ports to china also taking effect on the twenty third and china will impact a number of u.s. action by china will impact a number of u.s. companies that deal in chemicals and heavy manufacturing items including those tricky to please targeted motorcycles that we've mentioned previously the famed harley davidson company has a large plant the state of wisconsin which president trump carried in two thousand and sixteen and the company has notably opposed the trump tariffs while behind the scenes discussions are reportedly into resolving the tariff tangle the political risk are for mr trump maybe increasing business insider noted that census bureau figures show that china is the largest trading partner of twenty three u.s. states mr trump incidentally kerry fifteen of those states. and yesterday we reported on current congressman chris collins a republican from new york who was arrested and charged by federal prosecutors with insider trading and lying to the f.b.i. the congressman allegedly conveyed nonpublic information that's a legal term of art nonpublic information about innate immunotherapy in australia

pharmaceutical firm in which he is the principal shareholder to his son who then provided it to others to trade upon mr collins said he is not guilty the congressman isn't known to a lot of people outside of the belly of the beast here in washington per the benefit of the background of all those boom busters out there he was the first not among the first he was the first congressional republican to endorse donald trump for president frankly that's the first time i have learned of him although he's only been in congress since two thousand and thirteen and prior to that he was in business where he thought distressed companies and tried to turn them around certainly a lot of whole endeavor one of the companies is an eight amino therapeutics in january of last year the consumer advocacy group public citizen asked mr mr collins be investigated for insider trading and with that as background on mr collins here discusses our friend bartlett naylor the financial policy advocate at the aforementioned public citizen bartlett welcome we love having you on the show all the time how did you guys get involved in. and are you surprised by the turn of

events unfortunate not surprised public citizen has been promoting reform with respect to members of congress buying stock specially where they are overseeing the very industries where those stocks are position and we pushed for passage of the stock act which clarifies that illegal insider trading applies to members of congress and requires reporting we published report it was authored by dr craig holeman that showed that the stock act has led to a decline in trading but we made two observations two members of congress seem to be very active tom price and mr collins and let tom price before remember congress and then the secretary of health and human services who left amid some sort of scandal a few issues arose with mr price and we asked congress and the securities and exchange commission to look into that and on january fifth of two thousand and seventeen they actually interviewed mr collins and it was seventeen days later that

he got an e-mail from nate that they had failed a trial drug experiment leading him to spend about fourteen minutes before he decided to call his son seven separate times for the call went through and the son then unloaded the stock under after seventeen or so different trades the following day i was reading a story about it he was actually at a. in the rose garden at the white house and got this call and then he is usually take fourteen minutes before he actually decided to allegedly break the law yeah i think it's sixteen minutes at six fifty five he gets an e-mail and then you can see him on the telephone it's actually on video because the white house picnic was well covered by lots of people and it was sixty minutes later that he makes the first series of phone calls because they don't go through and then finally about four or five minutes later one goes through and. weeks for six minutes with his son

and when this announcement did become public i think the stock crashed like ninety two percent i mean it really took a dive so he was not charged with this apologized or boom busters ten b. five which is the market manipulation of this curious exchange act but he did buy a lot with regard to insider trading by simply passing along this information to his son who then gave it to others including his fiance and say fiance's father and the indictment describes about six different coconspirators some named some unnamed now you know look republicans and democrats alike or have been doing this sort of stuff and trading and i thought that the stock act which was i don't know if two thousand and twelve perhaps was going to take care of it but that doesn't seem to have had a significant impact right well i think it's had an impact again trading is down as as we've documented in this report by the rating by members of my managers not just because there was told a congressional research service report that from two thousand and ten or two

