and then did a drop in travel the aviation industry has been slammed and now so many factors are asking for a bailout will break down the harsh beating the sector has taken we have a baxter attack show today so let's go dive right in. the u.s. markets have taken a nosedive again wednesday as the circuit breaker was again triggered in the afternoon causing a 15 minute halt in trading on wednesday alone plummeted to its lowest level in 18 years and there's a lot to get to here there's so much news so let's go ahead and bring in 2 bucks co-host christiane who joins us from los angeles kristie to break down this wild day on wall street. certainly it's like a risen repeat of earlier stimulus measures the bounce was short lived at the selloff continues wednesday with fears of deflation now suddenly and now this is a 2nd dead bad bounce that we've seen as monetary policy failed to reassure investors of a recovery the us n.p.r. and our off by more than 6 percent amid an unprecedented volatility with the s.

and p. triggering another 15 minute halt at 1 pm the indexes have swung more than 4 percent in either direction for 7 consecutive sessions now there tuesday's close topping the previous record set in 1929 now this volatility is destructive towards the integrity and confidence of the market and the dow is now trading at below the levels of one president trump took office in 2017 corporates are now still in clear signs of stress as companies like fed ex general mills and airline slash profit outlook for 2020 secretary menuhin warned that unemployment rate could hit a depression era of 20 percent in the absence of government intervention the sell off in equities is broad based indiscriminate of traditional safety sectors however there are a few bright spots on the heat map today walmart c.v.s. and walgreens are up citing bulk buying of consumer staples and pharmacy products and netflix was slightly up this morning before giving up gains as a quarantine has forced many americans to stay at home with nothing to do but stream content for entertainment as a. and excels from algos accelerated the slides we're seeing tremendous

dislocations in the market that don't really make sense the old mantra touted for the last 10 years of buy the dip is broken as every papa sold off every ounce can't be sustained as the chart continues to make higher lows indicative of a bear market now that prices plunge again down over 24 percent hitting an 18 year low as a lock down to counter the pandemic resulted in an even greater demand shock than previously expected saudi arabia is contained in just a broad broad record high oil is of true $12300000.00 barrels per day over the upcoming months despite the slump in demand now as saudi and russia contain a battle for market share goldman sachs is forecasting a full to as low as $20.00 in the 2nd quarter there doesn't seem to be anywhere to hide in this market except in cash gold continues to be under pressure down over 2 percent as battered investor took to unwind damage positions and reduce leverage bitcoin on the other hand looks to be doing exactly what it was made to do as it is

unscathed by the volatility this week holding its support level above $5000.00 proving itself to be the perfect asset in a financial crisis the trump administration is now discussing a plan of as much as 1.2 trillion dollars in spending including direct payments of a $1000.00 or more to americans within 2 weeks in order to blunt some of the economic impacts but the market reaction so far continues to say that this is not enough you know kristie i do have to ask i think this is the real question that we're all looking at right now we obviously don't know how long the coronavirus pandemic will continue but the real question is how long will this economic turmoil continue because it seems to me that it's going to be well beyond what happens with the coronavirus. it is because if you look at the demand this kind of there's a huge demand shock right now in the oil sector and then flights with an industrial component in general and with them in the u.s. being 70 percent service sector this is a huge blow to the economy with a very long tail so even if the. so the pandemic is controlled by july and august

of this year as expected then there still going to be a long tail because we will see unemployment drop productivity drop and that that activity is not going to pick up in a v. shape correction as many economists have predicted boom bust co-host christine thank you so much for joining us we'll talk to you again very soon about exactly this. thank you. as christi just mentioned the possibility of governmental stimulus isn't doing what it needed to prop markets as they continue to crater so let's get some more expert analysis as we are joined by tobin smith c.e.o. of trim for the research so been great to have you on the show i really appreciate your time today how much of this crash if that's really what you want to call it has to do with the coronavirus pandemic we know or oil is hurting we know airlines are hurting and and when it's bad it's right across the board these days so what do you make of all of this well i mean i 1st got to get the context right i think in the context is pandemic is one that's

