details with the art correspondence, i have your fax show today, so i dive right in and we began as the u. s. senate has passed a bill that attempts to crack down on china the threat to western technology. the u . s. senate voted 682321 tuesday to approve a sweeping package of legislation intended to boost the country's ability to compete with china. senate majority leader, chuck schumer says that the bill will help lay the foundation for another century of american leadership. as a percentage of g d. p, we spend less than half as much as the chinese communist party on basic research. we rely on foreign nations to surprise crit supply critical technologies that we invented like semiconductors, that sunny american optimism, has flickered as well. that world is more competitive now than in any time since the end of the 2nd world war. if we do nothing our days,

if the dominant super power may be ending for their part, china says it is jack's to being cast as an imaginary us enemy neighbors. how, you know, related content in the bill passed by the us, restored by actually in years trying to develop the we don't both the manufacturer and foreign policy and i don't want to address the china threat to competition with china. i seriously sure. years of stairs on issues really don't want to, hong kong, changing to get into bed. it's got all of cold war 0 on thinking and runs counter or issue of all the jobs like both country to strengthen actually in large and cooperation. china firm, you're close to it. and joining us out to break all this new bill down is a boom bus, co hosts, ban swan and christy and christy. i want to start with this chinese response. we've been hearing about china as an economic threat to the us for years. what does this bill going to do to protect against that?

assuming there is actually something to protect against exactly what is there to protect against exactly what exactly has kinda even done to the us. what harm has been inflicted? and i mean, aside from selling it some cheap plastic goods of dubious quality, what actual damages have been done, and let's figure out a way to quantify that because there's no takers on trying to quantify that. meanwhile, this bill, this 2400 page bill of the us innovation and competition, i came some very broad strokes of why china is the common enemy in order to get a very deeply polarized view of congress to unite and actually agree on something. so nothing nice people more than a common goal or common enemy, and that seems to be the role that china is playing in order for any politician these days to fuel their agenda. and my ad it takes the average reader about 2.8 hours to read $100.00 pages. do you think these guys actually read the 2400 page

bill? now, the point of this is to grant and expand the government power and government funding to the tune of another 250000000000 dollars. and in order to get it pass. and for everybody to pat themselves on the back, it's packaged as a turning point in american leadership using the increasing competition with china as justification for a range of domestic and foreign policies to get passed. so let's talk about the increased titian. those are washington's words that music viewing it. a competition and rep china has just been investing in technology for the past decade. i mean what you expect them to do, not innovate. it's not their fault, but innovation. tech growth has been growing faster clip than the u. s and the now feels threatened. it's just the natural order of things these days to invest in technology and growing factors. if you look at the wording of all the statements and the language, use it sound like that. apparently person, intensely trust, expensive attitudes, hidden motors, china of the new gross paid and the u. s. has slowed down. that's the simple truth

of it. so that you as a pitting itself against an imaginary petition which finer in order to unlock more funding funding. and now ben, to christy's point, could this actually have been done without including china name at all? i mean, what specifically is in the bill and what will it pay for? well, it really could not have been done without invoking tried his name. and the reason for that is because exactly what chrissy joe said, which is that the u. s. congress is so deeply divided. it can agree on anything, republicans in them or credits have virtually nothing they can agree on. but one of the few things they can agree on are certain buzzwords like gotta be tough with china. so for instance, in this bill, what it really is about, it's not about stopping china from doing anything. it doesn't sanction china in any way, doesn't punish china in any way. what it does, it takes us taxpayer dollars an enormous amount and it a lot of them to pet projects in the name of competition, which of course, isn't truly competition. so for instance, just a couple of things here, $54000000000.00 and this bill is going to go to increase us production and supply

of semiconductors. now we've talked about this quite a bit on the show. so there is a obvious semiconductor shortage going on around the world. there certainly is a huge semi conductor shortage here in the u. s. $2000000000.00 of those $54000000000.00 will go specifically to creating semiconductors on behalf of automakers in this country. now here's a question for you. if we believe in free market principles, doesn't the market take care of this? if you say there's a massive shortage of semiconductor chips around the world, there's a massive shortage in the u. s. and there's a massive shortage among automakers. there is an opportunity for businesses to start creating those semi conductor chips and selling them the market handles. that doesn't need u. s. government intervention. so instead, what happens is the u. s. government gets involved and all these companies come with their hands out st. oh, will be the ones to build the chips and you guys are essentially paying for the production, paying for the warehousing paying for the, the facilities in order to create these ships and then will still turn around and

