so. this is the one business show you can't afford to miss i'm going to pour in washington coming up. for. phase one studies. to determine the safe maybe light at the end of the tunnel when it comes to coban vaccines as some trials are making headwinds straight ahead we break down the state of global infections and where the fight against the pandemic stands plus the title we'll meet this week to decide on how to tackle some issues facing the u.s.

economy what moves will they make following recent rate cuts we'll take a look and later in the midst of shortages due to the outbreak we take a look at the surge in prices for some products and there are reports of profiteering with a boom bust panel show today so let's dive right in. as we continue to discuss the prospects of returning to normal life and reopening economies the truth is many experts don't believe that will fully happen until there is a working vaccine but there is some promising news out of oxford university in the united kingdom according to a report in the new york times scientists at the university of jenner institute are ready to move forward with trials of an inoculation tested against previous versions of the crown of virus which were harmless to humans researchers at the national institutes for health or. rocky mountain laboratory in montana tested the

oxford vaccine on 6 monkeys now that animals were given a single dose and exposed to the current corona virus and after 4 weeks the monkeys are all healthy while other monkeys which were not inoculated and exposed to the corona virus did get sick speaking with the economic club of washington d.c. the united states top infectious disease specialist dr anthony fauci said he was cautiously optimistic about these tests and spoke about the broader process of developing vaccines there are going to be a lot of candidates out there as you know a few of them are already well into phase one studies in humans to determine if it's safe and hopefully we can move along rather rapidly to get. a safe and effective in a timely manner which i've said right from the beginning would likely be a year to a year and a half and then the challenge will be to scale it up enough to be able to distribute it meaningfully both in this country and throughout the world. well the oxford team

says they will not finish the human trials of the vaccine until september but doesn't mean the world's largest vaccine maker is waiting to start production of the oxford drug now the serum institute of india says they will produce $5000000.00 units of the vaccine per month for the next 6 months to get ahead of demand hoping to have $20.00 to $40000000.00 doses by september or october when asked about making the vaccine before trials were complete the c.e.o. of the serum institute told the times of india the decision at her own risk and cost has been solely taken to get a jump start on manufacturing to have enough doses available if the clinical trials prove successful and the united states now has officially surpassed $1000000.00 confirmed cases of the coronavirus that's nearly a 3rd of global clay says so let's take another global look at the trends and spread of the corona virus with our correspondent science haven't where we today so branded with much of the u.s. asia and europe in the beginning stages of managing their outbreaks and pretty much

deciding in the next steps in their response to the pandemic some countries are actually just starting to see a jumping cases now amongst those countries still struggling to slow the rate of infection we have russia iran saudi arabia brazil and a single poor who are all just experiencing enormous growth because as you recall on monday would discuss countries actually flattening the curve and actually seeing a less cases but these countries there are still going up so in more detail in russia the majority of the cases are in moscow all the patients have now been confirmed in every one of russia's 85 regions and at the moment russia has almost 95000 cases with over 867 deaths and 7000 of those cases have just been reported in the last 24 hours now. russia is

also now the 8th most affected country in terms of infections having surpassed china and iran this week this is also had russia a lot worse economically as oil prices could pull lapsing which is significantly reducing moscow's income from crude exports but now let's move or let's move over to iran that's right now facing the worst outbreak in the middle east with almost 6000 deaths and over 92000 confirmed cases but even as the country deals with a jump in cases some mosque are actually scheduled to open later this week now and top of the deaths related to the virus more than 700 people died after ingesting methanol thinking it could cure the virus so it's very unfortunate brand and now let's move over to iran neighbors saudi arabia that has over 20000 confirmed cases

and 100152 deaths you know even with huge jumps in cases $1400.00 of which have been reported in the last 24 hours saudi arabia has actually relaxed curfews at the moment due to ramadan and not only that but at the annual muslim pilgrimage to mecca is still of officially scheduled for late july now the kingdom has asked muslims to book to postpone their trips but has not officially closed. and every year more than $2000000.00 perform the pilgrimage to mecca brand and now over to south america and brazil is actually emerging as the next hot spot for the virus and brazil of firstly reported about 4600 that and more than 68000 confirmed cases and and and but the true numbers are there as in many other countries are actually believed to be