a health shock the 2nd is the debt market shock because now we have to figure out how long is not going to last but remember we borrowed 30 trillion dollars in the government and in the private sector with free money and so now the bubble is bursting because the 3rd part of the context to get it right is the government and frankly i'm kind of the president trump but he has completely blown this and by essentially getting people to feel everything's ok over the ok and then just dropping the bomb now we have real fear and fear is just just contagious as coronavirus well and it is interesting because i mean when you look at this you hope everybody gets on the right track and in like you said i mean maybe he blew it by a by saying that it wasn't as big of a deal as i guess he thinks it is now so it'll be interesting to see how this whole thing plays out because there's still only saying well it'll be a 2 week quarantine we're going to get

a hold of this do we know that we have really no idea. right but again you know your previous guest talked about we have a $500000000000.00 payroll every quarter for the services industry so the idea that we can say to a couple of $1000.00 checks out to people is insane and i just telling your audience that they have to understand that the biggest financial bubble we always saw it was 20082009 today we have 4 times as much debt so that has to get repriced in and this is as a financial disaster as a health disaster as an economic disaster is like we got 3 neutron bombs dropped on us 1st obviously we got to corona virus and the pandemic then we got the oil pandemic the oil neutron bomb a price war during a pandemic are you kidding me and then the 3rd is the government sitting around doing sort of half measures when when we've essentially had

a virtual economic attack and we're coming with a you know. a water gun we need a bazooka and i know it's interesting that you mention those checks going out to americans because it seems when you talk about sending a $1000.00 check or however much you're going to send per you know bracket depending on what you get paid of course but when you talk about sending those checks out generally stimulus checks to stimulate the economy in a way of they can go to local businesses you can pay for that what it doesn't help with is when you're talking about paying your credit card bill paying just an utility bill and hang your rent and that's what these checks are going to be used for especially for those who are out of work those who are still in a job are actually doing well because they can't go out they can't spend the money they have so if you can't spend the money how is the stimulus check going to work well right i mean it's essentially reverse logic right but again that's sort of endemic of of the approach they're taking here you got to get the metaphor right and they're they look at this as if it's you know if the root literally is what

trump said. you look at it you know by spring it's going to magically disappear and blah blah blah blah well that's not literally physically possible at this point the you know the cow has left the barn on this so now we have to go through a global repricing i was very involved in the 2008 financial crisis and work with senators other folks and you know the one thing that i like most people missed. the move by the fed on sunday had nothing to do with the stock market that was about the banks the bank plumbing was stuck and if they had to mark down some of the assets they had on monday it would have been just like 2008 they would have been insolvent so people who were more sophisticated sophisticated i can't say he said about you know the financial world knew that that was all about the banks then when trump came in we came to a 2nd day and we sort of said mumbly probably you know probably go to you know maybe july or august i hear people say well you know a lot of people particularly people who listen to right when you know media they

really thought it was going to end magically disappear in april so then that through another fear bomb and that's another tape and then oil under 30 and now it 20 these tape bombs have equal reactions from various sides of the world for instance today the 20 year in the 10 year treasury bill moved i've never seen a like that it moved from a half a percent to 1.3 percent and back to you know 65 basis points all in one day that wouldn't happen in a year or 2 years but what's happening is that all this stuff is connected if i'm selling off my stocks i don't need all those you know 10 year t. bills as collateral for my borrowing so as id leverage all of a sudden that goes up but when that goes up then i sell all my stuff down and somebody else's hedge that and blah blah blah so we have a downward vicious circle this is a negative feedback loop and it doesn't stop with. a b.b. gun it stops with the fed coming in and buying

