what chance. is the state of the economy for tens of millions of citizens at a furious what is called the case shaped recovery is permanently dividing the country into how. this seems to be acceptable for those who are. going to is a very nice show from president. that 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. don't travel thank you susan green much to their. name whatever you want to name i mean i don't know how 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. change fast changes so sometimes i'll say that's going to be a great story be a pretty good report another as good as you. will see what happens. i always say who knows what we'll see on this bill will be a success. but the catalyst of all of this. i want look at what why did. you call prove it but there are also friends. are still so but the so will be to do something this year.

which will. be the other about that this is the only i'll go if i was there with someone that you know will go to that. i. this is boom bust the one business show you can't afford to miss and there montecito going washington coming up us federal reserve minutes were just released with a bit of good news for an economic recovery but it could all be gone without the

help of congress and the white house democrats unveiled and the nearly 450 page antitrust report targeting big tech what is some possible changes to federal antitrust rules changes we haven't seen in decades we have a lot to get to solicit started. we begin with newly relist released minutes from the federal reserve which continue to emphasize the need for stimulus then a deal in congress the minutes which date back to the meeting on september 15th and 16th they say the u.s. economy is actually improving faster than expected but a lack of fiscal relief could actually put the recovery in jeopardy well this seems to fall right in line with what federal chairman jerome powell comments what he said on tuesday saying there is little risk of overdoing it when it comes to helping the economy the risks overdoing it seem for now to be smaller even if policy actions ultimately prove to be greater than needed it will not go to waste.

the recovery will be stronger and move faster if monetary policy and fiscal policy continue to work side by side to provide support to the economy until it is clearly out of the woods. for more on this we're joined by boom bust co-host chrystia and former fed insider danielle de martino booth danielle fed minutes are in focus today and are specifically investors are going to be focused on inflation averaging an extended rate guidance this is these are the last minutes before the election that's just weeks away give us some color on that and how is the market digesting this latest update. so i think the market is interpreted in today's minutes as saying the fed is standing ready to monetize to print money to satisfy any stimulus spending that comes out i think the obviously the hurdle here is is actually getting congress to act but again the fed is showing a willingness especially with what powell said yesterday. there was no way that

there could be too much stimulus and that is fed speak for saying whatever it is if it's 2 or 3 or 4 trillion dollars whatever the price tag is however many treasuries are issued we will buy them in the open market and ensure that there is a smooth transition to getting that money from congress out to the people we get that in spades the problem is that fed policy so far has proven that it doesn't do a lot in terms of satisfying its 2nd mandate it can keep the stock market out that's what quantitative easing does that's what money printing does that's his part so to speak of monetary policy but again that policy is not doing a lot and the stimulus that is expected to come after the election really also doesn't address the underlying obstacles and challenges that are facing this economy right now when they're planning to maintain the interest rates near 0 something that they continue to say with inflation monitoring at about 2 percent on

average so it could go a little bit higher than that do you see that happening. it doesn't really matter if i see it happening or not i actually i think if there's a lot of stimulus spending to the degree that we're going to potentially talking about in the years to come that the fed could get a lot more inflation than what they're expecting what fed officials are expecting out to 2023 according to their own in-house forecast is for the p.c. either core p.c. either they gauge monetary policy off of to get as high as 1.7 percent which means that they don't even see 2 years out the need to begin to think about thinking about lifting interest rates off of that 0 bound they anticipate going years and years and years into the future my biggest guess would be that if they're talking about possibly you know growing the debt by 50 percent or 75 percent which is what is conceivable again giving how. poorly conceived stimulus spending is at the

moment how unproductive it is it's not providing people with with job skills it's not providing infrastructure spending right now that people put people back to work it is paying people to not work that kind of stimulus spending simply needs to be replenished every 3 to 6 months over and over again as long as the fed's there to print it i suppose that works but it doesn't do anything in terms of achieving long term escape velocity for the u.s. economy well kristie powell has said yesterday that the risk of further stimulus is low as we heard is it really it what's your take on this i mean i think we're in a very difficult position right now and there really is no good option because as of right now if there is no stimulus we risk falling further and given that we're in a weakened state already after being battered by the coronavirus for the past 7 months that downside is going to be pretty ugly going forward however on the other hand if we do get more stimulus if we do print more money as we have been we do risk run

