i. this is boom bust one business show you can't afford to miss in washington coming up lawmakers in the u.s. are preparing a fresh round of hope in 1000 relief as the economy faces the greatest challenge in decades straight ahead we're going to take a look at the state of stimulus talks and how the nation stacks up against others and later we break down the economic toll the pandemic has caused on businesses as the u.s. has seen record at retail closures with a packed show today let's dive right in. and we lead the program here in the united states is house democrats have released a $2.00 trillion dollar coronavirus alif package which they claim would restore $600.00 weekly jobless benefits and provide another round of stimulus checks to most americans now the plan released monday evening is a last ditch effort to revive stalled stimulus talks with the white house many republican and democratic lawmakers have pushed for another round of economic

stimulus for months but have remained far apart on the amount necessary to combat the pandemic so let's waste no time and bring in towson investigative journalist ben swan and tobin smith c.e.o. of transforming research to discuss thank you both for being here ben i want to get right to you here since lawmakers from both sides have been saying for months that another round of stimulus is needed why are they so far apart on the details. or is the cost of this whole thing i mean democrats of come down a little bit this latest you know bill that they put forth about $2.00 trillion dollars that's about a trillion dollars less than where they had been so there are some compromise there hard to believe that 2.4 trillion is a compromise but let's take a look at some of the things they want to do here because obviously this includes as you said a new round of $600.00 stimulus checks but on top of those that new out of $600.00 stimulus checks comes another round of $1200.00 stimulus checks for each american.

yes $2400.00 if it is a married couple it's also going to give about close to $500000000.00 in relief to local governments that's state and city governments also a 2nd round of those p.p.p. loans and actually it would expand the number of businesses that can actually apply for the p.p.p. loans on top of that they're also looking at an issue with the airlines they want to get more relief to the airlines as well that would be on its way in this bill as well as education cos they want to put $75000000.00 into education as well as new rounds of testing as well and they were talking about contact tracing as well as cobra testing so listen there's a lot in here in they also by the way want to add billions more in rental and mortgage assistance into this so look a lot of these things the republicans have agreed to in principle but some of these things they don't want to do they don't like the size of the checks that are going out p.p.p. loans they agree with but more money into education maybe not so there's a lot of details to be worked out here. how important is it for some kind of relief

package to actually get passed here and do you see democrats going too far or really not far enough. well remember you just said they started it 3 to have trillion dollars i mean you have to put this in context. we're still in this emergency so you can't save everybody i mean yup just came out yesterday and said almost 60 percent of the retail stores that they work with around the united states have closed permanently now that business we can't save what we can do is sort of 3 things number one there is no question that the airlines got to get bailed out here they were never set up to be out of business for a year and a half and the ripple effect now becomes a political issue because look at where these gigantic airports are they're in swing states you're going to see that that's a political deal the dems have always held on a $600.00 a week deal there's no question that for 30 to 40 percent of people that's more than they're making take home as. it is they have to come down to this $300.00 or

$400.00 and do it now i mean this isn't posturing and posturing but now this is where the rubber meets the road and the final part of this is that you know the states need a loan they need some type of facility that can come from the federal reserve that doesn't have to come from the congress but there has to be a way for them to not have to lay off a 1000000 to a 1000000 to of their labor because then whatever group whatever momentum we've had in this economy with kovac now looking obviously to be deeper in the wintertime we're going to go right back to where we were in april we don't passes. i mean we cover on this show virtually every day there's no question here that the u.s. from congress to the federal reserve bank has done quite a bit to stimulate the u.s. economy but how does that compared to what we're seeing abroad in europe and elsewhere. well ok just quick numbers right so there's about 660000000 people in the european union all together we're you know excuse me about 440 i'm sorry and

about 330000000 for us well if you look at it on the reserves our reserve bank has put out $7.00 trillion they've their whole reserve on their balance sheet and the e.u. is now $7.00 trillion so the united states has put out more per capita japan is out there at about $6.00 trillion add up all those trillions bread it's a lot of trillions is about $22.00 trillion and then we haven't talked about the physical so we have to separate monetary from physical but right now what really doesn't matter what that debt is in the united states we have so much savings so much cash out there the banks have bought about 2 trillion dollars of that debt so we're actually financing it in our system so i know you have some guests on here that worry that we're going to you know the dark ages but we have a system that can take this we can't take is another delay because then people sort of give up hope and at the margin they roll over and when they roll over now we get into election everybody is frozen we've got to act now and it's interesting that