a trillion dollars for the. yes boom it ends it comes in with the essentially credit lines you know a credit card to fake credit card number real credit cards that go would that you can spend to pay rent xander because to your point if i'm just taking a 1000 bucks and i'm giving it to my landlord i've not doing anything about stimulating that's just simply about you know keeping the status quo but when a service economy we have way too many people that are going to be out of work right as you said it's about keeping your head above water it's not about stimulating any writing and who are quick and it seems like the despite all of all of this fed intervention which you just talked about you know it's not doing anything at that fact every time they do something it gets worse then we get that little bit about and then what happens it goes even further down so we'll know that like you said that bubbles ready to pop i mean do we it's weekly we got about 30 seconds here do we have a recession i mean is it coming now. we're already in recession this is going to be about a negative 3 to 4 percent q 2 negative 2 percent q to what we have to fight against

i just can't emphasize this enough is that we don't move to depression because all the moving parts to depression have lined up and if we make one more mistake one more policy mistake like you know the fed coming on sunday all that tells people is oh my god what do they do that i don't know sell and now we have computerized trading that's almost 80 percent of the market we never had that before and so they are going to keep saying sell until we see big movement not this little blip junk we're doing here we need a big bomb we need it now we need to deliberate we have to have a neutron bomb that offsets the neutron bombs have been. exploded into our system i don't want to be you know scary for you but ladies and gentlemen that's that's the truth and if you don't think we're going to have an s. and p. 1600 maybe 200 by the end of this you're you're smoking the same dope the president is absolute toben smith he mentioned the d. word depression c.e.o. of transformative research we'll have you back i love your take thank you so much

for your time. and the world health organization had the old task of announcing a major milestone in the spread of the corona virus. more than 200000 cases of 19 have been reported. and more than a 1000 people have lost their lives. and more than 80 percent of all cases and from 2 regions the wiston pasifika and europe we know that many countries know face scully mix and feeley overwhelmed italy remains the country most affected by the virus outside of china seemingly adding thousands of cases by the day the death toll in italy alone will soon surpassed 3000 iran is still fighting to control the spread with more than 17000 cases spain and germany have also had an increased number of cases in recent days adding nearly 2000 each and here in the u.s.

officials have announced cases in each of the 50 states earlier in the news with rick sanchez spoke with chichen a public health specialist at yale university about the concerns over the spread of the virus. we already passed the stage of accounting that now we can only do mitigation that means there is already a largescale coming a transmission so eventually according to estimates from us from u.k. . people eventually we get this. question you see how soon we will get that we are making a huge difference. and time now for a quick break but herring here because when we return amid the drop in travel the aviation industry has been slayer but now some manufacturers are asking for a bailout will break down the harsh beating the sector is take it as we go to break those bloody numbers at the close.

to. blush sunday. morning the. only thing against. the. beautiful to be. included. in a is a bit over. to be. true.

to the. 40. much of the british missed of last time. and as we have covered in recent days the movement of people across borders is continuing to be restricted wednesday morning the u.s. and canada notes the closure of the world's longest border to nonessential travel.

president as you all are were also announced today that by mutual consent of the northern border to canada it will be close to no essential travel this does not include essential travel or the transit of goods also late tuesday german chancellor angela merkel and notes an agreement among us to ban entry into the bloc . we discuss various topics today the 1st was that we all agree with the proposal of the commission. on countries that are there members of the european union are. you know or great britain we should impose restrictions which means basically a one in 3 except for very very limited exceptions this must be implemented by the member states it has to apply for 30 days r.t. correspondent saya tavenner has been following border closures and restrictions and

filed this report. countries around the world are taking drastic measures and an attempt to curb the spread of the covered 19 pandemic with more travel restrictions being announced daily and travelers across the world us grambling to find flights home as governments are urging their citizens to return and until tuesday much of the european union was initially resistant to curbing travel and at times blaming one another for its spread but the european union has now taken of 1st major coordinated response to the virus the latest to join the list aboard a closure the u.s. and canada president took to twitter this morning to announced a travel restrictions president also made it clear that although the decision would not affect the flow of trade between the 2 countries that the u.s. would be by mutual consent temporarily closing the northern border with canada to