sell them. so taxpayers are essentially creating a product for company who will then sell that product. it's pet projects. it doesn't do anything to stop china. it's about getting a bunch of pork push through in the name of us independence and christy. i want to hit on one more thing because we're almost out of time here, president vive non, when's actually revoked a trump era executive order that sought to ban tick tock and we chat and replaced it with one that calls for a broader review of a number of foreign control applications that could pose a security risk to american and their data. is this a better solution to dealing with those companies? no, and i really don't see any better way of dealing with a situation like this. because if the intent is the ultimate intent is to actually ban or restrict access to all these for an app. if you want to do something like that to take talk and we chat in effect, it'll be doing exactly what it's always been criticizing china of doing by banding, google and facebook. and given that tech talk and we chat are all technically social media messaging posting platform that would effectively be censorship. and

that would paint us as a giant hypocrite and boom bus co host, bon swan and christie. i thank you so much for cover both the stories for us today . thank you. would you be shocked to hear that some of the wealthiest people in america had years where they paid very little or even nothing in federal income tax? no, i really didn't think so. a new report from pro public outlines more than 15 years of data from the i r s, which includes tax returns from 1000 of the richest american. so who are these people and what did they pay? we might heard of this $1.00 amazon founder jeff bezos, who's currently the countries wealthiest person paid no federal income tax between 20072011. now, much of that was due to the fact that his income was offset by losses in investment . and in the 5 years from 2014 to 2018 basis as wealth grew by nearly $100000000000.00. but he only reported $4200000000.00 in total income and paid just

under $1000000000.00 in federal income tax. now the country, 2nd rich man, catholic, the musk, when he saw his wealth grow by nearly $14000000000.00 over that same period of time, reporting just over $1500000.00 in income, and paying only 4 $150000000.00 in taxes, while berkshire hathaway is warren buffett seems to be the biggest offender paying just $23700000.00 in taxes on $125000000.00 and reported income as his wealth grew by $24300000000.00. now i want to know something that's very important here. the growth in wealth is due to assets including equities, which of course continue to climb over that time period. but if they don't take the cash out, they would course not be subject to income tax on that. there's a lot to discuss here and to do so. let's bring in professor richard. well, he's the host of economic update, and author of the thickness is the system when capitalism fails to save us from pandemic or itself, professor wolf. i usually start these segments with a y or

a how. but the truth is, we already know the answer. these billionaires are able to work the tax system by moving money here. they're having teams, a lot. tax lawyers are accountants to work the system and those who actually responded to pro public, there were 3 of them, they maintain, they paid what they owed. what do you make of all of this? well, i would, i would coral live, you brand only your language. they don't just work. this is them. they run the system. they are the ones who pay in the end. they're subsidiaries, whether very politicians who write the tax laws this way. when they say we abide by the law, they neglect to tell us they're the folks who shaped the law. you're all reporter, a few minutes ago correctly pointed out the pages of the latest, know and nobody really knows. lobby is right in the law,

what their employers need. they follow the law with their team, the accountant, and they don't pay the tax. you know, i will fax them as the people of the top to control the game. so they don't pay the vast majority of the bottom don't they don't have anything. and that leaves the so called middle paying the bulk of it, which is my, our middle class disappearing because of this crazy pack system, which has nothing to do with any notion of equity or decency, or to ask city to pay. it's really, really upside down. and professor wolf excellent analysis, there were buffet you peers to be one of the biggest defenders. here of course, lobby for a change in the tax cody railed about how his secretary paid a higher percentage and taxes that he does. spawning the idea of the so called

buffet rule, which nothing has come up yet he's still take advantage of this system. does that make him a hypocrite? while you go? yes and no. i've always been appreciative warren buffett, at least, was somebody who was honest enough to say what he was doing, that he was an absurd amount. what i would like to have said, is he there or is really making sure that something changes? well, he didn't, you're quite right. he said he continues to use this since the knowing full well what the results are and if i might brand, let me add something that people don't understand were coming out of a terrible crash, a terrible pandemic. the government under trump blank buying has been spending wild amounts of money because it has to get us. i think it does, out of this mess. if you don't tax people to pay for it. and the only ones that we

could be that style or the rich who got away with all of this, well, you know what you're going to do, you're going to borrow the money, because the masses can't pay. and if you don't tax, the wrench you borrow. but here's the joke. you're borrowed from the same rich, they're the only ones who can love you anyway. so for them, instead of paying taxes, they get a chance to loan that money to the government, getting it all back plus interest. and that's worse than we in the equality that permits them to control all govern taxes. and so we see this process as you produce, it's over time professor, well i, before we go, the treasure department actually said all after the story was released that they've asked authorities to investigate the leak of the tax documents because it's illegal to release the type of government, that is what they said, but 1st bar pro public says they obtain the data from an anonymous source and do not actually know the identity of that source. but it kind of feels like to me,

