according to. back. from iraq. this is grim bustling business show you can't afford to miss i'm rachel blevins in washington coming up facebook says former president trump the army of suspended for now just as he rolls out with his team is calling his new platform well this got a lot drugmakers in the u.s. have been quick to come out against requests for an emergency but would back the waiver to help struggling countries so why do they now blaming china and russia. treasury secretary janet yellen is walking back to the claim that the federal

reserve may be forced to raise interest rates after her comments sparked the lobel sell off we have a lot to get to so let's get started. former president but now is his long awaited return to the internet with a new platform just one day before facebook's oversight board issued an official ruling on the suspension of his account the board set it up told facebook's decision to suspend trump back in january on the basis that his post during the capital riot severely violated the tech giants rules and encouraged and even legitimize violence but while the boards of the ongoing risk of serious violence justify the suspension at the time it also said it was not appropriate for facebook to impose an indefinite suspension so joining me now what all of this means is boom bust co-host and investigative journalist and swan now ben the board found that facebook in appropriately termed the suspension indefinite why. is that right so

it's basically parsing words here they say the term indefinite was inappropriate because it violated facebook's own published guidelines that essentially say within 90 days of a tweet going out that essentially you either are going to tweet excuse me a post going up that you either have one of 2 things happen either you receive a a temporary suspension for a set and particular number of days or you can receive a permanent suspension from the platform but they said because it was indefinite and there was no clear timeline given it was inappropriate so what the this kind of board of oversight has done is essentially said ok in this case that was inappropriate you can keep him suspended right now but you have to make a ruling on how long it will be is that a temporary suspension if so for how long if not it's a permanent suspension which means you're gone forever and you're staying ok so does that mean that facebook will now have to create at some point a point at which trump can return to its platform not necessarily write so if it's

a permanent suspension they don't have to let him back on and keep in mind it's not just facebook that's done this twitter suspended trump indefinitely or permanently i believe it was a term that they use you to permanently banned and they removed his channel so it's a couple of interesting things here is facebook going to stand up and say yeah we're going to go ahead and move forward with a permanent suspension if they don't and it's just a temporary suspension or he's already been off for months now so you would think if it's going to be temporary that the time's up and he's back on i have the suspicion here that what you're not going to see is trump be allowed to return before the 2022 midterm elections i think it would be very unlikely they'd allow him back before that but in the event that they do it would have to be sometime relatively soon because you're not going to say 3 and a half years that would be a ludicrous amount of time for a suspension so how long is it actually going to be we just don't know and it's interesting that they're now issuing this really all of a sudden. when it's been

a few months since we've been talking about this now another thing that we've also talked about and been sitting around waiting for is to see exactly what trump's new platform is going to look like ok so he officially launched what his team is calling his own social media platform of some sort it is something that he's talked about for months but the big reveal turned out not to be so big after all what can you tell us about it yeah i mean honestly it's a little bit of a in that it's not a social media platform i think part of the problem is language to write a social media platform is a very specific kind of in city meaning you have an interview where people and users are able to interact with each other they're able to share content they're able to upload content that's what social media platforms are this is clearly not that clearly what this is it's a it's a blog that's really what it is it's very similar to twitter it has characters similar to twitter and if you were to take a screenshot of it as you're showing it on the screen right now it looks a lot like a twitter feed that's kind of a clean version of twitter by the way

a lot of the even the like buttons don't work on it right now i think there's a little heart that you can click if you like the post but there's no real sharing and there's no interaction among users so is it a social media platform it's not what i would say that is that the trump is making it through all of this is that he has an enormous social media presence and in an enormous number of people who want to follow him on social media he needs to work with or establish some kind of platform where people can actually interact and it's bigger than just him otherwise it just becomes a blog and it gets poked fun at and i don't think it furthers his cause any yeah and i know we've talked a lot about how parlor kind of went through all of the issues and they caved on a lot of things are we in this place now where there's kind of this gap where there's a lot of people looking for some sort of social media that they can actually speak out on but the market just hasn't provided it yet the market has not provided it yet i think that's exactly right the problem that we have right now. is that the

companies that have come along you know. linda franklin those frank speech. michael and oh that's his name they might even friend their own wife called friends . michael end of the my pillow guy right he launched his and it's doesn't work the whole thing's broken parlor gets taken down we get taken down and so the problem is that the technology is not being applied correctly in order to make something that's truly free speech everyone is dependent on the same social media companies apple and google and amazon you've got a break you can see from that and you have to bring together voices into one place where the user is the center of the experience that's one thing that facebook got right for a long time not anymore twitter got right for a long time but not anymore is the ability of users to be the center of the universe not the star personality of the conservative new movement mag none of that can be the star the focus has to be on the user the demand is certainly there now and we just have to see what's going to come on and if we will finally get that platform once and for all that is actually user friendly then sun appreciate your

