we need to have an income of about sixty seven thousand dollars today and as of two thousand and seventeen we were at around sixty one for in round numbers so clearly inflation for jobs has been running at about zero point six six as you know that's slightly more than one half of one percent per year versus inflation of one point six percent per year so even those with jobs to the extent that we have a job it may not be the same income and even if it is the same income of it's not it close to seventy thousand dollars are our ability to spin is declining as house prices have been rising for the same time period of a cumulative about thirty five percent or three and a half percent per year so that the numbers are interesting when we dig in the details and peter i really you know i noticed you shaking your head in agreement on some of that i want your reaction but i'm really interested in this debate peter that's been going on it was a couple weeks ago where larry kudlow the economic advisor to the president said you know wage growth is really

a lot higher than the figures say what they mean the figures from the their own department of labor and so there is this question about whether or not it's calculated right so what do you make peter of wage growth and do we need to somehow consider whether or not a recalculation is in order. well first of all a lot of things need to be recalculated i think the way the government measures inflation i think it does a bad job of capturing the true increase in the cost of living so i think real wages have actually fallen a lot further than the official fishbowls to to six would reveal and of course you mentioned at the top of the show about this you know lowest unemployment rate since one thousand nine hundred sixty nine well you know as donald trump used to correctly point out when he was a candidate for president that the numbers are not real because we no longer measure the unemployment rate the way we measured it back then if we did and we counted all the people that are working part time who want to work full time and

all the people who are discouraged not just the people who are discouraged for one year like we get the you six but all the long term discouraged unemployed the real unemployment rate is well above ten percent right now so we're not even close to where we were in one nine hundred sixty nine but also you have to remember by one nine hundred seventy the unemployment rate has soared back above six percent so things can change very quickly and you know you want to talk about what's happening to wages look what's happening in interest rates interest rates are rising sharply they have a long way to go a lot of americans who have jobs also have debt they have mortgages they have car loans student loans credit card debt all that is going to be eating a bigger chunk of their income gas prices are rising oil prices have almost doubled this year they're going to keep rising especially when the dollar starts to fall and these trumped tariffs are just going to add more to the rising cost of living so i know i think real wages are falling and pretty soon employment is going to be falling too because look at the housing market look at the auto market we're headed

to recession and we're in a recession a lot of jobs are going to be lost but the price the cost of living is going to keep rising this is going to be stagflation so it's going to be much worse than what we had in two thousand and eight and two thousand and nine real quick i've just got a little bit of time john can you give me the sectors just real briefly that did well in this job report and then peter i'm going to ask you for the ones that didn't do so well john. well certainly as technology by the way i mean just look at it this way when we look at the average household income two thousand and eighteen it's about sixty two thousand now to peter's point let's just go backwards and what what we've seen literally for the first time is we started at fifty seven thousand in two thousand and eight for four years we went negative for four years in a row we went below fifty seven thousand so this downturn the last time affected on average as more dramatically than we saw it wasn't to two thousand and thirteen that we got above fifty seven thousand dollars again now if we look a little more in again closer under the hood we can look at that's the household

average when we go by ethnicity it becomes a lot more interesting certainly to me and that's first to see again whether it's one or two people working about sixty one sixty two thousand dollars on average if we're on the other hand we're african-american it's a little north of forty thousand dollars household income has spandex only about forty seven thousand and eight americans by contrast are around eighty thousand dollars household income so it would seem to me that maybe we can't change our background in terms of geology but it might make sense to get some new skills and certainly math and science are two of the ones that where the future is going it's not about working in a coal mine anymore and just real quick peter we're out of time but tell me about the sectors that were not so great once this last yeah. yeah you know pete we can't find those kind of people because too many kids are in school drinking as we've been talking about a lot lately with respect to cavanagh that's what goes on and u.s. colleges now there's a lot of drinking and

a lot of math and science but the big problem here is that we are continuing to disturbing trends we had under obama of creating low paying service sector jobs a lot of part time jobs and all these jobs are a function of the bubble and when the bubble pops the jobs go away it's all been a function of artificially low interest rates we've built an economy on a foundation of cheap money that cheap money is getting a lot less cheap soon it's going to be expensive and that whole house of cards is going to come tumbling down. thank you so much guys really appreciate it super interesting as always peter schiff the c.e.o. of chief global strategist for euro pacific capital and john grace the founder and president we sure appreciate you being with us thanks guys. and turning from jobs and wages to corporate profits samsung south korea's largest conglomerate has posted a healthy profit of their latest in their latest earnings statement out earlier today with a notable assist from their rival apple samsung posted a profit in q three of fifteen point five billion dollars on revenue of fifty seven

