workers and as a result we've seen one of the largest waves in the history of the country in merger and acquisition activity these are the things that typically happen towards the late stage of an economic expansion and part of it again is due to the fact that there is a need for workers we have an eighteen year or low in terms of of a mismatch in between what employers need and the warm bodies that they can get their hands on and as a result we're starting to see companies merge come together so that they can find it ways to cut costs and need fewer over need fewer employees to begin with as an aside i want to get right back to the jobs report and dig a little deeper into that but you know we always talk about interest rates and the fed's going to be meeting in a couple weeks or less than a couple of weeks actually but you know this jobless rate is the level they forecast it to be by the end of this year we already hit it so it is that that essentially pave the way for another interest rate in increase. you know you

bring up the most valid point that came out of today's jobs figures part and that is that we will for sure on june thirteenth we will see another rate hike there was obviously a lot of turmoil out off u.s. shores this week in italy and spain today and by the middle of the week before this report came out the market started to price away price away this september rate increase after today's strong numbers especially those strong wage increase numbers that we saw an average hourly earnings the market began to reprice back in that rate hike in september so that is the key takeaway i think from today's report very good point what are some of the things as we do look a little bit deeper into the report that stick out to you any particular sectors of growth or decline that interested you. well again manufacturing construction trucking these these are just these industries are roaring but one asterisk that i

would put on the report is that retail specifically department stores very strange job creation was three times what the norm would be for the month so that really did raise an eyebrow and in fact revisions to prior months upward came from the retail sector now look we know that sears is every certainly announce are closing their seventy two stores so there was some quirkiness that i have to wonder if the statisticians there in d.c. with you bark have things a little bit off because those retail numbers really did stick at stick out to me as being off but not in a good way. the never count on me thing out of washington they always mess up hey before we go down you know i want to ask you a little bit about the volcker rule you know the fed they've been busy they proposed some scaling back of the volcker rule of course set up as part of the wall street reform and consumer protection act as a way to get speculation away from

a large investment bank so what's your take on the proposal. well i think it opens the door and my only concern is that there were other things that they could have done to help mom and pop investors some things that that dodd frank imposed upon banks that really will make make especially fixed income investors much worse off in the next downturn i don't think that they needed to open the door for banks to hedge their portfolios because all you need to do to do is open the door a teeny bit and wall street will jump in and make it into a chasm and that's my only concern really about what the the language that was introduced this week it's not that banks are allowed in words to put to to trade their own books but again the the new verbiage allows them to paint hedging anyway there any any way they want so i think as far as wall street is concerned they're back in business i could agree with you more boy you would be

a good regulator you'd be a great federal reserve governor danielle de martino both of our money strong author of fed up thank you daniel. japan's softbank is playing to make a big investment in the future of driverless cars it was announced on yesterday that softbank vision fund will invest two point two five billion dollars in g.m. crews holding and that's the driverless car unit of the u.s. automaker general motors g.m. will contribute one point one billion dollars of its own capital g.m. stock rose thirteen percent on the news and also yesterday google self driving car spin off whammo agreed to buy sixty two thousand feet chrysler minivans for right hailing service that could be in business before the end of the year many alan the analyst took the big investments from established players as a sign that the business of driverless cars may be moving from the realm of theory

to commercial viability at the same time many technical challenge challenges remain and setbacks such as the recent death of a woman in arizona killed by an uber test car might hamper driverless technologies going forward. earlier this week the u.s. commerce secretary wilbur ross ruled out the permanent tariff exemptions the e.u. had demanded as a condition for full trade talks boss ross's boss president trump has repeatedly complained of a trade imbalance with europe canada mexico and the e.u. all announced plans to retaliate with tariffs on u.s. products canadian prime minister justin trudeau via twitter called the u.s. actions unacceptable and promised a dollar for dollar retaliation on u.s.

products mr trudeau also said canada will challenge the terrorists both at the w t o the world trade organization and under chapter twenty of the north american free trade agreement nafta mexico for their part said the tariff targets include u.s. pork cheese lamps and steel the e.u. for its part target a list of products chosen to create maximum political pain for president donald trump and its allies in congress who trade commissioner cecilia mouth from while taking pains to signal and signaling more than anger called the u.s. tariffs illegal and said that she will file a dispute settlement case with the w t o in a note of defiance ms mouse from quipped quote when they say american first we say europe united. and now we move to economic sanctions a very easy transition there's a lot of conversation about sanctions including on this broadcast but perhaps not enough time is spent considering the effectiveness of sanctions and here to help us do so is international lawyer an analyst in wilkie and thank you so much for being

