this is room bustling business show you can't afford to miss i'm rachel blevins in washington coming up facebook says former president trump will remain suspended for now just as he rolls out what his team is calling his new platform will discuss a lot drugmakers in the u.s. have been quick to come out against requests for an emergency leave vaccine waiver to help struggling countries so why are they now blaming china and russia that treasury secretary janet yellen is walking back to the claim that the federal

reserve may be forced to raise interest rates after her comments spark in the oval sell off we have a lot to get to so let's get started. former president trump announced 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 board said the ongoing risk of serious violence justified the suspension at the time it also said it was not appropriate for facebook to impose an indefinite suspension so joining me now to judge what all of this means is boom bust co-host and investigative journalist ben swan now ben the board found that facebook in appropriately termed the suspension indefinite why is

that right 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 saying. within 90 days of a tweet going out that essentially you either are going to tweet or 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 of 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 saying 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 right 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 tube 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 mid-term 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 its budget so how long is it actually going to be we just don't know and it's interesting that they're now issuing this ruling 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 plot for. arm is going to look like ok so he officially launched what is 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 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 and 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 there's no interaction among users so is it a social media platform it's not what i would say to that is that the mistake that 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've been friends i don't know why it's called. michael in the my pillow guy right he launched his and it's doesn't work the whole thing's broken parlor gets taken down neatly gets 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 to break dependency 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 along and if we will finally get that

platform once and for all that is actually user friendly and sun appreciate your time today thank you. the by administration 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 new 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 code in 1000 magazine 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 cold 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 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 900000000 dollars 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 and 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 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 walsh 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 pfizer 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 and i've ever heard of would have to answer that question yes i mean basically here we have a 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 last year too and it's it's way too little it's way too late the export of vaccines from bold 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 now 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 the intellectual 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 test 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 u.s. 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 a law 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 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 its government put profits 1st in the long run that is and makes 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 now on the trail is a case that when actions speak louder than words professor richard won't make you so much for your time in 5. thank you. time now for a quick break but when we come back janet yellin is now walking back. from that and as we go to break here are the numbers. medicare recipients the energy in one portable oxygen concentrator mean they'll be

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guys i made a professional is powerpoint to show you how artsy america fits into the greater media landscape arts news not all laughter all right we are a solid alternative to the bullshit liberal or conservative and as you can see his margret we don't skew the facts either talking at lefties talking at righties oh there you go above it all so look out world r.t. america is in the spotlight now every really hard no i get to classify as and it actually took me way more time than i care to admit. i like it when the hosts ask a question for the guests and then actually listens to the guests answer and moan reacts to have an answer a false dennis miller here i've got

a new show. our culture is awash in lives dominated by streams of never ending electronic hallucinations that burst fiction until they are indistinguishable we have become the most deluded society on politics as a species of endless and needless political theater politicians have morphed into celebrity are 2 ruling parties are in reality one part of corporate and those who attempt to puncture this vast breathless universe of fake news designed to push through the cruelty and exploitation of the neo liberals for our force 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 but squeak we must. 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 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 backtracked she is

neither predicting nor recommending that the fed raised interest rates as a result of president biden's spending plans so joining me now to. co-host christine and joseph yes 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 trouble ministration biggest 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 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 ministration said that this is a little bit of an issue because we keep spending and spending overseas you know forget about the manufacturing 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 we're starting to periods of inflation and you can't really pay those dedications 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 why 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 biden's 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 already 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 $27.00 tax cut provide a further incentives for countries to actually repatriate profits that they stored

overseas and this brought back american dollars to then invest in upgrade infrastructure cap ex an r. and d. but apparently that's not good enough anymore and now that's global 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 like take ireland for example where 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 floods 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 disincentives to joy so there's basically no war for them to do it of 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 berries powers between federal state and local jurisdictions all come back to politics and exactly what one administration 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 hit periods or insulation or maybe the markets were behaving in

a way that weren't so favorable and you would hear that the fed would come out and you know hold 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 we're already seeing it with gas prices were seen in the 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 isn't even the rental car industry even 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 pre-code it seems more expensive now now again inflation is going to be a little tough for them to manage and i think she rolled it back a little bit seen that you know the markets did react have no to flee 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 fund 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 long term value which will actually spell all job desk creation and innovation and the 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 will again rank america dead last with a corporate tax rate 7 points higher than china and drag the u.s. back to having the high school buying 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 kristie i guess the thank you both for your time thank you. that's all for now you can catch him bass on demand by downloading the portable

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folks accept what got us miller plus one we're going to talk to a good cat that i push boys he wrote night at the museum night at the museum to be at some point that he's an actor he's been in everything i've been the odd couple remake with matt perry but the guy has so many credits as i am deep deep pages like you know. 800 entries and that good guy tom lennon started out in that great comedy sketch troupe the state will pick his mind about his new young adult novel series he's got comedy and all that when i look like that guy tom let up right after this dennis miller plus one.