about they can't do that that's right and again imagine how much money you get paid on your checking account it's pretty much zero because of f.d.i.c insurance a huge amount of money is made available to the banks abundant and cheaply. morgan has one point three trillion dollars in deposits for which is paying essentially no interest it's got about eight hundred billion of that deployed in two loans the rest of it's the hair as funny money now some of it is it's needed to be liquid in case there's a news will demand for the return of those deposits but a lot of that money unfortunately is in speculation the volcker rule says you can't it does say you can make markets and it's in that market making exemption that a lot of the mischief is taking place there's still many things about this that are interesting one is that one of the reasons when i was commissioner that i fought so hard leap for this rule was that there were a couple large banks and we were talking earlier sort of beat the heck out of a bunch i want to mention their name but they were two major investment banks that

actually encouraged their own customers to invest in a new product a financial product and then when their customers had populated that filled to the brim they took the opposite position because they were speculating to make money on their own customers now they were tried with that but that's what the volcker rule is trying to get at and to just trust the big banks that they're going to do the right thing we've just seen time and time again that it could be a problem do you think that this opens the door to potentially another big bank bailout or is that a little bit of a stretch well obviously i hope it doesn't unfortunately loan making goes bad gradually and over time bad bets happen pretty quickly so what happened with a g and the failure of their ability to pay off those credit default swaps what happened with some of the other problems that bear stearns and lehman brothers were bets that went bad really quickly when the. other side decided you know this isn't worth

as much as we thought it was so i mean lehman brothers just three or four months before its bankruptcy was doing well its auditor gave it a clean bill of health its stock was not so bad and then immediately b. became clear that it bet its bets were bad even after the crisis the so called well managed bank j.p. morgan discovered that its london whale position was actually a five billion dollar loss sending the stock market stock price for that company down by about thirty percent so bad things in speculation can happen very quickly one of the things that made the original volcker rule for the law was passed in dodd frank and then these five regulatory agencies including the fed c c o c c c f.t.c. my agency they all had to do it at the same time and we did it i think it was on december twelfth december twelfth it was snowing that day i remember it was all over t.v. because nobody else came into work the federal government closed and it actually didn't really snow that day but they closed the government anyway the bottom line

is that it took these five different financial regulators to all do it is that going to be the case with this new proposal is they're doing it in a staggered fashion as you mentioned the federal reserve did it last wednesday i seated at the next day your agency did it this morning is the securities securities and exchange commission is scheduled to do it tomorrow i should say that control of the currency also did it last wednesday those are the five ok and what should we be looking for if people want to comment for example on this whether or not they agree with you and i are in sync on this one but people have other views how do they comment what do they do they have to get the proposal first right get the proposal the easiest way is regulation and it will open a search page and you can mention the volcker rule it actually hasn't appeared in the federal register yet it'll be several days maybe even a week before that happens and it should be self-evident of where the where you can comment and needless to say that got. officially welcomes comment public citizen

members commented we reach out to our members and more than one hundred thousand commented last time in the rule that i remember that you proposed and we certainly welcome that this should not be a rule that's fashioned and opined on simply by banks this is too important real live americans main street americans should and they are able to comment we certainly welcome that we thank you for helping that process along bartlett nadler thank you public citizen should it and time to offer a twit break put chang here because when we return our keys alex my heart all of this has the latest on the trade war as a group of finance ministers say there is unanimous disappointment with the united states plus artes ashley banks look at the increased use of us at mcdonald's and before we go i'll tell you about something new if nintendo and how brains may be positively impact as we go to break here a lot numbers of the closing bell all green for stocks on the big board and all red

arrows on the second page with oil big point and gold all down will be right back. next kaiser's financial survival bill they say money that the delegates are. going to be easy this is a central plank supported dying at the moment on the problem right now so you stop the. political blogs selling you on the idea that dropping bombs brings peace to the chicken hawks forcing you to fight the battles that will. produce offspring to tell you that it will be gossiping probably less little to play there. awesome advertising telling