the risk of hyperinflation because since september 19th the fed has pumped over 9 trillion dollars to primary dealers and in 2020 alone the u.s. has created about 22 percent of all of the u.s. dollars issued since the nation's birth so the u.s. has been around for about 200 years so if you have a quarter of all the u.s.d. ever printed in one single year that's just mind blowing at this point so this massive creation of money stemming from the fed will eventually cause hyperinflation especially at the dollar has already lost considerable value since inception 1913 the cumulative rate of inflation is now sitting at about 2625 percent which means that something that cost a dollar back then now today cost about $26.00 so the risk of hyperinflation is real we've seen it before in other countries we've seen it quickly spiral out of control and history has shown that. simply can't print your way out of money it

always comes due and the dollar has played its role right now for about 100 years and also history has shown that 100 years is about the average lifespan of a global reserve currency so that's always something to keep in mind when we're talking about this unlimited printing that the fed can do and still still an eye on that the u.s. economy it's in danger of shifting into reverse once again as cases are actually beginning to rise along with flu season a 2nd wave of coronavirus cases more significantly limit this economic activity obviously especially as it will be hitting during this peak consumption holiday period here in the united states how is the 4th quarter looking. well and you know it really depends on whether or not there's stimulus spending to allow for all americans to go out and go christmas shopping i hate to say that that's the case but it is but to your point with colder weather despite the fact that we've seen some very encouraging news in terms of treatments for the coronavirus but with colder weather the ability to be indoors and closed to other people improperly

social distance is indeed going to hurt a lot of restaurants that won't be able to accommodate at that capacity limitations that are being set forth especially again as as regular cold and flu season kicks in so we have right around it right now in america one in 7 small businesses has closed their doors permanently and we're starting to see much more importantly white collar layoffs increase and that will trickle down in the form of further small business closures because those are the customers who they're relying on so right now the wrist the holiday season outside of what the stock market is doing for the half of americans who do own stocks the risk is that there is a disappointment in spending in the 4th quarter again barring any massive consumption spending that is able to quickly enough be delivered to the recipients and they really are keeping an eye on what the wealthy are spending on it and more so. oh how the poor less fortunate are cutting back on their spending for this

holiday season boomers co-host christine former fed insider danielle booth thank you for being with us today. on wednesday us chip maker broadcom announced it will and its exclusivity deals with europe putting an end to a year long investigation the european commission accepted a deal stating broadcom will suspend all existing agreements containing exclusivity or quasi exclusivity arrangements and or leveraging provisions concerning systems on a chip for t.v. set top boxes and internet modems and has committed not to enter into new agreements comprising such terms the deal comes after trust regulators launched an investigation into broadcom in june of last year over anti-competitive practices this is the inquiry without a finding of wrongdoing broadcom concessions are valid for 7 years.

are congressional democrats laying out a plan to break up these big tech companies a slew of proposed laws being introduced by house democrats could potentially do just that the proposals by democratic staffers on the house judiciary antitrust subcommittee would be the most significant changes to federal antitrust rules in decades they are the culmination of a 16 month bipartisan investigation that drilled into the practices of facebook google apple and amazon joining us now to go about these proposals boom bust co-host an investigative journalist and swan break this down for us what are these new rules looking like. yes so essentially what the house democrats have done is they've put together about a $450.00 page memo which takes a look at these tech companies in a centrally it tries to to before solid treats them as if they are robber barrons right it specifically mentions that not since the days of the railroad tycoons and the oil tycoons when antitrust was 1st created have we seen the kind of monopolies

that we see now but specifically these this report focuses on a couple of things that focuses on amazon on google on facebook and on apple and what it does is it essentially says that these companies are creating essentially anti-competitive practices by setting up systems where they are able to monitor their competitors they are able to buy out any rivals who come along and they are able to create a system where they are competing directly on their own platforms that are supposed to be open to competition against their own competitors so if you think about amazon for instance that's probably the most obvious case of this where you see amazon has set up in the past its own product lines that competes directly with 3rd party sellers who are on their site so that's one of the things that they're looking at here but the bigger picture of what they're saying is that these companies have an unfair advantage and if this these these proposals that they're setting forward were to become laws it would have an enormous impact on the big tech landscape because one thing it would do is it would actually ban those

companies from having their own products on their own platforms they have to either be a profit platform or they have to be a product creator and maker but they can't be both and the other thing it would do is it would ban them from being able to buy up a rival in the event of their rival to their own company emerges and that would also have a huge impact damage talk about the timing of all of this thing it's pretty interesting here is that the trumpet ministration already pushing to get antitrust case against google. yeah they 'd absolutely are so attorney general bill barr has actually pushed government lawyers to get this antitrust case against google google excuse me moving forward as quickly as possible in fact he had said that he wanted it by the end of september to file this it has not happened yet but he wants to file this case essentially against google again for anti-competitive practices and what's interesting about google specifically though is that as a company you know if you think about google you would say well here's a company that has you know in the enormous market share more talking about such a large market share that it's difficult to even comprehend almost 80 to 90 percent

