six three billion dollars up from one point two five billion a year ago and like the banks we reported on yesterday american express is bottom line was helped by the trump tax cuts which reduced the credit card giants effective tax rate from thirty two percent to twenty one point five percent meanwhile competitors of visa and master card are partnering to create a single payment button for online purchases the button would replace visas checkout and master past and could be available before the end of this year. in canada the controversy surrounding a major oil pipeline is not going away texas space kinda morgan says investment in the expansion of the trans mountain pipeline may be untenable as this canadian provincial and federal governments face face off on the issue artie's alex behala bitch joins us in toronto where it's following the stork story alex hinder morgan

says it might be stepping back from the project which could actually triple the pipeline capacity what's the latest. welcome to bergen saying this is beyond their realm the texas based company just sees this as a argument right now between governments with the b. c. the british columbia government being in the center of it all the british columbia government in particular is the one that has been putting up hurdles towards this project it's concerned about the fact that this pipeline actually goes mostly through british columbia and through some of the most pristine areas of the world of course the pipeline links are a major concern for a new democratic party government that they're more left leaning here in canada and a government that's more concerned with the environment so what cantor morgan is saying here is that this is not about us this is about the government the british columbia government and the federal government in canada we really don't have much to say in this argument and they have actually shown that some of the moves forward

or i shall i say backwards when it comes to this pipeline morgan earlier this month had slowed down construction and they're saying if they don't get a clear sign by may thirty first that this is going to go forward well they might just step out of this altogether so they're pretty much dealing with a different signals from the provincial government than the federal government i mean how are the governments trying to cooperate or are they alex when we look at john horgan he's the leader of the british columbia n.d.p. he's the one that's basically you as a mentioned he's putting most of the hurdles up as well as the british columbia as a province i mean they're not too keen on seeing this capacity go for three hundred thousand barrels a day up to eight hundred ninety thousand that's almost triple capacity and lies i mentioned some of the most pristine areas of the world when you have that much oil flowing of course then the risks of a spill happening just increase and it's not only about the mountains that this pipeline is going through its word and so that's in the pacific ocean that would be more to tanker traffic happening there and with more tankers of course there's more

risk of oil spills so that's the british columbia side of the equation as for alberta where the tar sands are well they want to push this thing through as soon as possible and they. how the canadian government backing them on this the question is right now what the british columbia government's doing is they're prone to push through a court reference they are filing with the courts to see how much power they actually have here to stop this thing or with any megaproject that crosses provincial boundaries now rachel not only the premier about berta said you know what will pay for this project is probably the worst the cheating technique ever when you're talking to a private company and prime minister trudeau has also said now that they're willing to put they're willing to pay for it so whose day that would be the canadian taxpayer or the alberta taxpayer but somehow they think that their pockets are somehow involved in this one big move though by alberta earlier this week what they did is that they're trying to push through slowing down the flow of oil to the bank coover area which comes through the tkinter morgan pipeline that's about sixty percent of the refined oil they get in that area and that would also affect oregon

and washington state prices will go up is this a good idea or is this just dirty business right now that's up to the public and the public in british columbia has not been pleased with the way this has been moving and for alberta to do something like that and if it actually support this move well you can be sure there could be a lot of people in british columbia and those two northern states that are not going to be very happy you're always right on top of it alex thank you and joining our conversation from fort lauderdale is david greenberg the president of greenberg capital david thanks for being with us again the u.s. shale i love it was your it's your it's really is you know about the permian basin right which is is located in west texas of some in new mexico the permian output is on track to compete with the likes of iran and iraq it has helped increase u.s. production to all time highs but new reports are that there may be some growing pains regarding pipelines also there what is the predicament with the pipeline pains in the permian. well the whole shell boom kind of reminds me of the gold rush

back in the day when you had all those people going out and you know everyone's looking out for the gold a short on pan's or short on everything and what's happening now too out there is that it's kind of like a victim of their own success because there's so much coming out but the pipelines don't have the capacity to hold it and they can't be built fast enough right now and then when you bring in all the stuff that's happening with the terrorists it can put another twist on it and what do you think i mean europe and oil trade are traded at nymex for years what do you think might this have some impact on prices david or is that really more about syrian conflict in the middle east i don't really think that oil that has never hit the market yet is going to affect the price as we speak in time when this does grow and they'll get rid of the speed bumps and they're going to get the pipelines in and they're going to get the right production levels to where they need to be is that was then cut that then yes i would say that that was leading towards

