but. you cannot be both with the yeah you like. i. this is the one business show you can't afford to miss i'm french born washington coming up markets are slipping

on fears of a 2nd coronavirus wave and we're here to break down the following the future of the u.s. economy plus have swept the nation causing much of policy debate corporate america has moved in and hopped aboard the movement we'll discuss and later we take a look at the state of big coin amid the growing global unrest and whether we could see an upcoming surge with a packed show today so let's dive in. and we lead the program with u.s. equity markets in turmoil the dow and s. and p. $500.00 are both on track for their worst week in more than 12 weeks the news comes as investors react to several issues facing the economy including the federal reserve's economic outlook which estimates u.s. g.d.p. will fall by 6.5 percent in 2020 despite expected growth in 2021 in 2022 now there is also data regarding the new weekly weekly jobless claims released thursday by the u.s. labor department new unemployment claims were just over 1500000 for the week ending

june 5th and it should be noted that these numbers come in under the 1600000 new claims expected by economists polled by dow jones the number was better than the 1900000 new claims the week prior and then there's the fear of a 2nd coronavirus wave as some areas of the united states are seeing a spike in new cases are key correspondent tony chavez has been following the story filed this report. as most of the country is reopening businesses and stay at home waters are slowly lifting there is growing concern for a potential 2nd wave of the deadly coronavirus the number of infections nationwide now topping 2. 1000000 with at least 21 states reporting an uptick of infections while 9 states have seen an increase of hospitalizations in other parts of the united states who they were they must worried about it i think that there's more of a return to like our previous normal and we are seeing increases there some experts say the surge of new cases is linked to memorial day festivities when hundreds of

people packed rush pools beaches and parks during the holiday weekend while texas has reported 3 consecutive days of record breaking code in 1000 hospitalizations 9 california counties are reporting a spike in new coronavirus cases as well relax to lock down restrictions also coinciding with racial injustice and police brutality protests are out there as tens of thousands of people take to the streets side by side every day for more than 2 weeks many not wearing face coverings the growing fear of a 2nd wave being felt on wall street the dow plunging more than 900 points at the open over 3 percent as the s. and p. 500 slid 2 and a half percent while the nasdaq dropped 2 point one percent airline and retail sectors hit especially hard shares of united airlines delta american and southwest all dropping more than 10 percent in premarket trading while carnival corp in a region cruise line shares fell more than 11 percent gap and kohl's shares also

fell more than 8 percent each the federal reserve warning the economic devastation will be felt for years to come officials indicating they expect the unemployment rate to end 2020 at 9.3 percent and remain elevated for years while output is expected to be at 6 and a half percent lower at the end of the year than it was the final quarter of 2019 so far the coronavirus induced recession has forced more than 44000000 people to seek out employment aid in just 12 weeks this is the highest number of unemployment in 19 years reporting in new york trinity java's r.t. . for more on the 3rd of the. yes markets say in the economy we are joined by boom bust co-host christiane christy thanks for being here and the dow is looking at its biggest one day loss since march it dropped a over 6 percent at 1.6.8.6.82 percent just on thursday alone why the sudden shift in sentiment when we when we talked earlier

this week we didn't seem to think that volatility was back. looks like bad luck brenton's here all over again when the dow got me about in months today and this is on exports the 1st 3 days and losing streak in about a month which is basically led by airlines cruise lines and retail all of which fell more than 10 percent today so it looks like instead of the reopening being the bullish narrative taking center stage we now have mounting concerns of a growing 2nd wave across the virus texas has just reported 3 consecutive days of record breaking hospitalisations and california is also reporting cites in confirmed cases so in light of all this and lester's are concerned that the recent protests will fuel a new wave of infections and result in persistently. economic as the country can't fully reopen and recover so a lot of those like dow now is from investors taking profit both the s. and p. and the dow are still still you went today up more than 40 percent from the coronavirus lows and so investors are cautiously taking gains as they continue to

monitor the situation day by day so now the rotation is back and to shelter in place names and those are kind back such as zoom such as netflix and investors are dumping the reopening these and such as airlines in favor of for the more safety assets as well such as dollars and gold's so we're still in the early innings of the sell off we can certainly see this to test the 200 day moving average again as a weakness versus chris christie how much of this is actually a delayed reaction from what happened with the federal reserve yesterday. well we could certainly interpret that letter like you said yesterday the market was looking for clarity on what else that will do to stephanie. if the situation got any worse and yesterday we really didn't get that message and it took the market a little time to digest that it struck a double edged tone yes but we never got any real clarity on how long the treasury or just this will last whether or not they would continue to taper off so yesterday the f o m c meeting it was somewhat of a placeholder until more meaningful choices are made in the next few meetings so

