as the nation's congress was set to officially certified 2020 election results in a few moments we're going to take you to the scene with boom bust ben swan and the marches come on the heels of a surprising result in the georgia senate runoff possibly giving democrats control of congress and of the white house moving forward should head we're going to bring you a comprehensive breakdown of the results and how markets are reacting plus the ongoing china does it the listing saga continues as the new york stock exchange has flipped yet again professor richard wolffe is standing by to offer is insight on the recent crackdown on chinese technology from the u.s. government with back show today let's dive right in. and we lead the program here in washington d.c. is thousands of supporters of president donald trump have ascended on the nation's capital the save america rally as it's being called comes as the united states congress was set to certify the 2020 electoral results wednesday formally declaring joe biden as president elect the trump campaign has filed dozens of lawsuits in 6

battleground states since the november election claiming widespread voter fraud these suits have since been thrown out by judges in those states to take a deep look at the action boom bust co-host an investigative journalist ben swan is on the ground and filed this report. that is before you settle these. polls that people all across the country converge on washington d.c. we're talking about they were just this that we did you know you believe that it was a very good loyalty that we're going down all the way through this crowd and it's the president because it's a white house we're didn't. grow up with the national interest and you can see just to see people behind me right now the question really becomes i think that your question. today is the. u.s. senate and it was a couple years who are going to. challenge some of the elect the next and you'd like to call the g. 8. we don't that's going to be the case but the gist of the trade changes also that

one of the things that be a significant for the people they'll talk to here is this link to their votes to make their voice heard that very specific you could disagree with me there's a good selection to do that they were choosing people that they are such an. experience. that they want to make sure there is a good challenge to see that's happening is there's a the president's job is to get up to date to the dismissal comes out here to develop the fish say such a thing let's just say the full text editors states like pennsylvania look at this little bit more of this of the beaches of course you've played chicken products now again as we're looking at the foods are you talking to people that the big question we've always wanted to tell you is they are letting. go of all this

would be about it. most of them can't tell you they don't really know but it's a mistake they want to be able to make sure that everything if there was nothing there or that or if there were hooks that the cattle to say they were your biggest . mistake i still miss everything about how difficult it was a question i will tell you this it's also fascinating to see just these shoes or should they be more healthy for your prison truck or it is a segment of the culture from texas from the move from beijing to rhode island to people from these i'm afraid getting yourself into a line of it is character study finds. its way up and it is worth it to see any of the people showing up on the day where they will not be available to change things but they want to make sure that they are for use this year to say here that they believe that election was fair and they want to use. and there was

something not just about what's going. on around. you something that i'm. going to tell. you to get out here and i will tell you that. i was and you see this you know i did something when i was there and the media. and that we're trying. to say is but that's not. what we want to. hear. now there is also a lot of attention on the election in georgia where it looks like both the senate seats up for grabs could go to democrats democrat raphael warnock is projected to win his special election runoff against senator kelly loffler while democrat john also is leading republican senator david perdue in

a tight race which they are saying is still too close to call for more on this let's beat we are now joined by legal journalist molly barrows contributor with america's lawyer molly thanks for being here and covering this for us before we start in on the implications for these elections as we just mentioned also if purdue race is still too close to call but john vause live in current senate minority leader chuck schumer they've already declared it a victory for democrats what's the latest. so as of about 45 minutes ago it's looking like more and more that stuff i'm going to be the case goes off is very likely brant going to be produce that's about 98 percent of the precincts reporting so far and he's got over 50 percent of the vote so it's looking like he's going to be declared the winner of course we know warnock is the winner so this is got huge implications for the democratic party that's according to the latest results if they do do actually walk away with wins in both of these contests and you know even if he were to win by actually the thing i can tell you is that even though it's still too close to call he is favored to win and if he does win it looks like it's

going to be by enough of the lead that there will need to be a recount what does all of this mean for the balance of power in congress. it's going to be huge i mean the implications are pretty powerful special for the democratic party i mean the republican party has controlled the senate for the past several years and it's going to determine what kind of senate president elect democrat joe biden and house speaker nancy pelosi will get to work with so the current balance is about 50 republicans and $48.00 democrats meaning that whichever way these 2 seats go they'll decide which party controls the upper chamber of commerce now the democrats were to win both season it looks like they will that will split the vote even lee and tie votes would then be broken by vice president tamala harris as senate president what she is sworn in so if republicans had managed to hold onto even one of those 2 senate seats we know it hasn't been called yet but that would provide the government with a buffer from being completely under democratic control so we'll see how it goes. how does this democratically controlled senate impact biden's presidency.