time today thank you. the biden ministration now says it will support a wall trade organization waiver for vaccine intellectual property rights supporters say it will help countries like india and south africa to manufacture lifesaving doses but drug makers in the u.s. have been quick to criticize the plan reportedly warning that it would allow china and russia to exploit technology meanwhile a company like pfizer that chose to profit off of its vaccine is now doing just that here's our new job as with the latest on just how much pfizer has made in the last 3 months. and 2025 were developed a covert 1000 vaccine in record time and since doing so the company has raised its forecast for 2021 codes in 1000 vaccine sales by more than 70 percent to $26000000000.00 and experts say the demand for governments around the world could

fuel its growth for years to come. this week by a pharmaceutical company pfizer releasing its earnings report showing just how much money it's cove in 1000 shot is generating. it shows the vaccine brought in $3500000000.00 in revenue in just the 1st 3 months of this year roughly 24 percent of its revenue and based on contracts as of mid april that call for $1600000000.00 doses of the shot to be delivered this year pfizer expects the vaccine to earn about $26000000000.00 in total revenue for the year from its previous forecast of about $15000000000.00 but while the german drug maker did not disclose the profits it derived from its vaccine it reiterated its previous prediction that its profit margins on the vaccine would be in the 20 percent range that would translate into roughly 900 $1000000.00 in pretax vaccine profits in the 1st quarter this while the company plans to file for full vaccine approval from the u.s. food and drug administration at the end of the month and it also said it expects to

apply for emergency use authorization for a booster shot. that could protect against coven 1000 variants during the 2nd half of july meantime the f.d.a. is poised to authorize pfizer and biotechs coronavirus vaccine for teens and children 12 to 15 years old by next week still though the company's kovan $1000.00 vaccine is disproportionately reaching the world's richest nations according to the world health organization as of mid april wealthy countries have secured more than 87 percent of the more than $700000000.00 doses of coated $1000.00 vaccines dispensed around the world while poor countries have only received point 2 percent now pfizer says it is committed to making its vaccine accessible globally and announced on tuesday that it has shipped 430000000 doses to 91 countries or territories reporting a new york trinity chavez r t. joining me now to discuss is professor richard wolfe host of economic update and author of the sickness is the system her for us or let's start with pfizer here

clearly they have profited heavily off of a successful vaccine but that wouldn't be possible without a partnership with bio on tag which included $445000000.00 and funding from the german government should have any say on whether a waiver is issued for its vaccine. well it seems to me the most elemental notion of more allergy or ethics than i've ever heard of would have to answer that question yes i mean basically here we have the choice the profit of a corporation pfizer or the health and literally the life and death question for the 7000000000 people on this planet the new york times yesterday made crystal clear that in rich countries something like one out of 4 people have been vaccinated but in poor countries where the overwhelming majority of our planet lives it's one in 500 that have been vaccinated that there is no

excuse and when fines or says it's going to make it accessible they said that their c.e.o. said that lanced year 2 and it's it's way too little it's way too late the export of vaccines from both china and russia and even until recently from india are way greater than anything the united states has done or even contemplates to do and i think the long term effects of this will be something we all here in the united states will regret and there truly is a lot at stake here and of course time is taking you know like you said this is something that they've been saying for a full year in l. and it's interesting because reports are saying that drug makers like pfizer and madonna which chose to profit off of their vaccines they want to protect me an electoral property because they claim it would be exploited by china and russia but

the m r n a technology has been decades in the making with research conducted around the world so why do you think we're seeing a push to brand it as american technology all of a sudden. i believe that is a pure facade that's just a way to appeal to the public at a time when there's lots of other noise that's hostile to russia and china so you're cash in on that what they're protecting their intellectual property is a fancy term for their profits they don't want to make this available in other parts of the world not just russia and china india south africa loads of other countries have the machinery they have the laboratories they just need the formula to go ahead and produce this lifesaving a vaccine and everyone knows including pfizer that if everybody else in the world can do it then no one is going to pay big bucks for the pfizer version because

they'll have the generics available elsewhere as we already see between branded drugs and generic equivalents here in the united states so yeah lots of talk about russia and china bottom line they want to continue to make big bucks the numbers you quoted earlier are are really profound 3 they have $4000000000.00 in the 1st quarter this is a blockbuster profit opportunity for pfizer and that's what they are protecting and they really do have a lot of control right now and we're talking about i mean just a handful of pharmaceutical companies but now have unprecedented control over covert vaccines in the us and book could be around the world so what are the long term dangers of allowing these companies to essentially make policy decisions for the federal government and how significant is it that the by an administration is now moving to allow that waiver. well i think that many ways to answer the question