non. central traffic part of the discussions involve what types of vehicles and vigils would still be allowed to travel between the 2 countries and for what purpose as restrictions will likely allow for significant flexibility since cannon are relies on the u.s. for 75 percent of its exports and unlike travel restrictions on europe and china this was a mutual agreement between the 2 countries as both countries take aggressive measures to block their spread of the virus while maintaining their economic relationship canadian prime minister justin trudeau who is currently in self isolation after his wife sophie tested positive for the corona virus announced earlier this week that effective today he would be closing the country's borders but exempted u.s. citizens canadian citizens and permanent residents and with almost $8000.00 deaths

worldwide and no vaccination inside the world is taking sweeping measures to stop the spread of the virus shutting down airports imposing travel restrictions and completely sealing borders seems to be the only way adam moment to contain the spread of the virus experts are also urging people to practice social distancing essentially avoiding other people whenever possible which is a proven way to slow pandemics and no one really knows for sure how long social distancing will have to last to reduce the spread to near 0 but if south korea and china appropriate examples will need to stay apart fred least 8 weeks reporting from site tavenner r.t. . and when the issue of government bailouts comes up it seems like everybody has their hand out and while the corona virus has hit many industries that the airline industry is asking for an especially large boost boeing is calling on the trump

administration to provide a. bailout of the airline industry at the tune of $60000000000.00 reuters 1st reported that boeing was seeking tens of billions of dollars in u.s. government loan guarantees and other assistance as it faces a looming liquidity crunch due to the coronaviruses impact on the sector boeing spokesman gordon johndroe says the company quote supports a minimum of $60000000000.00 in access to public and private liquidity including loan guarantees for the aerospace manufacturing industries and joining us now to discuss this is a school bus co-host and investigative journalist ben swan ben thank you so much for joining me today boeing says that typically 70 percent of its revenue flows to its 17000 suppliers and has told lawmakers that without significant insistence the entire u.s. aviation manufacturing sector could actually collapse due to this pandemic is the company right and how badly is this bailout actually needed yes so the company is

right in terms of the airline industry is facing significant pain as you know right now because of the lack of travel boeing is asking for $60000000000.00 the reality is they're getting at least $50000000000.00 head of the airline industry the drug administration talking about this stimulus package now one trillion brand as you know and of that one trillion there sitting beside 50000000000 of it specifically for the airline industry but boeing in and of itself is kind of a joke in that look they're very important to the airline sector but we all know that they can't just look back at the coronavirus and say that's the problem we're facing boeing is facing a problem with that so making with the $737.00 max jets which were not even in line to be given a green light to go back into operation 2 at least this summer that's probably pushed back down to the end of the year so you know boeing is facing a lot of hardships of its own making in addition to the issues with the coronavirus but again the german ministration has said they're going to bail out the airline

industry and it looks like about $50000000000.00 and. why is interesting that you say that like maybe all of these don't have to do with this specifically the coronavirus epidemic because we've seen that throughout with a lot of companies actually making those same complaints were saying oh this is really hurting us and if you look at the numbers for hurting pretty bad before the 737 max crisis right did not help them at all boeing biggest competitor and european based air bus has closed its factories for around 4 days now but unions are pushing the factories to stay closed longer will this actually happened. yeah that's kind of a tough spot for airbus because they're in the exact opposite position the boeing which is kind of interesting because in airbus this case they've picked up all the clients that but we didn't have number member you know when you get a contract to build one of these jetliners those come sometimes years out where they'll line of these contracts so airbus needs to keep its employees working they say they're going to close down for a couple of days as you mentioned 4 to 5 the unions want them to be close for a few weeks but again this comes down to whether or not you know air bus can keep

up with the contracts that it has so i'm sure there's going to be some back and forth push between the 2 between the unions and air busted to keep it moving but it's in everybody's best interest to keep as many planes being created as possible because they keep selling those while boeing is pretty much incapacitated right now you'd be interesting it's interesting to me that anybody is actually buying planes right now you would think that all of these air things would would not be able to have the cash flow to actually buy more and i know there are a $380.00 is also out and rough waters because it's already having a tough time just making ends meet when it's traveling at full capacity so we'll see what happens there but overall i want a real quick to remember real quick that with airbus and those those contracts i mean those are done you know sometimes months or years in advance and they'll have hundreds of planes of them already been paid for that they have to now supply absolutely no overall travel and hospitality industry is really being hit hard in fact many are saying this is the biggest test that the modern travel industry has

