well the pandemic no certainly no border is applying to nationalities. as a marine. we don't like seeing world peace to be. judged . 2 coming every crisis least sometimes. we can do better

we should. everyone is contributing way but we also know that this crisis will not go on forever the challenges create the response has been much so many good people are helping us. it makes us feel very proud that we are in it together . this is boom bust that one business show you can't afford to miss i'm sorry mando sales man washington coming up the markets continue to watch us stimulus talks as we inch closer to the election when he reaches 2020 thanks to a major announcement from pay pal and all. these expert dr william schaffner about

the race for grown a virus are seen and how long we still have to wait for an affective shot to prove we have a lot to get to selected or. a top general reserve official is calling for more fiscal monetary spending federal reserve governor bernard said that the recovery remains highly uneven and without government funding our government spending long standing disparities in the economy and labor market could make matters worse in prepared remarks to an online conference bernard said premature withdrawal of fiscal support would risk allowing recessionary dynamics to become entrenched holding back employment and spending increasing scarring from extended unemployment spells leaving more businesses to shutter and ultimately harming productive capacity last month but officials said they plan to keep interest rates near 0 until the labor market has recovered while keeping inflation at

a 2 percent average for more on this and the overall state of the economy we're joined by bloomberg co-host christine and host of economic update and author of understanding socialism professor richard wolffe professor we have now heard from bernard from from powell that more stimulus is needed in order to continue this recovery however stocks are down goldman sachs and others don't believe another stimulus will pass before the november 3rd election how much harm is all this political theater and big ring really back and forth doing it sounds like neither side is really willing to make the actual deal just a lot of talk about going forth will pot will passing something next year really be too late for businesses. it certainly isn't going to be a good thing it's a very good thing i think the important thing in their context is to recognize that our economic system american capitalism is now on what looks to be in the death of loser like some who are from the government the federal reserve is likely

mali like it's never been done before interest rates of virtually 0 so you get a maximum of 3 stimulus and now the people. that are urging fiscal stimulus are up a bit this is a market making but if we don't keep good government sure enough our economic system we are at risk that is simply grates with different experiences of white black and brown men and women different regions this is a very serious economic downturn and it is way more profound than the political bickering that is wholely the life support role an honest appraisal worried about the likes of order so well we're looking at now an extended recovery we're looking out of the state not too long ago but what this 2nd wave and even 3rd wave of possible cases we're saying this isn't going to go anywhere anytime soon

and more stimulus again will lead to more of that and a longer recovery but the american people say they need to see the money businesses are dying kristie we were still in the midst of a busy earning week though it was some pretty big movers today including rise and netflix now you know a lily and more we have a pretty mixed bag of results how are these earnings playing out this quarter. well like i said it's been a pretty mixed bag i guess on names like snap reporting tremendous growth trend kogut and other names like netflix which initially search for in the stead home mandate now dropping on the growth but the common thread between all of these names that outlook and growth still remain uncertain and no management wants to communicate or make statement on the future right now so nonetheless we thought the major swings in the sand that earnings came out and it's not surprising that these trades were executed by algo the very thing our goes out rock the market after every single trump tweet with the trade war last year so a recently published and me are working paper shows that many public companies are

now changing how they communicate in order to appeal to algorithmic analysis of their financial filings and quarterly investment calls so financial analysts they have published a qualitative list of good and bad words commonly used in s.b.c. filing now the study shows that the public companies have been using fewer of the bad words and regardless of the method found that management they tried to sound more upbeat so that voice analysis software listening to the call would read these emotions as positive so it's really interesting that as technology gets more sophisticated well written and spoken financial disclosure is adapting so aka disclosure is getting muddier and world pay as we go because management doesn't want to make any statement on future outlook given the global uncertainty and to management just started using more neutral terms and guidance as to avoid the wrath of the algos impacting their stocks so kristie essentially headlines and news are where it's driving up the markets are causing this. headlines and news but they're

less definitive and they're more opaque so it offers more room for interpretation professor in the latest un report it estimated the value of global trade is set to fall by 7 to 9 percent in 2020 from the previous year while we can blame a lot of it on coven much has also come from these heightened protectionism attitudes and countries actually favoring self-reliance rather than trade and cooperation how disturbing is this trend if we continue on this path and global trade continues to shrink like we've seen. well i think it's what every economist has been teaching his or her students for many many years if you become or talk if you turn more is were you can't buy the goods abroad that you were able to bible for at a lower price which is why you went there in the 1st place if you bring in all the prices will go off that means and inflation we're not ready for it inflation

