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boom bust still in business show you can't afford to miss i'm rachel blevins in washington coming up facebook's that is former president trump will that may have suspended for now just as he rolls out what his team is calling his new flop for all of us got a lot of drug makers in the u.s. have been quick to come out against the flyers find a merchant see close one 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 mark as a global 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 held 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 this is spent in at the time it also said it was not appropriate for facebook to impose an indefinite suspension so joining me now that's what all of this means is boom bust co-host and investigative journalist ben swan now ben the board found that facebook and 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 are either or going to tweet excuse me a post going up and that you either have one of 2 things happen either you receive 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 interesting 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 trump 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 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 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 platform 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 to write a social media platform is a very specific kind of into t.v. meaning you have an into team 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 styled very similar to twitter it has characters similar to twitter and if you were to take a screen. the shot 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 there's no interaction among users so is it a social media platform it's not what i would say to that is that 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 so if i'm in french i don't know why it's called. michael and of the my pillow guy right he launched his and it's it doesn't work the whole thing's broken parlor gets taken down we 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 start of 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 then sun appreciate your time today thank you. the buy 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 the 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. 2025 were developed a coke in 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 a 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 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 a 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 in 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 professor 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 in 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 never 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 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 the dharna 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. name 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 the one who's 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 there are many ways to into the

question but let me give you one example the rest of the world is now being treated to a very harsh reality on the 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 its companies and its government put profits 1st in the long run that is in makes dreamily 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 a strictly is a case that when actions speak louder than words professor richard won't thank you so much for your time and insight thank you. time now for a quick break but when we come back janet yellen is now walking back her comments copiers her claim that the federal reserve may be forced to raise interest rates was heard by markets there around the world for the staff and that and as we go to break here the numbers out the close.

right now there are 1000000 people who are overweight or obese it's also a couple to sell through the seas frenzy and sugary and salty and addictive it's not at the individual level it's not individual well power and if we go on believing that it will never change this obesity epidemic that industry has been influencing very deeply the medical and scientific establishment. something from what's driving the obesity epidemic it's called for profit. research you had to cause a belief so you are good and it's you know you meant for us one. but on the but i'm going to do the quickly dismissal that is news to me just. the sort of new. movie should learning to. do i feel strongly you stuck or your

muscles in the course of your knee misses jim but i'll show him just for a while for ok if you go chill the church. commission that. we think you minds be soviet soldiers because off the boots she's wearing. to church to the sold out so to keep the apostle to when you're working with will be the only one that i'll be sure stuck to in the summer watching the police force to bust all the.

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 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 track 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 leave us co-host christine and joseph guest 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 grows 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 it was just break this down really really separately for everybody 1st and foremost when you have a lot of that sports 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 ringback 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 community factory 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 dead it would 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 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 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 upgrade infrastructure cap ex and r. and d. but apparently that's not good enough anymore and now that global minimum 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 'd stayed out of a free trade regime like the u.a.e. it would be like shooting itself in the flood 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

kamen who are dependent on these dollars for their economies will furthermore be disincentives to join so there's basically no war for them to do it all over destroy 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 southern national governments and the berries powers between federal state and local jurisdictions are 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 hidden periods or

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 and were over a solution yeah i believe we might be a we're already seen it with gas prices we're seeing 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 there in even airlines people can't bring a car in hawaii they're rinsing 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 smugglers people saying you know the same plane tickets 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 in 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 splashy 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 will essentially rob innovators of the incentive to actually build wall term value which will actually spell old 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 that we tell 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 him boss on demand by downloading the portable t.v. out for your apple or android device will see you here next time and as always don't forget to question more.

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my shoes. headlines facebook's question. one to watch the tempest in the water with britain sending its navy to. pull the plug on electricity and fisherman. to. death. but officials say they are transparent. right.