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in the depths. or and maybe the shallowness of. this has been bust the one business show you can't afford to mess i'm rachel evans in washington coming out with a new president comes new hopes for more stimulus and the markets are ready but will the incoming by administration deliver we'll discuss a lot with fears over a new mutation of the current a virus spreading quickly a landmark study shows that one of the top covert 19 vaccines on the market may be just as effective then as working from home becomes the new normal in the tech

industry it's triggering a mass departure from major cities that are now being left behind we have a lot to get serious so let's get started. the 46 president of the united states has officially been sworn into office. amid what can only be described as an unprecedented time here in the nation's capital and now gratian day is typically marked by hundreds of thousands of americans coming together to witness the day's events but with around 25000 troops deployed to the streets of d.c. the city has been transformed into a ghost town the incoming joe biden ministration is now pledging to get to work amid pressure to pass the next stimulus package as soon as possible party is john heidi has the latest from the national mall. was a pivotal moment in america's history with the transition of power on a cold windy but beautiful day certainly much more subdued and scaled back event because of the cove in 1000 pandemic generally in past inaugurations the national

mall behind me would be full of people this year it's full of flags and as far as those in attendance for the inauguration members of congress plus one former presidents but certainly a much smaller crowd than in the past that said just a far biden spoke for about 20 minutes being talked about america unify he talked about democracy being valuable democracy being precious and democracy ultimately prevailing perhaps one of the most divisive and divided times in our country's history well my ability to serve and protect the constitution of the united states so help me god congratulations was to. learn to get that democracy is precious democracy is fragile. at this hour mark friends democracy has prevailed security has been incredibly tight with $25000.00 national guard troops on the streets of d.c.

in the what's called red zone the area in and around the national mall and the capitol that was shut down in the days and actually in more than a week prior to today's and moderation as there were concerns about extremist threats about protests breaking out riots brake. so far it has remained calm even leading up to today's events but president biden also talking about defeating donnelly the cove in $1000.00 pandemic which had an effect this year on on the scaled back affair but also defeating extremism and white supremacy in america it was a speech underscoring as we kind of already knew an expected unity in the united states as i said at a time of incredible divisiveness perhaps one of the most vital times in america's history joseph biden 46 president of the united states and his vice president connell harris certainly having many challenges ahead at the national mall in washington d.c. john hoodie r t. joining me now to go further in-depth on what we can expect from the next

president and of course how the markets will react are boom bust co-host christine and professor richard wolffe host of economic update and author of the sickness is the system professor all start with you here the biden administration is pushing for what they call the american rescue plan which would cost $1.00 trillion dollars and include another round of stimulus checks state and local government aid and an increase in the federal minimum wage to $15.00 an hour is that enough to rescue the american economy at this point. well to give you be honest answer that i woll i want to preface it by saying this is a much better program than anything on the on the books for the trumpet ministration and i don't want to shortchange that but to be honest in an answer i think the level of our problems one of the worst economic pressures in our history coming together with one of the worst public health there's

a esther's in our history simply requires a more international. than what they are considering and i don't see the not i don't think for example it really goes after the quality that is why not only our economic problems but the very divisive mess that we have seen around us so i'm worried and i'll be watching closely to see what my 1st reaction is you're going to have to make up their intervention and what you're contemplating to deal with the problem you have. and certainly many americans are calling for some sort of intervention right now now kristie there seems to be a lot of optimism in the markets for the incoming president and fact biden has seen one of the best stock market rallies in nearly 100 years ahead of his inauguration is that any indication of what we could see over the next 4 years or is this just typical election frenzy. a lot of it is frenzy this really isn't any indication of

the next 4 years a lot of this recent rally has more to do with the fact that since november elections we had a handful of vaccine rollout with a high reported efficacy from pfizer and moderna those announcement came out shortly the week after the elections which helped to bolster hopes for a near term economic recovery from the epidemic so more so that in the actual results of the election i guess biden can take partial credit for the rally that we've had because as we've said before the market and the real economy they've completely diverge so the stock market is short sighted and thrives off of earnings demeanor and with biden off a tremendous amount of cope with really stimulus plans that will support the economic recovery and bolster earnings growth so the $1.00 trillion dollars relief package proposal helped to boost sentiment as the number came out into at the higher end of the range of expectations so when the market hear that then they will pick up and that able be distributed to all the hard hit industries those names