with us it's a pleasure to have you here give us all the boom buster sort of a hundred thousand foot view first of all on have sanctions overall been affected but not just for the u.s. but have these things really changed policies and people in governments just by way of introduction thank you for having me this is my first appearance on the great and i love i think the more americans that have a pro-american patriotic military background such as yours truly on our t.v. explain the position from the perspective of the united states and from the perspective of patriotic americans the better particularly in times like today where we've got quite a lot of discord going on between russia and the united states couldn't agree more with you more dialogue the better now sanctions have been around really since the the greeks in the romans were trying to influence the behavior of the philistines and the greeks in the romans. attempted to a million rate these conditions through economic penalties and you know that both

those empires collapsed so the history started off not great the history of sanctions has always been as a prelude to armed forces meeting on the battlefield but when we when we look at more recent times i mean you know particularly like sanctions with regard to south africa and apartheid that seemed to work are there examples of where it really has worked or are they few and far between south africa's a unique case because the world really came together there and sanctions are only as good as the amount of unity amongst the parties imposing sanctions on the sanction party and in two examples i would say in south africa you had a unity and consistency of approach and you also had it with. iran so prior to the formulation of the j c p o away you had the europeans the united states and others all jointly sanctioning iran and bringing them to the bargaining table that that country example worked in my view whereas pakistan did not pakistan on the other

hand was under a very similar heavy duty sanctions regime and managed with the assistance of our russian and chinese friends to do an end run around those same sanctions that were devised precisely for the the eventuality that came to pass in pakistan wherein they got a functioning nuclear device and the i.c.b.m. so throwed it india before we run out of time let me ask you about u.s. sanctions on russia. because those seem to have worked with regard specifically to one particular all dark and the second largest aluminum producer sanctions on individuals seems to have some impact here what do you how do you think they're working out so far i think generally if there's individual culpability by by a single person a sanction against a single person makes sense if there is a russian government decision say visa v. events in syria or ukraine then

a sanction against an individual russian unless they were individually culpable specific to that incident that you're sanctioning for then you get the apples and oranges problem and you're comparing two things that don't really compare well we've got way too much talk about we're out of time now but it was so great to have you and i hope you'll come back we'll discuss this in the future and other things it will keep international lawyer and analyst thank you sir. time now for a brief pause but hang here because when we return we'll take a little tour of some countries facing serious of significant economic trouble. with noted economist author mike weisbrod and before we go i'll feel you know in a weird but certainly troublesome circumstance about the release of those jobs reports numbers earlier today that sensitive data and someone violated the law with an early release this morning as we go to break here are the numbers at the closing

bell but you're right that. we see. more and more people even more and more political leaders on the stand that lead you know these migratory influx is

a two year old does not serve the particle about the future of the european union. who will be the next to get the treatment that greece got from the troika the i.m.f. d.c.b. the e.u. they gang up they destroy a country for profit it's a it's a smash and grab and greece was destroyed they had a referendum and then they didn't pay any attention to the referendum they didn't want the troika wrong and look what happened in greece it turned it into a pit it turned into a shell it turned into garbage and now the same bankers are getting together because they need a like a shark always something to to destroy. consume so we were trying to figure out would italy be next for spain and i think were the two likely candidates so i guess as we've been saying that for five years that this was coming and i guess down italy will be the next meal for the.

four men are sitting in a car when the fifth gets shot in the head. for different versions of what. one of them is on the death row there's no way he could have done it there's no possible way because the list did not shoot around a corner.

welcome back hamburgers become the first city in germany to place restrictions on diesel vehicles a lawsuit from residents concerned about air quality compelled officials in the port city to include the diesel restrictions on the list of air quality remedies under the new policies diesel vehicles with out the latest so-called euro six mitigation technology name for the european emissions standard will not be allowed on two major roads while clean air advocate said the measure went too far or too limited rather the limits did mark an important cultural milestone for germany diesel technology is actually something in. germany and the country is therefore appeared reluctant to place limits on its own creation even as concern over diesel pollution is increased across europe. and argentina this week president morsi oh marci battled with the argentinean congress over his plans to

impose austerity measures of part of a bid for help from the international monetary fund the i.m.f. on wednesday the argentinean senate voted thirty seven to thirty to pass a bill limiting the president's ability to raise some utility rates mr marson vote vetoed the bill which is economy minister claimed would add three billion dollars to this year's budget deficit the president seeking to impose austerity on argentine finances in order to please i.m.f. negotiators as he seeks a thirty billion dollar loan this week he unveiled a plan to cut the twenty eight hundred fiscal budget to two point seven percent of the g.d.p. the i.m.f. reportedly may demand an even more stringent limit of two point five percent as a condition of the loan. and the latest episode of the week's political drama in europe has resulted in the fall of one government and a second chance for another in spain prime minister maria rae hope of the conservative people's party or p.p.