point five billion dollars many industry observers noted that samsung benefited from sales of key components they produced for apple's i phone i had known that new versions of i phone brand devices were unveiled last month. and saying in south korea we have another story that links to samsung earlier today former south korean president lee myung bok was sentenced to fifteen years in prison following his conviction on embezzle minton bribery charges both south korean presidents immediately preceding the incumbent president in have now been convicted and sentenced for crimes relating to abuses of power mr leask served as president from two thousand and eight to two thousand and thirteen while his successor president moon guy. was removed from office last year mr lee was accused of accepting a bribe worth roughly five point five million dollars from samsung prosecutors allege that quid pro quo for the payoff in exchange for president lee's pardon for

samsung's disgraced former chairman. one of the great things about boom bust as we broadcast all over the world as we always say but doing a market wrap on numbers as a time crunch here it's really tough to get it but the. end of the week is a good time to look at all markets and we do that right now we start with the dow jones industrial average a new york we didn't reach that twenty seven thousand point high we almost did on wednesday where it reach an intraday high but didn't get to that threshold maybe next week and of course nasdaq also the composite index it nasdaq down as you look at the rest of the western hemisphere both the colombian exchange and the brazilian exchange all down on the week and we're moving to asia we have first of all shanghai shanghai is up for the week and then the nikkei average in japan down for

the week and over in hong kong a hang seng index down that's a third straight week down for hang the second straight week down for the nikkei and down under was actually up at the australian stock exchange moving to europe first of all we go to the cac the french cac it was not only down but so were a heck of a lot of those big companies we've told you about before air bus down known told tall and even her maize all down and that the german dax it was down as was dying where the owner of mercedes benz which bends which in the middle of the week looked like they were going to get a big gain but they just ended up a little bit over being flat and then finally moved to the u.k. with the footsie in the forty one hundred down on the week and we're going to have more on the footsie coming up to you right now. and we now do take a look at the footsie with our friend the c.e.o. of straw marco or afford a chill re welcome. so the footsie is owned by the london stock exchange l.s.e.

but not a lot of people know much more about that give us some information about it ok we get the formal name for it is the financial times stock exchange it actually started as a joint venture in one thousand nine hundred four between the financial times and the stock exchange and the u.k. and it's actually of the one hundred top with the market capitalization so sasha stop. index of those companies that are governed by english common law and it's interesting to think about the fact that it's not actually a barometer though of the u.k. economy because the so many of those companies on there have international interests so if you wanted to get more of the u.k. economy in a barometer there of you look at the footsie two fifty which has far fewer firms with international interests proportionally let's talk about that a little bit i read a story earlier about you don't leave or who are people who are worried was going to be leaving the u.k. but it's like they're going to stay and hollanders they have headquarters there also you know i was going to state now right well the shareholders sort of rebel

because they could see that it would no longer be listed on the footsie one hundred right there was a big wall lot of these firms i mean are considering moving and a lot of multinationals not u.k. based firms which firms that are over there are moving to like paris you know in a post bricks at the but what are some of the big stocks traded there on the fritz and i'm with you one hundred to one hundred ok so you start with astra zeneca the big drug pharmaceutical company you also have burberry b p you have the. retelling food stores like marks and spencers tesco sainsbury's also burbery that's a clothing manufacturing company and whitbread which is a food conglomerate hosting company and then you also have rolls royce and royal bank of i think it's right bank of scotland one of the robotics yeah those were pretty make those are a little cookies are you going to be one of the many things that they manufacture yes actually you have to talk about those are the future hillary forward mark thank

you for helping us out on footy sure appreciate it my pleasure always thank you. and time now for a quick break but hang in here because when we return a centric electric car c.e.o. elon musk can't leave well enough alone as he takes a swipe at the u.s. securities and exchange commission the car coach lauren fix joins the discuss and other new auto news was the. moberg helps us think through the winners and losers of the new trade agreement between the us mexico and canada it's not a done deal yet and as we go to break here the daily us numbers at the closing bell beckon apply to.

