then this is boom bust broadcasting around the world and covering all aspects of our global economy in the 21st century and then this one and i'm christiane washington here's what's coming out of that america that has everyone in finance talking college was in the talk to buy t.d. ameritrade a bank he met with more than $5000000.00 and can find out that all great talent this merger can mean. a legendary trader who made billions betting on the worth of closing his hedge fund take a look out why want to be in a state most prominent hedge fund is shutting down this morning is falling as we approach the end of the year is there a time for it to turn around or are we going back into

a bearish cycle for the world's largest cryptocurrency we've got a lot to get to on a very busy day so let's get started. and we begin with fears that in fact there will be no phase one trade agreement between the u.s. and china at least not this year and those fears are translating into lower economic forecasts for not just the u.s. and china but really for global economic growth the organization for economic co-operation and development said on thursday that the global economy is now at risk of settling into a quote low growth rut the o.e.c.d. has now lowered its forecast for global economic growth in 2020 to 2.9 percent from the 3 percent expected in september meanwhile the c.e.o. said thursday that members of the g 20 continue to impose restrictions on imports in the 6 months through october with new measures affecting $460400000000.00 in goods kristie as we do each day let's talk about this because 1st of all as we mentioned on wednesday right there is talk to. this phase one deal between the u.s.

and china may not get done this year which really isn't a big surprise it would take what about 5 weeks for a deal to be signed and we're already up against it based on where we are in terms of the calendar but even though you know that would be assuming everything is ready to go right now but it seems like both sides u.s. and china are further apart than they're pretending exactly and this is as you said like it would take certainly a long time and the markets really shouldn't be surprised by this so the markets go down worldwide today it was yesterday because everything seems further apart than ever but the thing is like we were never close to phase one to begin with nothing has changed the narrative has not changed since i was even earlier this march furthermore everyone now they're looking at the december 15th deadline because that's really the backstop for the entire phase one deal right now that's the backstop and that's a leverage at present time currently has and right now analysts are saying that if this tariff goes into place that will be tariffs upon $156000000000.00 worth of goods and for the 1st time ever this will affect consumer goods and electronics joyfully because both sides keep sounding like phase one is close we're almost

there beijing say well what meetings will make make this happen like we're going to get it together we'll get it done but then as they talk about it the closer they seem to get the more they kind of up the terms of what they want china keep saying is well we want even more terror of software than a drum keeps a. higher tariff if we don't get it done so even granting hong kong as well. leverage and as a pawn in the entire thing they're saying that oh if you don't sign phase one then we will sign the hong kong bill into law yes so it's one threat to another will i guess we'll see what happens and now this relation discontinuous that's right back to march 2009. suntrust and b.b. and t. received approval from regulators to form america's 6 largest commercial bank this is the biggest bank merger since 2000 a crisis and the combined company will serve 10000000 consumer households with 330000000000 in deposits b.b. and t. a taker bt and sun trust taker s.t.i. will phase out their brands over the next 2 years as they combine. entity will be

known as truest once the deal closes true us will begin trading on the n.y.s.e. undertaker t.f.c. the merger faced criticism from senator elizabeth warren and maxine waters who have been supporting for the breakup a big banks and big tech however regulators voted in favor of the merger citing that recent regulations have reduced the risk of a mega bank failure of the likes of citibank and indy mac. in 08. the consolidation and mergers are the state of play these days with companies getting hitched left and right in order to cut hefty capital costs exploit synergies and process optimizations companies are doing all they can to drive efficiencies now in the face of a slowing economy and the trade war headwinds so to cut down on the latest brain n.t.t. watkins director of stocks at simpler trading so we all remember what happened in 08 when giants like citi group they were required an epic bailout to save them so with the creation of this giant are there concerns of a potential risk to financial stability and in the event of