will rally the other half and by the plan to do then coordinate masback nations to get the economy open again quicker which also that the markets but i don't think this is any indication of what will happen over the next 4 years because this rally right now is really bubblicious and it's pricing in all of this in this we should expect from the administration as well as the perfect economic v. shaped recovery so what then will happen when things don't go according to expectations what happens when the miss money runs out what's the plan going forward to boost employment again or is helicopter money and direct payment by humans here to stay for ever right now the market pricing and forecasts and expectations of a huge rebound but what will happen if that failed to materialize yeah that's a really good point and certainly there are industries across the board that are all waiting on that stimulus and wanting it to succeed and to see how that then impacts them moving forward now professor there are plenty of risks that come all

with that stimulus plan that we're expecting to see from the biden ministration one of those of course is inflation but many think that this will only be temporary is there any risk that it could be longer than expected. but always that risk you know where where the money goes is the question the helicopter money flooding our economy with money has so far not had an insulation in this so-called real comedy what it has produced a very inflation in the stock market that we've been talking about that's where the money goals that's where you could make a quick call if you buy or sell the stock at all either price later with more money coming in you have a reasonable chance of it back but there again you're white mainly in the quality chain percent of americans who only percent of the shares they are doing all well and good but the mass of people aren't and that in the quality is its only factor that's understood or else the fear of

a disappointment is exactly what we will experience just right harass mulish had that temporary blip and the resulting decline from the more basic problems of the economy and that's a great point as well especially in a year where we've seen unprecedented levels of the rich getting richer and then of course the poor getting poorer now kristie i want to bring in oil prices here we saw that they rose about $56.00 a barrel on wednesday which also appears to be tied to these hopes of a new administration and a new stimulus plan is it too soon for what seems to be all of this optimism that everything is just going to go back to normal within the coming months. yes a lot of it and optimism that things will go back to normal that business activity and consumption will recover which will boost the demand for oil but right now today's price fluctuations actually more so on the supply side because biden is

expected to take measures to curb the u.s. oil and history including me and trying to pare kind of court canceling a permit for the keystone x.l. our crude oil pipeline and also causing arctic drilling to lead ministration is adopting a heavy pro green energy and anti fossil fuel farm and that is going to mean higher prices for oil at the titan the on the demand side got really right more innocent because the poor will mean more growth which will in turn lead to higher us oil demand so with tightening supply and rising demand the oil market is likely to remain at the high deficit in the 1st quarter at least which will boost prices within the coming months but i think for things to actually go back to normal not as quite a stretch of economic activity isn't going to rebound that quickly like for one definitely isn't going to pick up as travel and leisure activities are still super depressed driving as it is has decreased as work from home is still in effect so i think we don't have a long way to go before there's any sort of normalcy yeah exactly even though the

government says that they're ready to get back to normal that doesn't mean that the people within the country will necessarily now professor i want to bring in china here at they've just announcing sions i guess more than 2 dozen here in the u.s. including top members within the trump ministration like secretary of state my pump a.o. all over claims that they violated beijing's national sovereignty so do you see this as a feral farewell to the trumpet ministration or as more of a warning to the biden ministration. i really think it's exactly both of those things it's a list quite in shock to trump as they call pale has gone literally over the edge with the kinds of things he said so it's logical to pick on him in this situation as usual id per concert the reality is a 3 year 2020 the struggles with china china was the trade wars 'd did much more damage to the united states than they did to china and china is the only major

economy growing in the year 2020 we are shrinking their foreign direct investment in china fell by 4 percent during the 1st half of 2020 it fell by 61 percent here in the united states this is a war that is hurting us more than them they can wait us out the much smarter things that the united states would be a real change of policy back to where we were and work it out do what the chinese leave for their development do what we need for ours otherwise we're in no rules rules situation because history teaches us that trade morris have a nasty habit of sliding into military or and i don't need or want to speak about what that might be there that certainly is the case now kristie quickly what's your response to those latest sanctions from china. i think it is a warning shot and looking ahead it will seem that biden will have

a very tough time we building and trying to find a middle ground moving forward with china without appearing to be giving and are being too soft as kowtow has he so often criticized for i will certainly be interesting to see exactly what the buy ministration does on this one but great insight as always been best coast christiane and professor richard roth thank you both. turning now to the latest in vaccine news russia has officially filed its sputnik 5 for registration in the european union the russian direct investment fund which finance the world's 1st registered coded 19 vaccine confirmed that a review was conducted by the european medical agency and a decision is expected by next month this is just the latest in russia's campaign to make the sputnik 5 available worldwide as of right now the vaccine has been approved in several countries including argentina serbia and bella ruse the u.s. has been a top critic of the russian vaccine as it looks to capture the european market with