you make these points that you know the u.s. has spent quite a bit more than the even the e.u. has in this situation what do you make of that bet. well look i think that when we talk about main street i think oh and make it a good point but when we talk about the difference of the main street and wall street what the fed would say is look at all the steps that we've taken and i know they have their main street program that they pour money into but ultimately look wall street has kind of fluctuated and a lot of big corporations have done well during this time but mom and pop shops are not doing well the democrats are talking about p.p.p. loans that they want to expand love that should have happened a long time ago in fact the p.p.p. to graham i would say didn't go far enough was not very successful in getting money to business owner small business owners who really needed it and a lot of it got sucked up by big corporations in the way that they're shrunk sure to pretend they were a bunch of small businesses which was completely unfair so i think that more should have already been done in these areas and why everything has to be in one giant bill instead of pointing to the things that need to happen immediately why have we

already gone almost 2 and a half months without extending the people that people and without extending that unemployment insurance that's ridiculous ben there's a 2.2 trillion dollar gorilla in the room and that is a 1st big presidential debate this evening on top of the election and with democratic lawmakers are putting the stimulus bill forward how much do they actually expect to get passed as we were just talking about there and how much of this is about the politics of an election that is going on right now. i think we can all agree here no matter where we fall in the political side of this everything that happens in washington is about politics i think for both republicans and democrats they recognize as they near elections not just the presidential election but all those house and senate races that they're going to find themselves in a position where voters say what have you done for me and why have you allowed this to stall democrats need to at least put a plan forward to say you know look we're trying to get more money to you republicans have been saying no we're trying to also we just don't want to bail out these other groups the problem is every single member of congress who has been

inactive in my opinion should be should be taken out of office they should be replaced because if you have been that degree and not been fighting for the american people you have no business being there until i want to give you the final word on this about how much of this is actually politics in the state of where we are right now. you know right now it's about 90 percent politics the one issue is is that we do know that if we get cash into people's hands that works we need to focus on that and beds right we've got lost in the weeds and everything else get the cash in their hands now or we have a bigger catastrophe on our hands boom bust co-host ben swan and tovia smith transformative research thank you both for your time thanks for. and u.k. prime minister boris johnson announced a new plan for adult education and training programs to support workers affected by the coronavirus pandemic the u.k. is expecting a huge spike in unemployment at the end of october when a government program which pays the wages of millions of furloughed employees will no longer be in place johnson says the lack of skills training has left the country

needing construction workers mechanics engineers lab technicians and i t professionals the prime minister spoke about the need on tuesday. our economy has been shaken by i didn't hand to mouth scrabbling of the pandemic the shortcomings of our labor market and a rigid system has been painfully apparent we have to face the fact that at this moment we need them so much there is a shortage of u.k. trained lab technicians just as a result shortage of so many crucial skills. and as we continue to look at the economic impact of the pandemic let's go ahead and take another look at the trends and spread of the virus globally with our 2 correspondents i attack sorry where are we today so rank over 19 has now reached every single country in the world and has infected more than $33700000.00

people and it's also killed more than $1000000.00 people now half of those deaths or about 500000 of them are coming from countries like the u.s. brazil india and mexico and the u.s. alone accounts for about 20 percent of those deaths make unclothed 19 the 3rd leading cause of death in a u.s. only behind cancer and heart disease but are staying on the u.s. i also want to take a look at the daily new cases and that's so on monday there were $37262.00 cases now that's a 15 percent increase compared to last week and deaths on monday there were reported 344 now that's a 3 percent decrease as long as there's numbers going down that's good because the death rate is what we really need to watch since over 75 percent of that 33000000

people in fact that have fully recovered so we just need to stay on top of the death rate butt out. besides the u.s. the virus is also obviously spreading globally and it's spreading faster in india than anywhere else in the world now this is the charge just to show india and brazil and how the cases are going up in india they're reporting about 95000 cases per day now even though india has kept a very low death rate given there are 1300000000 population scientists are now warning that the number of people infected there could actually be 10 times the official figure so verse says we're looking at $6000000.00 in india the true figure could be $60000000.00 and in latin america brazil is reporting anywhere from 15225000 cases per day and also has the highest number of this for the region with more than 141000 so far in brazil so as the 3rd highest case count