a lot higher you know some. scientists even think that over 1000000 people in brazil are probably infected and you know and that crisis could escalate even more as brazil heads into winter which can worsen respiratory illness and lastly i want to discuss singapore which is one of asia's small as population that's emerging with the region's highest number of colonel mars cases and just over a month ago brand singapore had been praised for its response to the pandemic and the increase in numbers is because singapore did not integrate the migrant population in containing the spread of the virus and now the majority of them factions are the migrant worker workers living in extremely close quarters so a really really major setback for singapore's early success brant r t correspondent site have a dearth thank you so much for that insight for report and as a reminder you can always find the latest news and information regarding the krona

virus on portable t.v.'s coronavirus tracker the u.s. federal reserve is meeting this week and it appears unlikely they will take any action after cutting rates to near 0 in march but has the fed's intervention since the start of the economic crisis actually work to stabilize markets and prop up the economy to discuss we're joined by todd or which chief strategist at bubba trading co-host christine thank you both for joining us today christy i want to start with you are we going to get anything substantial out of this week's meetings from the fed. well the markets certainly aren't expecting anything substantial to come out of the fed me next week they're not likely to insure any new directives until we actually have more data points and how they calmly is reacting and digesting the latest images that's already implemented right now that's floating up these past weeks and this is a result of really the fed put this is the widespread belief that the u.s. fed can always fresca the economy whether it's by decreasing rates on the make you know in the monetizing everything in sight basically so we recently saw them take

on president step by an unlimited amount of treasuries and more new securities. when it launched in march the fed announced a floor of $700000000000.00 but no ceiling it made very clear that the market conditions will then determine the level of purchases so that's basically the number that we're going to keep an eye out during this meeting and whether or not to see they issued more explicit guidance on how long these rates will stay low. the announced monday it's going to widen the number of local governments which it will buy debt in its upcoming lending program and really i just want to say that's just more action that they're taking it in reality to kristi's point you know they're making all this q.e. there is these rate cuts there is this injection way is any of this actually making an impact we talk about this financial crisis that we are in that was kind of not brought upon by the coronavirus but made worse by the coronavirus. i brought to you and i listen the bottom line is that the only hope good thing they could do

tomorrow if anything is to end the fed that would be the best thing they could do they've done absolutely nothing they've now intervened about 8 times into this and all they've really done is torched the middle class once again because they're going to pay for all this when it's all said and done the best thing they could have done is to does that make a lending program and lower the rates and give them extended time to pay for it and giving away more free money that is that is artificially kept the stock market higher and really chris. did nothing nor growth you know that this isn't changing and till the country opens we're not going anywhere and all this money is not going to help anybody because at the end of the day we need a growing and a moving economy where the velocity of money goes through the economy right now the money goes into the hands of individuals and sits there ok plus the the few people who have taken advantage of the program don't deserve to be in the program so at the end of the day this is a benefit in my opinion

a total bust and of course the fed in their usual stead has really created a lot more issues down the road than they've actually tried to cure where we're at right now and see your point but i know it's a huge surprise as when there's free money handed out by some organization whether it's the government the fed whoever it might be there's going to be some people who take it who don't deserve it and we've seen that with the small business program i mean now what there were reports are that the los angeles lakers got several 1000000 in the in the stimulus so i mean it's all ridiculous here now christie equities i have been mostly stable today although some would say that's volatile but you know their body of it what are we seeing in markets around the world and all the markets around the world is to say are having a relatively good day what are you seeing on tuesday or. well on the surface the market hasn't really moved much where about half to one percent but there is quite a fair bit of volatility in between the sectors right now you see the biggest tech stocks that have held up the market the founding stocks they've turned sharply lower today while investors shift into undervalued names names that have actually