its own alternatives from pfizer and madonna. speaking of pfizer new research suggests the coated 1000 vaccine it developed with biotech is likely to be just as effective against a new mutants strain of the corona virus that was discovered in the u.k. this according to a study conducted by the 2 companies which found that there was no biologically significant difference in neutralize ation activity between the laboratory test on the latest strains and the original corona virus that the vaccine was designed for the new mutation of the virus which was discovered back in september is said to be even more rapidly spreading and easily transmitted this appears to be the 1st study of its kind of the efficacy of a vaccine against covert 19 mutations. time now for a quick break but when we come back as many in the tech industry continue to work from home they are now leaving the big cities they once needed and those cities are

warning of the consequences we'll discuss it all next and as we go to break here is the numbers at the close. this. taste awful. ok. then a 2nd wave is coming now the virus is mutating walk 2 blocks away from the apartment and i would get confused as to holly good luck. meanwhile patients who've recovered from covert started to report some unusual after effects the symptoms were different but. my hearing has been ok i think. one of the things are at play

research is all over the world are trying to determine the many takes pains and other problems and then turn it all into numbers showing my hair. the 1113 there this is throughout the day my hair just freakish out loud various sources reports that didn't just leave for 35 percent of recovered patients. so. just there have been many complaints of peril vision loss joint pain and fatigue in the us these patients are referred to as post coded long holos i've talked to multiple doctors in my doctor and they said we have a feeling that you're going to have a hard time in recovery you're going to be one of those people that they consider a long haul or.

seemed wrong. rowles just don't hold. any belief yet to shape out just to become educated and engaged equals betrayal. when so many find themselves worlds apart when she's to look for common ground. oh really forward to talking to you all. that technology should work for people. i robot must obey the orders given to human beings except where such orders that conflict with the 1st law show your identification we should be very careful about our personal knowledge of the point obesity is too great to trust our government here. very chummy with artificial intelligence where some of the.

robot must protect its own existence for its existence. the city of san francisco is now struggling with a mass exodus of tech workers thanks to the chronic virus pandemic in fact san francisco's leaders are now warning that the number of workers leaving the city thanks to the option to work remotely could have a severe economic impact so joining me now to discuss is boom bust co-host ben swan and jeffrey tucker editorial director of the american institute for research ben let's start with you here what is driving this exodus and how bad is it. yeah it's pretty bad there's been some research that's been done since the coronavirus

pandemic lockdowns began and what researchers are essentially finding is that there's been a decline year over year of apartment prices by about 25 percent now what they're finding through something called out migration is that people are moving away from the city and moving away from expensive places like san francisco what's interesting is that based upon the numbers that researchers are seeing what they're finding is these are tech workers who are leaving people who work in silicon valley who work for twitter and for facebook and many of these kinds of companies because they don't have to physically be in an office so they're working remotely but instead of staying in places like san francisco where the cost of living is let's face it ungodly they're moving to other parts of the nation where it's much more affordable but what's also interesting about that is that california and san francisco specifically are cities that have oppose extremely strict lockdown measures and so as a result of that you have many different service industry workers restaurant employees so long workers who have been unemployed so they have been unemployed

they haven't been able to work meanwhile you so they don't have the money to stay in their apartments meanwhile you have all these other tech workers who are leaving the area so it's a bad situation for sure and now these cities are reaching out and saying wait a 2nd we've got to do something here there needs to be some remedy now jeffrey for many workers there is going to be a desire to not turn back here but do we know how many companies like facebook and twitter might go back to required locations after the pandemic is officially over. i don't know about required but by the end of the year you can look forward to the harvard business review and all the top management books saying point out that people are 30 percent less productive when they're remote that we need to go back to collaborative work back in the office it's going to be like this but you know as fences everybody's moved people are moving. mad demographic shifts based on the promise of the people can continue to be digital no grads i mean 3 of the top cities have people are leaving are in california and the other 2 are you wouldn't

be surprised no chicago or new york and they're moving to all the states that are that are not locked up and they continue to remote work but yeah i think companies are going to realize here pretty quickly if they want to stay competitive that they've got to put back together their their work spaces again and that i expect is going to be the big new trend by the end of 2021 and it could be that a lot of the people that are moved are thinking you know i'm pretty over a pretty happy over here in dallas and atlanta and this is pretty climate of south carolina i'm just going to stay here and and start a new business or find another place to work for locally so we're going to see a lot of job term turnover in the tech industry and all industries throughout the next trial date 2 months ok so we'll certainly be looking for those studies that talk all about workplace productivity and how we need to be brought back together all of it after all of this now benefit all lot bigger than just san francisco and

then just tech companies we're seeing this happen across the united states and really across industries as i cracked that's right yeah absolutely it is listen there's a couple of interesting statistics one is in this won't surprise you 99 percent of employees say they want to continue to work from home. that's not surprising to anyone right because most people are going to say it's a better situation i don't have to commute i can you know do a lot more personal stuff but the truth is most employees are not doing more personal stuff than they were when they were in an office they're just doing. stuff in a different setting than they were when they were in office but the other thing that's important is that you have a lot of businesses that are now stepping away from the real estate costs and say well why were we buying huge buildings to house employees and why are we all in one location so many employees can telecommute to work so there is some of that now there are other studies i should mention some that say the productivity among workers doesn't really change depending on whether they're in-house or not but the