he's going to need it in order to get anything at all done i mean you see what happened during the past couple years any sort of legislation that came out a democratic controlled house really went nowhere so with a georgia victory that blockage would be gone and that's good news for biden's extensive agenda doesn't necessarily mean that everything will get passed but from health care the environment government reform the economy at least it will have a shot of surviving the house and maybe get an up or down vote in the senate so these 2 runoffs were pretty expensive as well as i think we may be talking about here i was going to say these are actually the 2 most expensive senate races in the history why was that and how much was spent in this in this race. yet so much was at stake i mean both parties really spent some serious cash and we're talking like almost like in a presidential race the amounts that were spent so together they and their supporters spent 830 $1000000.00 i mean that's the kind of money you saw spent on

the presidential elections few years ago so that number is actually expected to go up bryant once this post-election reports are turned into the federal election commission the race between purdue and oh soft as the most expensive in the state's history and the 2nd is loffler and war next contest so extremely expensive tons of money poured into it and it looks like the you know even when they raised money the democratic candidates raised a ton more than their opponents but overall in races across the country the g.o.p. the republican party really poured in a lot of money but in this particular situation doesn't look like it's going to come out in their favor in georgia you know you and i have both worked in local news rooms at local stations and we know somewhere in savannah georgia market there's a young salesman driving around a bentley after these elections in georgia. that's exactly right you get absolutely enjoy that legal journalist molly barrows they so much for bringing us the latest. thank you. and on the back of these senate races markets are extending their gains

with traders cheering the prospects of additional figure fiscal stimulus to discuss let's go ahead and bring in one of the chief market analyst at every trade and boom bust co-host christine is back on the program so you both for being here christine i want to start with you we know we've heard so much about how when for democrats would actually be bad for markets in the economy but what are we seeing with things actually going up wednesday after these 2 seats appear to have gone to democrats. well things are kind of going up it's not exactly going to get a straight line it's marcella wrote because right now and the immediate term cyclical and value names are going to outperform a democrat when will certainly produce more power behind the cyclical and higher rate stray so the 10 year treasury up one percent for the 1st time since march would really help the banking incentive if you're going to back america whose shares are up between 5 to 7 percent today and that's why today you also see the dow climbing about $600.00 points in the s. and p. advancing over 1 7 percent while the tech heavy nasdaq is still lagging behind

early in the day by more than one percent as investors worried that a democrat controlled congress would lead to higher taxes and tighter regulations on these tech giants so many traders have now started to book profits until he gains all of these best performing in his last yes just facebook amazon netflix were all i mean to 100 percent today. on the down cyclical name that look a lot cheaper right now so it's definitely a bit of a rotation and in the extremes as traders kind of business where the new year and the new administration so basically if the democrats prevail in the near term and take the senate we should expect another big stimulus package to pass so certain stocks are rising on that expectation but additional government aid such as industrial giant caterpillar who surging over 7 percent today and solar names are up where 11 percent so goldman sachs right now is canceling about an additional $600000000000.00 in additional stimulus followed by a limited amount of tax income. and spending increases the later on in the year to finance this bank of america however is meant more aggressive and is forecasting an

injection of between $2.00 to $4.00 trillion dollars in deficit spending so no matter why in looks like the u.s. is set to descend into this cycle of monetary hell so money is printed it will begin to accelerate the pace of the u.s. depreciation that will begin in 2021 in 09 am how do you think the markets will react to this blue sweep if it if it is by this narrow majority that we just talked about what will we see dramatic change or will be more moderate leaning democrats act as a check on this progressive agenda or what about the actual economy overall which is different than what we see in the stock market there's definitely a disconnect between the economy and markets. i trowe i mean let me just share some breaking news we just it really came on a bloomberg terminal that now official in his official according to bloomberg and it is control of don't know what it's not really me as you need us on this was saying was that the quality policies will be dictated by democrats and that means