you on the cool enough and let's fight their products plenty. of the hawks that we along with our audience loves watching some other. welcome back big news on wages in the united states as unionized workers have compelled the disney corporation to say it will meet their demands for a fifteen dollars minimum wage disney has proposed a raise scheduled that would grant all workers at their theme parks and vacation resorts a fifteen dollars wage by twenty twenty one does the announced the major concession ahead of the first scheduled negotiations with their workers union this coming friday union representatives welcomed the movement on wages but say disney has tabled some deal breakers on the issues of over time and scheduling did they also

made the move under some political pressure from senator bernie sanders who rallied the disney workers in anaheim california on saturday the senator also put some fire under disease decision making process via twitter he tweeted i have a feeling a.b.c. which which is owned by disney will not be asking on its nightly news program tonight how disney can make nine billion in profits while three quarters of disneyland employees can't afford basic living expenses. and microsoft has announced that it will be buying the software development platform get hub for more than seven point five billion dollars in stock this marks microsoft's latest acquisition after acquiring the job search site linked in for twenty six billion dollars back in twenty sixteen so why the sudden interest well it's all in the code get hub is popular with developers and companies that need to host projects documentation and code some of their clients include apple amazon and

even google with more than eighty five million different repositories hosted at any given time not surprisingly microsoft stocks rose on the announcement and microsoft is not the only company on a buying spree alphabet the company which owns google has been buying. companies and platform developers that deal in things like virtual reality ip and cloud hosting software and wal-mart continue their buying spree of various retailers around the globe. and as businesses are increasingly being pushed to take positions on social issues the u.s. supreme court the supreme may have given that process a big boost for better or worse the court ruled seven to two in favor of a baker jack phillips of masterpiece cake shop in longview colorado who refused to bake a wedding cake for a same sex couple citing anti-gay beliefs he attributed to his religion the court found that the colorado civil rights commission did not give neutral and respectful

consideration to mr phillips as claim that religious belief and titled him to discriminate while experts say the verdict is narrower than it may appear at first glance it's certain to result in more litigation justice kennedy wrote in the minority opinion quote the outcome in the majority opinion rather the outcome of cases like this and other circumstances must await further elaboration in the courts the highly anticipated ruling comes as there is greater acceptance of the basic belief that gay persons and gay couples should not be discriminated against in life including in business well more on this story tomorrow with america's lawyer artie's own happen tonio. following the passage of the tax cuts and jobs act last year the us federal corporate tax rate was slashed from thirty five percent down to twenty one percent as companies were given their tax cuts many place to take their savings and

reinvest in their work force giving pay raises hiring new workers and offering more benefits while several politicians including president trump and vice president pence continued to say that tax cuts are benefiting workers much of the evidence and recent reports and studies suggest that stuff. buybacks have been the main budgeted item for companies late last month we reported here that the harley davidson motorcycle company a named beneficiary of the tax cuts announced that it would be closing operations in kansas city with several of those jobs going to pennsylvania and some jobs being added in tarlac now other companies are making similar moves mcdonald's has recently decided to start placing kiosks in around a thousand stores each month the kiosk would allow customers to order their food directly from a machine and cutting out the need for a person to work on the register for a closer look at how mcdonald's is implementing the new technologies let's hand it over to our t correspondent ashley bags. if you're

a fan of mcdonald's i'm sure you're not a fan of waiting in line to make donal's will unveil a new way for you to order your food the fast food company recently announced it will add sell order chaos to one thousand of its stores every quarter some locations in the u.s. have already started doing so the setup is very similar to the way travelers check in at kiosks at airports around the world earlier this year the company announces experience of the future campaign which will allow the fast food giant to invest two point four billion dollars in creating improve customer service on top of adding kiosks mcdonald's will soon offer table service for customers will either order at the counter or kiosk customers will then take a seat and wait for their order to be brought to them serving as a means of convenience. mcdonald's c.e.o. steve easterbrook says they can order through mobile they can come curbside and will run it out as well as the existing traditional ways you can pay a different ways and customize your food in different ways i think we're trying to

