every time there's a new fine it's a new record in terms of the amount these companies have to pay but as we've talked about these companies build this into their actual bottom line in terms of a line item in their budgets to say we're going to pay fines because we're going to break the rules if you find somebody a much smaller i'm out then they can actually make committing a crime why would they stop committing the crime and that's what the point of these these new rules are is to say we know you're not going to follow this because the fines aren't enough and so as a last resort under this digital markets act would be calling for the breakup of these companies saying ok you won't follow the rules you won't follow the law well actually disband the companies and break them apart in order for them to function and then how is this different if at all from what the united states is trying to do here. well it's somewhat different in that the u.s. is talking about this through this brand new lawsuit that's been filed right 46 states attorneys general have been a part of this along with the f.c.c. and what they're essentially saying is look the the these companies are acting in

an anti-competitive way but remember the anti-competitive lawsuit that's been brought has been brought specifically against facebook in the lawsuit by the d.o.j. that's a separate action against google the accusation here is that google is is you know too big and is violated antitrust but there is no prescription called for what makes this different is that there is a very clear set of punishments up to anywhere from 6 percent to 10 percent of your gross revenue will be fined every single year that you violate those laws that's pretty significant and that number could continue to grow if you become a repeat violator there we're just going to break up your company and so what makes this different is in the united states we're going after a very specific companies and very specific grounds in this case it's creating a law that says anyone who's a digital gatekeeper and by the way who is a market leader that controls a sizeable portion of the market those companies fall under this law and these

rules and therefore it's much more broadly based and it doesn't require specific action of anything that has to be proved from the past everything against google and facebook in the u.s. based on past action this is based upon what these companies do moving forward. and that's interesting but these new e.u. rules also are dealing now with some harmful content what are those what it's not a what is that about yeah it's interesting so in this case it's also calling for up to a 6 percent fine of gross revenue for companies that allow harmful content such as violence and murder on their websites and facebook as a come under a lot of fire for this because of people using facebook live you know to to live stream suicides or live stream or murder companies that don't properly police. that allowed that content up they would ultimately be facing fines of up to 6 percent of their gross revenue what's a little bit concerning about that part of it to me though is the word harmful harmful content can mean a whole lot of things that suddenly become harmful speeches that suddenly become

anyone who decisions in terms of their political or economic or medical beliefs and if that's the case then the companies really crack down on anyone who doesn't kind of fall in line so there's a bit of a slippery slope right how are they actually going to define harmful what does that actually mean co-host investigative journalist ben swan thanks so much for breaking this down for us as always sarah thanks. another big day for operational work speed as the u.s. food and drug administration announced madonna's kovan 1000 vaccine is highly effective it bolstered the shots chances of being cleared for emergency use by this week and as a vaccination campaign gets well underway in the united states lawmakers are back to the drawing board they're trying to hammer out a coven 1000 relief bill artie's trinity chavez has more from new york. the f.d.a. has released a detailed analysis of windows code 19 vaccine and says it supports the authorization for emergency use the agency not only says it is safe but also 94 percent effective

a critical step forward to ending the pandemic through a little poke today a pivotal moment in the fight against covert 19 have asked the f.d.a. releasing a detailed 54 page report affirming the massachusetts biotech firms findings that the vaccine is about 94 percent effective and poses no safety concerns that would prevent the agency from granting an emergency use authorization each coburg 19 vaccine that f.d.a. potentially authorizes will have been through the typical numerous stages of safety review and more the analysis comes ahead of a thursday meeting where the f.d.a. is vaccine in relation biological products advisory committee. is expected to recommend that emergency use approval. a move that would make mcdermott's vaccine the 2nd to be rolled out across the country the 1st one from pfizer and biotech in

making our emergency use authorization determination the f.d.a. can assure the public and medical community that we have conducted a thorough evaluation of the available safety effectiveness and manufacturing quality information. campaign in american history. to 3 health care workers coast to coast getting that code in 1000 shot a nurse in new york who has been caring for kovan 1000 patients the 1st to get the vaccine i feel great it didn't feel any different from receiving my annual influenza vaccine i am very proud to be a health care worker and i'm also very proud to be in this position to promote public confidence in the safety of the vaccine but while a coven 1000 vaccine is a step in the right direction. when millions of americans continue to struggle with financial turmoil brought on by the pandemic. these things are gonna mean