a failure who would be big enough to acquire them. well you know what i really pay attention to is we say that history doesn't repeat itself but it sure and so something like this if there is going to be a problem in the future it's not going to be like 2008 where it was the financial mortgage subprime housing loan issue it's going to be something different that's what we're going to have to pay attention to we don't know where it's going to be if there's going to be something like that as far as with this merger you know we hope that it's going to be good for everyone involved to expand the community to bring better services to them and really if we start seeing them fail i don't think the question should be you know who is big enough to acquire them or bail them out i think is a free markets country we should be saying if they ran their business poorly and it got to this point to where they can't sustain it or they read the current wrong or they just aren't doing it right then we let the free market do what it does and if they fail so i'm off work. yard sale and pick up the pieces and usually when that

happens they come back stronger and better and no more of this too big to fail stuff if you fail then that's on you also speaking of monster consolidations or mergers charles schwab in talks to buy t.d. ameritrade for a total of 5 trillion dollars that's trillion with a t. in combined assets this is in the face of that mounting threat on 2 fronts really right cryptocurrency s. and disruptor such as robin hood betterment and wealth they all have 0 commissions so give us your take on this $25000000000.00 deal and do you think that any of the other guys in this space are also looking to kind of merging create these monster companies. will kind of like we were talking about earlier with the streamlining and trying to make bigger efficiencies through bigger companies i wouldn't be surprised if we see some other mergers especially coming from those disruptors maybe some of the bigger names actually want to bring those disrupters on and say hey let's bring your new age your new territory of people and subscribers on board

and personally as me as a trader i really like t.d. ameritrade i like their trading platform and to have them come together which. it sounds actually like a pretty good situation you know and what we're looking at when i called charles schwab after they announced this i called and spoke to one of their representatives and they said you know we really don't make a lot of our money from commissions and so they said you know if we're having trouble is if our bottom line isn't doing very well from a lack of commissions we're doing something wrong and so not having any commissions in this race to the bottom as everybody is talking about i don't think it's really that big of a deal their money is made elsewhere and really how many people does this effective says traders but i think to the standard most people it's you know 4 or $5.00 that they don't have to pay now every once in a while and real quick if they're not making the money on commissions where are they making it from. well they have a whole lot of other fees they have management fees they have assets under management similar to how a bank how they take your money and they actually loan it out and then they make

money off of your money that's sitting in the bank that's how robinhood that's how betterments that's how charles schwab they make money from your money on deposit there's something similar to go you know we have our banking and our transactions that are for free will it's because any money that we have on deposit there they're using elsewhere to make interest off of and so they give us the benefit of having the transactions for free and all that works well and great when you're in a bull market but come one failure come one day fall and they're in serious trouble now over and retail another struggling sector ellaby it may just still pursuing to close to phonies and it's racist now to $16000000000.00 from its earlier bid at $14500000000.00 so tiffany plans to continue to negotiate for a better offer offering arguing that it is still being undervalued the current offer now raises the price tag to $130.00 per share so where do you think this would end up and what's your baseline of a fair value given that tiffany's is a classic brand equity and you have tremendous name recognition there. well coming

from just the charts in the stock look at that tiffany would would be well poised to actually take that offer leave aton stock has been doing great for a long time and tiffany is had a high of $140.00 and with this offer it now brings up $230.00 so you know just looking from that with the numbers it seems to make sense and i don't know how much higher they could go as far as the offer now what it comes down to i think is more of the intangible where we're looking at what is the name recognition of tiffany it's been around for a long time it's a solid it's a solid name a lot of people know of it has a good reputation and i think it comes down to is lou bhutan do they really want that name and do they want that kind of clientele that comes with it and they might just have to pay more to have that kind of name recognition for such a long time and bring it on board and that way the $2.00 of them actually maybe are better together in the big picture in the long run. and then finally we have this

other dying segment we got to talk about here printing and paper business ulit packard just rejected as iraq's offer saying that it undervalued the business and that given the weak balance sheet as iraq's potential synergies will be difficult to extract h.p. is already in the middle of a massive restructuring and well let's face it they're struggling to stay relevant here so with the combination you think of 2 failing businesses results in a win the or one now big or failing business. yeah that's got a fight hey look at that and this was interesting when i was looking at it you know xerox's market cap is about one 3rd of h.p.'s so in a way this looks like it's david trying to buy it and not only that david is looking pretty aggressive like that there's been talks of hostile takeovers. through just purchasing up all the stock in shares and so this is kind of an interesting thing it is he said kind of a 2 old businesses that are trying to stay relevant are duking it out with each