add more choice and variety the u.s. is a little behind when it comes to installing kiosk international markets like canada australia and the u.k. are already fully integrate it with kiosk service and mobile ordering made. donal's is hoping to install chaos and implement mobile ordering by the year two thousand and twenty the fast food giant says it's a looking to upgrade its restaurants in its top five markets where seventy five percent of the population lives within the remind us of a mcdonald's those countries including u.s. france u.k. germany and canada many fear these automated machines will impact the workforce however a recent m.s.n. poll shows americans prefer cashiers over automatic. so for now mcdonald's cashiers will continue to hold their position the food chain giant is a walking to adapt to ways in which people like to get their food so mcdonald's will be delivering to people here in the u.s.

competing with. and grow up and washington nationally they are to. president donald trump does his version of the old eagles song and takes it to the limit one more time on tough trade talk and tariffs but u.s. allies are having none of it are and are making it loud and clear that the u.s. is not only harming a long standing relationship with all of them but is also destabilizing world trade archies alex harlow that has the latest in toronto alex there is a g. seven meeting coming up in canada up there later this week and it looks like a number of the finance ministers are pretty hot on making their views views known early ahead of time before they even sit down at the table what can you tell us. well there's a pre-summit meeting going on right now in whistler british columbia and that's where these finance chiefs are and they're making it loud and clear that they are not happy with the united states of america now that's not something they usually see at the jesus a g.

seven summit the member nations going after another one but this time around they're saying not only is the united states basically destabilizing the global economy but it's also an affront to the alliance itself basically you know reducing its power making it look bad to the world so this is something that they are taking very seriously and obviously this comes right at the heels of the steel and aluminum tariffs that have been imposed on canada the e.u. and mexico so these countries are ready to fight back and that's what they're doing canada has announced its own tariffs against the u.s. and so as a un mexico is talking about it too and you know what this is the bottom line here i mean this might be just a game to donald trump and it is the ministration but people are going to get hurt in all of this and it's not just going to be people outside of the united states tariffs or tariffs and that's taxation in a sense in your own country gets probably products from another country so you're looking at something like for example this or great example cheesily when you think

about cheese wisconsin is a massive producer of cheese down fifty seven percent of wisconsin cheese exports go to mexico so if mexico is putting tariffs against cheese from wisconsin who's going to get hurt here it's going to be farmers in wisconsin so this is the issue at hand right now we're seeing this back and forth and we know that donald trump i know we've talked about this before he really likes to push things to the limit and it's he seems that he's doing this or it's a few days here that things still can work out but you know i didn't expect him to go far this far and i'm sure a lot of other people didn't either you know i didn't want to shift and it's not much of a shift because i want to talk about north korea on friday the president as people may have seen from the photo looks like he received the publisher's clearinghouse. big huge on which we made such a big deal out of that but it looks like we're back on with north korea of the negotiations what's the latest big unveil a big deal looks like that's the way it works like july twelfth or sorry june twelfth in singapore is the date of the meeting this has been confirmed and there's

a couple of things the controversy is going on here first a they're asking how is kim jong un going to pay his bills for this hotel that comes from such a poor nation and this is a luxury hotel in singapore where the guy's probably a billionaire we know that first of all but look the other organizations worldwide are taking a serious were actually looking at organizations a giving money to the effort to basically put can jump in there and say a nice cushy suite in singapore so that he makes that to this meeting and at the same time kim jong un there say three generals he's putting three new generals on top and he's changing some military people around two reasons for this either he wants the people that are going to be there or support the trump addition to whatever side or be he's scared that when he's gone there might be a coup so he's got people that are on his side r.t. correspondent allison heil of h. thank you as always alex thank you.