keeping rates at $8000.00 expected are a that's a no news but now as a reopening it's not going as planned the market was looking for more actionable items for the fed to execute on it order to help that stain and support the market come the 2nd wave and this really partly is a 2nd wave that all the u.s. never really got under control the 1st place it's just one day decided hey we're over it and started reopening so the fed really reminded investors yesterday that there is a huge gap between the economic reality and the market reality so that reminder is basically what's for and a lot of traders to take profits today and a lot of we can't bought into the market as we reported numerous times the previous week this was the least bought rally meaning that primarily retail traders traded this won't make money institutional guys they were going on the sidelines so we can't are the 1st to come and the 1st to go out and that's rally really didn't have much substance left it's a stand kristie before we go here the latest stimulus plans are actually set to

expire very soon how is the average american household fairing in this new environment and especially as we look at concerns of of what you call actually continued wave but what people are calling the 2nd wave of about 45 seconds. well right now i mean continuous is going to be very difficult for american households because right now they're already having trouble making rent payments given the high i'm out of unemployment and the rising cost of living so right now with the latest numbers i'll be 72 percent of american households didn't pay their latest monthly rent and reported that the squeeze on household is getting worse 31 percent of households said they had little or no confidence about paying rent next month so the average consumer is in a very rush. boom bust co-host christiane because we have more to talk about a little later in the show. and as protests continue throughout the united states following the killing of george floyd in police custody corporate america has weighed in in various ways of course companies took to social media to share a positive message we've seen statements or well produced videos supporting the

black live matter movement from the likes of amazon nordstrom ben and jerrys mcdonald's and even nike almost every mainstream streaming service posted as well including net flix hulu h.b.o. max and prime video netflix has even added black lives matter as a content as genre corporate america is even putting their money where their mouth is to support the fight against an injustice and inequality bank of america has pledged 1000000000 dollars over 4 years and a commitment to support economic opportunity initiatives michael jordan nike and jordan brand pledged $100000000.00 over 10 years to organizations fighting for racial equality social justice and access to education wal-mart will commit $100000000.00 for the next 5 years to create a new center for racial equity and the list goes on and on with sony music group google facebook g.m. and many more promising tens of millions to the cause but we come to the question

why now that didn't simulate that this is an important cause but racial equality has been a huge problem this country throughout history and recently we've witnessed civil unrest in ferguson missouri in 2014 and baltimore maryland in 2015 again not to mention other protests regarding this issue over the past decade to talk about this let's bring in host of the news with rick sanchez rick sanchez himself i mean rick what do you make of corporate america getting involved making these statements making these huge donations is this just lip service or is this an actual attempt to make change or is it really just for the press i'm not sure i think it's somewhere between lip service and bull crap. one of those i think i haven't decided yet which word appropriately drives it but look. you can't change america's problem of racial inequality or any of the fundamental social problems that exist in this country from the top down it just doesn't work that way in fact i would

argue you can't throw money at any problem and fix it it has to come from here it has to come from that thing that we all have inside of us that makes us realize what it is that we have to do. to understand somebody whose opinion maybe we don't share a little bit better something we're not good at doing right now in this country perhaps worse than we've ever been in the history of our country with the possible exception of the civil war but let me tell you what these countries these companies that you just mentioned the are all throwing these big dollars at all these things you know what they're doing what are they doing cover. they're buying cover that's what they're doing when let me give an example so i've worked at big giant media companies right you probably know all of them or thought that there's a big media company in this country probably worth here's what they do you're ready so they don't want to be criticized by african-americans or they don't want to be criticized by asian americans they don't to be criticized by hispanic americans so

they write a giant shock when they think they've done something wrong to the asian american journalist association the hispanic journalists association the african american association of journalists and they write him a check for $100000.00 now they've essentially bought that organization which is the organization that speaks for african-american journalists so now let's suppose let's just say c.n.n. not that i may have worked there but let's suppose c.n.n. fired an african-american journalist under horrible conditions and now they're getting heat from the african-american community for what they did or they criticize somebody or they did something you know which everybody's going to make a mistake. what they were essentially done is they've gotten cover they bought it from the african-americans association of journalists now they're less apt when some. but when a reporter goes to them and says what do you think of the way c.n.n. or n.b.c. or fox are treated that that issue or treated that person they're going to say well you know what we're going to reserve judgment because you know for the most part

c.n.n. has done a good job why because c.n.n. just want to check for $100000.00 that money's not there so they can help improve racial you know integration in america it's there so they don't get criticized there by cover that's what they're doing and it's interesting that you mention that because in 2011 bank of america who we mentioned is giving a one $1000000000.00 to charities spread out over 4 years they are they settled for $335000000.00 for basically treating people on racial lines and equally when it comes to loans they were hired charging higher interest rates to write so of course they couldn't only give $100000000.00 either because they've already settled for $335.00 so $1000000000.00 looks much better now let's talk about the boardroom let's talk about the c.e.o.'s office a little bit i have some more numbers for you i mean number 1500 companies only 4 black c.e.o.'s nor are there and when the african-american population makes up 13 percent of the workforce there are only 3.2 percent of them serve in executive