other you know h.p. is really trying to revamp itself it is trying to restructure they are trying to cut costs and they're in the middle of this process for that and i think that maybe coming from a very side of the table to thinking hey we're trying to figure this out you know we we want to go through this 1st and how do you come in here and try to take us over when we're in the middle of trying to better ourselves and so it's a little bit confusing and it should be interesting to watch as these kind of fireworks happen between the 2 stocks the 2 companies yeah it's kind of like watching a slow motion dinosaur fight a walk and specter of stocks similar driving thanks so much. thank you. it is the end of an era hedge fund legend lewis bacon has decided to shutter more capital after several years of poor returns at his various funds he's returning capital to investors after 30 years and converting into family office the end of more capital now is a significant mark on the entire hedge fund industry bacon is known as one of the

best traders of his generation alongside paul tudor jones george soros john paulson and bill ackman he rose to fame with his macro bets in the 1990 s. when he correctly called the collapse of the european exchange rate mechanism and when saddam hussein would invade kuwait a bet that yielded his fund 86 percent return through last year more capital had made $18300000000.00 for investors since inception making it the 15th most profitable hedge fund of all times but the hedge fund industry has been facing increasingly challenging markets thanks to persistently low interest rates and the takeover of quantum bots running the show allocation has been difficult as long shorts struggle to raise capital amid mediocre performance. all right so i know that you're all about this i will let you take the floor because you're listing off this list of names here like paul tudor jones george soros. but i know it sounds like the legend of doom is what it comes off like but in terms of the

hedge fund operations on the technical side take the moral side out of it go it but also right now the hedge fund industry is facing tremendous pressure because right now i feel like there's this entire flow into the private market and that's what we're really seeing allocation has been so difficult for all of these long choice because of the fact that simply there is no there is no beta in the market everything is correlated to each other there's absolutely no data to be extracted from it absolutely no alpha to be extracted excuse me and every single longs for is personally chasing the same trades over and over again and so there's this tremendous reallocation over into the private market into the v c's and that's also partially why we're seeing companies stay private longer and then when you're when you're talking about the business side of it and you remove the emotional side out of it they've had great success but when you're talking about people who have made great success betting on the war betting on the destruction of people groups betting on the collapse of financial systems which leaves people in poverty and

watches their savings go away just feels kind of kind of gross to call that successful but again. it does it does but it is it is just a business like like all business as it is what you do you're not the instigating anything it's more so you're trying to make a call you're trying to actually make a prediction and for the and for those hedge funds not only are they making a prediction correctly in the marketplace they forecast but they're also giving people warning they're warning the market of what could potentially happen what are the repercussions if we do go to what are the repercussions if we do let's say start a trade war with china again like this is what the market does it's an indicator of future events if we continue down the same path. let's leave it there time now for a quick break but hang in there because on the other side of this break big oil is falling as we approach the end of the year so here's the thing is there time for it to turn around or are we going to go back into this bearish cycle that really let's face it nobody wants for the world's largest group of currency and as we go to break here are the numbers at the close.

the tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been faithfully implement inside venezuela things move different we're going to announce sanctions against petroleum to venezuela associate the famous good to have a son of a moment too soon to move them but some tackle football that it assumes that the keep the magic at the moment the focus of the who story isn't new makes him cold in

henry kissinger to tell him that it would not be tolerated in latin america. terms of economic and social system could take hold and therefore the policy would be to make the chilean economy scream so wants and making the economy of venezuela scream. seemed wrong but all quotes just don't call. me to blow me yet to shape out this day to come to advocate and indeed from an equals betrayal. when so many find themselves worlds apart. just to look for common ground.