thousand and eleven that showed that actually members of congress their portfolio beat the market as we wouldn't like that well they had in flight information the report you reference has they seem to do twenty five percent better than the average person and obviously they're well positioned to actually oversee the policy that affects it the stock acted dot it fell short barring members of congress from owning stock especially where they have oversight it did lead to disclosure that's an advance it also failed to prohibit ownership of companies that are actually in the business of gaining political intelligence from these companies that would actually affect the stock price of these companies and again members of congress should not be in the business of trading stock at all particularly where they oversee the companies no way no how before we leave part when we talk about kathy cranage who is nominated to head the consumer financial protection bureau by president trump and there's an unlikely opponent. they're in yesterday by the

editors of the usa today which i just sort of surprised i mean i don't recall usa today being like really out there on presidential nominees but did this surprise you and i know last time we spoke you guys had taken a position so far we formally oppose the nomination and as usa today's editorial board points out she lacks any qualifications would you go to a surgeon that didn't go to a medical school would would you get your car fixed by somebody who's never repaired a car that's what crabbing or presents she has never overseen a bank regulatory agency has never advocated on behalf of consumers she simply lacks the experience and in the senate testimony she was invited to explain her role at the office of management management and budget on the zero tolerance the child caging policy and she she would not. wide latitude to do that blending a trial everybody opposes child caging but she declined to do that so we don't

think she brings the right sensitivity as well as it's clear as usa today pointed out she lacks any experience whatsoever and again we've talked about this is a consumer financial protection bureau not the financial sector protection bureau and you all do such a good job of being out there and making sure that average consumers are are heard and their voices are loud and clear thank you bartlett mail we really appreciate you always being here thank you. anticipated twenty four billion dollar wedding is off between drugstore chain rite aid and albertsons grocery stores and they are definitely some bad feelings in the aftermath rite aid leadership reportedly soured on the proposed acquisition of albertson's which we first reported back in february under pressure from stockholders the cancellation announced by both corporations and on wednesday mooted a vote scheduled for today and right its stock fell as much as ten percent during today's trading rite aid stock holders blocked at the proposed merger formula for

trading out their shares likely influenced by negative him put from investment advisory consultants and albertsons stood firm on their terms leading to the mutual council lation the way forward is unclear for both companies as both the drugstore and the grocery sectors are in transition with big players from other sectors crowding in the field in a rush to develop new delivery technologies. and meanwhile the chief executive officer of bright its biggest rival that c.v.s. has plunged into the brewing debate about drug prices more specifically c.e.o. larry merlo sought to attribute high drug prices that have angered and killed actually consumers to drug manufacturers rather than pharmacy benefit managers or p b m's c.v.s. owns one of the largest the biggest p.b.m. caremark in theory p.b.m. is mediate between drug makers pharmacies employers and insurance plans in order to shake out savings and pocket a portion of what they find their role was enhanced by the affordable care act but in recent years p b m's have been criticized by some as profit taking millman

c.e.o. marlo said the real culprit in the steadily rising prices for lifesaving drugs are not p.b.s. but manufacturer rebates mr brewer told reporters on an earnings call yesterday that our data show that the list price for increasing faster for drugs with smaller rebates than it is for medications with substantial rebates c.b.s. the second quarter revenue was reported forty six point seven billion dollars with thirty three billion in revenue from caremark their c. subsidiary caremark revenue was up two point six eight percent outpacing two point two percent overall growth in c.v.s. revenue. i. in breaking news today we've spoken before about the sinclair broadcast group which made local anchors for some silly script about being independent you may recall it treasure valley communities deal past the loss christmas communities eastern iowa

communities in communities and we are extremely proud of the quality balance journalism that c.b.s. news produces but we are concerned about the military there is one thing that you are playing our country plaguing our country sharing a biased and false news has become all too common on social media more alarming some media outlets publish the same fake stories without checking facts first the sharing of biased and. and then sinclair sought to merge her three point nine billion dollars with tribune media although the us federal communications commission chairman had referred the matter to administrative law judge for consideration well now the deal has been called off and the parties are in litigation here look at the details r.t. america is on holland cook those are the big picture how and you've been following this for months with us we appreciate it what do you think i mean it was a weird story begin with right now it's become even more strange this is a story about hubris a term defined from greek tragedy meaning excessive pride toward or defiance of the