the american public needs to see this data. does it not? yes, it should be public data. that's something we all depend on. if our government isn't taxing it or what our government can do for us, we are immediately affected. and even a minimum notion of democracy, what we have access to this information. i find the shameful that the treasury, the barbed and all the i r s instead of saying, well, let's talk about what all this means is busy on the detail of whom they can on nation. so that the real truth of what our situation is, keeps being kept from us. i really find that an extraordinary failure to cope with what these numbers teach us. professor rich was that the straight talk host of economic update. thank you so much for joining us today. thank you,

brad and time now for a quick break, but when we come back, as the travel sector heaped up is the world of business travel ready for it? come back. archie corresponded diatanni. we'll go over the details. that's going to break for the number that the close. the one of the worst ever mass shootings in america was in las vegas in 2017. the tragedy a close a little of the real last vegas. where many say elected officials are controlled by casino loaners. the dangerous shooting revealed what the l v m p d really is. and now it's part of the stem machine. to the american public barely remembers that it happened just shows you the power of money in las vegas. the powerful showed that true colors when the pandemic had the most contagious

contagion that we've seen in decades. and then you have a mayor who doesn't care to. here's caroline goodman, offering the lives of the vegas residence to be the control group. to the shiny facades conceal a deep indifference to the people. vice could have been saved if they would take an action. absolutely, keep the registering and keep the slot machines doing. this is a money machine is a huge cash register that is ran by people who don't care about people's lives being lost here with our annual summer solution where we know not a problem. but on the solution, the one of the persian gulf, the wealthiest country, it has spent billions of dollars on state of the art stadiums.

well, look at this, the stadium is really taking shape. you can see the bowl and most of the stands now, when we were here a little bit over a year ago, at the same construction site, it was just the foundation in the metal structures. so it seems that time why this idea to use shipping containers as building blocks has definitely paid off. i mean, they're easy to assemble and easy to dismantle, just like playing with lego the, for the 1st time in a world history, the stadium will be billed from shipping containers and was more, it will be completely dismantled after the tournament. mm

welcome back. fresh side there showing that business travelers won't be crowded much longer. and while some companies have learned to do without travel, others are ready to get back on the road. just not right away. our t correspondence science happened. your has the full story, sir. brand, business travel is slowly resuming, but like many aspects or professional, live post panoramic one. look anything like the way did back in 2019. and while most companies learn to do without travel during dependent make, remember all the zoom calls, others are trying to determine which business trips are essential right now. and now of course, there's no doubt that depend demik has been devastating for business travel now. before 2020 busy travelers had grown for 10 consecutive years with an average growth of one of 5 point one percent per year. but if you take a look at right here in 2020 all business travel drop drastically anywhere from

50 to 80 percent and how much business travel returns. and when are all urgent questions? not just for airlines, but also airport employees, hotels, restaurants, car rentals, travel agencies and convention centers. now just take a look at the change in employment for travel related sectors from february 2020. until now, as you can see right now, there are down anywhere from 20 to 50 percent and the job losses have been so severe about $1000000.00 travel related jobs have been lost since february, including more than 600000 hotel positions and 820000 airline and, and staff related jobs and also caught were thousands of positions in fields ranging from restaurants to aerospace manufacturing, into convention center staff. and now there's

a lot of businesses that aren't even included here that we often don't think of them in single business travel. but when a large convention or a business event is happening, the entire city is involved. we're talking about the floor that provides the flowers, the dry cleaner is that prepare the linens for the hotels, the coffee shop that serves travelers, you know, whole downtown area, how areas have been revitalized due to meetings and event businesses. and right now they're all struggling. and travel industry executives remain split on when, if ever, pre pandemic levels of business will ever return. now take a look at the direct business travel spending in the us from 2018 to 20 to 2024 forecast. and as pri, pandemic, 2019 a domestic and international business travelers in the us directly spend 334000000000 and 2019 supporting 2500000 jobs. now.

in 2020, only about $130000000000.00 were spent and corporate trips remain 70 percent below pre pandemic levels were big us airlines typically generated half half of their profit from the higher affairs paid by business travelers who actually had count for one 5th of their seats before the pandemic. plus there are some out there predicting that corporate travel will never recover to 2019 levels. and that a high percentage of meetings and events will remain virtual. bill gates is a great example of the founder microsoft, and he's probably the most high profile proponent of this with a down b forecast that 50 percent of business travel will never return sprint. archie correspondence i a tablet or thank you so much for following that story. and as we look at the travel sector, picking back up after being decimated by the cobra,