positions similar in hispanic communities 17 percent of the workforce 4 percent of executives you know you're not going to hear yeah i get where you go i mean is there something here to where you could put your money where your mouth is by hiring people putting them in charge of your company no i'm going to disagree ok meritocracy a business is there to make money it's not a charity i'm not here to hire somebody who is green because they're green and we need to have more green people even if that green person is not necessarily as good as the orange person i'm not here to hire an orange person because i want to help the orange persons of society so here's how it works in business right if you sit on a board of american companies you hire the person who is most qualified. that's a meritocracy and that's the way business supposed to work here's the exception now i'm going to i'm going to argue with rick sanchez is going to have an argument there are chances here's what we should do in business we should find ways to understand culturally how those people who are not hiring may be

a good fit but we just don't know it because we only a greener see people who agree with us i only have a tendency as a as the as the c.f.o. of a company to want to hire people who i agree with who look like me who sound like me who went to schools like me so what happens when you do that you have a tendency to hire people who don't look like people you don't agree with even though they may be brilliant that's what we have to do we have to culturally challenge ourselves to find people who are different than us but not go out there and say well today i'm going to go out and hire a green person or yellow person or or this person or that person that doesn't work well right so what you're saying is there should not be a requirement to do this but you can make the cultural change within your business within your company to open it up more and it's not x.'s and o's it's cultural it's you look inside yourself and you say why is it last year that i didn't hire anybody from that group it's because i don't know anybody from that group i'm not looking in that group so you have to force yourself to look at that group not because you

want to go out and say ok let's go get a black person and a hispanic person a major branch of that doesn't work and i think the investment in education obviously you're saying you can't do it from top down right i think if they invest in the education then you could bring it from the bottom up then you could find more people of different races who do end up having those same benefits that you might have had an ivy league educated careful because that's the government's job that's not a businesses job and if you're going to do with that you then you're basically becoming a socialist country host of the news with rick sanchez rick sanchez thank you for debating yourself here on boom but. time now for a quick break but hang here because when we return we take a look at the state of big coin amid the growing global unrest and whether we could see an upcoming surge. as we go to break here the numbers at the close.

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a guy. on the late. not something you'd see in the media what's happening today thank you what's the mood at the. smithsonian national capital. city they say yes. yes. no no crown. no shots. actually felt. no threats to. which your thirst for action.

welcome back to the struggle is real when it comes to big oil and breaking through the 10000 dollar mark on news wednesday that the federal reserve would keep interest rates near 0 bit cohen saw a quick jump to right around $10000.00 and then slipped back to around $9600.00 so why can't break through the $10000.00 resistance joining us now to discuss these bring back boom bust co-host christiane and we also have boom bust co-host ben swan but i want to actually start with you in this conversation why isn't it quite able to break through that barrier. yeah it's kind of a tough question because i think there's a lot of kind of psychological pressure that prevents big one from getting over that but there are 3 things in particular that seem to affect it one of them is the federal reserve you know that federal open market committee meeting that was held on wednesday and when you did those meetings it seems like every time they come to an end there's a little bit of

a dip for big point as well as the stock market christine loves to use the term we talked about buying the rumor and selling. news and i think with big point it seems like as of late we see a lot of selling the news every time there's another announcement we see that that number just dropped just by just a little bit for bit quite so that's part of it and then part of it also is the issue of the kind of this continued resilience it goes back to 2019 we've seen this issue since 200-1000 were big going gets close 210000 then it falls back now remember it fell back at one point from 10000 all the way to 3500 and the climb back slowly from there we haven't been able to get over that point and i think part of it is a psychological barrier that says that the coin is not going to be able to sustain above 10000 because if it gets over 10000 then it as they like to say goes to the moon now kristie we're soon a moment for big oil at all coins as a whole seem to be poised to rise how do you see it at this point. well one of the biggest factors here that's going to be institutional money stepping in and as we

call it we separate these $2.00 groups into institutional investors and then the retail investors so right now this has been happening for the last 2 years that new institutional money has them orientable points and declines alike so a new survey conducted by fidelity of about 800 institutional investors in the u.s. and europe showed very strong crypto currency adoption particularly and that quite 80 percent of institutional said they appealing and 60 percent but i could have a place in our portfolios however one really interesting point to know is that 25 percent of european investors find the fact that certain digital assets are free from government intervention to be appealing vs only 10 percent of investors in the us feel this way so it's really interesting that the us apparently prefers more oversight and more regulation and i consider financial status. so especially as we are facing an uncertain future with the possible currency devaluation here even in the u.s. investors are increasingly trying to cut the respondents in the same survey reported