gods leading to nemesis and you have covered here on boom bust all three acts in this particular tragedy the first was that mosaic and how naive could sinclair a t.v. company have been not to think somebody would mash up all those promos be trading the fact that these local anchors were really just taken orders from headquarters act to you alluded to f.c.c. chairman i who himself is under investigation for paving the way for this merger by deregulating in some cases very arcane f.c.c. rules that seem tailor made for this and pi has embarrassed himself with some snarky videos about net neutrality again overstepped he was getting death threats for a while fairly criticized for the net neutrality thing at the innocent family have been under federal protection so he's dialing it back and kicked it to that administrative law judge to duck and act three in the hubris was sinclair

had to spin off some stations it was one hundred seventy of theirs plus forty two from tribune so they couldn't keep them all and you're supposed to sell these stations at market value two entities which are at arm's length one example w g n t v chicago. ship station there iconic. station channel line chicago they proposed it to sell it to one stephen fader for sixty million dollars not a typo radio stations in chicago sell for sixty million dollars and guess who stephen fater and sinclair chairman david smith both sit on the board of a car dealership so that just didn't pass the smell test and now the tribune is suing sinclair for a billion dollars one quarter of what the deal is worth because their stock price

is going to take a whack it's crazy i we've got about thirty seconds left holland but you know that this new energy was going to be about get to about seventy percent of households across the country with a pretty much conservative viewers. to broadcast rather competing with fox will somebody pick up this mantle and try to compete with fox what do you think whether or not they try to become the new fox righty channel tribune is likely going to be in play we're hearing of various other t.v. groups who would like to have a look at that prepared portfolio and i don't think you've heard the last of them in another proposed merger hollin cook host of the big picture thank you always my friend. and it's time now for a quick break but hang here because when we return marty's trinity travels report from new york on the economics of coffee plus crypto expert christiane is back in studio and we'll get to a lot of don't watch a news to consider as we go to break here the numbers at the closing bell point in

a rally over the past twenty hours up more than three percent as we went to air we'll be back in a flash. first . of all those. two auditions don't google so document on the first thanks. how much custom have tried. to tell you. the first. to be a school you. will vote for i ate today to leave it to most of

it it does but there were some some of the sheen young girl. was on our own i. would just look at it would you for me that's. good the weirdoes really it's a real. thing with a very. good torch i mean that one of the most. beautiful it comes close emotional kind of a laugh. most people think just stand out in this business you need to be the first one on top of the story or the person with the loudest voice of the biggest race in truth to stand out of the news business you just need as the right questions and demand the

right answers. question. secret indeed this is the priests accused of sexually abusing children can get away with it which is literally i like to call this the do graphic solution so what the bishop needs to do then he finds out that the priest is is a perpetrator he simply moves him to a different spot where the previous standard. the highest ranks of the catholic church conceal the accused priests from the police and justice system to that end of the nasty i intend. to do is this out and.

pakistan's economy remains in poor condition despite two point four one billion dollars worth of foreign investment the nation last year well now the incoming president or prime prime minister rather of pakistan's celebrity athlete imran khan appears to set to make a major choice on economic policy by accepting a four billion dollars credit package from a bank based in saudi arabia pakistani officials told the financial times of london that quote the paperwork is all in place for a credit offer from saudi backed islamic development bank to be extended after mr khan takes office on sunday july or august eleventh pakistani officials reportedly expect finance minister assad more to accept if not rubberstamp in order to stem

the depletion of foreign exchange reserves the package is seen as helpful but not sufficient to address pakistan's spending financial challenges pakistan's foreign exchange problem is the most immediate crisis facing the nation as the nation's current account deficit is running at two billion dollars a month. and we now move to new york where archie is trying to be charges looks at the economics of coffee. comping the first thing a many of us think about in the morning. and what most of us need to get through our day because he isn't just powering up our work days it's also fueling economies all around the world one cup of joe this is definitely the first thing i drink and it's part of my breakfast every morning. coffee it's the most comes to him beverage in the united states even more than tap water so it's no wonder why the coffee industry impacts economies all around the world there are two types of economically important varieties of the coffee plant which are