more fiscal support whom forward in 2021 on your one. but 2020 gets what you want to recover or do you need to move higher because of the fiscal and monetary policy support now b. of c. in now given the fact that this policy support is going to go into high gear so. once i hear scott market how well our what if i had one or 2 they. 120. the number of bankruptcies or will it lead not just that it's the highest now will since 2009 the financial crisis is now companies are sitting on the largest debt so they have been able to award who are in some of the pandemic cause great whom are is by inflating their balanchine's being extra debt this debt it's very much like

a poison for these companies and what am i expecting perhaps with another possible lock down because you know in the u.k. we are facing a 3rd of national and in biden's presidency there are chances that perhaps we may see more routes trick mushers or possibly a national law that have been you but that bankruptcy number is going to go through the roof now kristie when we talk about lock downs in the pandemics effect on the economy private payrolls in december contracted for the 1st time since the early days of this pandemic and break it all down for us. now after a few weeks of dollar's claims going up again and over 20 americans still on unemployment rolls and last had already anticipated the ferry a week 75000 rise in employment from a.t.p. in december however the saying is that number ended up being a lot much much worse with a.p. reporting about 123000 drop in employment which is the worst since april so you

have a large and small businesses in this loss of jobs in the services and hospitality leisure in transportation sector is that all the biggest drop in jobs as large swaths of the u.s. economy has shut down once again to come at the code that spread so new restrictions have nasha down restaurants as outdoor eating has become less practical with the colder weather setting so companies have laid off a net of 19400000 workers in april and have recovered only 9.9 $0.10 so a large franchises such as disney and mary are they have also announced large inductions in december so the only industries that are still seeing slight girls there in professional and business services and educational and health services so now new jobless claims likely broke back about 800000 as we await thursday's be clear what is really concerning is that right now new jobless claims during the survey week spike to a 3 month high of nearly 900000 so the momentum has weakened significantly and that

time will likely persist in the near term as it coming just continues its terry from the shutdowns and the slowdown in and here's where the fun starts a bit coy has been continuing its rally actually crossing $36000.00 for the 1st time what's contributing to this rally and where can it go from here. well i mean right now it's those disappear into our hearts about it it was a stretch what can it go from here i think that the next major target but the number which is going to make them have to be $50000.00 it's not 40000 years it is pretty 1000 and we already know major street institute such a stupid mortgage the any $100.00 there come up with their own pretty to where they believe that along to a mile you can go as high as 146000 and we all know with respect to bitcoin there's cassadine with respect to demand a buddhist practice supply you cannot preach you cannot have more but quite the

quantity is already agreed now what we really need he seen among investors especially among situation in message is what we called for more this city they've been sitting on the silence for a very long time now of course some of them. to get involved into the market and then they've started to increase it and put when you look at shoot from one percent to 5 percent but they blew the rest of the which had been sitting on the sideline i think it took a 6 or so supply is where you must limited now demand is obviously coming in institutional side so i think it is a good time for us to get involved and that particular factor the fact that the are believing that this is another there are risks of as it were in which can be classified as a store of value is bringing pushing the prices higher chris and i give you the final word about 30 seconds. well right now as to where it's going to go once proposed that there is

a cold parity valuation where gold is just at the supply is just about 12 trillion dollars so that's about 20 times greater than the market cap which currently at all time highs in $604000000000.00 so basically ensured that the value of work to each parity with the price of gold it would have to increase to about $600000.00 which from here seems absolutely unthinkable but that's also what we thought of that began 2021 point 24000 dollars and look where it is now. chief market strategist at every trade and boom bust co-host christine break it down thank you thank you. for a quick break but hang here because when we return the ongoing china delisting saw that continues as the new york stock exchange has flipped yet again professor richard wolfe is standing by offers insight on the recent crackdown on chinese tech companies from the u.s. government and as we go to break here the numbers at the close.

join me every thursday on the alex i'm unsure and i'll be speaking to us with the world of politics all this those i'm show business i'll see you then. and then as that happens the usual. when you have australian visual there you go this route you know there are people. who are. used to me don't jump to the notion . that it's you. studied to go to college to introduce the change must play the needs of the bytes instead of me and. i did you need to go to church with this new look at a lot of things oh well that i don't you know put it you'll do good because there will be a choice to be out there but it will show you so much to be able to research on the

cost or whatever out of this too free with don't be fooled the coke with full attention you. point a few there beautiful and hear them. we're going there. you know it would be mean. to put soap in the new world in the blackall but their ambitions or their hair for more gas than jenny just. gould. b.s.t. when you know any more which you're the biggest loss of the seat in your will i just stuck god doesn't it you just what does libby speech into your pride you know when you are going in there still usually does. now welcome back another day another escalation in tensions between the u.s.