sold out the worse during the peak of the outbreak so it's basically a rotation day the russell in next is gaining double the s. and p. those small caps are known for the high risk high reward scenarios and right now investors are piling into that high risk betting on the economy reopening and in addition just as you also see me tell it's like a pretty holdings t.v. h. and others that rally double digits today meanwhile they've sold off the war string the outbreak and they're still down you know great so this is a bit of a relief balance so today getting in the allocation of funds investors are cashing out of the coronavirus when i was names like mark dr pepper the fang pfizer and actually start to bottom pick the cheaper names the names that will bounce in the event of a real thing not a recovery but a reopening markets done a down today dragged down by the nasdaq as most investors they're selling out into tech arnie's that we had this week out from that just requires day that we have facebook and the like as well in the above what are you seeing in markets i mean like i said we're relatively stable today although it appears that we might be

ready for another sell off i don't know what the catalyst for that's going to be but what are you seeing today. well i mean if you look at the bigger picture a mark is a really good stock in a very wide consolidation range and they're going to break out big one where the other and again they've made a couple of attempts to break out that he upside and have failed now again that doesn't mean that we're going down right now but they're on the range and look at the end of the day big tech has been on fire until the last couple of days and it's been a pressure but you've got google facebook apple amazon and a host of others that are report the next 3 days so it is not a surprise that maybe there is some profit taking it out of these but overall the market looks fine i mean it looks like it wants to go higher and of. keeping them free money why not let it go higher but i want to touch on something interesting and quickly here before we end this today that was reported on monday the government of saudi arabia a sovereign wealth fund disclosed they bought a 5.7 percent stake in live nation that's the parent company of ticketmaster that

was worth roughly $500000000.00 the fund also took a nearly $800000000.00 stake in carnival cruise lines as well recently what do you make of the saudi investment are buying up pieces of these companies hit hard by the pandemic. is that they're making a great bet you don't you have you got that kind of capital to play with which they do you're making a great bet you're saying that the american economy is going to come back and that we're going to go back to theater concerts and things like that for a live nation and we're going to go back and occasionally go back on cruises so in my opinion listen they've made a great bet they're not going to get out tomorrow they're not kind of panic this is a phenomenal play for them that will probably double or triple their money over time for be making this investment at the absolute bottom that's a warren buffet table played by a company you know is going to be better and buying it for a cheap shot or as chief strategist at bubba trading in blue bus goes kristie i thank you for that expert analysis. thank you. and time now for a quick break but hang here because when we return in the midst of

a shortages due to the outbreak we take a look at the surges of prices for some products in reports of profiteering with a boom bust panel and as we go to break here the numbers at the close.

as the u.s. economy was booming growing numbers of people were made homeless. you can work 40 hours 'd in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of it we're not financially equality and the lack of affordable housing living minimum wage gave many people no choice. that's been a problem with the city and all those turn around and told to stay away oh miss. the reports resource the most vulnerable were abandoned on the streets to become the invisible cops. the economic system known as capitalism has

generated more wealth than any other system in history in many ways it is defined maternity itself hundreds of millions have been lifted out of poverty however capitalism has also witnessed growing income inequality bust the appeal of socialism currently on the rise in calculus and. time after time corporations repeat the same mantra sustainability it's very important to accelerate the transition to sustainable transport sustainability. a more equitable and sustainable. they claim their production is completely hama's. companies want us to feel good about buying their products while the damage is being done far away this is something else this must be done even as i'm skipping.

