cool. you know deep comedic. close to what i'm going to see a day and i was. just an ordinary guy sat down i. missed as i was the mother and then as she did what i did i missed that hey get a shot here. if. this

is boom bust the one business show you care it's afford to miss a boring washington coming up. and i need an agreement has been reached that will make it easier for many people to get through the crisis and an upswing will happen faster now than otherwise would have been the case the european union has struck a deal on a 2 trillion dollar budget which includes coronavirus relief after some heated talks over the weekend straight ahead we analyzed the specifics and the state of affairs on the block and the u.s. had its smallest single day increase in covert 19 cases in more than a week we'll take a look at the spread of the virus throughout the globe plus it's another big week for earnings on wall street as lawmakers also are negotiating the next round of provirus stimulus will break down what this is doing to markets with a packed show today so let's dive right in. and after almost 5 days of fighting insults and battles between european union. eater's and it has to and it's storage

and massive stimulus plan has finally been agreed to the deal paves the way for the european commission to raise billions of euros on capital markets on behalf of all 27 states within the e.u. french president emmanuel mccrone who helped to pull the deal across the finish line along with german chancellor angela merkel called the deal truly historic. to simply put us we have put in place a capacity to borrow collectively to put in place a collective recovery plan for the 1st time the objective which we arrived at was a package of 750000000000 euros in total we ended up by having everyone's agreement as chancellor merkel has said for $390000000000.00 euros worth of grants but this is a substantial package which will enable each country to finance a good part of their national plans i wouldn't want to go into this will be we have a great responsibility with 200000000000 euros we have the possibility to strongly relaunch italy to change the pace of the country now we must hurry i must use this

money for investments for structural reforms we must begin that the economic growth for sustainable development that we have been pursuing for years without ever achieving it at least not with the timing it was not easy that we needed so many days shows that we came from different directions but what counts for me is that we all got together in the end and that we are all now convinced that we really can make something out of what we decided. so what does this historic deal mean for the e.u. let's go deeper and bring in blue bus co-host investigative journalist ben swan and john dean of the miami herbert business school thank you both for joining us again today and i didn't quote actually want to start with here you hear now this is a massive stimulus and recovery plan what do these countries need to do respectively to move their economies forward amid the crisis that we are seeing.

thank you brant yes the size of the deal is substantial it represents actually about 4 percent of annual e.u. g.d.p. . and it's important to note in the e.u. that around about a 3rd of european union g.d.p. is intra european trade so one of the most important elements of this package is the opportunity to restructure our economies and businesses to facilitate an acceleration in intra european trade flows in addition of course many of the loans will be assigned by the national governments to stimulate and revive small and medium sized businesses that have been disrupted significantly by the virus but overall i think

we're looking at perhaps not as quick a recovery package implementation as you might think because the deal as a whole has to be approved by every national parliament among all 27 nations and that's going to mean that it's going to be at least 6 months if not more before any of the money actually finds its way down to the ground level to the high street or main street and that's very interesting point we're going to keep an eye on out throughout the next couple of months now ben we talked monday about the more frugal northern european countries that resisted this deal french president menem are grown actually spoke about them as well. for the countries that we have called frugal this incentive that he comes from the fact that they are large net contributors and that there is a political sensitivity. at home on this point often with coalition governments and

therefore leaders who are around the table but who must respond to their parliaments which have put on many constraints now how do you think these leaders will fare as they head back home to their constituencies as actually just kind of made the point of how this is going to have to go through all of these parliaments as well yeah and i'm not sure that based on. these will get through all these parliaments look there's 5 countries really in particular we're talking about here in the past they've been known as the frugal 4 now they're called the frugal 5 finland joined them it's finland denmark the netherlands austria and sweden that make up these countries are wealthier northern european countries their parliaments may not agree to all of this their representatives in the leaders from those countries who essentially have been fighting with the rest of the e.u. over the last almost 5 days over this or are they going to have to sell this back home to those constituencies and say that this is a good deal i'm not sure that they'll all agree with that remember these are not