he still got you into too tight haven t. that's who could sneak. over. to discredit. you. and who will never think about anything out of your canadian each of them till monogamous all. read too much haha get to be a good tone crystal under your gum or for me to get out of her affair when i'm in the good children tell him with all that you can fire one next time you don't come . with a new. well

we have had a dramatic moment for big support for the living cryptocurrency has dropped to a 4 week low and is now below 8000. and dropping this is significant because the question really is about whether big going continues in this bearish market or it breaks out into a bull run coming into the end of this year it is worth mentioning that the slide that coin is in right now when i wrote the script it's below $797500.00 big point has erased 80 percent of the rally in the 2nd half of october which carry big going from around 7200 to over 10000 as of today because of the most all coins are way in the red so as we head into the new year what is the outlook joining this is just really good co-chief investment officer. and terror capital thanks for being

here so if we look back over recent history because it has done pretty well in november and 6 out of the last 8 years right from 2012 to 2017 november was a month of gains but in november of 2018 obviously that was the outlier because. very hard it is that leaving some investors worried the big board is going to repeat that kind of a november going into the end of this year. i'm sure some people are worried about it and i think personally i don't think we're going to go much lower this november and it's kind of amazing that such a volatile asset really just basically back where we were a few weeks ago back in october. so now what do you think accounted for this entire dramatic sell off. well it's hard to say you know if you look at that point in particular recently the past few days there's been news coming out of china just this morning supposedly police and shanghai there are reports that they raided one

of the finance offices there so that's kind of been a bit of. china's been very hot and cold on bitcoin you know one minute they're very positive about about the tech and the next minute they're kind of taking a step back so i think that's for the lead to some of these market gyrations now stay with the historical data bit quine also usually picks up a strong bit 6 months ahead of the minus award having a supply cut scheduled for may have 2020 and yet we're not seeing this rally associate with here. yes i say we will eventually see it i'm not sure necessarily going to see it in the next few weeks because right now sort of below it's 98 moving average for the 90 day moving average of the coin is around you know $9200.00 and of course it's just under $7600.00 as of today so i think we're going to have to get above that before we start to see sort of a rally anticipation of the supply decrease coming next year you know you mentioned

just haven't tried that with the reading of one of those offices over there but i want to go back to the statement you made about how china has been so hot and cold on big point because we saw a few weeks ago you know all of a sudden the state run newspapers there and the state run media were essentially praising because of the very 1st time really bringing it out into the public and talking about it is china do you think going to become a nation that really i mean obviously the black markets there it's happening under the table but is it going to become a legitimate player in this big point space and would that certainly set prices back where they're supposed to be. that's a great question saying if you look at china you know they're definitely becoming a major player in the block chain space they're basically planning to create you know digitized version of their currency you know on some sort of block chain network but you know whether that translates to big coin or not is a separate question i think in china right now you know you can buy bitcoin using what's called these sort of peer to peer over the counter markets so you can't

really deposit you know into an exchange but you can use your local currency and basically buy in a peer to peer fashion i think as long as the government continues to allow that i think that's definitely a lot of positive pressure for big client sun now obviously a big points prize is only a small indicator of what's actually happening with crypto currency and big moves are now being made so in fact finance had made moves into india potentially a huge capital market with the acquisition of the exchange. now there is a ban on banking services part kept in india by nancy potentially found a way around that correct. yeah that's right so what they've done is basically taken this same idea for these over the counter markets the appears to work pretty well in china in there trying to apply that to the indian market you know whether the indian government continues to allow that are not is sort of an open question but it seems to be working at the moment the company that they acquired is basically doing a very similar model. but with currencies and india as opposed to the chinese.

now as we're going into 2020 pence our capital has always been known for being at the forefront of investing in new blocking technologies so how has your thesis changed now as we get towards the end of 21000 and what are your new thesis by the coming year. yes so for 2019 we basically thought there was going to be a huge sort of infrastructure build out. where not a whole lot would happen public facing but a lot of tech infrastructure built in that's basically happened and so in 2020 a lot of that infrastructure is going to release so we're seeing lots of new projects going live in 2020 you know things like a 0 x. version 3 maker version to version 2 and then also new block chains being created as well that have you know much higher throughput and much higher skill ability numbers so if you look at syria that does about 10 transactions per 2nd with some of these new technologies even things that are like based on top of the 3 m you