a spike in crude however oil that's projected to be out there before the even is i don't think that is really affecting the market nor will it affect the market for some time it reminds me david of back in the day i don't know two thousand and ten or so when some of the large banks actually held off the shore in the port of houston before they bring it brought in so to your point until it actually enters the market right. right i'll never forget flying into kennedy one day when crude oil was spiking at all time highs and i'm literally flying and on the jet and going over into the ocean with the west texas intermediate and the new york harbor heating oil all you saw was tanker after tanker after tanker sitting on toast and or just what they did and brant many years ago when they sent their haggis to china ran up the price and turned around came back so until it hits the market and then taken off it's really not to make much of a difference and alex are these sorts of bottlenecks that we're talking about with pipelines are they taking place any anywhere else around the world. tell you some

places are taking places canada the same thing we had the same type of issue a lot of stuff in the tar sands like it come out not a nice enough pipeline capacity but this is all a part of something that could lead to a perfect storm you look at a country like venezuela that's actually lowering capacity because it's falling apart so when you have countries like canada in the states that can produce more but there's a slowdown because of a lack of infrastructure that can trickle down year over year to the point that what we see right now what many people are talking about is this lower demand for oil so if you're not getting the capacity out there that you have that could also push demand to be lowered just as it would in the in the sense that from environmental sense or from any other sense that we have other energy sources now that we're using our to correspondent alex behala bitch we also thank david greenberger greenberg capital thank you both thank you you thank. and time now for a quick break but stick around because when we return we'll speak with

a columnist and author richard wolffe about how millennial are not saving for retirement and more as you go to break here are the numbers at the closing bell it was a tough day in the markets this point posts today all green arrows on the board. four men are sitting in a car when the feds get shot in the head. all four different versions of what happened one of them is on the death row

there's no way you get it done and there's no possible way because the list did not share around a corner. with us still living with a lot of conflicting usher and does when you're willing to situation and see that to this ultimately is to the problem between so did everyone and now the american president is that i am going to do with. some out of three go dead we heard that the so did are the drug rolled out of the underground so with can be in the end the will to fail the reason the situation is very very dangerous.

thank you.

welcome back in the attacks authorities have a rated twenty offices of hardcastle restaurants mcdonald's biggest indian partner hardcastle which manages mcdonald's locations in the west and south of india is reportedly suspected of tax evasion though authorities have not yet disclosed officially at least the cause for the raid this is the latest headache for mcdonald's in their effort to break into the indian market after a dispute with another domestic partner cannot plaza which is their defacto franchisee in the northern and eastern parts of the country mcdonald's has ordered cannot to stop using the company's name but the founder vic room box she is holding

out for a higher buyout price. and returning to the us online retailer amazon is partnering with brick and mortar consumer electronics chain best buy to sell a new line of televisions that use amazon's fire t.v. operating system the t.v.'s will be made by two shiba and carry the in-house and signee a brand and toshiba will stop making t.v.'s that feature the roku streaming television ploy or best buy already sells amazon's kindle reader and echo personal assistant and in this new phase of their partnership best buy will be allowed to sell their t.v.'s on amazon. the idea of the broke boleh meal has become a staple on reporting on that generation in the u.s. and according to recent research there may be some truth to the cliche data shows

that just over two thirds of the l's are more than two thirds crazy right have nothing they do not say that all for. hiraman because wages are so low all the cost of higher education is rising a significant number of younger workers are more concerned about protecting social security also security has been under fire since its creation under franklin roosevelt president back in the thirty's now millennial are pushing back in support of the program millennial rap or rapper carty big has even voice her opinion on the subject saying in a recent interview that f.d.r. was quote the real make america great person because it if it wasn't for him all people wouldn't even get social security and while some may dismiss carty be a few national politicians have taken note for example vermont senator bernie sanders tweeted carty b. is right he went on to say that we should work to strengthen social security he also tweeted out a video reaffirming his support of carty be on the subject card is the is right

we've got to protect social security what will generate. both senator sanders and carty beer pre popular with millennial tunes saying that we need to expand so security but will that help those two thirds of gleni else who have nothing save for their golden years and here to discuss we're joined by richard wolffe professor emeritus of economics at the university of massachusetts and hurst professor thanks so much for taking the time to be with us but one has a group are large they're fairly well educated and they are diverse group but having a tough time finding jobs as you well know are they going to be on the short end of the stick when they get older and need to retire. the way things are going now the answer is an unequivocal yes they are and they know it i think it's really important for people to understand that the whole new generation that is going to