but let me give you one example the rest of the world is now being treated to a very harsh reality on american corporations with at least the tacit support of both the trump administration and apparently the biden administration at least to this point are prepared to make money by denying the rest of the world life saving a technology the rest of the world besides being angry and bitter is going to take a lesson you'll have to be free of dependence on the united states you have to have your own sources that you can rely on because you cannot rely on the united states because it's companies and it's government put profits 1st in the long run that is in a stream lee dangerous thing to do for the united states it's going to have to depend more not less on the rest of the world in the years to come down the straightly of

the case that when actions speak louder than words professor richard won't make you so much for your time in an fight. thank you. time now for a quick break but when we come back janet yellen is now walking back her comments here her claim that the federal reserve may be forced to raise interest rates was heard by markets around the world well those costs next and as we go to break here are the numbers up a close. our culture is awash in lives dominated by streams of never ending electronic

hallucinations that bird fiction until they are indistinguishable we have become the most deluded society on politics as a species of endless and needless political theater politicians and celebrities are to ruling parties are in reality one party corporate. those who attempt to puncture this. breathless universe of me to sign the push through the blue tooth and exploitation the little or are pushed so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we might as well be mice squeaking against an avalanche. we lost a little. take a live news anywhere you that doesn't elegant think straight on line and video

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the u.s. trade deficit hit a record 74400000000 last month as demand picks up in the u.s. while the countries it relies on for imports have been slower to recover and it was the topic of the economic recovery that drew a strong reaction from the markets in response to comments from treasury secretary janet yellen while she initially said the federal reserve may be forced to raise interest rates to keep the economy from overheating she then fact tracked she is neither predicting nor recommending that the fed raise interest rates as a result of president biden's spending plans so joining me now to lead us co-host christine and joseph guess the founder and c.e.o. of strategy marketplace so joseph of all let's start with you the deficit with china increased 22 percent while the shortfall with mexico rose 23.5 percent now during the troubled ministration these trade deficits were highlighted as

a major problem that must be corrected what about now what is the problem with the trade deficit keeps on growing. well i have about a 100 page power point for you guys if you want to stick around for an hour but since i don't want to bore you and your viewers on that i think let's just break this down really really separately for everybody 1st and foremost when you have a lot of the exports and you have few imports it does make things good for the americans who are buying you know products because it makes everything really really cost effective for them and they can buy more on the flip side what you don't see on that and this is where economists tend to disagree and have arguments over is that now you're giving a bunch of money overseas to other countries in the case of china and mexico what they're doing is they're coming back and they're buying government bonds which is actually increasing the u.s. debt to those economies and so that's why the trouble ministrations said that this is a little bit of an issue because we keep spending and spending overseas you know forget

about me and you factor in jobs and forget about all the other jobs that are you know take it away when that happens think about all the debt that we're now going to incur and when you're starting to periods of inflation and you can't really pay those debt it will be a sions that's where it becomes problematic for the american economy yeah a lot of concerns about inflation not a lot of talk about the debt there but now kristie up on the agenda today yellen says the u.s. is pushing to end the global race to the bottom on corporate taxes so what is the purpose of global minimum taxes. well the purpose is to essentially try to close all the tax loopholes that allow for american corporations to shift our names abroad the u.s. is now trying to take a 2 pronged approach towards its goal of implementing a wall wide minimum tax for corporations and the white house is trying to stop friends from relocating their home operations to countries which are tax rates and that objective is not the 1st priority as the administration seeks to raise taxes

on companies in order to fund bidens the packages and yellen says that the u.s. has been in talks with member nations in the o.e.c.d. however a few countries have publicly stated that they actually endorse the global minimum tax idea u.s. companies have walling the nation offshore and where they establish domiciles and low tax countries and joining the company ministration corporate taxes were slashed to 21 percent and the 2017 tax cut provided further incentives for countries to actually repatriate profits of these stored overseas and this brought back american dollars to then invest in upgrades infrastructure cap ex and r. and d. but apparently that's not good enough anymore and now that's local minima tax is going to be used to help on the crazy expensive spending programs on the administration's agenda but here's the thing this plan has such a small chance of success that it's really not even worth talking about because for starters let's look at the incentives for joining versus staying out there's absolutely no incentives here for other countries take ireland for example where

they just famous words double the irish dutch sandwich in the poll if a small country like ireland stayed out of a free trade regime like the u.a.e. it would be like shooting itself in the foot but on taxes if it stayed out on any global tax deal it would actually ensure that it can still have a tax code that would allow it to remain more attractive to global corporations than most countries so you can be sure that it will be fighting to stay out of any global minimum tax regimes and other small island countries and tax havens such as canaan who are dependent on these dollars for their economies will furthermore be disincentive ice to joy so there's basically no war for them to do it all old destroyed their economy. and furthermore it also reflects very poorly on americans political foundation and reawaken constitutional questions about the balance of power between central and subnational governments and the various powers between federal state and local jurisdictions are all come back to politics and exactly what one ministration is doing versus another at the end of the day now staying on