only going to be difficult to sell to the existing parliaments but also to populist parts of the populations that may not agree with these ideas so one of the issues here has been that these frugal 5 nations basically said they wanted to have essentially loans that were made that would have to be repaid not grants that were non repaid by a lot of these nations the grants idea has come through and so i think that's where you're going you may see a hang up in some of these other again wealthier northern european nations quote this plan seems to endorse the principle of collective borrowing and allows for the transfer of funds via grants from richard to weaker nations now is this deal also in some ways acting as a blueprint for future relations within the e.u. . well as the us expanded over the last 50 years in one incarnation or another there's always been there

a balance between the rich and nations and the poor nations within the e.u. and there's always been an element of wealth redistribution associated with the whole european idea so this is really the latest reflection of that i do think it's important though to underscore that by. organizing all of this loan activity centrally through brussels rather than having in individual nations. individually make their own debts debt arrangements and loan arrangements there is an element of procurement efficiency here that is not to be on the rated but. you know when you have 27 nations trying to forge agreement on anything it's pretty tough but certainly this is a victory in fact any time that you can get the 27 to agree on something this

substantial it's a victory for the european ideal and now there was a lot of talk about rule of law especially from the hungarian prime minister and i want to play in some sound from him right now. and be not just manage to get to back each of money but to be defended the pride of all nations and make clear that it is not acceptable that anybody especially those who even harry teed in how to do the will of little. good the size os the freedom fighters who came from of the route if it could be that of police times that they do look against a community in favor of little devil said no but they can get you kate donation of the dominant church for the nation of the $56.00 civil should it's unacceptable and he was of course talking about not questioning poland or hungry now do you think

that there will be backlash against the e.u. from these countries if this money is not applied correctly. or not a problem correctly yes but i also think that whether or not there are additional strings attached to it so i think what we're hearing when we hear this discussion about rule of law really comes back to a bigger idea which is simply that some of these countries will say if you don't like the way we're handling politics internally if you don't like the political systems because obviously and there are is a big divide across europe in terms of these populist movements that are popping up in different countries we've seen it happening now for the last couple of years if you don't like where we're at how is that going to affect the centralization of this you know it was talking about a minute ago about that kind of centralized efficiency and it all coming through brussels i think there are also becomes a fear about some of that centralization that also becomes centralized control coming out of brussels and so i think that's some of what we're hearing there you

know and i think when we look at what's happening across europe it's easy for us to gloss over here in the united states some of those deep rooted feelings and anger that lie between countries nation to nation there and we talked about this monday about the cultural differences of these $27.00 nations as you're talking about coming together to work out this deal buber's co-hosts ben swan and dean john quotes thank you both for breaking this down for us. thanks for thank you. as we continue to see surges in cases of coping 1000 here in the united states president donald trump spoke about the situation announcing he would resume holding daily briefings on the virus frankly a lot of the country is doing well a lot of people don't say as you understand but we have had this big flare up in florida texas a couple of other places. and so i think what we're going to do is get

involved and we'll start to have briefings and part of the briefing i think much more so than last time because last time we were nowhere when. vaccines are therapeutics and it should be noted that the president hasn't held a briefing in 6 weeks now meanwhile the u.s. saw its smallest daily increase in new cases in more than a week reporting just over 60000 new infections monday with that in mind let's go ahead and take a global look at the spread the virus with our correspondent side to average or so where are we worldwide sobran right now almost 15000000 people around the world have been diagnosed with 19 almost 60 percent have recovered and more than 616000 have died now looking over to the u.s. they have reported almost 145000 dead and there's almost $4000000.00 confirmed cases in the u.s. and and the u.s. also reported over $460.00 new cases last week nearly 15 percent from the

prior week and just looking in the last 24 hours there's been over 62000 new cases are bored at it like you said a little lower than the average 77 the average but not by much now nationally 8.5 percent of tests have come back up positive for the virus that still down 8.8 percent and the prior week would still much higher than the 5 percent level that the w.h.o. recommends before reopening states back up and $31.00 states have tested rates above 5 percent including. 24 percent florida nevada 19 percent and i don't have an alabama also 19 percent now both of vermont and connecticut have the nation's the lowest positive rate at below 0.08 percent and new york who once had a 71 percent positivity rate at one point now has 1.2 percent and

