the ne b r wrote about the situation saying the unprecedented magnitude of the decline in employment and production and its broad reach across the entire economy warrants the designation of this episode as a recession even if it turns out to be briefer than earlier contractions now economists generally define a recession as 2 consecutive quarter months of 2 consecutive quarters of economic contraction g.d.p. in the us has already fell by 5 percent in the 1st quarter of this year and the economy is expected to climb by a steeper margin in q 2 of 2020 let's get some expert analysis on this and and the state of the economy with todd horace chief strategist at the trading and bus co-host christiane who joins us from los angeles thank you both for being here today but i want to start with you now the n b e r declared that the u.s. recession began officially in february now this marks the fastest the n b r has actually declared any recession is this a good thing as the faster the drop usually the faster the bounce back. hi brad

thanks for having me back listen i put very little stock into what any account is really said because they're not calling it until it's already over and they're sure on your show with you i said that we're going into a recession back at the end of january it was easy to see that the years are to break down and of course then the buyers really kicked in and we saw the country shut down which is automatically by itself going to create some major problems creating a recession again this steve this is how fast they bond nobody really knows the answer to that and we'll see where we go from here but at the end of the day we're going to start to see the country start to open again we're seeing more action in the market and we're seeing the actually people start to go to work so again if the virus stays away and we can continue to open and get the country fully open then the recession will be over however there are always the chances that we could have a rebuild this virus and they asked again and we could be shut down again so those are the issues that are really concerning the economy overall we're still very strong i mean. are you looking at what we would talk about the possibility of

a recession which i mean you've been on this show many times talking about this even before the crowbars pandemic was it was a huge issue but i mean are is the coronavirus really the only. point that matters right now when it comes to opening or closing the economy versus any other economic factors that we've seen because of this a fed intervention. well again i think it is the fed intervention right i mean look you you poor enough money and the equity markets go crazy as we are very watching what is that today again the general main street economy there is a lot of problems out there are still and there are still issues that have to be solved and they're not over there are far from over but again are we talking about main street or are we talking about wall street and when it comes to a wall street they care about one thing that's money and the only way you can make money today is put it in the stock market which is why we can do to get propelled higher because they can get that return from the equities and again you're forcing

every investor if you want any yield on your money you have to put it in the stock market because there is no place else to go right now because you have a sober you into the conversation and. the stock market's hard here but but what are we seeing in markets today it seems like that rally that we've seen the bull run over the last couple of days at least is fading. well the u.s. equities are under quite a bit of pressure today and we're seeing the reversal of what happened yesterday so a lot of a name to hit all time highs yesterday and such as i trans ocean that rose about 50 percent yesterday they all reversed course and tank today and vice versa with a lot of the stocks that drop yesterday they're flying sky high today so you do see a little bit of a reversal in the markets right now especially across cruise lines airlines and e.m.p. both all of which have made really broad gains on monday and today they're under a lot of selling pressure however on the other hand you also have apple and amazon and the rest stocks all thinking all time highs right now as investors continue to concentrate back into that whole trusted fang grip so right now it does seem like the recovery. ali is starting to lose steam and bank of america actually reported

that clients sold about $3200000000.00 worth of u.s. equities last week for the 5th straight week in a row and selling was reported broad based all across the client group between hedge funds and retailers where they have become sellers for the last 8 and 5 consecutive weeks respectively i'm also strew quips whereas financials actually lead the al flows with the 2nd largest selling data in data history since 2008 which is very consistent with the record low in positioning in investor positioning that we've seen right now in the markets so it does seem like even though there is a lot of this market kind of melt up there isn't a lot of participation here. no but are we in for a generational bear market in the near future and really do you expect that volatility will come back the way we saw it maybe a couple of months ago or maybe not quite as bad but are we going to see that volatility really pick up in the markets again. well i think right now volatility has left the building for now and i think

a lot will come down to who wins the election i believe of donald trump wins the election again i think we'll be back it will be because the racism will continue to make new highs because of the way that he tries to run the government and more business friendly i believe of joe biden have been the election i think we will see that generational bear market i think you will see a lot of changes because they'll go back to restricting their real free market system and the actual workings of a you for a true market so i think you will see if there's a change in office there we will go into a major market now either way i do think that we're going to probably at some point before this is all over test the lows again and we could see that spike in volatility but until there's a reason to sell the markets are going to continue to drift higher yes we have no viable we have no liquidity but the meantime they keep pushing our imposing our and you can go broke trying to guess where the tab is going to be so it's a lot easier to water price action and wait for the markets a turn and then reverse. chrystia you know we just talked about this recession here . is this actually going to become