the business class in this country does not want to give workers the n n a a real need to buy clothes made by american workers and therefore priced and he saw the basic problems of a system that has been globalizing for the last 40 years but now all under the trumpet administration and elsewhere wants to slam the brakes on all of that shit through a national its economic program that has at least as many problems and difficulties and globalization did it sounds mo problems it just shifts the focus and when you put that together with an economy based basically on life support from the government you're going to shift the american economy to become more and more reflective of whatever the political theater begins to be looking like from one week to the next so professor isn't this what we've been looking for at least

striving for and the latest decades globalization innovation by working together and not being so protectionist. exactly and we build up in the economic system that depends on it from the long supply chains to the financial arrangements to the prospective investments and so a sudden shift which may be clever politics can reach average which is why christine is quite right that the big theme in wall street is the absolute uncertainty of having any idea how to make a long term investment which is not being made and hence the problems well chrystia before we go i want i want to get this question and pay pal officially confirmed on wednesday that it's entering that cryptocurrency market what does this mean for big quien and the cryptocurrency or the crypto industry at large. so this is a huge deal crypto is now that much that much closer to going mainstream with pay

pal with over 300000000 active accounts around the world this is a great gateway provider for the average consumer as it will allow users to buy sell and hold coins so after the news broke that quite like as much as 8 percent higher pushing close to $13000.00 so the thing is paypal intends for services to be online within the coming weeks with plans to expand that to then mail in other countries so while this is big news and it's a huge endorsement were quick to add that it's likely to spark the wider adoption of pay pal so the thing is while this is all well and good and exciting pay pal says that it will not allow bitcoin or other kryptos to be withdrawn or deposited now this is really important because once you buy the coin they staying your account until you sell or spend so once you buy so in other words once you buy the coin pay pal is then the bank and they will not allow you to transfer your money into different competing thanks so essentially you're acquiring are on the pay pal network it stays there you cannot withdraw and sell somewhere else they like an

open exchange with sufficient price discovery and minimum fee so you'll be sacrificing the convenience for financial freedom as what we've said time and time again if you don't own your keys then you don't own your coin pay pal owns the keys and there are ready thing that is going to be restricting your movement so right now convenience is coming for crypto but at a great cost a lot more oversight i'm sure we'll continue to talk about this as as it continues to open up more crypto digital currencies and companies invest in these types of programs with with digital currency who must co-host christine and richard wolffe host of economic update thank you so much. moscow has responded to the latest u.s. sanctions against north stream to that natural gas pipeline that running from russia to germany that is nearly complete well kremlin spokesman it to me true peskov called the latest sanctions an unfriendly and destructive policy of constant introduction of different restrictions against us our economic operators and our

economy unfortunately they have been pursuing this destructive policy for over a year and it certainly damages our bilateral relations earlier this week the us announcing sions to firms up provide services or facilities for upgrades or installation of equipment for those specific vessels well the us continues to pressure germany to stop construction of this pipeline saying it in danger is europe's dependence on russian gas. a day after the d.o.j. officially launches its antitrust lawsuit against google 7 more states attorney generals have indicated they may join the lawsuit as well the attorney general of new york along with attorneys general of colorado iowa nebraska north carolina tennessee and utah they all released a joint statement on tuesday saying they plan to conclude parts of an ongoing bipartisan investigation into google's competitive market these behaviors in the coming weeks at that point they will decide whether to file

a complaint and will file a motion to then consolidate with the case filed by the d.o.j. on tuesday joining us now to discuss the state co-host and investigative journalist bence want to bend this is much too similar to that case we saw 20 years ago with microsoft but why do some say this is much stronger against school. yeah it's pretty interesting how similar it is remember 20 years ago when we're talking about microsoft microsoft was basically told it was committing anti-competitive practices by building a default search engine into internet explorer and that way everyone who had microsoft equipment would essentially automatically be using their search engine well what google is that is a very similar thing the idea here is that google has developed through 2 means the ability to be able to dominate the search market one is through their android operating system that's where it's similar to microsoft that was enjoyed operating system which is on a huge number of phones worldwide it's really the the largest operating system in the world for mobile devices you are by default using google if you use

an android device and that regardless of who the carrier is whether it's t. mobile whether it's sprint whether it's verizon because what google did was they offered money and incentives to these companies to essentially make sure and protect their ability to be the number one search but then also we know that in 2018 apparently. the c.e.o. of google and tim cook the c.e.o. of apple had a meeting in 2018 where they talked about how apple could be a part of this and google essentially according to this lawsuit spins 11000000000 dollars a year protecting their ability to be the default search in apple whenever you use an apple device and that includes when you asked syria question it runs through google not through any other search provider so apple could be a huge part of this obviously what sort of a challenges are they going to face going into this yeah i think they're going to face some challenges and one of those is the fact that again this this whole thing is built upon the idea of anti-competitive practices right and the collusion