a rebekah and recall stuff and i feel tired without it i think i need it to feel normal sixty percent of the coffee produced worldwide is a rebekah while forty percent is the boss stuff around seventy countries currently produce coffee with most of the supply coming from the developing countries of brazil vietnam colombia indonesia and ethiopia in two thousand and fourteen brazil produced a staggering two point seven million metric tons of coffee that's more than thirty percent of the world's production there are some three hundred thousand plantations that are spread over more than ten thousand square miles of brazilian landscape. continues to be the driving force behind the economic development of brazil and while vietnam is relatively new to the international coffee trade the country has quickly become one of the largest producers second to brazil and since the one nine hundred ninety s. coffee production has increased every year by twenty to thirty percent. in two

thousand and fourteen the country produced one point six five million metric tons of coffee while colombia produced six hundred ninety six thousand metric tons in two thousand and fourteen followed by indonesia with four hundred eleven thousand metric tons and ethiopia with the production of three hundred ninety thousand metric tons meanwhile here in the u.s. the number of people who drink coffee is that its highest level since two thousand and twelve. over a hundred and five according to a recent survey commissioned by the national association of coffee over two hundred twenty five billion dollars was spent on copy in two thousand and fifteen and coffee drinkers spent a whopping seventy four billion on coffee that same year the association found that the industry employs around one point seven million jobs in the u.s. and generates about twenty eight billion dollars in taxes however the intercontinental exchange shows that coffee futures have dropped in recent years in november two thousand and sixteen futures were being bought at over one hundred ninety dollars but today prices are down to only one hundred six dollars and

seventy cents but those numbers don't seem to be slowing business that coffee shops i buy two cups of coffee a day that's what you need it like to function it's also become like a social thing according to reports tim horton's coffee house takes first place as the largest coffee chain in the world with an annual turnover of more than three point two billion dollars more than four thousand copy chains worldwide and has more than one hundred thousand employees other popular coffee chains like starbucks and dunkin donuts taking the eighth and ninth spot and that is one of the driving factors that i demand. and according to a recent report around ten percent of hers or their cup of joe on their smartphone and then you can have your coffee within minutes reporting it be your turn to be chavez artane. and we think trinity there are just trashy news regarding crypto currency prices which may have been manipulated the wall street journal reports

that a few crypto venture groups are accountable for manipulating markets and gaining profits of roughly eight hundred twenty five million dollars in the first half of this year alone one particular crypto called whole coin a relatively old are all going to suck to be totally unconnected to the price a bit coin which won some credence to concerns about price manipulation and here to discuss this and other hot crypto and watching news is crypto expert and former banker crew. the i who is the co-founder and managing partner of counterpart ex christie thank you so much for being here i can't i've been looking forward to talking to you about these things what do you make of this particular coca-cola i mean i've heard of it but when you say that it's really disconnected from the price of bitcoin everything is sort of connected to a little bit it does add some credence in my view to this charge of manipulation what are your thoughts yes so cloak lane was actually one of one hundred twenty one quine's that was believed to be involved in markham in the manipulation specifically pump and dump where a group of trading syndicate actually formed to pump the price of the scope quiet

and drive it up while the price of all the other trading pairs are actually relatively unchanged during this time span the time window for this pump was actually only two minutes where the cloak quite actually rose dramatically fifty percent on buy nance and while none of the other coins changed and while some only after two minutes was over all the trade is released and liquidated their positions at a profit and dump to cope close driving it to the ground so this is known as pump and dump which is actually quite pervasive in the cryptocurrency market landscape as actually very reminiscent of the early days the stock exchange where penny stocks were similarly manipulated and pumped and dumped also as well and so the stock the stock market actually in the church over the years and we think that the same will come to the cryptocurrency market as well and we think that regulation and reform will come to protect all the retail traders very interesting and you know the price a bit coy over the last year has you know plummet as we've talked about but i remember last year about this time i don't know exactly the order but there was