a depression or do you think that we're going to see that fast bounce and not have to worry about that. was like todd just said it's very very difficult to predict the top but right now this has been like a tremendous bear bounce and of history is any indicator at all in 2007 let's just remember after the drop that happened in mid-year we rallied back to all time highs in that october of that year but from there the market then quickly fell 5055 percent subsequently after it and then entire thing took about a year and a half to complete to actually hit the bottom of the market so it's not something that happens that swiftly so we had a very swift drop a very swift recovery which we can call a bounce and right now we still might be in a bounce is going to be very difficult to tell where the top is but after that given the amount given the amount of underlying the amount of credit the amount of defaults the amount of unemployment that is still there we are still at a record high unemployment levels from the last great recession and even though a lot of analysts say that those employment number may be temporary simply for low

numbers only time will tell and so there's still a lot to go through before we actually fully reopen the economy and see where brad . christie and she stretched it bubba trading the horwitz thank you both for your time. and now we move to the latest agreement to cut oil production by opec plus members as the crow virus pandemic continues to weigh on demand on saturday opec members and its oil producing allies agreed to extend historic production cuts to the end of july initially the alliance had cut production by $9700000.00 barrels per day with those cuts starting to wane by the 1st of july the organization will now cut production by 9 point $6000000.00 barrels per day in july with production being reviewed on a monthly basis the next opec plus meeting of member states is set for the 18th of june opec leader saudi arabia says there is quote no room whatsoever for lack of conformity in the production cuts. a member nations saudi energy minister prince

abdul aziz in psalm on added that producers who failed to adhere to the policy should copy compensate with additional cuts from july through september during a virtual press conference on monday russian energy minister alexander novak agreed saying quote we have spent a lot of time discussing full conformity and how this will be company compensated because the success of the deal and the success of our efforts rests on all countries doing their part now ahead of meeting ahead of meetings international benchmark brant crude hit over $42.00 per barrel while the day. was over $39.00 per barrel hitting the highest points since the 6th of march now both the bread and i have since leveled out to over $42.00 and $38.00 per barrel respectively now for more on all this let's bring in professor bill heffernan senior fellow at the kleinman center for energy policy at the university of pennsylvania bill thank you so much for joining us today really appreciate it i want to start with these latest

production cuts do you expect opec plus members will quote conform and continue at the a lot of production levels through july and beyond if needed. since friend my sense is that's highly unlikely for its century. begins. and trapped really against the leaders here to sound reason mention. and must be very serious in. a. quite a quite effective way to require that and that's going to be a challenge. if the saudis or russia can create conformity and force conformity that will be a surprise and now it appears this week that russia and saudi arabia are kind of on the same page but how did this oil price war between the 2 nations get to this

point can we expect continued good relations or as we move forward and maybe if somebody doesn't conform are we going to see more tensions arise between the 2 nations. when you say on the same page i guess that pages had a heck that we find ourselves in a summit to say. you know they both. agreed to something with incredibly bad luck on the timing and so they began this. this chicken race basically the price was right as the pandemic once showing its head but not given any indication of how severe it would be now as you can see in that nosedive. that really happened after the initial low price war and happened more totally pandemic driven in my opinion. so they had that bad luck on the start but then they had. pretty good

luck when president trump decided to offer to intervene and he made also it's a commitment that. cannot be enforced within the u.s. and i think the saudis and masha were happy to just say ok we have a global agreement with the 3 big players and you know nobody really anticipates president trump conforming with his assurances so. and that may be the out here. and are not sure bill why has this dispute between the 2 nations why have they had such and your expert opinion that if the say i have such a big impact on global oil markets i mean obviously opec the big players are going to see that but but is there more to it at. yeah i think this is really a story of depend on it chilling demand the moon and then and then anybody you know

packed increasing supply and you know collateral. damage or benefit here is effect on us shell production which really was very severe and we heard all this because the economics do not make sense when you get down in the $20.00 an inch but be get back to $40.00 a line of the independent producers in your past and find a way to get production only again so it is a real conundrum for opec plus. for how they proceed here and i you just actually talked about the u.s. shale oil producer the reporter you it was reported that a record loss of $26000000000.00 in the 1st quarter for those u.s. shore oil producers that in 2025 demand collapsed into pandemic how do these latest cuts actually affect the u.s. producers do they help them because they are driving oil prices up as you just

mentioned. dance exactly how that. direct cause and effect relationship going to attack what is production prices in trees increased prices cause us share production to increase absolutely bilham and senior fellow at the climate center for energy policy at the university of pennsylvania thank you so much for joining us to break all this down . time now for a quick break but here because when we return i.b.m. has a notice that the company is stepping out of the facial recognition game after growing outrage surrounding the practice we take a deep dive into the controversial technology and how the firm stock is reacting as we're going to break through the numbers that. elin.