bills are coming up still though the leadership in washington has not agreed on a stimulus package therefore a bipartisan group of lawmakers unveiled a detailed kuvin 1008 proposal to try to help congressional leaders to strike a deal on a new round of virus relief to make matters even better we have to because with every good negotiation you want to make sure you've covered everything and we did that the group proposing to break up the $980000000000.00 stimulus package deal into 2 bills the 1st one a $748000000000.00 aid package that contains money for struggling businesses the unemployed schools and for vaccine distribution the 2nd one proposes $160000000000.00 aid package for state and local funding favored by democrats and g.o.p. provisions shielding businesses from qubit related lawsuits now it's still unclear which if any will be passed but one g.o.p. lawmaker pointed out that going home for the december holidays without passing a coronavirus relief bill was simply not an option reporting in new york trinity

child as r.t. . stocks hit session highs tuesday morning on renewed stimulus hope as congress continue negotiations on another economic relief package and coburn 1000 vaccines are rolling out across the country well joining us now to discuss. christiane ottavio moran's the c.e.o. of open house. let's start with you this new plan is calling for about 740000000000 and spending for programs such as federal unemployment benefits and p.p.p. alone how is this plan any different from other proposals we've seen and what are the chances this is actually going to get done. well the bill that was floating around was also my workmate he didn't seem to be possible that was enough. so that basically space into 2 pieces. one piece for 748 it will be uncontroversial stuff screw those things. on stations and that's what i'm coals of the

motherhood and apple pie a portion of it very easy to auster and is explicitly been chosen for that we use a slice but agree and then it's not a 160000000000. which is also state mogul government that's much more contentious and i think that seems unlikely so someone who has been specifically chosen because there's widespread agreement about it. and the $168.00 in that remains i think is going to be further tests and difficult and this isn't the one that includes any stimulus checks for the american people cracked. afraid neither one of them includes any stimulus checks to the american people that they're all it an extension of unemployment benefits and that will help people directly but there's no actual direct stimulus checks the way we saw last time around now that's not going to happen this time well christi despite the market getting this boost today several names they remain under under a lot of pressure most notably the i.p.o. names they got priced last week like air b.n. b.

and dora dash for example what's going on with them now. well those were the 2 most highly anticipated ikea's of the year and both of them doubled their i.p.o. price at the very 1st day so both companies air b.n. b. they raised over $3500000000.00 in their offerings despite both never ever having turned a profit in any year they've ever operated which is really crazy to think about in terms of the valuations now so originally were for smaller companies that were profitable and had a business model that was proven to work on a small scale so i.q. was always allow these companies to access capital and then expand but now i are making it quick and to grow quickly despite not having a proven business model and how to actually generate profits so in the 1st 9 months of 2020 door dash lost $149000000.00 competitors over eats and they haven't made any money either so no one has proven that you can make any money with this kind of business model but that doesn't really matter in this environment because as long

as you can show continued growth investors will continue to pour capital in because right now interest rates are so low money is cheap so these types of companies they can attract all kinds of investors especially the robin hood investors who are the the only ones in these names for pop and not for the long term support holders of these names so if you look at the recent i.p.o.'s you have see 3 ai down over one percent today on top of yesterday's 10 percent slide door dash is down almost 3 percent b. is down over 4 percent on top of yesterday's 7 percent debt so you see all these big massive retracement which is very predictable because that was the same trajectory as and lift when they i.p.o. as well so you have a ton of hype going in but not a lot to show for it afterwards and the excitement dies down and those there's no clear path towards any sort of probability that sentiment die down pretty quickly but i want to move overseas to the u.k. where the country you mentioned job losses here in the united states well in the u.k. is also facing a record high in job losses in the last 3 months through october the labor market

is continuing to. how is the government tackling this especially as we get into these slower winter months and we see a lot of restrictions placed on these countries. well i think the u.k. is running it sooner and the risk of mislead people a bit with this to 6 pound point models and i know governments like to do that in any case but if you look at the office of national statistics in terms of look the same the unemployment rate is a saying it went up from 4.8 percent 4.9 percent just recently and that's pretty good i mean that those numbers out when you look a bit more closely at that you does it almost 10000000 employees and. another being paid 80 percent of the salary by the government basically. i think on the most definitions and you consider. that on the government dole that stage you see money go to being there but in most of the tourist a stretch of definition you could go on the side of those people still employed and

therefore will be counted as unemployed if you didn't count those people's being on the. dock to be truly horrific on them on the paper. so what's the u.k. government going to do about that when i think they're going to continue that kind of classification strategy so that. those people who are more unemployed if they're going to extend the program in march who knows how it continues on in the can only go to so long to complete a crash. that's the approach that taking basically one 3rd of the working population is under employed or unproductive or outright unemployment especially with these these lockdowns and restrictions that are placed with the growing number of cases kristie meanwhile over in china corporate defaults they're starting to hit the market what's happening there and do you think this may pose some sort of widespread rest to the entire financial system. i think in this particular instance the situation is too small and too specific to pose any sort of widespread rist of