times time seemed to be based on that i'm just looking to. go to work. straight home. welcome back in the midst of this coronavirus pandemic there is still a huge need for p.p.a. or personal protective equipment now peepee includes everything from face mask the

gloves protective clothing and i wear there are now a large number of reports indicating that p.p. sales are being taken advantage of by p.p. profiteers who in some cases have raised the price of the equipment by as much as 1000 percent and in some cases equipment that has been marked up by 10000 percent so joining us now to discuss is our boom bust co-host christine and ben swan thank you both for being here with us again now ben let's start with what is actually going on here what are some of the worst examples of these markups and this type of profiteering off of the crowd of virus. yes so essentially the story now is you know for several weeks there's been talk about you know you can go on amazon and you would find hand sanitizer for $300.00 a bottle or facemask you know a box of 50 of them for something like $500.00 so those have existed out there and amazon said they were going to crack down but the new angle to this story brant is the fact that hospitals are having to buy

a lot of protective equipment right now face masks and p. p. e. like gallons and gloves those kinds of things hospitals have to have this now the way new york law is written essentially in new york state you cannot and then when i read it to you you cannot increase the price of the consumer product by an unconscionably excessive price during an emergency but that's a consumer product for individual consumers those are personal family or household purposes that's the way the law is written in this case what we're seeing is hospitals saying wait a minute as as a professional into tea we can't get this stuff because those prices that been marked way up for instance the one hospital says this they say that the price of a gallon that should normally cost about $0.50 to create is costing $7.00 and a shield a face shield that's worth about a $1.25 it's being sold for $25.00 a shield so the hospitals are saying that they are going to try to buy equipment and the pricing on them has gone like off the charts and now kristie i mean some

would say that this is truly a supply and demand issue and that the price of these items has the actually gone up as they become more and more scarce but we're talking about $15.00 times what they normally cost but we also know that a doctor 3rd of doctors treating coronavirus patients and hire a settings are still unable to get all the protective equipment that they actually need have leaders have warned this is also a moral issue and not just an economic one what do you make of this whole situation . sure it is a moral issue and that these doctors should get all the people even a need in order to save lives but people also need to understand the how the entire supply chain works so yes the price and manufacturing has gone up because of the price of raw materials latex for example there is a worldwide shortage of latex right now chinese manufacturing companies can't produce enough. they source the latex and 1000 manufacturing companies are bidding up the prices themselves in order to try to fulfill the millions and millions of quantities that are ordered and that's the same thing with the filtration materials used for the mass and the volume of the orders coming through is producing backlogs

and remember these manufacturing plants just are operating at full capacity now so with everybody starting to get production going at the same time you now have backlogs and orders backlog that barge backlogs at the at the air freight station and that increases the price of shipping as well so really the price increases at the manufacturing level has been consistent it's the price of the raw materials and the price of transportation and that makes sense given the principles of competition there are thousands of factories in china so if you try to price gouge at the production level the consumers will just shop somewhere else so really a lot of price gouging where that's coming in that's in the middleman and that's here on u.s. soil. and you've also called this generally a supply demand issue to a certain extent but there's also another issue here of heavy demand leading to other issues what's going on there yes so you know the supply the main issue is one but the bigger issue is this when you have a huge demand for things like p. p. e.

this personal protective equipment what happens is you have government going out and trying to secure this stuff whether it's a state government a local government a federal government what they say is hey we have a stack of money we need supplies very quickly and as a result of that you get all these companies that come in and say oh i got you i can take care of that i can supply you with the masks that you need and then you get you get a contract written up you send money to them they create mass they sell them to you and the mouse don't work properly or they never come in at all but there's a company. that essentially got a huge government contract saying that it could procure facemasks from the department of defense because they were sitting in a warehouse someplace but those mass never came in there's also a company that bethany frankel remember her from the real housewives series she was actually in touch with a warehouse owner who claimed that he had a warehouse full of these masks and made a lot of news in new york that all of a sudden the masks never showed up and so one of the things that you find right now is there's a lot of scammers who will go out there and promise they can provide this because there's such a lack of supply out there that everybody is jumping on board because basically