inherit this country the leadership of it and the work that has to be done this is a generation that has a deep seeded upset it was promised the american dream like we've been promising too many generations they were told to go to school they were told to take out debt to go to college and university because it would get them the american dream it's not there they're not getting it and this is causing them to make decisions and take steps that are changing the history of this country professor i'm curious i mean i remember when you know i was younger and had a student loan i had the decision between why don't you pay the student loan me asleep or retirement and sort of the immediate thing was paying the student loan but is that one of the reasons that aren't saving i mean what it one of the reasons why they're not doing this at all protect them in their golden years well basically it's a squeeze from both the side of income for those young people and on the other side

the costs they have to bear and you're right the biggest single cost factor is the debts the mountain of debts we have imposed on this generation of young people a level of borrowing necessity to get a college degree let alone more advanced graduate training that we've never done to other generations here in the united states we're piling on the debt while in places like germany and much of the rest of europe too asian is being reduced to zero as it is for example in germany for everybody germans and foreigners studying their alike so our young people have these huge debts at the same time. same the jobs the wages you can get the benefits you can get the security of your job the regularity all of those have been diminished so then not able to earn the way they used to but they have these enormous debts they have to service and they're being

so pleased between these two and of course one of the first things to go is saving for a future that looks so murky or grim depending on where they said you know professor i've often thought that sort of a gateway drug as it were to credit card debt and debt and general for youngster is is it when you're in college or near the end of college you know you're essentially sent a credit card and you know you don't have much money generally college kids don't and they start using it i mean they start off i mean forget about just the student loan they start off in dead they have this debt before they even have a job but would what would help this circumstance with regard to retirement professor employer matches perhaps auto would roll men into retirement programs what sort of things should people be looking for. i think you need to do to deal with the causes you either have to reduce the need to borrow by providing higher

education as a national resource something you want young people to do don't put obstacles in their way so the price keeps going crazy and the borrowing is necessary don't give them those debts to begin with for college and you've taken away one big factor and the other one there's no nice way to say this is stop paying bad wages stop giving jobs where the hours are in secure where you're not sure one week from the next you're training an entire generation to be able to plan for the future because they don't think they can and then they're going to learn and many of them are beginning like carley be that if you think you can retire on what social security pays you you're in for yet another shock and that's why so many of them are not just critical of their own situation they're beginning to ask basic questions about the

capitalist system we live in because it is giving them such a bad way to begin the life that i get you one hundred percent and speaking of wages and jobs you know if you do end up getting a college degree you're likely to have a better paying job and that's something that certainly would be helpful in trying to pay the debt but if you have to stay in a position professor before you're quote unquote vested with a retirement plan you know that could take years in some cases and like you say if you don't know if you're going to have the job for very long and they keep the hours below forty hours it means that you're sort of screwed with getting a retirement program let alone any any match so it isn't really dependent upon us to change part of the system here professor. frankly i don't see any way out that is short of that i mean let me add

a couple of factors around the united states today many many politicians governors mayors state legislators and so on are attacking the pensions of public employees it's a very popular thing to do it's a way of avoiding having to pay these people whom you have promised a pension to in some cases for twenty or thirty years pensions to which those workers contributed their own money in part if you continue to do this you are sending a message to young people that there are jobs in the public sector and that's a major employer in america but also jobs in the private sector can't even rely on the little bit of pension support we still have because those are under assault too so wherever you look young people are coming to the conclusion there's no need for me to save for the future even if i could because it makes no sense i'll never be

able to get out of this burden of debt i'll never be able with the jobs i can get to do that so maybe i should just throw caution to the wind live as well as i can now and hope somehow something happens in the future the problem is when the future arrives and for many of them and will not be that long five ten fifty years we're going to face for the first time in many years a society of older people who will not be able to live without being burdens on their own children in a way that destroys families and can tear a society apart that's why we're talking about is systemic problem showing up in a particular way in the millennial generation tough medicine professor but hopefully you will spur some people. to at to action and to thinking more seriously about this richard will professor of economics americas at university of

massachusetts amherst author great guy and we're very preachy but you being here thanks so much professor thank you i had the opportunity to talk with you about a really important issue. on wednesday puerto rico lost power the entire island with a population of three point three million people lost power the blackout was triggered by a single electron line to the old and outdated electrical grid on the island which has become exponentially worse as a result of last year's devastating hurricanes the massive blackout as a result of hurricane maria last year caused three point four billion last consumer hours on the island which is more than the rest of the u.s. combined over five years we were able to catch up with the mayor of one puerto