could do hundreds or even thousands per 2nd and how does that translate into the real world industries and products that the public might know so for instance you know e.o.'s. is launching voice which is their social media platform right which we built on their block chain what are you seeing in terms of the development of kind of real world products based upon these technologies that you're talking about. yeah so i think the biggest area the reason why scalability is important is a lot of these interesting use cases are what's called the fire the centralized finance and the idea is the sort of have more peer to peer financial system it's inherently much more global things are much lower fees and you can sort of do really large transactions and the cost of experimentation is much lower and so to make that kind of more concrete you know one example of this is make it out where people are basically creating loans that is sort of peer to peer fashion where you can get a loan of 247 any time you want and pay back whenever you want as well so you kind

of interesting use cases that are kind of in the financial space and right now this sort of looks like toys are not that exciting like make sure you're basically borrowing against your ether and you know getting effectively dollars out. like revolutionary but i think it'll lead to resolution or use cases as he will start to apply the same tech to more things all right well it should be an interesting last 5 weeks or so of the early krug co-chief investment officer but there are capital thanks so much for your time thank you. debbie as know baby and diamond unit is in talks with the government to extend its tax breaks beyond 2023 now diamond mining is the largest taxpayer in a land based operations could end in 2023 as the beers says it can no longer economically continue mining under the current tax regime land operations were down

30 percent the 1st 6 months of $21000.00 from the same period of 2018 as they currently are a 10 percent royalty on sales plus a 55 percent corporate tax on profits beer is hopeful the government will grant the company a waiver as they play a crucial role in the new baby and economy in particular the number of jobs that would be affected if they were to shutter its operations to beer will continue its marine dime in. operation off the coast of namibia as marine diamond recovery is now producing more an annual volumes on the country's land based mining. well a little bit of a setback just a little bit for space x. as the company's next generation rocket partially burst apart during ground tests in texas on wednesday by the way we would show you the video of the guy who shot it kind of geeky now didn't share it with us so i just like the sound effects because that's what essentially the tests were being conducted in a place called boca chica texas space x.'s new ship named starship it appears to have happened would pressure tests were being conducted. it is kind of cool video

if you get a chance to look it up later you can find it on twitter by the way say 6 said that nobody was injured starship by the way the spacecraft that the company is working on a transport cargo and even people to deep space destinations like the moon and to mars in september c.e.o. elon musk showed off starship to reporters saying that the rocket could be doing flights at low altitude in a few months and that starship could reach earth's orbit in 6 months as long as it can do so without exploding blowing up now this is the 2nd time yet this is i think how different this is a different base ship from space x. that's blown up a different one blew up the last one but then again also given elon musk and his nature how when he says a deadline we should really test that line that's very true and unless the government is subsidizing a for him it's never going to vote anyway so. to say well that's it for this time the must on directv channel $321.00 dish network out to 80. 7 on t.v. the faith t.v.

after 979 or as always you can hit us up at youtube dot com slash boom bust our t. nobody subsidizes us the next hour. i have concern about new technologies and i think society should and i and i try to help them get engaged in those concerns. but we also should have concerns about doing nothing and doing nothing is extraordinarily risky in a world with some point 5000000000 people and a whole series of. ancient technologies that are not necessarily suitable for tomorrow. good food descriptions sound up to tell using even for the owners so how to choose

the pet food industry is telling us what to feed our pets is really more based on what they want to sell us than was necessarily good for the pet turns out food may not be as healthy as people believe and we have animals that have you know diabetes and arthritis they have auto immune disorders allergies we are actually creating these problems is a huge epidemic of problems all of them i believe can be linked to very simple problem of diet and some dog owners so heartbreaking stories about their pets less treats the larger corporations are not very interested in proving or disproving the value of their food because they're already making it a $1000000000.00 on it and there's no reason to do that research. join me every thursday on the alex i'm unsure but i'll be speaking to guest of the

world of politics sports business i'm show business i'll see of that. as well all over the. supporters of bolivia the ousted president clashed with police during the funeral of a killed protester we speak exclusively to evo morales about what's happening in this country. i was called an employee terror in the ruling a dictator but this is not so these are real dictators on the other hand you generations will not understand what a real dictatorship is. also this hour the latest star witness at the trump impeachment hearings claims that russia is planning to meddle in the 2020 us presidential election with us whether democrats can attract voters without warning . and a new feud over secularism in for.