was ousted as a parliamentary vote of no confidence after a long running corruption scandal involving bribes to politicians from the p.p. in exchange for public contracts in the first the prime minister is the first to be removed since spain became a parliamentary democracy in one nine hundred seventy seven and in italy the president has approved a revised government slate from the alliance of the ouster five star movement and hard right lig president sergio vetoed the first slate because he said the proposed finance minister wanted to abandon the euro the controversy of controversial pick for the finance post was then moved to european affairs much apparently reluctant to veto a second time relented and the coalition's prime minister was for. into office safdar noon and now we take a little economic tour of a few trouble spots to help guide us we're pleased to be joined by an eminent expert the co-director of the center for economic and policy research and the author of what's

a book today mark failed what the experts got wrong about the global economy fed tacit mark weiss right mark thank you so much for being here i want to get to a couple other countries that but first of all what about what you think about that headline about italy well i think some of it's exaggerate i don't think there was a real threat even if that finance minister had been appointed and accepted that it was going to leave the euro and the the other thing that i think people don't understand is that this is the brief economic crisis that you had where the tell you the yield on the talian two year bonds shot up and that's what put this on the front page of the new york times and all the business press as well you know the head of the european central bank has control over that if he wants to he can do what he did back in july of two thousand and twelve just say we're going to do whatever it takes whatever whatever to say and that would be in the end of it so he was using that pressure and there are reports in the italian press that he actually spoke directly to the president and said that that finance minister was

unacceptable so this is this is part of the problem there of course i mean this is why the populist made such a huge thing i would say you know we get an election and the european authorities once again are telling us what to do regardless of how the voters vote so there's that fundamental conflict but the thing is it's so hard politically for any government to leave the euro they're all afraid to do it and you don't have popular support for it yet either and so i don't think you know the reason they reached this agreement partly is because people were saying that if they went to an election in july or september. which was the alternative if they couldn't reach agreement just now. then this would be a referendum on the euro i don't think that's true the you know italy might be better off leaving the euro but there's no there's not enough popular support for any politician to do that well i you know to some extent you can media gets all

freaked out when somebody they don't expect to be elected gets elected not to happen certainly italy let's move across the ocean and go to our argentina in the present was elected there back in two thousand and fifteen. international investors said hey let's put some money in there that's why these hundred year bonds that's not worked out so well the economy is in a shambles as we just reported. the total shambles but not doing great the investors are going make their money and the government is trying to get this big loan from the i.m.f. what's going on well one hundred one hundred year bond mentioned that was an act of real hubris i mean you know you can't hold a hundred year bond to maturity so what happens as soon as the trouble hit the price of those bonds fall and those investors take a loss but i think you know in terms of the overall picture the government borrowed went on a foreign borrowing spree and that's the big thing you know if you borrow domestically that's you have your own currency but when you borrow foreign and you run a current account deficit which they have about thirty one billion dollars which is

about fifty three percent of their export earnings so that's like a trip it's mostly trade current account deficit and they and then they they increase their foreign debt from like sixty three to one hundred eleven billion in the short time that he's been in office and that's a certain point the foreign financial institutions they were buying the short term debt just said they just said no we're not going to buy this that was around may first and then you got this crisis and the government jacked up interest rates to forty percent to. keep them there and then they also wasted about ten billion dollars trying to keep the peso from falling so there are really mismanaging everywhere and the kicker is to bring in the i.m.f. you've got seventy five percent of the country in the latest polls they don't want the i.m.f. they have something like our great depression from one thousand nine hundred eight

to two thousand and two where the poverty rate one figure scared as heck to go back to that yeah they really are a let me let me just switch i just got a couple of minutes left brazil big truckers strike their people out in the street protesting high energy costs what's going on well there i mean there's a lot going on in brazil i think that part of it is certainly made things worse for the come in they settled with the truckers and so they're going to compensate them for the losses or are there some other union officials or say they may strike yeah there well there was there was the truckers and then there was the threat all right there as well of a strike but i think the government is in trouble in so many ways i mean first of all they put the most popular politician in prison right now. evidence that was really i mean to say it's weak is really an understatement they didn't really have any material evidence against him it was all based on the testimony of