these comments from yellen joseph of u.s. stocks are rebounding on wednesday as yellen walks back comment she made earlier suggesting that rates might rise break it down for us is there a real risk of the economy overheating or is it still too early to tell. well the unwritten job description of yelland in the fed is to keep the american public calm so we've seen this throughout history where you know we were hidden peri's our insulation or maybe the markets were behaving in a way that weren't so favored ball and you would hear that the fed would come out and you know roll back some of the things they said previously before they you know made changes. are we still in in a period where it could have been an ember over solution yeah i believe we might be a we're already seen it with gas prices we're seeing and grocery store right now people are sitting on all this surplus cash from stimulus and they're ready to get out as the economy opens back up and we're seeing this and even the rental car

industry in airlines people can't bring a car in hawaii they're renting you halls because they're out of cars other states that people are traveling to they're having similar issues and i'm hearing the people smoke people saying you know the same plane ticket that i could have got just a few years ago crito it seems more expensive now now again inflation is going to be a little tough for them to manage i think she rolled it back a little bit seen that you know the markets did react you have negatively the other day but overall i'd be a little concerned still and most people are talking about inflation on almost every single call that they have with their corporate corporations and other businesses yeah there is still a lot of concern now before we go kristie i want to ask you about the fact that in the 1st 100 days of biden's presidency the richest 100 americans saw their fortunes grow so now he is making moves to offset this by taxing the highest earning americans what do you think of this and is this fair. you know it's really not fair

because america is founded on capitalism and now you're basically punishing those who are successful in order to find an overreaching slashing package and while these packages claim that it will create millions of jobs recent history actually shows that it just distorts the free market and expands government power which ultimately is a drag on the economy and puts us in a perpetual spend then tax scheme on steroids and history has shown that governments use these periods of crisis and instability like to expand their reach and that is exactly what is happening now because this was essentially robbed innovators of the incentive to actually build wall term value which will actually stop all job just creation and innovation and firms are looking at a mass exodus from stocks as investors blocking gains and sell out i mean there's absolutely no point in holding names if capital gains are going to be taxed at the same rate as income and that will change the entire investment landscape which will spell doom for the market and all the retail traders that robin hood actually built

out so biden's tax hike well again rank america dead last with a corporate tax rate 7 points higher than china and drag the u.s. back to having the highest combined corporate tax in the developed world which is 9 percentage points higher than the average of developed countries. will certainly be interesting to see exactly what the by an administration decides to do christiane. thank you both for your time thank you. that's all for now you can catch boom bust on demand by downloading the portable t.v. out for your apple or android device we'll see you here next time and as always don't forget to question more.

you. know. the feeling of. the world. according to jess. illegal. for the. kid you sourced the story about the fact that delayed maxwell will likely take others down i guarantee you there's a lot more going on. in our nation's capital this. week rick sanchez and protesters who are not happy this is what we're going to drill

down on right here on news where we really do believe it's time to do. this type of american is doing very well but then there's these guys over here who aren't doing so well but if you drill down to look at the real numbers especially the rent numbers right it's pretty bad there's people who are not paying their rent and say they're not going to be able to pay their rent for the foreseeable future. high on my path and tony on this is america's lawyer the mad gate saga became even more troublesome for the florida representative last week after was revealed that

his friend joe greenberg the indicted florida politician wrote a confession letter 'd admitting that gates had relationships with at least one underage girls that we know of tonight we'll tell you why this might be the smoking gun evidence against the florida congressman also tonight why becomes the 1st state to officially declare a climate emergency and later in the show the e.p.a. has known about the dangers of the east since the obama administration so why are thousands of businesses still exposing their workers to cancer causing chemicals don't go anywhere america's lawyer starts right now. republican congressman matt gates is getting sucked further into scandal after the man he allegedly paid to deliver girls to him further implicated him in criminal activity joining me tonight to talk about this is fair and cousins when trial

lawyer magazine absolutely the best progressive in the business i think your reporting just gets better and better i've known you since you were child. after year gets better fair and really i was so let's let's really nail this story i look at this story and it gets weirder by the moment you've got roger stone kicking around in there you've got confession letters kicking around you've got mad gates hiring lawyers he's lawyered up paying money through his campaign income to pay to pay his way through this so give me your take on this story. right off the top i think look mad gates understands how much trouble he is in and there's no way he can even spin him self out of it at this point but what we found out late last week the daily beast which who by the way had done a phenomenal job on this story you know we always talk about how journalism is dead did the daily beast doing some great work here good but you know they published these letters that they had gotten from greenberg where he wrote these letters to roger stone.