the world is driven by shaped by one person. thinks. we dare to ask. where i did but it could be in this house right now. it's hard to convince me. to make minimum wage you can be recruited by again and sell drugs

and make hundreds of dollars a day. silicon drove the sinners so when a person is still wrote sincere. and if you don't have to know how. to fly in the same job this clueless idiot like you want to. take you somewhere else does he have a criminal record. john. because a criminal record so they don't have the money of that community anyway. they. want black people to be equal they might want one black or they want one black famous person they want one black abyss and one black that.

we go to work. straight home. welcome back as the death toll from the coronavirus surges past 400000 across the globe researchers are racing to find a vaccine it's been almost 6 months of the crow virus outbreak spread from the epicenter in china and now hundreds of clinical trials are underway at least 40 of those to find a vaccine modernity johnson and johnson and the oxford astra zeneca group have

received a total of $2200000000.00 in federal funding in addition to their vaccine programs work and pfizer are also being given government money for clinical trials but before proper vaccine is discovered a russian biotech firm may be offering some major relief arche correspondent atocha sweet has the details on how researchers are tackling dangerous system symptoms of the virus. one shot can mean the difference between going into the. since your room or having a swift recovery from the crown of virus russian scientists have registered a new drug that may help to alleviate the harshest complications caused by cope at 19 including lung failure lovely mob is now the 2nd medication to receive state approval giving doctors more options when it comes to tackling the virus researchers behind the drug say they're ahead of schedule as it's already been going through clinical testing for 2 and a half years looks to her sisters that purport to be sort of dismissing this drug was originally designed because what they were really worried when she was going or

colleagues or our what she was still going to do is go to my 19 most also brittany's begin to historians but it is enough that i believe that the variance of a result must. developers say no side effects have been found during their studies and they're hoping to make this available in hospitals as early as july and in moscow cove in 1000 survivors are forming a support force armed with antibodies many who can and are donating blood to crown of everest patients in need of help pavlov is given blood for the 1st time after overcoming the corona virus is and i know that there are many people in hospitals hospitals are overcrowded and the coronavirus disease to affects people differently in terms of severity some people have it in a much more severe form you deny which so if i can help why not and well not every code in 1905 or is able to give blood doctors say so far roughly 300 transfusions have been done in russia's capital plasma has been collected from about 600 donors so far. in light of protests across the country i.b.m.

has made a major announcement the tech company penned a letter to congress saying it will no longer offer general purpose facial recognition or analysis software i.b.m. c.e.o. arbonne krishna stated i.b.m. firmly opposes and will not condone uses of any facial recognition technology including facial recognition technology offered by other vendors for mass surveillance or racial profiling violations of basic human rights and freedoms or any purpose which is not consistent with our values and principles of trust and transparency. joining us now to discuss this is boom bust co-host investigative journalist ben swan. ben i.b.m. stock obvious took a hit today after this announcement why is that. yes so i.b.m. was down about 4 points today it looked at the end of the day i.b.m. made the right decision and they they're paying at least a short term price for it but i absolutely think it was the right decision essentially coming out and saying look facial recognition technology can be and

will be used and abused in the future and so we don't want to be a part of that as a company we don't want to contribute to essentially profiling certain groups using mass surveillance on the public i hope that i.b.m. as they do this will stand firm in what they're doing but investors obviously were not thrilled about it because let's face it recognition is a huge part of the tech industry and moving forward it's going to continue to be a huge part of not only the tech industry but military use and law enforcement and i.b.m. has spent so much time and money with their technology which is a huge portion of facial recognition technology as well now there's some concern that facial recognition technology is actually not reliable why is that and did that include. did that include what i.b.m. has put out and for as far as facial recognition. it does include what i.b.m. has put out in terms of their own facial recognition technology look here's something that's very important that the public understands when it comes to facial

recognition technology for the types of programs that have been created so far they are notoriously inconsistent and inaccurate depending on which type of pigmentation of skin you have so if you are a person of lighter skin pigmentation facial recognition has to be essentially kind of tweaked to recognize your face if you are of a darker pigmentation then you will get a lot of false claims made by the facial recognition technology so if you want to pinpoint it on people with darker pigmentation you have to tweak it for that and you get lots of false positives on the other side so what you find with facial recognition is that the way it stands currently it is notoriously if you want to use the term racially in the in equal or racial inequality you can find a technology that is more racially in equal and not equal then they should recognition because it cannot right now accurately notify authorities of a false or