a plea bargain witness who was threatened and who was you know the plea bargain goes years were cut off until he said what they wanted to say this is a little of the silverado who left office with eighty seven percent approval and he's in the polls he would win the presidential election in october so nearly half the country thinks this is illegitimate and he's being railroaded by the media and the and the in a very partisan politicized judiciary that's a real problem they're going to have because they're it's not clear that that election is going to be seen as legitimate and then you have this very weak economic recovery which now the for the economists are lowering their forecasts for after they had a very deep recession done. digit unemployment and so this is again another example of a right wing government that is unpopular for so many reasons but they're also messing up the economic policy in ways that will make them even less capable of winning an election in the fall mark weisbrot boy what great information i hope you

come back we could dig into this a lot deeper we need to we need to spend more time on it thank you so much for being here thank you for appreciate it. and before we go in true but unfortunately troublesome form this morning president trump tweeted the news about the jobs report ahead of the official release and some say it may have violated federal regulations prohibiting government officials from disclosure in advance of the official release and let me be clear goodbye novus it is a violation of the office of management and budget systems to call policy directive number three i dealt with this sort of thing for many years in government and they lock these types of numbers down there and secured rooms and the reason is a pretty simple they're super sensitive and the release can and do impact markets and here's what occurred today everyone was waiting for the release which takes

place at eight thirty am eastern time but the president tweets at seven twenty one writing looking forward to seeing the employment numbers at eight thirty this morning and as predictable as the sun rising in the east the bond markets reacted and yields on the ten years increased by just over a percent it is a percent a big move nope but there were winners and losers people lost and won money and the president violated the law and as a guy who worked in government for thirty years that was my career i mean it always upset me that when a fellow government colleague did something stupid much less violated the law but what is even more disconcerting in this is tense and also true to form is that the president's press secretary sarah huckabee sanders defended it by poorly tap dancing on the head of a pin get this to direct the directive which the president violated by just a typical policy directive number three says quote employees of the executive branch that's him he's the president shall not comment publicly on the data until

at least one hour after the official release time and ms sanders says all. the president was allowed to tweet because he quote didn't put the numbers out but guys he did comment publicly on the data by tweeting that he was looking forward to the numbers and that let traders know that the numbers were good right so his staff should simply and says sir step away from the numbers or don't let him have them in the first place and the inspector general the labor department should be right in there certainly looking at some of these security issues and what they call the lock downs of trail hold all these numbers i want to be positive when the president is good on things and doing good things for the country and there is some that we talk about on the program but choose low which is you shouldn't violate the law and he can't pardon himself that's it for this time thanks for watching be sure to catch boom bust on you tube you tube dot com slash boom bust our team we'll see you next time.

i play for many flips over the years so i know the game and sorry guys. the ball isn't only about what happens on the pitch for the final school it's about the passion from the families it's the age of the superman each kill you know spend spend be shooting twenty million on one player. it's an experience like nothing else not to because i want to share what i think what i know about the beautiful game but great so what more chance for. peace it's going to. four men are sitting in a car when the fifth gets shot in the hand. all

four have different versions of what happened one of them is on the death row there's no way he could have done it there's no possible way because the oldest did not shoot around a corner. well you know that they were kind of adopted because we were called pirates for so long . i've been there in the small ball it sticks it hard pull and shifts and it's. much tougher to. eliminate self to be told fish already ninety percent of the dot and it won't be calmer. concept fifteen scoops seventy five tons and they do it several times a day with the big feet so no you get an idea on why ocean which.

we have to understand we can not stay still would just. be witness be used feel going to. i'm doing this because i want the for the future world to future generations to have out and enjoy the ocean we have. you never know what's around the corner never know was in the pub even to walk into a nice fat excitement it's that knowing that's where the adrenaline in much comes from. when you get is a. definition and the extremes tool to support. the violence is a pov and is almost

a schizophrenia. where you can do all these things and behave badly. they're going to be full of horse colorful that all. goes well so for the last. one this man infirmed. role. in this thought. i would roll over when the fire broke out i really did a poll down down went up a little bit. of meaning in these news that beast if you don't then the involves it's constantly evolving in the. form and are sitting in a car when the fifth gets shot in the hand. all four different versions of what happened one of them is on the death row there's no way he could have done it there's no possible way because the oldest did

not shoot around a corner. to trump him some of his back on the u.s. president says he will meet with the north korean leader in singapore on june twelfth despite earlier calling off the talks. comes out of the north korean leader a place close to russia's foreign minister would argue the only international channel given access to kim jong un's palace. if only someone told me where exactly we are right now this is how suddenly you get treated to cranberry juice that kim jong un is residents hello i can barely remember being given such access at other p.a.b. locations around the world i'm absolutely shocked. i mean us bloc's a u.n. security council resolution calling for an international force to protect palestinian civilians after months of deadly clashes with.