jamie diamond saying that because it was going to be short lived there was russian president putin saying that was a pyramid scheme there's all this negative news and i remember that it took like i don't know six or eight hundred dollar drop at that time and i thought well that makes sense but then it went up and i thought you know my former regular. tory roll in like there's got to be something going on here i mean somebody is pumping whether they were dumping i didn't know but in my old rule i would have been calling the investigators up to say what's going on at its finest so i'm pretty glad that they've gone ahead they're at least looking at it you know as we've talked about before all these hacks are probably spent a whole segment talking about it boy price manipulation you always want people to be careful with their investments their hard earned money and crypto seem so cool and educate everything and they are the future money in my view but you've got to be careful particularly when you see you know triple digit price swings right

absolutely and this is the case with all of these all quite and we mentioned this last time on this segment that all coins all these smaller quine's with a market cap below five million they're very susceptible to being manipulated because they don't have a wide distribution not many people own none so therefore a large could be traded can easily take control of that and manipulate the price and this can come in the form of a pump and dump attack like we saw here with quote point or it can also coming a form of a fifty one percent attack where your entire wallet can potentially be empty and so i know a lot of people are very excited about the potential of all to point and but it's very important to keep in mind and not get caught up in the get rich quick promise that the everybody thinks that this cheap point can become the next point in the future and most likely it won't and that's like the same story with all the penny stocks that everybody got sucked into and goes about saying but when when there's any way you know when there's light liquidity where there's not a lot of trading just a couple of trades can really move prices up or down you know we there's

a new study out by economists and they've said look because it is different it's different in a number reasons from stocks and futures and the paper just out today actually talks about how you know maybe that's an important reason why we should expect the coin to be so old school and trading and what are your thoughts i think it's very quiet at this paper came out recently become. a survey that came out last month actually said that institutional investors are sitting on the sidelines right now because they have very low confidence in predicting the price movements of cryptocurrency they don't know what really drives it so it's very interesting how this paper recently came out and so this paper attempts to investigate the potential predictors of the price movements and returns of cryptocurrency and they isolated two factors to keep factors that they found was the momentum the fact and the investor attention the fact the momentum is very similar to that of the stock market in which particularly the technology and biotech sector where if there's a dramatic increase in bitcoin one week it is very likely that the next week that

the last legal will also continue and we kind of seen that because momentum is driven by hype and from own fear of missing out. and so that is actually very likely the second factor that she highlighted was the investor attention of fact where they said that the interest and hype that is measured by the number of queries and the number of posts and google searches on the internet was actually very correlated to the pricing in fact of bitcoin subsequent one to two weeks super interesting christine we never have enough time to get to all the christiania crypto expert counterparty x. thank you so much for being here. and that's it for existing and you can catch boom bust on directv channel three twenty one dish network don't do it your streaming twenty four seven on pluto t.v. that's a free t.v. show one thirty two ers always hit us up at you tube dot com slash boom bust r t we'll catch you again next time.

both. last time we chased them. each one of them carrying twenty kilos of drugs. first offense to. the other that they just kept going through. is the three will remain all my little mind then they have this is the this is for me. it was. i don't know maybe don't. make or.

break right. now work. seemed wrong all along just don't hold. me lol but he's yet to see how this thing comes out of him and in against me equals betrayal. when so many find themselves worlds apart we choose to look for common ground.

views further tightening of u.s. . as the start of an economic war washington says it's stepping up the restrictions over the poisoning of a former russian daughter in the u.k. back in march. u.s. democratic party wants facebook to share data so. that a social media censorship controversial.