of all searches in the world happen through google's platform and so when you think about that you have to say well google has a an unfair competitive advantage that's what the trouble ministration says but remember google's not just a search engine the parent company of google alphabet owns all kinds of mapping systems it owns you tube it owns google search it owns the enjoyed operating system so it has so many different companies that allow it to then use data to essentially compete with other companies and we know that in europe sarah they've had a lot of problems google has in terms of violating antitrust laws across europe but they just pay fine in fact they paid a record $5000000000.00 fine just a few months ago but they continue to take on the same so-called anti-competitive practices that they got in trouble for in the 1st place but then you talk a lot about google of dominance here as a search engine but isn't that what consumers want. oh so that's that's debatable right it really is debatable so what google would say is the reason that we

dominate searches more so than any other company 80 to 90 percent of all searches globally happen on google is because we're the best search engine but what in this case these lawmakers are essentially alleging and staffers for them are alleging is that google and by the way the german ministration is also alleging this in their antitrust case is that google is not given this competitive advantage because they are a superior technology or search engine it's because they created an android operating system which they then use to make google the default search engine on basically every mobile device that uses enjoy them really here in the united states there's really only 2 competitors there you have apple the i.o.'s system and you have the android operating system well worldwide android is a huge number of phones and when it's the default search engine on the android system there is an unfair competitive advantage that violates antitrust and by the way that's what europe's looking at right now as well where google was forced to do this auction where they auction off it allow companies to to bid and then when that

happens they say that they're making it open but again search engines around the world are saying google's not doing that is a pay to play scheme that google set up that they always rate for themselves. that just because that's the default doesn't mean it's necessarily the best as we know with other products absalom left to an investigative journalist ben so on. time now for a quick break but when we come back stocks rallied on one say in response to president and his chorus on stimulus and calling on congress to pass a smaller amount of aid we have a panel standing by as we go to break here the numbers up the close. it.

seems wrong. to me. just to shape it. comes to agitate and in. equals betrayal. when so many find themselves worlds apart if we choose to look for common ground. you've become a battleground in the u.s. government. is right now my focus because it's a very dangerous oh no care power plant that was attempting to run the reactor beyond its operational limits this just sort of puts a magnifying glass where's the power in this country where's it going is it moving

more towards corporate interests or is it more in the idea of a traditional to just. our lie with the people this demonstrates that struggle is very real a. struggle. just hours after president donald trump tweeted for congress to halt stimulus negotiations pushing stocks down well the president is reversing his course son called on congress to pass relief for airlines paycheck protection programs for small businesses and a new round of $1200.00 stimulus checks for americans trump announced these new measures that we had twitter lay on tuesday and said that he's ready to sign these measures and he's ready to sign them now to take a deeper look at what this means we're joined by host of the news with rick sanchez

and self and host of economic day professor richard wolfe gentlemen thank you for being with me today rick let's start with you we're just weeks away from the presidential election president trump is clearly frustrated that he can't be out on the campaign trail with after having tested positive for corona virus he's been without symptoms for a few days now is what doctors are saying he's been in quarantine now could this move by supporting a bill for direct payments to america's could this affect the outcome of the election if there's no stimulus bill at all by. for election day could this negatively affect tranced chances for re-election. well i would argue not to change it's an old name although titian's to give money out to leave older in the weeks before an election it's a pretty naked effort to buy votes and mr trump could be counted on to run around the country making that claim which will be that he somehow didn't resist to the

people on the other hand by losing it in this way not getting that big stupid wish that the democrats had all to or which itself isn't big enough to hold him back for example on the massive monies needed by cities and i don't crippled by object jack and it was a ration by that and then that i holding all that back east under tidy any chance for an economic upturn at all let alone in time for the elections so it's very confusing again the only again off again policy is also it sounds same trajectory rick what do you say. i think the president is in a very tough situation right now and he really needs a hail mary at this point look he's no dummy he's a very astute man he's looking at the numbers the numbers aren't good for him he needs something that can not just affect his base but something that can somehow

grow his base even by 2 or 3 percentage points to put him over the top or carry him over that threshold that he needs right now in states like florida even north carolina where right now according to the average by real clear politics biden is ahead by 2 points so whatever it is he does it needs to be done in such a way so that it kind of shakes things up a little bit i mean the mistake he made last night by essentially killing stimulus . and then changing his mind and saying now that he's for it even though he was originally against it certainly doesn't help him i think what hurt him the most was by making that move anybody who's in the middle who's in that 2 or 3 percent who may have lost their job that didn't reflect well on them and i'm sure the democrats are going to make sure they hear about it so look he's in a tough place right now because of coronavirus because of the economy and because