when you when you get a demand like this you get stupid money and government source throwing stupid money at everything not realizing that there's a lot of people out there who will say they can provide it in fact they can't you know i kind of wanted to add on top of that then because right now as you said the problem is supply and the reason for that is because the trumpet ministration they quietly in both the defensive protection act in order to force medical suppliers to sell to it 1st ahead of states hospitals or foreign contracts so this is a cold war era law that gives federal officials the power to edge out the competition and force contractors to provide supplies to them before filling in orders for their customers and there's absolutely no transparency about what the federal government is doing with the equipment that they do purchase even when they are states and hospitals so in fact now you have reports from fema seizing imports of private companies without pain that they have been dozens of requests from famous even cry some importers and employers are out millions and millions of dollars and our lives have been lawsuits filed and yet it still continues so now

private companies that are actually out $1000000.00 in quarters that are actually getting all these facemask their product has been seen so with them losing money on c s because they just decide to flout stop importing further contributing to the shortage and the price hikes. not to not to cut you out of this conversation. no problem they go by because he replied that to because he also another report an issue that people are saying precisely right which but the other important issue is this you know. when there was the swine flu issue a few years ago the government had a similar response at that time demanding the need for masks and they said how badly we needed them and there were mass creators in the united states companies that bought equipment they started producing these masks and then from one day to the next it all dried up and so what has happened since then is before the swine flu the u.s. was creating about 90 percent of all of the medical facemasks in the world 90 percent within one year china was creating 95 percent of those face masks right now there's a lot to complain about china saying well they're holding the equipment they will

send it to us it is not china's fault that the u.s. is not producing its own equipment or producing its own masks and that has been going on now for years and there's been a lot of warning about that and it has not been heated kristie got a last word 20 seconds here. well exactly what ben said the u.s. needs to be able to stockpile their goods and right now with the destruction of the private imports it's important that used to be an import w2w mask on a weekly basis but because that out of caution a female seen in a pos right now they their supplies are going down to only 300500000 masks so the fact is the federal government is actually exacerbate in situation making where some co-hosts christiane and ben swan excellent segment thank you so much. thank you. and finally distillers are also helping fight the coronavirus and for quite some time and they have been creating hand sign of ties or to fill the void now a whisky distillery in new england is getting creative with increased amounts of stale craft beer on the market the craft beer industry has

a $29300000000.00 market here in the united states and the plunge of on site consumption has greatly impact the business causing hundreds of thousands of kegs to lose their luster for instance highly happy i p a's are known to lose their identity in just weeks well distiller whistle peg so they have been receiving stale beer from breweries throughout the region free of cost to turn that skunky brew into high end whisky with a pig c.e.o. jeff kodak said of the situation we are tentatively calling the project the great beer rescue adding as the liquid develops in the cask we'll work with each brewer on an aging strategy that best benefits that specific beer so when life throws you lemons make lemonade or in this case stale beer time to make some whiskey and that's it for this time you can catch boom bust on the brand new portable t.v. app available on smartphones through google play an apple app store by searching portable t.v. or you go to portable dot t.v. to get more information and as always check it out on you tube dot com slash boom

bust r.t. the next time. you see. me christmas with me we will bring. you more of the my gosh w. . which she put out this week spending. but you're definitely walking into a word don't you know we no longer know what we're working until. march. what if you need steve ritchie.

to chase possible sensible. mass geysers financial survival guide liquid assets not those that you can convert into caste quite easily. to keep in mind though as a tremendous place of. record. as the us economy was booming growing numbers of people were made homeless. you can work 40 hours 'd in a week and still not have enough to get housing everybody believes america still is the land of opportunity the reality of it we're not financially equality and the lack of affordable housing for a living minimum wage give many people no choice. that's been a problem with the city bruno's turn around and told me stay away oh miss the old

systems of concerted effort is no answer because yes the records resource the most vulnerable are abandoned on the streets to become the invisible comes. the. virus cases in the united states near the 1000000 mark but some states say it's time to reopen for business is that too soon former congressman bob barr weighs in on this issue jake. welcome to politic in home larry king confirmed coronavirus cases in the united states is approaching the 1000000 mark yet some states like georgia have begun to ease stay at home restrictions for sessile on this i'm joy.