massif we hit the fourth quarter which is our goal of a billion a day will be there and then we'll launch futures options e.t.f. so all of the e.t.f. so my got all of the complementary related products a product suite for america for guests untasted no let me ask you the i just said mid size banks but and i don't know if you're if it if you it's appropriate to ask you some names but sort of what are the mid-size banks what sort of level of banks are we talking about and what are some of the names associated yeah we're talking about anybody less than two hundred fifty begin so we're interested in the six thousand small banks they disproportionately lend to small and medium size businesses they really are the job creators so specifically at the opening of the change there were four people. frost bank in taxes

which is the largest the independent bank there there's a regionals that are bigger. associated in wisconsin m.b. in chicago old national in indiana here in new york signature a new york community city national on the west coast the banks range from key banc it on hundred fifty been down to smaller community banks sit under a bit it's really quite weird democratising the way interest rate benchmark so determined a couple weeks ago you and i were in contact because i had read a news story about how financial regulators were even even now where a lot of the lie bore scandal is cleaned up at work saying that banks should move away from libel or that's got to be a good thing for america before but what do u.s. financial regulators think so. bar i imagine the you're talking with the fed i

would assume yes bar we are talking with the fed we held a conference the american financial exchange where are merab or traded jointly with the university of chicago and we had dr david bowman who was the chief of staff for the chairman powell and in charge of the alternative rates committee spoken you know what his major message was you know live bore has some problems and he hoped that so for the secured overnight funding rate developed by the fed would would step in he was a gnostic on whether it was so for or a member of bor but they would be a suite of rates so banks would have a choice so for the fed rate is fills an important role it's secured

merab or is unsecured and reflects the borrowing and lending of americans mid-size regional and community banks it is their place richard where people can find out more about oh merab or is there a bear board dot com or some player f.x. . or a member of board dot net and our partners the c b o e two weeks from now will be releasing it over the tape. and it will be distributed through all of the terminals that you find financial information so we're just about getting ready to get a little liquid oxygen. if anybody can do it you can do it you're the father of financial futures you've written numerous books i know good derivatives is one that i really love but what your most recent book richard it's called from electronic trading to the blocked chain and. this very week barred we put our pre trade in posts

trade on the block chain so we've implemented the block chain as part of our suite of products that provide electronic distribution capabilities so everything that's pretty trade post trade is now blocked change all it said transparency which is the key thing in my view i mean when we did that live or investigation the the stuff we found a new vibe and i talked about it offline but it would rock people's socks about some of the verbiage that we people use and about manipulating that rate that went on for years so i view mirror boars a godsend and i'm glad it's happening right here in the united states and in chicago and there's nobody i would expect to do this other than you richard sandor the father of futures and the head of america or thank you sir thank you very much bart always a pleasure. both of trump the president's daughter and senior policy adviser to the

president is all the administration's enforcement efforts related to separating more than twenty five hundred families a quote low point for me and says she felt very strongly in vietnam opposed to the policy up until now the first daughters are made fairly silent on the issue and the other day i sat down with professor of economics samaritans at the university of massachusetts amherst richard wolf and ask him how we got to this place in a nation of immigrants were so many americans bizarrely seem to hate immigrants here's what he had to say. when did it become you know a country of immigrants how did it become popular to just trash immigrants give us some history on that and your views you know we've been a country as you say of immigrants we really are and we are proud of it and for good reason. once before in the one nine hundred twenty s. we had an episode a period of time when there was a massive push against immigrants and it came. after an economic downturn

a severe one right at the end of world war one and into the early twenty's and so i think what you're seeing is a replay of that event in other words when the economic situation deteriorates as it has for the mass of american working people over the last twenty or thirty years the wages have been flat the cost of a good life the american dream have gotten up there's a temptation at that moment for people to do something very natural to become critical of an economic system that's not working for them this makes the people who for whom the system does work very nervous and at that point it becomes really useful to find a scapegoat to get the upset and the anger of people which is legitimate to be focused on something that they can be angry about that they can vent on but that has nothing to do with their real problems let me be as stark as i can if you threw out of the united states the ten million roughly undocumented immigrants that are

asserted to be in our country or let's make it fifteen million it doesn't matter let's remember what that is that's one to three percent of our population you're not going to solve the problem of a country of three hundred twenty five million people by expelling ten or fifteen min it's nuts and it's cruel and it's nasty and we see where it goes with caged children and all the rest but fundamentally it is that escape mechanism it's a fantasy to think that abusing these poorest of the poor is going to change your economic situation it hasn't done that by the way obama threw out three or four million he really did it it didn't solve the problem and mr trump doing it more viciously to a larger number not going to solve the problem either it's a scapegoat waiting for people to discover it doesn't solve the problems and we talk immigration is not necessarily hispan. that are the ones that are really