financial system on market so this isn't like bear stearns or lehman brothers where they cornered the market and posed a systemic risk to the system if they default and failed so this particular situation came as china's largest textile maker sent on noir appear to have set the default for a 2nd bond within a few days so china is the 2nd largest bond market in the world and it sends up i seriously of the faults by these big state owned enterprises in recent weeks so as a result china's regulatory arm has now shut down the top credit rating agency after former execs have been accused of receiving massive bribes so these crédit suisse they've been long criticized for supporting the aaa rating even though many of the state owned enterprises face defaults so the system does a really poor job at measuring risk something that the u.s. on market also went through and suffered the hard way as well so these government agencies are eager to upgrade their ratings in order to attract customers and they're under a lot of pressure to support these government group's funding efforts so now this

will definitely force investors to rethink their purchases in the future of chinese corporate bonds as of now the problem is not widespread enough to cause any major systemic risk but it will have long term consequences in terms of attracting future investors this almost creates a lack of trust which then in turns tightens the quickly and makes future boring conditions a lot tighter so regulators are also investigating another major rating agency after mining company chang cola and electricity holdings they also launched a series of defaults back in november but with co-host christine baranski obama's thank you both so much as always for your time. thank you. time now for a quick break but when we come back we'll take a closer look at how the pandemic is affecting revenue for the world's largest sports teams plus a new joint venture hope to give more opportunities to minority entrepreneurs as we go to break here the numbers of the clothes.

every dollar printed going forward because of champions or by this account chicanery and fraud charge on accounting of quantitative easing goes into something called the c.p.i. consider similar price index so that the value of that money printing will now dave

based the currency for real and this is going to be the end game as it were because once the ball inflation genie is out of the bottle you can't put it back into the bottle. we may need mom and we will keep in the. need to look at the same. studio love just to close all my. we don't know what will go or. not only. that veteran of.

the to. welcome back will the boeing saga continues as federal regulators expanded inspections of the newly produced $787.00 dreamliner jets while boeing said the problem does not pose an imminent safety hazard it did receive federal aviation administration's attention the f.d.a. said in a statement that it continuously engages with boeing through established continued operational safety and manufacturing oversight processes to appropriately address any issues that might arise earlier this month boeing said inspections of the 787

flaws were taking longer than expected this marks boeing's 4th assembly line lapse in just months. in a new effort to bring access equity to minority founders and social impact startups the green bay packers the milwaukee bucks and microsoft are teaming up to form the league the venture capital fund titled town tech aims to foster positive social challenges in wisconsin and across the country the idea was 1st announced in 2017 and is now that they are helping more than 20 new startups in northeast wisconsin for more on this we welcome back. i can all mixed. college of the holy cross they are made to send professor thank you for being with us again we've seen more and more action to try to diversify ownership and stake when it comes to these teams much like we've seen in big corporations what are the parallels that we're looking at here and how important is this. well one of the big issues facing the leagues today is that the teams have gotten so expensive that you almost have to bring

large numbers of investors and therefore you can have minority partners in a way that we haven't seen in the past so for example a long time chicago white sox owner jerry reinsdorf bought that team back in 1000 maybe one for 19000000 dollars the most recent major league baseball team that was purchased was the mets just here this fall and went for almost $2500000000.00 so you're seeing more and more partnerships of individuals merging together and of course when you have these partnerships coming together it's it's much easier to form coalitions where you have a diverse diverse group of voters there and of course we've seen that in major league baseball in other leagues as well i want to talk about teams that are really branding this year right this week the cleveland indians major league baseball team said that they're dropping their name we saw the washington franchise do the same they took the lead when they dropped their name their formally the washington

redskins has there been any positive or negative impact since washington change their name and does that relate to what cleveland's doing. well certainly the redskins got a big monkey off their back there the better team name was obviously racist for the vast majority of people around the country so dropping that really got rid of a significant bone of contention and it also put them back in the good graces of some of their big is like x. who is the who's the over on the radio 'd. the issue with the washington team as well as the cleveland indians as they have the most dispiriting versions of native american activity in a pro sports in the us will be interesting to see what other what other teams such as the chicago blackhawks to me and the city do you know what happens with their iconography series not clearly as offense but as what we saw in cleveland and