finally let's talk then tendo and before you prove videogames contrary to all of the documented research about the evils of video games and there's a lot of it and for good reason but don't toss all such games out all together research now shows that some video games have a positive effect not only on our brains but contrary to popular belief on our behavior towards others some researchers conclude that certain gaming increases the mass of gray matter in areas important for spatial orientation memory formation strategic thinking and fine motor skills when researchers let adults play nintendo super mario sixty four for thirty minutes a day for the two month study. magnetic resonance imaging measured and compared with subjects which did not participate they found that more fun they had the participants playing the games the greater amount of grey matter was developed in the prefrontal frontal cortex and parts of the cerebellum the bottom line according

to the study is that some brain regions can be trained through the use of video games and as if on cue nintendo is now offering three new pokie mind games the company is releasing pokémon quest and two new let's go games quest will feature a small in game purchases called micro transactions watch out for those in game purchases a lot of micros can end up being a big macro the let's go games will cost more than sixty dollars per piece the company is hoping this will boost sales of their video game console the nintendo switch which saw more than seventeen million units sold since march of last year with each one costing three hundred dollars apiece that's more than five point one billion dollars in sales even though some of the good news about positive brain function is now out there i guess when nintendo says gotta catch a ball they must be about talking about taking your bank account while men tend to stocks higher mark high watermark was back in two thousand and seven it's been on

a fairly steady roll since two thousand and twelve and that's it for this time you can catch boom bust on direct t.v. channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. the free t.v. app channel one thirty two or as always hit us up at youtube dot com slash boom bust r.t. will catch you next time. four men are sitting in a car when the fifth gets shot in the head. four different versions of what. one of them is on the death row there's no way you

could have done it there's no possible way because they did not shoot around a corner. of big stories this hour in vienna on his first official trip since beginning his fourth term as president and is looking for ways to improve relations with the european union. america's ambassador to israel gives some less than diplomatic feedback to journalists covering the i.d.f. use of extreme force against palestinian protesters in gaza. and a war of annihilation a damning new report from a leading human rights group accuses the u.s. led coalition of potentially breaking international law as

a battle to liberate the syrian city of raka for myself last year. as a live news twenty four seven this is r.t. international one it's called embrace today the fifth of june five pm here in moscow four pm in austria which is where our focus is to begin with for the mayor putin is on his first international trip since starting his fourth term as russian president arrived in the austrian capital a couple of hours ago where he was welcome to the palace by president alexander van de balun in fact that's where you can see behind me a room that set up awaiting those two presidents to give a news briefing after the first talks that they've been having for the past ninety minutes or so. now mr putin's also set all talks with chancellor kurt next summer i guess the it takes a look at what we can expect from the visit. there is a wind of change blowing through europe or perhaps just

a breeze but on the eve of lie to me of putin's visit here to vienna the austrian vice chancellor comes out and calls for and then the sanctions the sanctions have damaged our austrian economy above all else and i've always warned against pushing russia into the arms of china is high time to end these painful sanctions and normalize political and economic relations with russia not exactly shocking not these days not after the austrian chancellor himself came out and called the us reliable in that regard making up with russia might counterbalance things such as friends allies washington imposing tariffs on european goods a move that essentially began a trade war. so now we will also impose import tariffs this is basically stupid process the fact that we have to do this but we have to do it we will now

impose tariffs on harley davidson motorcycles on levis blue jeans and borgen we can also do stupid we also have to be this stupid the logic here is that by normalizing relations with russia europe would be better able to deal with washington the idea is that the united states would behave itself properly we also need russia to solve problems i mean we exclude russia from the g eight now the problem is that the u.s. is following a policy the other six do not want perhaps russia's return to the g. eight would be a counterbalance and allow for counter policy but politician say whatever suits them doesn't always translate into action it so. does if anything and it's difficult to imagine god you aren't sure and ponderous european machine changing tracks overnight or it used to be difficult to imagine we have to reconnect

if i'm not very happy about the state of all relations look at the. differences on the streets. but this. has to be brought to him and now as he said at the start that he may put into a media conference with his austrian counterpart is due to take place any minute now we'll cross to a live when it happens we'll keep watch on that room in the palace meanwhile just over the border italy's new prime minister giuseppe contrary is also calling for better relations with moscow and his voice support for lifting sanctions against russia in his first speech to the senate. that we will support opening up to russia which has consolidated. which has consolidated its international role in various political crises in recent years. we will push for a review of the sanction system starting with those that risk punishing the russian