those who don't accept the slow jobs bill geist was right to be a little. late . i almost thought i would love me it. had been my that was somebody that god doesn't know it's a mask you never know what's happening and whether they're shooting whether it's your. mistrust out of the things i. love about a sad but. also to give me a month. just because of the new but i'm addicted to sit with your middle class and

in the muslims all these clear when the. unfortunately the united nations security council and his approach to yemen is only to this into the speech of envoys it affords every month or two months and then that is into tubes when mixing the onus and i mean that imminent it does in terms of the security council would make these statements which are always that easy to do. when a loved one is murdered it's natural to seek the death penalty for the murder i would prefer and it being one of the death penalty just because i think that's the fair thing the right thing research shows that for every nine executions one convict is found innocent the idea that we were executing innocent people is terrifying there's just no really hasn't been that we're even many of the times

families want the death penalty to be abolished the respect the death penalty here is because that's what murder victims' families what that's going to give them peace that's going to give them justice and we come in saying. not quite enough we've been through this this isn't the way. what politicians do something that. they put themselves on the line to get accepted or rejected. so when you want to be president or injury. or somehow want to. have to try to be close to survival before three of them or can't be good. i'm interested always in the waters of our. question.

welcome back major names in the global test. sector are scrambling to react to a bombshell report that a ship's manuf that ship manufactured in china may have secretly surveilled the flow of information at apple and add in the amazon web services the online retailers cloud computing unit bloomberg businessweek broke the story detailing how chips made by a company called super micro computer and sold by one called elemental gave chinese authorities a virtual open door to affected servers in the wake of the news some tech expert professed to be staggered at the apparent threat from altered chips while others are saying implanting an altered chip would be an odd workaround when manipulation software would be more likely to escape detection for their part amazon and apple are pushing back vigorously on the story both companies release detailed responses

that bloomberg report is untrue and we are going to question more on this one. the economic diplomatic and legal drama surrounding chinese electronics firms e.t.e. has taken another intriguing turn on wednesday u.s. district court judge kate extended probationary status in relation to charges of violating u.s. sanctions on iran was found was first found to be in violation of u.s. policy back last year two thousand and seventeen and paid a fine of eight hundred ninety two million dollars to settle that case but earlier this year he was added again and charged with violating u.s. sanctions as a result of these new charges judge can cade extended the duration of a court imposed monitor from two thousand and twenty to two thousand and twenty two the repeated brushes with sanctions have raised serious questions about the company's long term viability experts say it would be unlikely to survive

a cut off of inputs manufactured in the united states which seems like an increasingly likely penalty for is the alleged defiance of u.s. policy. in. carra centric c.e.o. elon musk has brought as britney spears a nother he's done it again this time mr must tweeted criticism of the u.s. securities and exchange commission calling them the short seller enrichment commission mocking the f.c.c. only days after they agreed to settle the matter involving fraud by mr must for a previous tweet which misled investors about tesla going private here discuss this and more auto news is a car coach lauren fix lauren welcome it's so great to see you always love having you on i keep hope i keep hoping not to cover tesla so much but this guy is like the energizer by the he keeps giving and giving all this stuff and you've got a cover covered i'm curious what your take is on his taunting tweaks to the tweets to the regulators well obviously

a lot of musk is very mad that the short sellers are making money off of his stock but hey you know he opened the door to this and then when the f.c.c. after he made his bold statement about four twenty as we all know about we discussed last week you know then he goes after them and he they made a settlement agreement which means you're not guilty you're not innocent and then this has to go to a judge and this judge then makes a determination yes we'll accept the deal of the f.c.c. made or no we're going to press charges so before they've even gotten in front of the judge he's already out there saying oh no you're helping this short sellers it's you're the enrichment committee are you crazy and that's a meltdown in the financial world and that's very scary to consumers very scary to those people they're investing financially and the result has been a drop of almost twenty dollars a share just today alone from last night when he had a little meltdown the bottom line is that the judge looks at this and says what are you doing why are you a tech nest of we're trying to give you basically