in the world and elsewhere in our in latin america cases in argentina are also rising very quickly now with more than 700000 in effect infections in the middle east iran has hit the worst with the highest case count and also deaths now they're also dealing with a double whammy of the virus plus a very battered economy due to us saying sions right now the don't seem to be going away anywhere anytime soon i should say now in neighboring iraq is also seeing a huge surge in cases so as you see there there are cases of just keep going up and higher and higher now in indonesia they're seeing the worst of it plus they're also handing out some very unusual punishments i should say for those people now wearing a face mask in public they're doing anything from forcing violators to spend time in a open coffin digging graves for the deceit is or just doing pushups in public so

that's what indonesia is doing right now to do. with people not following the rules so as you can see there's really no end inside right now and a vaccine seems to be the only way out of this pandemic brant what are the trends we're seeing in africa right now. so you know earlier the u.n. and w.h.o. they wolf warned that a covert 19 could kill over 300000 africans is year but even as globally you know we've reached over 1000000 death africa is actually doing a lot better than expected and is not just the case also a much lower percentage of that's compared to other continents and if you take a look at this chart for example in north america they have a overall death rate from 19 a 2.8 percent here is i broke it down to the u.s. is about $2.00 mexico is a lot higher $10.00 and that compared that to europe that has

a 4.5 fatality rate due to over 1000 now to that stakeout italy which was had very bad there at 11.6 britain 9 but overall they're at 4.9 not compared that to africa there are 2.3 and the 3 hardest hit countries in africa south africa. nigeria they also all have a very low death rate but there's also a couple of theories behind these numbers some experts say that some $1000.00 deaths in africa are probably being missed and testing rates in a continent continent are also among the lowest in the world and also many deaths of all types go unrecorded they're not just called 1000 but scientists are also looking into the possibility that a tb vaccine regularly given to children in most african countries could be the cause of their very low death rate and now they theory is that whether prior contact to other corner viruses except over $1000.00 could be the cause of

resistance in some african countries but so far all just theories brant. correspondent site i wonder thank you so much for that insightful report. and time now for a quick break but hang here because when we return business closures continue to sweep the united states as the economic fall of the cold and damage is setting in across the nation will give you the details and as we go to break here the numbers at the. back zone has. more behind for the future but so. out.

of every news that you. just. came out if you did you can see my money as we move. on i'm going to give you shit oh my gosh. they are the house from. god since we. don't hear you. this can only. give. you the kind of system definition in. minnesota the random shit. now let's talk about tea and crumpets and scoundrels the london bridge and the.

us economy was booming growing numbers of people with us. you can work 40 hours 'd in a week and still not have enough to get housing everybody believes america still is the only of opportunity the reality of it is that we're not financially quality and the lack of housing living minimum wage many people know. that's been a problem with the city you know it is time to make sure to stay with. the food if there is no answer because you know it's the fires. were abandoned on the streets to become invisible clubs. and welcome back retail bankruptcies in store closures in the united states have

reached record numbers for the 1st half of this year as social distancing measures forced many businesses to close their doors to customers now according to professional services firm b.t.o. usa 18 retailers filed for chapter 11 protection through june of this year while the wall street journal is reporting a levin more retailers file between june and mid august actually it's july and mid august now this includes department store operators neiman marcus and j.c. penney retailers lucky brands brooks brothers and taylor parent company siena retail group as well as home goods retailer pier one imports and vitamin seller gnc holdings now those are just to name a few of these companies now these companies of course rely on malls to operate at their full capacity for context retail bankruptcies this year have already eclipsed those of 2019 as a whole and video. 2020 is on pace to compare with 2010 when there were 48 such filings in the wake of the great recession so for more on this let's go and the

state of the economy for the bring it boom bust co-host christiane and octavia marandi c.e.o. of op of us thank you both for being here octavia i want to start with you in the midst of all these bankruptcies of course investors have remained focused on the prospects for a stimulus package to help the u.s. economy recover of course we just spoke about the possible deal that was presented by the democrats earlier in the show but is more stimulus actually needed to stop these bankruptcy is or is it too late. well i think if you go back and look. at that you mentioned j.c. penney and and the scene of the parent company around taylor they were doing miserably badly for the company 90 crisis so if you look at the financial state was i don't remember when j.c. and he lost the. 201-4000 of the meeting going way way back when they've been losses so there's a whole bunch of companies that you mentioned. that were doing badly. and putting

them our business is more or less of act of mercy i think we're missing elsa's of actor that i missed. and so on and these were companies of basic destroying resources racking up huge offices and there was no real reason for them to continue so i think it was a positive thing that kind of rushed out on those very weak retailers should the door. shut the door is not going to get any more financing so i think it's almost a positive thing and you can realize resources the companies. more effective and more so i think that's more a healthy thing than the else now the stimulus nice to miss going to the right so it's very prevent bankruptcies but even then i think you have to question with 'd something that we want to do i mean do we really want to have a whole bunch of zombie airlines. and we've hundreds of them. people working. for. many might make political sense it certainly doesn't make economic sense so i think there's