of all the other things that are obviously going on he's got to be able to pull a rabbit out of a hat somehow but never a quite why the sudden reversal here there of us of course the numbers i mean the economy is different from the market the market took a deep dive. well you know that's an interesting question you're talking to to richard gere normally richard as opposed to the very handsome richard because i know what i know what the handsome richard is going to say in a minute here but. i really believe that what affected trump and i bet you was going to agree with me is not so much that he was worried so much electorally or even in terms of the pushback that he was going to get from the american populace because he usually makes decisions based on other things i think what got him was he didn't think wall street would react the way it did and wall street all but panicked yesterday they they essentially saw that as

a kick in the pants and i think politically speaking when the president saw that he knew his immediate step was to do something to certified to wall street that he is watching them and he knows what's going on final point before i let richard pick up on this if he'd like to is that i think to a certain extent rick that the wall street panicked because they were looking kind of for a payday here i don't think wall street gives a damn about the average american whether or not they're going to get $1200.00 what they know is that there was a. last time there was a stimulus the average millionaire in the united states got $1200000.00 and obviously that's not millionaire to millionaire but when you average it all up including the billionaires they average one point $2000000.00 that's a hell of a lot more and that's in taxes that's a hell of a lot more than the $1200.00 the average american got maybe one or 2 times so i think that's what wall street is seeing it's

a boon for them well professor you have this market so they took a big hit following at trump's trump tweet and other picking up again what do you think. well i think it's another demonstration as if we needed it that you have an economic system so broken down that it's literally on life support it needs stimulus from the federal treasury and it needs money creation by the federal reserve and it needs it in the trillions of dollars because the economic system doesn't have the capacity to even if properly deal with this pandemic level wolf and get us back to an economy that decent for the mass of people these are serious strains of breakdown and the failure you're not going to fix this with an extra $1200.00 of course not that's silly you've got to do we massively interventions to offset the disintegration of our economy and that's even before

the risk of the return of raising the numbers of old big cases which is also under way i mean too many problems just down the road too long they're all coming a whole now and it's it's a system that really is in a way i've never seen in my life grasping for whatever it general for to keep itself going all right we've talked about this this before the wealth gap i know how it has been increasing you mention the wealthy and now there's a new report published by u.b.s. and p.w. c. showing billionaires wealth higher. level ever over 10 trillion dollars since the start of the pandemic now with trump now saying that he's going to provide more stimulus to these airlines to these p.p.p. small businesses and the stimulus checks to the american people is he catering here to to investors as well to the wealthy to his his friends. you know it's a raising story it seems to me really the way you know that richard you're probably

going to you're going to go ahead richard please i mean. all right i don't want to belabor the gerbil dead of course this is an economic system that not only has enriched rich people relative to the middle of the bottom for the last 35 years but he's financial shan't gamen that even in a national emergency where more than 50000000 people have had to go to file for unemployment if ever we needed to act as a rich man was time they didn't believe in real well just 35 years but when you do we know it we're making them rich even as a mansion yankel after they downed was less than it really has lol your mockery wreck quick answer here i'll give you a chance to respond quickly. but in fact yeah in fairness to donald trump

obama did the same thing and other presidents in the past have done exactly by then will probably do a same as well resident of the united states and biden will probably do the same thing i mean it's it's it's in the recipe and they can't seem to get it out of their back in the matter is the last time the president faced with a bad economic situation i actually created jobs and gave money to people in the united states and every one of your other rick sanchez or grandad's or dads out here are going to remember this flight for frankel of franklin delano roosevelt f.d.r. did it since then we just have seen people essentially help the rich more than they are the people who need it by creating jobs and again let me underscore obama did not do it either through a conversation here thank you so much rick sanchez host of unease about sanchez and professor richard wolfe host of economic update thank you that's all for today but let's see you next time. for.

well that's. what. i. believe we hope will be but there are some friends that the us are still. to do something. which. they've done as an example. with someone that you know.

i. nothing but an excuse for sanctions russia will react to the global chemical weapons watchdog confirming germany's funding. only was poisoned with. its purpose is obvious denigrate russia with unsubstantiated accusations and thereby create a far fetched reason for introducing another tranche of sanctions against our country. meanwhile the former chief was barred from speaking at the un security council about a controversial probe into an alleged chemical attack in syria 2 years ago. and send in the vice squad. of facing off in their only televised debate ahead of november's election with both sides trading blows over the handling of the.