civil society. let's bring in political analyst giuliano before welcome to the program had a smattering of applause in the chamber the prime minister contained do you think his suggestion about lifting anti russia sanctions will get enough support across italy or even within the you. time for i mean good even though we won her little at one thousand that have been entirely there this evening and they being european union has a feeling that we need to restore how our russian they're going to go actually russia imagine that all you have to do when you're on the sanction he thought the last next protection with russian free five time and beyond euro so i believe that you can have the right to bar from the bottom even because of these new coalition government that is directed by the league office of benin and because a lot with the five star monuments and legals of being a d.c. that they want to establish their relations they are going to russia with russia because we need and we need to find a new export esha rules

a new market and russia is one of the our main could be our own one of our main bar that looks to gain anything what could europe get out of reinstating closer ties with russia. but you know i look at what qantas a is really part of because it is its first page and deny them access to gain you know partly after what happened a lot weaker it out in the european union at any given that this is mass outside europe gungwu finance members against this government used car methods that sort of ensure that we want to play this game with our rules and the forty's reason and we don't want to follow anymore the strategy and the positive european union and this is very important because this choirmaster stay sunny for the first time probably last fall of all it's for random testing policy without thinking and i found to hold out a lot of you and you know because this government doesn't believe anymore in european union and in want to change it it is even the really important and that is

settle into a business and in charge of the russians with the european unity is acquire a message that we don't want to follow anymore of the european union on directives and proracing because they are really concerned here because it is law on the co-sponsor of the rules and units that are. i mean for us and. it i don't think that we will have any daleks like the brits the very thing that you know you can and it's changed a lot in your parliament even started you because it's an important country for the continent hearing talk positive talk within major e.u. countries like italy at the moment is a rare thing in terms of talking about russia in positive terms we've had recently there's diplomats expelled from a number of countries over the script poles poisoning it can be as simple as just to use the well worn phrase pressing a reset button now what's going to take in order to repair these diplomatic fallout . well first i want to figure that business is the fundamental in this we so we

need to restore our economy agreements because that we need to respond for many reasons first of all because as you go through we're in their economic crisis that we are leaving even called to the cedars and we don't need i was there or do we grow our market and we need to grow our our customers and for the russians could be an important market so i believe that the poor. the only way that business is them that we can restore the economy i remember going to trade agreements and as we had previously in this we can use and it shows that we can overcome all the problems. and what have we won't know and. and it was clear that it was a version for the worst and without any how did it was probably equally for the previous government this government is in your grant the next great tool i was told this the commons ok so we all change in central and southern europe right now

we'll see what happens next for now though in rome political analyst you are no profile case thanks very much for coming on r.t. . with outrage continuing to grow over israel's use of lethal force against protesters saying the u.s. remains on wavering in its support for its middle eastern ally most recently washington's ambassador in jerusalem dished out some less than diplomatic advice to journalist journalists who were covering the rallies in which since march at least one hundred twenty palestinians have been killed. the. well the american ambassador to israel david friedman has attacked the media for what he says is failing to fairly cover the recent protests along the israel gaza border he said that when you have a situation of some forty thousand protesters storming the israel border under the

cover of burning tires and with pistols a molotov cocktails that situation is unprecedented and he says that israel did the best it could and yet despite this ninety percent of media coverage was biased and critical against the israeli defense forces the american ambassador did however concede that some criticism against israel is legitimate now israel's position has always been to blame him us for the protests and the ensuing violence and this is a position that american officials have echoed a mosque terrorist backed by iran have incited attacks against israeli security forces and infrastructure and we understand that israel has a right to defend itself urged the members of the security council to exercise at least as much scrutiny of the actions of the hamas terrorist group as it does to israel's legitimate right of self-defense now despite the fact that american officials have come out in support.