a choice between those 2 things that's made sort of the the politics of it being zombie companies going and the components of the. winding those companies and reallocation those workers who resources elsewhere where they can people. so you're essentially saying octavia that yes the pandemic may have caused a little bit of this but essentially what some of those retailers like j.c. penney e-commerce was already pushing them well out of the system anyway so this just accelerated because people are forced to go to e-commerce more and more. why i don't think is even just e-commerce i think i don't know when you last winter the j.c. penney but i love some of what i was thinking back in 1986 it wasn't something a person e-commerce the basics branding of most dies and. it's like a time warp it was like a time worn them and they deserve to go and that had nothing to do with code that was well so so they face those kind of problems and tane as well as. going into an antidote you have pretty much the same reaction these are companies that simply did

not keep all the times that they lost the process of the consumer. and the scene of their stock prices already before. the stock prices down so this was a company in in shape and i think deserves a go and people type of financing that also is a so. well there's no hope. and i think that's a very positive thing what else christina earning season is right around the corner here and with expectations really low do you think that we could end up higher if the results are actually better than initially expected. i mean sure i think when you get a quick pop in a rally off of a good beat but right now the bar is set so low for companies analysts across the board have just completely lowered slusher the math right now as they've also received very little guidance in 2 quarters and so it won't be surprising to have a bunch of these across the board but like we said last arnie season is not about what happened in the past it's all about for looking guidance traders are always looking for what's next what's coming and so even if we do get

a couple good beats it's always going to be about the commentary and the forward guidance that management provides or if management declines to provide guidance as they did last quarter then it's going to be very difficult to forecast demand and that's not a good sign so we can put really see any of the pop that we get from a beat getting sold off so traders right now they're continuously looking into the market for any sign of good news but right now they just aren't getting any the s. and p. is down about 4 percent for the month which is the 1st down month since march so it's not a coincidence that the equity rally just stopped just at the same time that earning season is about to start because right now we're going to get a strong dose of reality check right now with the earnings so even if we have a couple good beats the valuations of some of these names they're completely stretched expression of the high flying tech names to the point that it just doesn't make any sense so micron is reporting after market closed tuesday and that's going to be a very key companies given the big uncertainty around the given that it's in the

semiconductor industry and there's a big disagreement between us and china regarding that entire sector so micron has really been left out of this entire year's rally declining 9.3 percent year to date so investors are going to have a lot of questions on market conditions and for our guidance and our studio no treasury yields remain flat and lower even after u.s. consumer confidence jumped unexpectedly in september is this a sign that investors are not trusting the recovery and do you see kind of a double dip situation here. well i think drew treasury yields a pretty low voice although so. long chain since of those the late march so we have a little bit about unpleasant as a markets and you know it's mid march with the fed to slash the rates right down some 60 basis points off the scent and that's a roundabout where we are about 65 basis so i think the market is more saying we the state will do everything needs to keep interest rates around very very low

will future and that's the street it was driving expectations are states is not so much not coming so the fed has said we're going to keep interest rates for the next few years. and they certainly have the means and ability i think the unchanged interest rates more question of the modern believing said and face and say yes they've got the printing press if they need to suppress interest rates. as of the will do yet it's looking it's looking more and more likely in my mind to code cases are. not looking good. now christiane had one last thing before we get out of here there is a breaking news tuesday afternoon j.p. morgan chase has agreed to pay 920000000 and admit to manipulation of precious metals and treasury markets what happened here at about 30 seconds left kristie all this was a record penalty for spoofing which is when trade us flood the market with orders that they actually have no intention on executing it's actually to create the illusion of demand and to push prices up so going to court filings over the span of

8 years 15 traders at the biggest u.s. bank caused losses of more than $300000000.00 to the participants and precious metals and the treasuries market so this is a big one but j.p. morgan is the one that got caught spoofing this time but i think actually a very common practice so common at the trial is that we argue that spoof bank was and evitable adaptations by self traders in order to fend off all the hype frequency traders that are now driving the markets christiane octavio moran's e of optimists l.l.c. thank you. all for your time. and that's it for today you can always catch us up portable t.v. we'll see you next time. always be polite never engage with a negative a good or confrontational. don't get into any

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