there is no legal jeopardy on part of the fed that's what we're talking about real quick bartlet we're talking about regulations to do things like ensure that there is enough capital reserve in the banks hate this i speak with them all the time they don't least they won't talk about it publicly maybe but they don't like having this backstop there and so that could if you if they shall the regulators shout deal with things like that capital reserve then they could be limited and then explained the other part of it that sense that

shell they could be sued that's right so the bank can sue the fed and say you shall reduce our capital requirements we shall not have to have as much liquid assets we don't have to have a living will these are the complex plans that show should we become insolvent how how we break up a living will display that for our viewers. the living well is. a plan at j.p. morgan it's two hundred fifty thousand pages long that says if we are in solve it if our liabilities are greater than our assets here is how we will. break up and sell our various pieces they have more than three thousand subsidiary what happens when you die which is why they grant a living if we financially die and if you don't have a credible living will then the regulators can actually force them to sell off or make adjustments and arguably break up the company and if you are if you're a regulator and i have some experience with this if you're a regulator and the law tells you that you must you shall do something then you get

awfully worried that if you don't do something there's going to be a legal challenge and so what you do is you are more amenable to the regulator or there are the regulate the rather you are more amenable to them than you otherwise might be out of what the phrase they use all the time in this city an abundance of caution so that could that means more lax regulations right yes this bill also eliminates the volcker rule for banks under ten billion dollars the volcker rule are restrictions on banks gambling with deposit or money speculating on that now you could argue it is probably the case now that banks with less than ten billion are not much engaged in such speculation but i lived through and worked for the chief as the chief of investigation for the senate banking committee during the savings and loan crisis and a small little rule change where the savings and loan could invest directly into

real estate invited the entire army of speculators to take over savings and loan and they built offices throughout the southwest with without ever auto with regard silverado lincoln savings and loan north american savings and loan and there's there were a thousand of them thousand bankers who had eventually cooked their books and were sent to jail. spawn the keating five scandal where one of them at lincoln savings and loan had paid so many contributions to senators to keep the feds out of doing the right thing it had cost three of those senators their job. one of them john john mccain survived but glenn was tarnished riegel was forced out of office cranston as well or an icon of california which was forced out of office. that's why that's a second problem a third problem is if you can see any they kind of seeing it seem right to be conceding here both arizona senators were involved that's where lincoln savings was was based. keating eventually did go to jail you know another problem that spills

into the consumer area one way that redlining is confronted this is where bankers were drawing lines around certain areas low income or or black neighborhoods is to with each mortgage identify who is the borrower and a lot of the profiles this bill for eighty five percent of banks eliminates some critical data and invitation for redlining and almost as onerous predatory loan making because for example wells fargo went into baltimore where they didn't have many mortgages was called the mud people program and they put in mortgages at extremely high rates this data is supposed to be able to identify that for the public and let both regulators and the public identify with this legislation it could be out so essentially we could have more discriminatory loans taking place if this legislation passes again it would have to if it passes the senate and we don't

know yet but it looks likely that it would have to pass the house and the president would sign it would like to have you back on to talk more about it and we want to keep our eye on the consumer financial consumer product what is it consumer financial protection c f p being sorry thank you for the assist bartlett naylor thank you so much for being here very creative measure. which traits would stick around because when we return we'll talk about oil and energy with chris martenson the founder of peak prosperity dot com alex behala d.h. and i discussed those steel and aluminum tariffs in anticipation of president franklin not. the specifics later this week as we go to break here are the numbers at the closing bell oil is down slightly up sixty to forty eight and at sixty five seventy one of those numbers.