that the top contributing factor in investing to roth when zach. i'm correlated to any of the asking it back on innovative technology and has a really high upside potential we can be really hard to find and it's mike as we consider the been saying on the show you have money market on guys trying to squeeze a 2 percent one percent yield on treasuries right now and also to return it on asset is going to be very difficult. and now but i want to move a little bit off of that specific point you know between a struggle to find support in the u.s. government with president donald trump along with treasury secretary steven nugent leading that criticism but now it has been revealed that the u.s. department of defense has war games scenarios involving a generation 0 rebellion what is it again a generation's a rebellion that uses big korean to undermine and evade the establishment what can you tell us about this i've got to tell you this is the it was the one story of one

of the talk about all day long it's absolutely mind boggling so get this it's called the 2018 joint land air and sea strategic special program it's a war against set in the year 2025 and it's intended quote to reflect a possible plausible depiction of major transit influences in world regions the bottom line is the concept is that you have something called a ziebell yen which is a rebellion of people who are creating social unrest and protesting in the streets imagine that happening and then as a result of that you get a group of people who are basically fighting against the establishment by using because they're actually taking money and robbing these people by going into their accounts and then turn it into big and then using that big going to disperse it among the people it's kind of a robin hood scenario here's what's crazy about this idea is why are there there are so many issues why is there a war game scenario set up to say watch out there are people who are feeling like

they're getting left out of the system and they might rebel against us by using coin or. by using some kind of all coin and use that to the establishment instead of say what are we as the u.s. government doing to create more equity within the system including embracing digital currencies rather than allowing the fed to do what kristie just mentioned that devaluing the dollar printing illicit mounds of money and absolutely wrecking the financial system and then setting up a war game scenario to prevent anyone who doesn't like that idea kristie i got to get your opinion on this story. well it's certainly sound enough our fashion the fact is the heart of the government clamps down on it as we've seen over in china i think i'm actually trying to clamp down very hard on that point and other compare currencies very early on and got to try to contain this contain the population from having access to the mark cents on the more people are going to be adoptable to it so that's how privacy coins came about and that actually showed the rise of privacy coins as well as

a rise of big point access and that's something that we also talked a lot about on the show on our our big question mixes are they legal or illegal and should they be criminalized or not because that was one of the biggest debates to date right now in terms of a terms of can decline be traced candy should be tried by the government and should they be allowed. to go ahead and go does that very quickly i was going to say but i think we have to take a look at what's happening right now in the country in terms of monetary policy like this he was saying earlier the monetary policy we have right now is completely self destructive agrippa currencies can and will be an answer to that boom bust co-host ben swan and kristie i thank you both for that excellent insight. and finally there may be a legal dispute on their highs and for 2 unlikely parties the us government and streaming service netflix the whole thing stems from the trademark for space for snow of course space force could refer to the 6 military service branch created by

president donald trump or the netflix comedy series starring steve crowe which launched in may now according to the hollywood reporter the show has been able to get the trademark rights to space force in multiple places including mexico europe and australia while the air force has a pending application for registration in the united states the report also states netflix applied for a trademark as early as january of this year and may be the 1st to use the term in action a spokesperson for the air force downplayed the situation telling the hollywood reporter at this time we are not aware of any trademark conflicts with the fiction . the program while it may not seem like a huge deal a trademark conflict could affect merchandise sales and its customers may not be able to tell if they are supporting a comedy program or an interplanetary military bridge and that's it for this time you can find us on portable t.v. at portable t.v. feed next time.

it's hard to take some from somebody if you know have some replacing. they want to do this interview today and i want to use the market in that they take me. there and. so how can i tell you stop selling drugs if we'll have something to put the money in a box. they just mean the way in life it's almost been basically mccullers peaceful for us all or. do you guys know what's a good many security positions of the us you know. david jack me again. you see people get all their cars and i'll see you coming in the harness seems like they'll hurry up and run into the house like they don't want to don't want to talk to her get your mail or anything like that.

i just want to. say i understand you. just try read a. good chance give me. one else seems wrong. just don't call. me. you told me to shape out disdain to come out to it and engage with equals betrayal. when so many find themselves worlds apart we choose to look for common ground.

you cannot be both with the yeah you like. has changed many american lives but pharmaceutical companies have a miraculous solution. based drugs to people who are chronic pain and believe that their prescription is working for them on the remedy be sent to the price that they pay closer dependency and addiction to opiates the long term use that really isn't scientifically justified and all study actually suggests that. the long term effects might not just be the absence of benefit but actually that they might be

causing long term. but expressed in paris figures that show more than 50000 help book is became infected with corona virus. in the u.k. a report shows that the height of the health crisis in the country around 25000 patients were discharged from hospital to care homes without being tested because 90. to tens of thousands of coronavirus deaths in the u.n public anger towards its leadership over the crisis think that our cues is russia and china are waging this information war during the pandemic.