in the world of politics or business i'm show business i'll see that. this is a 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 and belief is 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. is the cost of this whole thing i mean democrats have come down a little bit this latest you know bill that they put forward about $2.00 trillion dollars that. about

a trillion dollars less than where they had been so there's some compromise there hard to believe that $2.00 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 round of $600.00 stimulus checks comes another round of $1200.00 stimulus checks for each american plus $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 costs 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 weren't 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 you know remember you just said they started at 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 yelp 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 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 you know 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 the $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 is been posturing in 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 $1000002.00 of their labor because then whatever group whatever momentum we've had in this economy with 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 where 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 7.2 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 trillion and then we haven't talked about the physical so we have to separate monetary from physical but right now what it 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 then 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 p.p.d. and without extending that unemployment insurance that's ridiculous and bad there's a $2.00 trillion dollar gorilla in the room and that is a 1st big presidential debate this evening of the election and with democrats are going to lawmakers are putting this 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 on 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 a 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. we do know that if we get cash out of 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 but i didn't the tomorrows scrabbling of the pun denecke the shortcomings of our labor market and origination 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 resist 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 key correspondent dietary 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 are about 5 $100000.00 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 died 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 the 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 their cases 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 deceive 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 in sight 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 the 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 it 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 coal that 192.8 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 $4.00 fatality rate due to over $1000.00 now 2 that stick out italy which was had very bad there at $11.00 britain 9 but overall they're at $4.00 not compared that to africa there are $2.00 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 over 1000 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 on recorded there not just called the 19 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 another theory is that whether prior contact to other corner viruses except over 1000 could be the cause of resistance in some african countries but so far all just theories brant. correspondent thank you so much for that insightful report. in time now for a quick break here because when we return business closures continue to sweep the united states is the economic. setting in across the nation we'll give you the details but as we go to break here are the numbers that the.

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that are owed to birds or ahead. or behind or the feel good but so. far good. of it is that people. just. committed. to move. on and manage to fish you know not just because. they are the house of. god since we. need. to meet the need. of the kind of open system definition in.

when i was just seemed wrong. just don't. let me. get to see. just the attitude and in detroit because the trail. went something to find themselves well it's a part we just of the common ground. 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 levon more retailers file between june and mid august actually it's july in mid august now this includes department store operators neiman marcus and j.c. penney retailers lucky brands brooks brothers ports 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 b.t.o. says 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 to bring in boom bust co-host christiane and. c.e.o. of optimist 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. but i think if you go back and look. at the bankruptcy you mentioned j.c. penney and and the scene of the parent company around taylor they were doing miserably badly before the code 90 crisis occurred so if you look at the financial state was i don't remember when j.c. and he lost the. 2014 thousands of the meager tiny going way way back when they've been losses so there's a whole bunch of companies that you mention. 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 act. i missed. one and these were companies of basic

destroying resources. and there was no real reason for them to continue so i think it was a positive thing that kind of brushed out those very weak retailers shown the door was. shut the door was not going to get any more financing so i think it's almost a positive thing and you can reelect as resources the companies. more effective and more so i think that's more a healthy thing than the else now the stimulus money seumas going to the right so it's very prevent bankruptcy but even then i think you have to question whether 'd something that we 'd want to do i mean do we really want to have a whole bunch of zombie airlines where the government is bailing them out and we've hundreds of thousands of people working on empty flights or many might make political sense it certainly doesn't make economic sense so i think there's a choice between those 2 things may sort of the the politics of it chipping zombie companies going and the economics of the grab a call for winding those companies and reallocation those workers who sources

elsewhere. so you're essentially saying i figure 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. while i don't know if he's 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 only a question e-commerce the basics branding of most dies and. it's like a time warp it was like a time when 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 the one engine and take you to have pretty much the same reaction these are companies that simply did not keep all the times that they lost the price 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 pretty positive thing what else christina earnings 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 with a good beat but right now the bar is set so low for companies analysts across the board have just completely lowered flusher 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 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 close today 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 is. well i think drew treasury yields a pretty low voice although so. long chain since of those the late march so we had a little bit about unpleasant as a markets and you know it was mid march where the fed just slashed 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 think the state will do everything needs to keep interest rates around. future and that's the street it was driving expectations are states is not so much so the fed has said we're going to keep interest rates for the next few years. and they

certainly have the means and i think the unchanged interest rates is more question of the market believing said and so you can face and say yes they've got the printing press if they need to suppress interest rates and i'm. in terms of the will do yeah it's looking it's looking more and more likely in my mind to code cases are. not looking good. now christine i want to hit on one last thing before we get out of here there was 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 to acquire fines over the span of 8 years 15 traders at the biggest u.s. bank caused losses of more than $300000000.00 to the participant 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 there are things 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 as christiane octavio emergency of optimists l.l.c. thank you. all for your time. and that's it for today you can always catch us that portable t.v. we'll see you let's. go to was a very nice show from president. and i could have said no thank you or i could have

said thank you and i said i'll take it and now it's time to introduce my bestial mr donald trump thank you susan very much for the. name whatever you want to name i mean i don't know how would i come that news that's dishonest telecom that a recorder or a network that's totally dishonest c.n.n. is says you know 100 percent negative i care to. change fast changes so fast sometimes i'll say that's going to be a great story be a pretty good report and others good as you. will see what happened so who knows who knows what we'll see on the field it will be a success. as election day approaches there are growing concerns whether the oakum will be contested whether the election will be the judgment we're told this election truly matters we're always told this however this time around there's

a different feel there's an existential to just election how many voters will say not my president after november. always be polite never engage with a negative aided or confrontational. don't get into any conversation or start answering questions just ask. you're more likely to walk free if you're rich. or if you're poor. you've got 2 eyes and one mouth. so you should be seen here and a whole lot more in your sand if you don't take that advice easy going to dig

yourself a hole. armenia and azerbaijan continue to face off over the disputed territory of. our correspondent is in that conflict so. the 2 nations wage a war of words the un security calls for an immediate cease fire also ahead on the program. i'm not here to everybody knows he's a liar there's nothing smart about you. know you were number 2. on the 1st presidential debate before the u.s. election into name calling. picked choice moments.