ever faced without some kind of intervention from the government much of the travel industry collapsing at about 30 seconds here but you have real quick i think that they're going to get they're going to get the intervention right or wrong we can have that debate we have more time but they're going to get it again 50000000000 is going to the airline industry troubled ministrations as 150000000000 is going to go to things like hotels and service industries that are being affected right now that's where the money is going to flow the question is will it do we nuff because a lot of this in this package is only supposed to last about 6 weeks and we have to get back to normal life by the you know if we will absolutely for. you so much boom bust co-host to bend swan we'll talk to you again soon. and finally as the world's population continues to follow the overwhelming amount of news regarding the coronavirus pandemic and the economic turmoil it has caused some of the latest announcements and tech are receiving a ton of attention and maybe that's right please so for instance wednesday morning apple unveiled a brand new model in their i pad pro and macbook air lines the big feature apple is touting this with their new i pad involves

a new camera feature which feature which allows the device to scan 3 d. objects the company says it will allow for a quote whole new class of augmented reality experiences an area apple has actually invested quite a bit of money into wednesday sony held an online event also revealing the details of their competing for their new console the playstation 5 and earlier this week microsoft released a boatload of specifications about their new x. box series x. console that competes with the playstation i could spend time talking about the processor speed graphics engines or ram but for now let's just enjoy some of the visuals that they've put out both councils are expected to come out this holiday season now obviously video games are a crucial sector during economic struggles but let me throw some interesting numbers at you steam a very popular digital p.c. gaming platform reported saturday they had a record of nearly 20000000 concurrent users as gamers were forced to stay inside following the release of the new free to play battle royale title in the call of

duty franchise publisher activision blizzard said the game reached to 15000000 players in just 4 days think about that that's it for this time you can catch a boom bust on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching portable t.v. or stream us to your t.v. by downloading the portable t.v. app on apple t.v. and online at fordable dot t.v. and you can also find our coronavirus tracker on the portable t.v. ad where you can get the latest news and information about the spread of the virus and as always be sure to check us out at youtube dot com slash boom bust. see you next time. a fairly successful for sure put a little clock ticking there was

a news new york atlas on the internet to start with and sure as for the cheapest we are stuck you feeling i missed these 4 war for your clothing or not and i do it is me going for bush but i will push the fossil fuel bush are going to get us no. good the most and. yes. each simulating civilization will be able to run using a tiny fraction of its resources. hundreds of thousands millions of runs through all of human history almost all. beings with our kinds of experiences done to simulated ones rather than non-significant ones and conditional that are good we should think we are full of it one of the simulated ones.

you are no offense but you no longer a young woman in fact you are one of the last living survivors of the nazi alice asked i'm aware of it. leave for a day. all you like. you can never forget they are going to auschwitz was really like to be inhaled because you would never believe it was a human again don't you as an obvious cause for 30 years of growth in the. she. when i get out on the farm song. to sing and hopefully bless her.

every single collapsing against the dollar. so how long will it last probably not a long time because. as we've seen during brain woods or through the plaza toward of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global market rearrange the global currency grid and the dollar is not the thing they're going to have to match it against because that runaway bally when the dollar is what's causing this deflation and that's what's causing the global depression part too.

the headlines a new hospital for coronavirus patients is being pulled from the outskirts of moscow as russia brings in strict measures to stop the virus and amid fears of shortages because of the pandemic we look at food supplies in the capital. to a particularly sensitive subject lately toilet paper while. any type of budget any type of screening is clearly enough for everyone in the u.s. several states announced they are responding primaries to contain the spread of collecting the virus but the democratic national committee warns of penalties and a nurse in the u.k. tainted she was racially beams don't have to work because the country's health service is.