between major tech companies to basically block out and box out competitor smaller competitors and so by google asking to do this and by apple agreeing to do this apple yeah they're taking in $11000000000.00 a year which makes up about 20 percent of all of apple's profits for the year so 20 percent all their profit. it's come from being paid off by google to make sure that no one else through to the search has the ability to be able to compete with google that's an anti-competitive that prevents competitors from being able to be a part of this and of course apple has their own issues all of this set aside with what's being the allegations of their facing in terms of how they operate the app store and the fact that they have systems that keep certain developers out and they take huge amounts of money from the developers they let in so both these companies could be facing antitrust action right and we've heard a lot of european countries too coming against that especially in the apple app store and in the latest month but how realistic is that we've talked about this

before ben that you and i and the common average american our person is going to switch from google to another competitor and what are the chances of that even happening yes see the problem is that google says people use google because they love google not because we're forcing them to we're not making anyone do anything but that's not really a true statement yeah it's true you're not making anyone do anything but by by paying essentially to be the only option when someone goes to their phone and just searches in their apple phone for any that sarah montevideo i want to look around so you look or up it's going to be google that provides that search results not because the customer said i think google would be the best choice for this it's because of the fact that google has positioned themselves and aid to be in a position where by default you are the choice and so i think the issue is this that at its core what will be done about it is the real question not so much whether or not google's but anti-competitive they clearly have not whether apple was anti-competitive or facebook is anti-competitive they all are no question the

question is what do you do about it and right now the d.o.j. actually isn't even prescribing anything to do about it they have no specific rim of these to this problem listed in this d.o.j. lawsuit instead they're just kind of leaving it open ended which means what maybe pay a fine maybe know how to fill out a little bit here no solution here and that's a huge crowd. for us all we know it is the default you can go under settings a change it but really who is going to want to do that and go into the starting rotation to do a different search engine when you have the convenience of just pulling up and googling will most co-host an investigative journalist ben song thanks for breaking it down for us you got it this. time now for a quick break but stay here because when we come back we'll talk to infectious disease expert dr william schaffner about the race for a cold 1000 vaccine and how long we may still have to wait for a safe and effective shot to actually be approved as we go to break here the numbers up.

secret prisons are not usually what comes to mind when thinking about europe however even the most prosperous can be deceived within the zeros all the way to view the houses were. preserved was located only people had access to the story from investigators covered the darkest dealings of the secret services but i mean. in.

for justice. join me every thursday on the alex simon show and i'll be speaking to us of the world of politics. i'm show business i'll see you there. oxycontin maker purdue pharma has reached a settlement of $8340000000.00 with the u.s. department of justice this marks the end of criminal and civil investigations into produce marketing and distribution of its powerful painkillers as of now $225000000.00 will go to the federal government what the rest will then be divided

up among states local governments and native american tribes for the drugs role in the deadly opiate crisis despite the major settlement produce assets fall short of $8000000000.00 after filing for bankruptcy last year at least $25.00 states have signed on to oppose the company's bankruptcy plan in order to seek more money from produce owners the sackler family. the number of krona virus cases around the world is going up here in the u.s. the so-called 3rd wave of infections is picking up steam as we move closer toward flu season with a rapid acceleration in the country recorded more than 60000 new cases on tuesday alone this is a 73 percent increase in just over 5 weeks this comes as the race for a vaccine continues with the u.s. operation warp speed at full force but what's the likelihood will see a vaccine by the end of the year while to answer this question and more let's bring in back from the vanderbilt medical university of medical center dr william

schaffner dr we really appreciate you making time to be with us today let's start with the latest from astra zeneca came out just earlier today earlier on tuesday or wednesday brazil reported a volunteer in its coronavirus vaccine study guide could we be looking at another pause in this trial or is it possibly someone who was only given the placebo. we don't know that do we start it all right if it were in the placebo well then the trial would continue no question about it because after all we are giving this vaccine to adults who are older adults. medical events do have an occupation but if it happened that she. then would be surprised that we don't get a cause the data safety monitoring group which is that external group of experts would have a look at the oscars i think i would always want to in the advanced stages a doctor or what's a 1000000 dollar question here realistically speaking out how soon can we expect to