a positive match depending on the race or the skin pigmentation of the person who was scammed you know the announcement actually also included a explanation that the company will no longer selfish or recognition software to law enforcement isn't that the main entity that would buy this technology. well that's where their big customers are and that's probably why i became stock drop today look the biggest customers who are looking for facial recognition technology are going to be who it's going to be the u.s. government it's going to be the u.s. military it's going to be police departments and who is one of the biggest players in this space right now amazon and its recognition technology which by the way has been sold to law enforcement police departments and when employees of amazon said they didn't want to do it jeff bezos basically told them to sit down and mind their business and he'll run the company so i.b.m. may be stepping out but there are plenty of others who are stepping up and we're not seeing any other company who's getting on board with i.b.m. to say hey where we're on board we're going to do the same thing and so if you're not seeing any of that right now now been there is one more question that i have is

is kind of i.b.m. was insinuating hey when there's some laws in place or when there's kind of a ruling on this that we might be able to restart our facial recognition. portion of our business program yeah what are and are there some non you know invasive facial recognition uses that we're seeing out there that are don't include law enforcement in some capacity we're sure absolutely like for instance a great example of that is the facial recognition technology that facebook uses right now so right now when you put up a picture on facebook it will put a little square around your face than it did if i see you based on past pictures right but facebook actually just paid a huge fine recently for doing this because they were using facial recognition technology and scanning photos of people without proper permission so they paid a huge fine for that there are not very clear guidelines in place for how to do this but there are actual kind of practical uses for it where if someone agrees to it i don't think they should recognition would necessarily be

a misuse the problem is that law enforcement and military usage is not looking for facial recognition and your compliance they want to use it in order to monitor the public and essentially monitor you and you know 4th amendment issues here search and seizure based upon just be. unable to spot you that would camera at some point that's why the a.c.l.u. has been against it for so long. that investigative journalist ben swan begs for keep us up to date on that one you got to read. and finally a social distancing continues have you just been missing out on taking selfies with your friends well as it turns out apple has recently been granted a patent for software that would generate synthetic group selfies which could be used to take social distancing selfies now according to the patent application an apple user could invite others to be part of the selfie and the software would arrange them together as part of a single photo now according to filing the selfie could include still photos stored video images or even live streaming images after the photo is taken individual

users could even modify the picture allowing them to rearrange the composition of the photo 'd and of course while this seems appropriate now during the social distancing times apple probably has other reasons for the software is they actually filed for its patent back in 2018 is the company hasn't commented on the story it's hard to say when the feature would be rolled out and how it is intended to be used i said selfie quite a bit there that's it for this time you can catch 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. you can also find it at portable t.v. so you next time. i.

best's drugs were her cocaine as were 4 bucks for the under 50 it's the everybody use cocaine crack cocaine you can smoke it this is word for it has been very. tony. scott came to this is about a $15.00 bet and people smoke this one go figure circa sweetie you can find these drugs in any city in the united states that you walk along as you or want to get about the. i make money. and that's what i did every day.

probably the greatest success of the civil rights movement was respect for human dignity all lives matter under the rule of law that was then but today the same concept has been turned on its head we are told to change to meet or face consequences social sheeny is being turned into a ruling ideology. you cannot be both with the yeah you. know what's a clip of she was no use to you. but me my it's always at the back i was the

guy who moan and the late. not something he didn't see immediately. they can put us in the mood at the curtains up by the smithsonian busha even if the capital. city they say yes long. yes but. the world is driven by shaped by. the jerry thinks. we dare to ask.

is you'll be a reflection of reality. in a world transformed. what will make you feel safe from. the isolation full community. are you going the right way or are you being led. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or remain in the shallows. join me every 1st week on the alex simon shore and i'll be speaking to guest of the

world of politics sports business i'm sure. i'll see you there. demonstrators in paris how would a large and few racism protest in honor of george floyd almost 9 minutes of silence condemnation of the police bring talent to. london's mayor announces a review of all statues and street names in the city made concerns about their links to slavery soft lines and racist protesters top of the monument to a slave trader in the u.k. city of bristol also to come this hour. everybody's trying to shame us it being a barrister about our profession us police say the officers shouldn't be playing for one man's crime that his anger at lauren foresman turns into its own movement with unions and the from kathy.