also the u.s. is currently testing about $700000.00 people a day so little imagine that in. going to keep going lower a higher depending on rules put in states like social distancing but i also want to take a look at the u.s. current hot spots and how 19 states right now have reported an increase in new cases just in the last 7 days and the majority of cases remain to be in california arizona you see all the red right here california texas arizona florida and now also georgia as emerging as the nation's newest hotspot and you know just looking at california arizona texas and florida you'll see that these states just keep trending higher and higher so what we want to see them is actually flooding because you can see they're just getting higher and higher doing their 3 day moving average and then when you have new cases there is also you'll see more deaths that's when

they're seeing more deaths happening this chart is going to show so more cases of course equal more deaths and as of monday texas reported 118 deaths florida 90 deaths california 5056 and arizona 23. globally were the hot spots you're looking at so globally we're here are the chart that i'm going to have them put up here these are the top 10 countries affected by call that 19 of course u.s. is constantly trending up followed by india followed by brazil other latin american countries mexico peru. and chile are also on the list going up in the middle east iran remains to be number one it's been replaced iraq was on the list but they're no longer are it's once again being replaced by chile and south africa is also seeing a steady amount of cases brant arky correspondents are tablature thank you so much for keeping us up to date. time now for a quick break but hey here because when we return we'll take

a look at another big week for earnings on wall street and how the next round of stimulus might move markets and as we go to break here the numbers. led.

to shape our. according to even fox news trying is like going to the polls this is because joe

biden is such a brilliant and it is or because the heart of the consensus is that endemic has been badly handled by the president still another the trump brand is a populist in the sixty's. and one. welcome back u.s. equities rose again on tuesday as we are hitting the bulk of earnings week and traders are looking for more clues on further u.s. fiscal stimulus thus far 58 companies in the s. and p. 500 have reported and 81 percent of them have been analyst expectations now sentiment was also lifted tuesday after the e.u.

agreed to the stimulus package we discussed earlier in the program so now the attention has churned to the u.s. and what it will do before the current aid package expires joining us now to discuss this boom bust co-host christine and editorial director of the american institute for economic research jeffrey tucker thank you both for joining us jeffrey i want to start with you now there is a lot of talk about what could be included in this next round including a 2nd round of p.p.p. funding to hard hit businesses as well as another round of stimulus checks what are we looking at here and what are you looking at. button markets are excited about this course but i more importantly than that i think markets are of the opinion that the lock downs are gradually. ending a little bit at a time the markets were strong before the lockdowns came and i think traders are looking forward to restoring some of that bit of optimism and maybe the stimulus helps i mean it. helps boost or bolster the financial markets on the other hand you

know from from a pure economic point of view this is just once again prolonging the pain of pain a bunch of businesses that are that are not being profitable right now because they had their customer base models while pain a bunch of workers not to work so this is kind of a stupid policy you know but but the u.s. has specialized in the last one right and how to prolong the pain as much as possible you know what jeffrey i have a cry of a follow up on that because you're just basically saying they're prolonging the pain by supporting these businesses and basically keeping them afloat i mean would you basically do a survival of the fittest if you were in charge here and say hey if you didn't prepare for something like this sorry it's your fault. we were in charge i just say hey everybody go back to what you were doing before what you just need to do see the liberate free enterprise that's what we've been needed to do this since april is just crazy i've written a 1000 articles about this we just need to free the market and stop hopping around like grasshoppers in this country acting like as if we're going to control a virus that we can't control and so we need to go back to go back to property

rights and freedom of association of that that more than anything else we're going to restore the markets and ask for these unemployment benefits i know they're going to be extended but it's just a mistake it's a bad policy to pay people to stay home more than they otherwise work and they've gone back to work so yeah i see that all this is a pain prolongation and mostly pointless and and profoundly irresponsible you know kristie to jeffrey's point about you know kind of reopening economies here it seems like economists have stopped talking about that v. shaped rebound now despite 2 months of labor market growth some 50000000 americans are now unemployed and as of today as 80 percent of states have actually scaled back to reopening measures consumption looks to stall out in july as restrictions are imposed once again are we seeing a hiring stall as well when it comes to this absolutely if you notice that everybody has stopped talking about this v. shaped bounce or this you shaped bounce for however you want to call it exactly