see a vaccine or is that potentially is a possible that we're going to see more pauses. we might see more positives you know that all the young thanks alina it's not a straight line so particularly once again if you're dealing with all the results in older adults or part of this volunteer group we all expect now and then and 1st medical event that could lead to pause but everything considered we still have our fingers crossed that by the end of the year and certainly getting to the new year these trials will have occurred just a point where we can look at them and decide whether we have a vaccine that's effective enough and also safe enough to go with it and we've talked a lot about the focus on finding this here this about seen to get the infection rate low enough to to resume basically a normal life which could obviously it's going to take some time but should there be more of a parallel track looking into these therapeutic saying president trump said that

there are pics that there predicts that he took were essentially a cure so what axiom and therapeutic combo be best moving forward. well we certainly would like both back scenes for prevention there are a few nicks who are cured or at least effective treatments and there are studies obviously working on the vaccines and also working on a right of the of different drugs that could lead to better outcomes if you do get seriously ill so we could use both of those believe me and i know we're still learning a watt from from coven 1000 that we obviously have from 8 months ago when we had our 1st case or through the year but many medical experts are bracing for the possibility that covenanting that it's never going to go away that it will become sort of an endemic add just like the flu in which case of vaccine then what it eliminated do you agree. oh yes i don't think any of us think that this virus is

going to disappear we need to control it get it down to very low levels and then if we haven't take the vaccines we may have to get booster doses periodically to keep our protection up but we think this wireless will be integrated into our way of life ince forward for the foreseeable future and in the shorter term or perhaps new range term i should say your viewers should know who will be wearing black masks and doing social distancing for quite a few months and as for writing it will be in a similar position next year even wearing our masks small or even a people are doctors and medical experts are requiring only. a 50 percent efficacy level for the vaccine can we realistically expect americans in the us to even want

to take the the vaccine and to reach the level of immunity needed to end the pandemic. so there are there's a very very big issue indeed we're going to have to persuade the american public to show up some people will get in line right away for the backseats others are going to hold back and we've already have good survey data to indicate that at least half the population will be very restrained and even particular in this disturbs me greatly you spend it african-american populations in particular are expressing great deal of caution even reluctance to be actually so we're going to have to translate what we know about the vaccine and provide a great deal of reassurance and persuasion to get a large majority of people in the u.s. france and it's all about trusting right trusting and really having the knowledge and information and being informed truly informed of the possible ramifications of

this i want to get your take medical experts take on the misunderstandings around what we're hearing about herd immunity right we we are finding that many people think it means that people develop immunity on their own without any vaccine treatment but as you know herd immunity can really result from providing a vaccine right why does this misunderstanding at persist in the media. well i think the misunderstanding or the 2 ways of looking at it crysis because people have been talking you into which is the last thing we want to do is let iris effect so many people that we develop herd immunity on the basis of the iris that would be literally millions of more people dying not just getting infected but dying in the united states and that's why there's this great hope for a vaccine even though the vaccine will be partially affected most of us think by

killing many many people vaccinated a large majority of the population so we can develop a so-called herd immunity we can't flatten the current reduce the transmission of the virus by this scientific means which of course would spader many many lives especially if they're looking at people who may end up with underlying health conditions because of this virus a lot of new data really coming out of this dr william schaffner we can't thank you enough for all of your time and breaking this down for us today we look forward to having you back my pleasure. that's all for the time catch him bust on the man on the portable t.v.'s and we'll see you next time. you sort of amazing country with so many friends in russia and i'm very excited to

be here. i love that idea i think i can do that. different to make a lot of money with the same millions and hundreds of me. has had. a great wall and nobody feels a lot better than me believe me and i'll build a very inexpensive like a great great wall. just in case you're worried about who's going to pay for it mexico will pay for. it we'll see what happens who knows i always say who knows what we'll see on the field it will be success. there is

a saying in washington don't let the perfect be the enemy of the good this approach really describes the political warfare over another stimulus package and to center the standoff is who wins or loses just prior to the election in the meantime tens of millions are suffering with no end in sight. americans love. this was a fundamental part of how our political leadership and our country at large understood the bargain you get a home and then you know rebel right as the things you don't revolt if you have a stake in the system. be really interesting to dial it back and think about the longer deeper history housings man in the united states not just that

question of the american dream the bigger question if you dream is for. the french president declares a history teacher murdered by an extremist a silent hero and of the face of the republic out of state while service in paris. the british prime minister forces a coronavirus walk down on manchester despite strong resistance from the city mayor residents told us about new measures are a step too far. the economic package so you know it will keep people a lot of big fish to put to you about giving people the correct financial support to avoid people aren't going to be able to survive. and the u.s. agrees here to remove sudan from its list of state sponsors of terrorism but the deal comes at a heavy price for one of the world's poorest nations.