and china on the technology front president donald trump signed an executive order today banning transactions with 8 chinese apps now the order includes and groups payment app ali pay as well as cam scanner sherratt $10.00 cent q.q. or 10 cent q.q. q.q. wallet we chat pay the may and p.s. office now the executive order says a quote aggressive action must be taken against developers of chinese apps to protect national security interests the commerce apartment has $45.00 days to decide which specific transactions will be banned under the executive order a spokesperson for the chinese foreign ministry weighed in on the move wednesday saying quote this is another example of the u.s. bullying arbitrary and had to monic behavior the us is overgeneralizing the concept of national security and abusing its national power to unreasonably suppress foreign companies which is detrimental to itself and others the relevant measures

will certainly have some impact on the relevant chinese companies but more importantly they may damage the interests of u.s. consumers and the country for more on this let's try to bring in professor richard wolfe host of economic update and author of the sickness is the system when capitalism fails to save us from pandemics or itself president always a pleasure what do you make of this latest move by the trump administration regarding these chinese apps. well it to things i find remarkable the 1st is that a president who sat with 14 days left is passing on the border about a starry night and take up the 45 day in other words this is an order has absolutely no power no weight makes absolutely no difference because everybody involved the york stock exchange the chinese know that

a new government is coming in long before any of this action will in fact be taken so think of this mostly as more political theater going the chinese so that the american people suffering from the terrible depression economically and from a endemic absent foreigner to get angry at you are the 1st to have a trump if you want to actually get angry at immigrants now he wants us to get angry at the chinese he's been doing that it's mostly the this is the 2nd. government were not with large private companies a country that developed at 1st was the united states we had the biggest military establishment in the we're all. kinds of waves with general motors general dynamics general electric apple google you know maybe it wasn't countries were to take the quality of the trump mega straits and then would be sanctioning our

companies because of the relationship between them and good friends of our country nobody does that we are the only one that's in the we're all. of the punishment against and of course the world sees this as a deterrent to go after in an aggressive way trying to escape konami and that has not succeeded in the last 40 years and i see a row chance for it to have a more success in the future you know you make the point about whether this is going to happen as the president where hit in the sunset on his presidential term just 2 weeks left before the inauguration of president elect joe biden and it reminds me that a couple of weeks ago we spoke with our friend john quelch from the miami her business school who made the point that maybe things won't change between the relationship between china and the united states so much because you know the

democrats have actually been critic been criticized because they're not hard enough on china from the left and frankly he said that this may be a little bit of a a favor to the by administration do you see the biden ministration pulling these back or does that does he keep these in place. i think that might mean ministration from the little i can gather just having a debate already and one that will likely continue between those who think that what trump is trying to be more of our war was a terrible mistake the last 40 years 30 years i've seen the bench truth the united states ever had at a time when an act that we were trying to not bring the chinese would benefit from abuses well this was a very useful collaboration and they don't see why that should stop now especially that gets dangerous with competition that could become military on the other hand as the from

a miami pointed out there are those who believe that the chinese are up and that the united states or to in some way slow them down for us is really this effort to slow down is sort of weak as never were the british you know and tried to stick around when we became an independent country look how that worked out we were a colossus there are some. climate of that colossus the chinese are not going to change what has worked really well for them in order to what common date summer we should in the united states what rate of economic progress they should so i think it's going to be fought out very quickly and i don't think mr trump's aggressive actions which are mostly verbiage are going to help the situation and i want to hit on this quickly and i really got to get a yes or no out of this there has been an ongoing saga regarding the new york stock exchange this week on monday it announced the big board would elicit chinese

telecom companies in accordance with a white house executive order and then on tuesday they said no we won't do that after we talk to regulators that when they apparently they spoke with treasury secretary steve and they said ok we will do this on terra level i mean is this confusion just what's happening during the trip administration with these policies yes or no because i do have to go. yes it's complete chaos in the white house it has been for a long time you're seeing in the rest and gays on again off again to somebody else do it too late this is a lame duck and this is the way the lame duck quacks professor richard wolfe host of economic update thank you so much for your insight today. thank you. and that's it for this time you get boom bust on portable t.v. check it out at portable dot t.v. we will see you next time.

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