most interesting number to me of all silicon valley companies have threatened to cut the pay of employees who decide to relocate to other areas because they say well you're not living in san francisco so we shouldn't pay you as much because your cost of living isn't as high $1.00 has nothing to do with the other i should be paid less money to be a the same employee that i was living in san francisco if i'm living in wyoming the 2 should not correlate and yes some companies are trying to make them right especially if the quality of your work doesn't diminish based on where you are then you would think that your salary would still be the same but that's right course those companies may think otherwise now jeffrey what all this mean for realignment ever urban areas nationwide. you know i'm very worried about i don't you know right now you're seen. occupancy rates of commercial properties and and residential properties in new york just are far lower than what your is going to be advertised by your real estate agents or the places themselves are actively hiding how many

openings are i'm expecting a dramatic deflationary pressure to hit all these cities in california new york chicago it's going to be dramatic a lot of these properties as we continue to reopen the economy over 2021 are going to be bought by large businesses conglomerates probably a lot of foreign companies and that sort of thing so it's going to be a huge and dramatic shift the new interest in and just getting away shrum from some despotic mayors and crowds and just simple find your life it's a big movement in america right now a big shift and it compares to like 19th century levels of demographic change and it's going to change a lot about the economics of the country just quickly it's in a shop i just rented 2 hotels one in new york and one in dallas the dallas prices of hotels was was actually about what you would expect or even higher new

york shockingly low is like maybe 2 thirds less than you would expect to pay so you're going to see a room redistribution of capital and wealth over the coming couple years wow interesting interesting thing i have is here is impacted that now and then i want to go back here because i know we've talked about employees leaving some of these big cities but we're also thinking number of companies leaving these big cities as well do you see that as being the new trend moving forward oh absolutely look at what jeffrey just said about these despotic mayors and governors and all the states that people like you are musk are going to move out of places like california into places like texas places like florida florida is seen in a mass influx of. people from new york and along the east coast who are sick and tired of not being able to sit down in a restaurant and they're getting to those places and what were important things if you are in the mood to start a business right now and you're looking for cheap space to rent or landlords who are willing to do more for you now is a pretty good time to do it you've got

a lot of inspired landlords who are willing to do a lot for you is what i'm hearing in terms of helping you with with costs of taking you know 1000000 dollar projects and giving back half a 1000000 in terms of making your your space nice because they're so desperate to have tenants around so you know that sometimes there's opportunity when you have moments like this and i think for some people it him yeah absolutely and it is interesting to see how you're sort of seeing that move towards states that don't have a state income tax or that are more willing to work with some of these companies will really be something that we're going to keep an eye on moving forward and i'm sure we'll be talking more about it in the months to come ben son jeffrey tucker thank you both so much for your time thank you. much like anything done online these days on line gaming is expected to grow to $2800000000.00 by 2022 in india the southeast asian countries economic economy rivals that of the united kingdom their report by deloitte india says that thanks to the rise of smartphones

and cheap data online gaming could be as much as 5 percent of the entire media and entertainment industry on top of this the pandemic has helped increase the total time spent on gaming apps by 21 percent last year gaming research firm new zoo estimated there are roughly one 3rd of the planet's entire population plays mobile games. i bet that also all of you who are here watching know that's it for this time you can catch a boom bust on demand on the portable t.v. app which is available on smartphones and tablets through google play and the apple app store by simply searching portable t.v. or check it out as part of all da t.v. close here next time and those owings don't forget to question more.

nuclear become a battleground in the u.s. . people of demanding the shutdown of a local plant from my yankee is right now my focus because it's a very dangerous oh no care power plant the owner is attempting to run the reactive beyond its operational limits this case just sort of puts a magnifying glass on 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 participatory democracy is or powerline with the people this case demonstrates that struggle in the very real ways. a struggle. seemed wrong when old rules just don't hold. any. yet to shape

out these days become educated and in gains from an equals betrayal. when so many find themselves worlds apart when she still looks for common ground. must end this civil war on. the pitch really gives blue u.s. president joe biden violence to end what he calls the uncivil war between democrats and republicans but just hours after his inauguration speech of rest broke out in a number of states including oregon where the democratic party's headquarters was about. the gushing mainstream media swoons over the new commander in chief inauguration speech he's guessed the date for america's doings really can be healed anytime soon. either we're going to resolve these issues peacefully through the battle.