didn't watch it but it will be interesting to see what happens going forward we don't know me out whether this is a strong impact on. your. sales of merchandise because at least in part washington hasn't rebranded in any strong way yet other just going with the washington but all team from out there will be interesting to see what happens when they go forward with an actual mascot or whether they do or not or if i'll be the european version of places just being you know like barcelona or or manchester city we want to actually see a lot of that until they have rebranded or come up with a new name a good point there let's talk about the ratings most sports teams are still playing without fans in the stadiums right that clearly has an impact in the industry well television networks they're feeling a lot of pressure here and feeling the strain when it comes to their ratings how concerning is this. so it's deeply concerning to most of the sports out there are women when the pandemic yes most of the leagues were at least hoping that if you

could play games without any fans but the least maintain all of your online and your media presence they could retain at least 60 percent of the revenue for the big leagues like the n.f.l. and n.b.a. but if you they have problems attracting to the t.v. sets as well as not being able to keep fans in the stands and they're in real trouble and that that will be an issue here as we go forward already the n.f.l. is have to give significant discounts to many other advertisers because of lower than expected to be ratings especially on wednesday now we're not used to seeing football con on a wednesday i know some minor league baseball organizations they've completely had to fold due to this financial hardship that they're facing are we danger of really seeing certain sports or even particularly just never be the same are not come back the way they used to be. well choice i think you've hit it exactly right there the

more of that a team all relies on in person and attendance for their revenues the more jeopardy they're in for something like the endemic here so minor league baseball had to completely shut down in the united states and a good many of those teams are going back other types of minor league sports are very unlikely to come back even when they can. on the other hand the big sports the n.f.l. the n.b.a. we've got deep pocket owners and they're able to retain a fairly good portion of their revenue stream even without fans and even we're going to declining revenues so i don't think the n.b.a. or n.f.l. are going anywhere but this has been a very very hard time for you know folks on the 2nd and 3rd tier of sports in the united. professional sports team owners are going to have to pass on these net losses to some of their players tellers hopefully not but you know they are making a lot of money at a time here but dr victor matheson of the college of the holy cross thank you again

for making time for us today. thank you. that's all for now but you can catch on that boom bust on demand on the part will t.v. out with you next time. when else shows seem wrong. roles just don't hold. any role yet to shape out these days and to. end in detroit equals betrayal. when so many find themselves worlds apart we choose to look for common ground. aids emitted a smoking gun we know now without

a doubt the media any interference for the baby's campaign before the election the hunter by the story was not it was not russian misinformation we were lied to again we are is the accountability. also post there was mention when you read of those lists nissho to show you just what that also has been. but soak up publish what it amounts to draw. it in that you will quit this in the us want to quickly sing months alone. when you rush to the belief that it's all profit in you must say you're another right at the core of them but there were all of us waltz up on the stage door to new muscles legit with a pulse the most of them there were still police could you with your thought for a child and what all the money. was like a bit of. that in the us those days. some of what they did that were no more

than the buddhists. problem drugs don't always come from unscrupulous dealers but from pharmacies to in every state in the united states we've seen very sharp increase in the number of people seeking treatment for addiction to prescription opioids it invaded america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose after dose if your dose and really became his drug dealer so who's to blame patients doctors manufacturers or the government . she should move you think you're going to lose it or did just that in japanese and i. you don't mind it just became isn't on the list. the shining most of.

the time you can look to my face you know for along today my country not an established at the mouth. bush about the economy to have more than a from bush last sept is that. moment was going to be a little down on the month to get an up close i mean that i'm still a grinder going to the. list but i don't want to use the term obama i don't know what i'm going to. look at what's called a minimum 0.00 plan going to come up thinking i'm up to snuff chicago can go missing office can i think i mean come on we have to get up something new going to . 6 guys or financial survival. when customers go by you're reduced to playing. didn't help well reduce and lower. that's undercutting but what's good for markets

it's not good for the global economy. it will keep me in the. need to look at the same. sutra let's just call mom good to look at isn't mobile go a. little managed. to. get good. business for us this would appear to. believe the same.

as the u.s. economy was booming growing numbers of people when they need us. you can work 40 hours 'd in a week and still not have enough to get housing everybody believes america still is the leader of opportunity the reality of it is that we're not financial ecology and the lack of affordable housing for a living minimum wage gave many people new choice you know there's been a problem with the city knows turn around and told me stay away i know you'll miss . the food if there is no answer because yes that requires. the most vulnerable abandoned on the streets to become the invisible clerks.

getting it tough on the world's tech titans the e.u. unveils a major overhaul of digital market rules which could see massive fines for online giants who abuse their dominance. of the. activists say new crowd control time tech spy french police dup smash and grab are a mass violation of human rights and press freedoms. and lot of near putin congratulated joe biden on victory in the u.s. presidential election and expresses russia's willingness to work together that is after the us electoral college confirmed the democratic candidate as the winner.