a gift this was just a slap on the wrist of twenty million dollars in him and twenty million dollars pelley the tesla and so what he's still the c.e.o. when he's going to put in murdoch in charge of that is the company that's pretty scary and. it's like business as usual i suspect that if the judge is very tough which he could be they can press charges and there is far from done from digging in on all the things that they've said that they've done that they haven't like promised numbers profit numbers all the financial paperwork that they're finding a lot of discrepancies so we shall see yeah i mean i've been a part of these things where we have a subtle moment when i was a regulator and then the judge doesn't have to approve it so i just think it's really odd i mean what is it about these c.e.o.'s whether or not it's you know on must her burger maybe even a certain president we know that they do good job out there talking a good game but then once they get into power they don't seem to surround themselves always with the best and brightest minds and it seems like they need that test and he can't seem to hang on to people right. true i believe that they

need some good advisers and a filter a big filter someone that says listen you say what you want to say i'll look at it we'll send it out and he's not the only one that's in that case there's a lot of c.e.o.'s from multiple corporations that have done some pretty serious stupid statements and it comes back to haunt them and you would think in this day and age with social media being as powerful as it is that you would have a social media filter at some point some companies have put that in place but i know that he communicates with his followers and he's the pied piper but i'm really concerned about the future of the company when you know he is the brand if if you on musk were to step down or go to prison or whatever might happen there would be horrible for the corporation there do a lot of people out of jobs or the company would get to sold to someone on the sales would be far from what they are but remember to this day he has still not made a dollar so investing in a company that's never made a dollar profit not even nickel of profit is very concerning to anyone who invests in that company financially which is why the saudis said we're not getting involved

with you we're going to loose it we're going to get to other our news sometime soon but we keep having to hit the hay lauren we're going to talk about nafta next and don't want to hit you with this but would you mind sticking around for that. here. and we don't now do move to trade last week a new nafta deal was reached at the eleventh hour between the united states mexico and canada it's actually called the us mexico canada agreement or u.s. m.c.a. and will govern more than one point two trillion dollars worth of trade between the three nations but the new deal won't go into effect right away it used to be approved by the u.s. congress that has now however stopped us from looking it hasn't stopped us from looking at the deal and picking some of the winners and losers in here discussed joining lauren is conservative t.v. and radio commentator steve malzberg guys thank you for being here and steve let's start with you what are the sort of next steps that may be in the the process. this long road before things kick in well every country has their own procedure to cut

through the red tape of course but for the united states sixty days after the signing the white house has to notify the congress of any laws that need to be changed to comply with the agreement the i.t.c. the international trade commission in the us has to issue a report on this they get about a month and i have to do that they may not take it but that's what they get then it goes to congress finally and when congress gets it it goes to the ways and means committee and they get forty five days time if they need it if they get it out of committee it goes to the house floor for a vote and then from the house it goes to the senate and then the scent takes the same exact bill it goes to the have the senate finance committee they get fourteen days to play around with that and then they voted out and hopefully it'll be passed by everybody and the president gets the signature he needs to participate in the deal you know a lot of partisan rancor these days in washington but it seems that both the parties the democrats and the republicans are on board steve tell me

a little bit about the tech companies google facebook amazon they seem to be pretty pleased but i gather not everybody in the tech sector is happy to tell us about this. but arsenal or isn't that the yeah that's great this was going to do so. astutely some really stupid will shorten it to these. you know world's big partners. mahdi's and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell us more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth and the time is now we're watching closely for watching the hawks.

this is. the church secret indeed catholic priests accused of sexually abusing children can get away with it quite 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 is simply moves him to a different spot were the previous standards not the highest ranks of the catholic church help conceal the accused priests from the police and justice system to that end of that's known as the i and then i think you'll hear that it used. to spell. the way to the united states is dangerous for most of the illegal immigrants.

fortunately most of us thought they would be simple they want to become us and enter and i want to ask this on this but if many of them look for refuge in the so-called sentry sides the draft used to share information about undocumented migrants with federal authorities the best person to ask than call mom. was you know. i tell her that my son i get a man or a westerner what that. they have or what are their options to stay in the country with donald trump in the white house all over for the travels of both of you what if the if you beat out the. fifth it many couples won't pull. up or to put impulse of fun both of you have put it up to the hope of the. or. or.

was. stories here on police in france or angered by plans to a private security offices as the country wrestles with improving its security situation. there is a real risk with these agents not having enough training having a weapon in your hand means the possibility of taking. the question. of court nomination which has divided america shows no sign of dying down but some

supporters of his candidacy even being made to apologize. to the polls on sunday for the current being compared to donald trump over his remarks on women the media and.