what jeffrey just said is this prolonged pain trade and so right now it looks like hiring is also slowing down as my restaurants and bars and even some retails. there reinstituting the stay at home order and shutting down so it's not only these consumer facing business that are across the board that employees are being let go of linked then also announce that they're cutting 960 jobs or 6 percent of their global workforce as a pandemic is having a sustained impact on demand for its recruitment products so goldman sachs is also publishing a new report saying that while it's tempting to believe that these new restrictions would simply push back growth from q 3 and q 4 out further into 2021 the situation isn't really that simple because the law. or that businesses remain shuttered the more likely they will fail and close the doors permanently even if we just continue to try them all with additional people pete eventually you know when they open up the doors they still have they study in pay their rent based on a pay that back mortgages and everything and it will eventually lead to these businesses shut down permanently so even this temporary stall in july hiring which

is expected that's going to have a very lasting impact on this entire recovery story jeffrey i know i know christine just backed all of your claims there which probably made you feel really good but i want to move to commodities quickly. i wasn't. somebody that was about standing the summer it was printed that that was great i would have become obvious a little bit jeffrey oil prices again more than 3 percent. to 4 month highs what is supporting these crude prices right now when we are still in a net surplus environment. you want to you want to hear you want to hear the summary in one word sure. that's the whole story you know we got we got russia and saudi arabia playing together again you know we've lived through a historic time with oil this is very interesting people to think about this is about a month ago they're all got probably fell apart we briefly experienced what a free market oil would look like and it was weird. like and negative right it was

crazy times like what's going on here oh we've got competition we've got a market we've got people producing as much as they can and sell it to never ever will but you know it is also during the middle of lockdowns so the prices like massively collapsed ok nobody is happy with that so they put together their little sign little cartel that we've been living under for the last 50 years and so that's been restored so we've seen the prices back up to get to the level that that everybody is everybody but consumers is happy with that's that's that's a long and short of it but it's in many ways a very beautiful thing to watch and know kristie i want to hit on a quick story here on the crypto front it looks. they are taking a stand against big tech crypto businesses are taking google facebook and twitter to court in a class action lawsuit that could cost the social media giants up to $300000000000.00 quickly what's going on here and what's the latest well this is really interesting because they're taking them to court in a class action lawsuit for many as from january 2800 to the present claiming that

their businesses have been harmed when they banned all quit the advertising within weeks of each other considering that these 3 social media giants together control a very large percentage over 80 percent in the united states online advertising market and that ban severely hurt the way that crypto businesses acquire customers so this is being fall in australia where the actual seek damages for will drive losses where crypto markets drop by hundreds of billions of dollars when this ban once instituted encrypted exchanges volume 60 to 90 percent and we're going to have to do a probably a whole story on that to dig deeper into that one but boom bust co-host christine and jeffrey tucker of the american institute for economic research thank you both for your excellent insight. and finally as professional sports return amid the penn demick without fans in the stands there is one very noticeable absence we're talking about and being crowd noise we take for granted watching sporting events soccer leagues throughout europe have pumped in crowd noise to telecast at

different levels of the broadcast and with major league baseball kicking off a truncated season this week the league has taken its own approach. in the league has teamed up with play station 4 video game and will be the show to not only provide ambience for viewers at home but also within the stadium now according to the spokes person all clubs will have access to ambient and reactionary background noise blasted out of the ballpark sound system it doesn't appear as if the sound will get stale either as the m o b says it has provided around 75 different. actions to be used within a game so you'll hear the roar of a crowd at a home run or possibly jeers at a missed call and if spring training is any indication it also appears teams will place cardboard cutouts in the stands so it doesn't feel so empty. and that's it for this time you can catch boom bust on demand on the brand new portable t.v.

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