rican town mayor maria melendez who spoke to our producer about her take on the dire circumstances with regard to puerto rican energy. if you live in puerto rico and don't have the money to buy a powered generator then you'd be living in the dark. wednesday morning a disruption to a single power line right the entire island electricity production to a grinding halt they were no pork in the distorts so they haul was a shutout just because the cream touch a bigger line who stopped all the seven areas all the plans energy plans. where we can drill in a single utility for their electricity called the per recall electric power authority or. used to be entirely puerto rican own until governor rick harder resent began selling our preface debt little by little in the form of guaranteed bonds memory of melendez of ponce puerto rico is worried that privatizing the only

source of energy will lead to a worse economy citibank is outward to stakeholders are the one who all of those loans from. the people of puerto rico have to know that so the house of representatives and the seine are the ones who are check that and we the mayors we are the one with has to raise up life. the mayor said privatizing the island's energy sector could hinder other energy solutions people are constructing solar energy in their houses but brett i haven't given haven't gave them that that they even have a permission from and they pay the same the same rates of energy even though they have solar energy in all those paneling their houses. were rico's debt has been a noose around the neck of the island for years but in light of last year's hurricane

which devastated the island there are increasing calls for federal government to step in and assist in paying that debt even thought of their use and over cycles for financial born in puerto rico one of those will be for given that one of the. one thing is clear mayor melendez believes that cheaper energy is the key to economic recovery prep and knows it the old system doesn't work we have to change the causes to guy and we need cheaper energy to get investment from the people to get business in puerto rico. but the first thing for the hurricane ravaged island is protecting the island's infrastructure which already exist mayor melendez however is more worried about the island's preparedness as this year's hurricane season will soon begin i only hope cook will will throw as a hen and that there will be no here again we have to prepare.

that said pradelle thanks for watching be sure to catch boom bust on youtube youtube dot com slash boom bust r t we'll catch you next time. u.s. president donald trump says he wants american troops to leave syria what are exactly washington's goals in syria partition war for war sake or a means to sticking it to iran in russia all or poorly thought out options. we all willingly accepted the risk of being shot wounded taken prisoner but knowing first signed up to be friggin poisoned by our own people of seeing stuff that was nuclear biological and chemical products the said do not truck tires all types of styrofoam polystyrene batteries trucks there was a complete denial i think at all levels of government that there was any connection

between berm pits and what these brave soldiers were suffering from to compensate every soldier marine airman and sailor that was on the ground that are complaining about the illness is from their exposure from the burn pits would read literally send a v.a. growth and they don't want to pay it so the waiting in decades a lot of those soldiers will die and time and they will have to pay to. call for help and get the middle finger to be used to model the slow. delayed tonight hope you don't. get it on. one side the first to go was only offered me up person and then to plant the seeds in the other before the up and so the dog.

in this new month it appears a spot stuff i think. you'll think. will . want to stop jumping to a side issue. you don't i mean you sound so females of ballet speech your own fault was she going to cause. the next measure that aim. to come is as much to. the bad press the money and then the pentagon blows it up in various countries around the world or says us soldiers out there to get maimed and blown up as you know and die for your country to protect democracy you die in america to stop inflation that's what the soldiers out there are dying for missions replace the

american flag upside down dollar sign or something. the city of luxury and free but also an alarming number of people living in the streets. the simple fact in l.a. use there's just not enough shelter even if people on the streets right now decided to come in there's no where to come in and it's been a struggle. to get this man phone his own response to the problem and construct dozens of tiny home for people in need of shelter when you have nothing in order to go. you know having some ideas may as well be a castle but do the authorities accept such. a tiny house on a city parking space is not a solution perth to someone wanted touring the site otherwise it'll be a free for all the news there

a better alternative to end the homelessness crisis. pink floyd star roger waters reveals the wind helmet's activist group to try to lobby his support in the syrian war after the singer had slammed them as propagandists. somebody was shot in the tree had to go to the hospital there when i came in some people grabbed me and started pouring water on my had a russian t.v. channel interviews a syrian boy from a white helmet speedie oh that claims to show the aftermath of the chemical attack in duma the child and his father gives their account of what happened. clashes break out on the streets of paris as transport strikes continue over president macro's labor reforms.