coming to the country right this is a little factoid that i like to give the audience is what i talk about this if you take the top three groups of people coming into the united states now most americans don't know this the two countries sending the most immigrants to america now and this last few years china and india hispanics are way down number three from mexico and central america and that's where racism and other issues begin to come in because you're not even really going after the immigrants are you you're going after nonwhite poor people and that's even less of a factor in our economic problems then the immigrants as a whole which is more evidence that it's all a scapegoat theatricals for politics it's not a real issue. which cause for the promotional cause but hang here because when we return does donald trump effort into reinvention a new american industrial revolution or is it more back to the future i sat down

and asked steve walz for plus how do you like your speech prepared how about from a test to spread kaufman the author of best the farmhouse foodstuff being food sat down with me to discuss his lab speech you heard it right and the jobs report for july is it one hundred fifty thousand jobs were added unemployment fell to three point nine percent lead more on this on the next broadcast back in a flash. most of the people in the last month. we were in number one business. all day experiences all of those. must see all of the growth as. you would not slow down.

are some full complement. i use indigenous people as you know we that. feed in. the trees. mostly and so that's only the feeling but yes the kids. and all of a sudden the man just found them full be there jerry was. i said i remember it being been there they would not allow him. to flourish we. had all along a million million indeed i'm not i'm not young menominee been taught to be chubby

don't punish your minion mankind i got medical took a long time in the economy i used. to. welcome back on our last broadcast we were able to get to a couple of hot headlines related to heat sorry about that we spoke about the devastating fires in california but other heat related news include some of the chronic impacts of climate change being felt in australia and germany the australian state of new south wales has been hard hit by the nation's drought going without substantial rain for nearly two years officials were announced an aid

package worth about three hundred seventy million u.s. dollars but the aid will mostly go to expanding existing loan programs and subsidies for hay and water costs some farmers and ranchers say it's already too little too late to keep them from staying and from going out of business and many ranchers have already called their livestock herds due to a lack of water and feed and meanwhile the german farmers association note that drought will push this year's harvest of german wheat down to eighteen million tonnes that's the lowest yield level since two thousand and three and twenty percent lower than this than last year's crop the worsening drought impacts which predicted limited supplies have pushed a new benchmark trading prices on wheat to their highest level in three years. old a heat wave is straining electrical systems worldwide the electric grid in iraq is snapping under the pressure while summer highs in iraq have been easily topping forty four degrees celsius or one hundred ten degrees fahrenheit for days on end regular outages are striking the country's power grid making basic life much less

commerce and culture nearly impossible according to many iraqis those who can afford the cost of turned to generators for electricity and sun entrepreneurs' are selling power from largely privately owned generators that can cover dozens of households. time courage to take a longer look in the midst of all the trade war talk but we do now this president trumps the. for the united states meet another industrial revolution or going back to the future as it were here to discuss is conservative t.v. and radio host steve malzberg steve thanks for joining us you know i just wonder about this thing he really seems to want to go back to the day when we had steel and made autos and that's a grand vision but i wonder if it's like this over policy of his and he does you really think that that can take place what are your thoughts first of all a lot of people are using him a picking winners in the steel industry for instance at the expense of others. to

get political to let me remind people that barack obama gave guaranteed loans in subsidies. solyndra i mean the taxpayer got stuck for billions of dollars in picking winners under obama so it's not that unusual but i think would trump is doing i think it's less political and more his belief that that is within him he campaigned on steel he believes for instance that you can have a strong military without u.s. steel being as a strong factor in being healthy and of course he's a builder so steel was his life blood in his in his own industry so he has a soft spot in his heart for that i don't think that he's he's looking to handcuff us or take us back i think he's just trying to save what seems to be fading from what he believes in many believe to be the foundation in a way of america and he doesn't want to see that slip away yeah and you know i would i actually worked in a steel mill for a year out of high school and you know they're great jobs or dirty job but great

jobs are good jobs for average workers but you know i just wonder if the tariff approaches work we look back at the jones act from the twenty's and you know u.s. shipping and we look at tariffs over the over the years even bush. w. bush had tariffs on steel didn't work out so well do you have a better hope this time i do because i think he believes and i think. he said and the people around him have said that this is not a a permanent fix for anything this is a temporary solution until we get fairer trade until we get what we're looking for i think he's you know he's willing to put a tariff on this of to this country and then go to go shit with that country he doesn't like nafta so he wants to sit down with qantas sit down with separate deals with them so i don't i don't think that anything he's doing is can be viewed as permanent and be.