1900 pandemic, the hope on wall street is that some of the biggest names in travel and leisure was the stock prices returned to where they were before travel was halted in early 2020 . joining us now disgusted, joseph qsi. he is a founder and ceo of strategy market play. joseph, i want to start with the airline industry as you just heard, what i had to say about all of this. as travel rules have actually loosened in recent month, we have seen some of the big names like delta american and united trend upward, but still well off where they were pretty pandemic. the only outlier there is southwest, which is actually returned to prepare kinetic level. what do we need to know about the current state of airline stocks? hey, brent. great to be back. but you know, i've actually just got back from a little business trip, diamond orlando, and i have to tell you, it doesn't feel like we are at, you know, panoramic levels or that we're still like everything back to normal. i mean did the world seem like it was pretty busy we. ready were in the hotel that was pretty

packed, you know, we went to restaurants and although they're about 80 percent capacity, there were long lines and weights there. and i am traveling today when i was taking some connections. it looked worse than ever because everything was completely, you know, tied up and people were everywhere. but although it looks that way, you know, there are as many seats or not as many planes a year, which is why some of the traveling hasn't come all the way back to prepare them a club. now even though it's, it's stock is that 27 percent year today, and they just order the worst $737.00 boeing jet. you know, they're still not hitting the revenue in the profits. they were expected to hit their about 20 percent to their expectations. they were expecting they had about 20 to 25 percent down, so they're doing pretty good there. but the airline industry, and in general, they're seeing that people are wanting to travel and people are paying for the premium sees, or they're paying for upgrades. and that's going to help them in the margins for

why these airline stocks. so when things open up all the way and when we do get some travel back, i do still expect to see some that the airline stop to grow and cruise lines. actually, they're in the same boat here, and i apologize about that pon, actually facing a tougher road as they were entirely shut down at the height of the pandemic. although now carnival has announced that it was going to start wages out of the us ports starting in july. what's the outlook for cruise stocks in the near future? you know, it's really funny about carnival is they, they know they're going to start, like you said in july, but one of their kelly to that is that they want everybody on that comes to their crews to provide proof of a vaccine. and if you heard it in the news in texas governor greg abbott, he actually signed a law prohibiting businesses from requiring paperwork or mandating that they show vaccine. so it will be really interesting that if the cruise lines can continue to do this, that could hurt their numbers

a little bit because there might be people who are just not willing to show the information on the right. the people are fascinated and they simply won't go on a cruise, but a couple other lines are adding extra crew ships to help for a demand. so even the, the crews industry may not take off and that's a bad time from the airline industry. but they will still continue to see some growth coming in the summer time. and hotels have actually been pretty resilient, more so than cruises and airlines with a lot of those big names like mary windham health and actually trading it pre pandemic level. quickly got a 32nd. what's, why has this been the quickest sector to rebound? well, there's been the whole state cation or people that were able to drive to town. and wyndham area at hyatt, and hilton. they have the largest change in the us with a lot of the largest point systems. so people are using the reward. they're going to places that are really local and that's why the hotel changed a bit really been able to weather some of the storm. joseph gives the he's the founder and ceo at strategy marketplace. thank you so much for your insight today.

hey, brace. thank you. and finally, the next big f t is part of doze history. auction site zora is selling the mean behind crypto currency. don't coin zora says it is the original image of the she but you knew named caboose so which was taken back in february of 2010. now, after the owner posted pictures on her blog years ago, the dog became a me, my con, as in, has been shared countless times. now, according to nbc proceeds are going to go towards a number of charities as of the time of broadcast, right? this moment the reserve price for the n f t is about 20 a theory, but we will have to wait to see the final price. and if you are able to bid for this image, this is just one of many featuring the original dose. and that's it for this time you can catch boom bus on demand on portable tv available on smartphones and tablets, through the google play and apple apps or by searching portable tv. portable tv can

also be downloaded on newer model, samsung, smart tv, as well as roku devices. or you can simply check it out at portable dot tv. what the next time on boone bust me the as a career professionals board is much tougher on some than others. she was 3 year old myer by everybody. so why would somebody believe me, i was just a little girl. the price paid to, to, to achieve really was was how to read in the paper this morning, usa swimming coach, arrested, allegedly had sex with a 12 year old girls. this happens almost every way we get calls at the office. i

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in? 0 one and i make no borders and a lot number please. as emerge. we don't have authority, we go to the back scene, the whole world needs to take action and be ready. people just come in crisis. we can do better, we should be better. everyone is contributing each in their own way, but we also know that this crisis will not go on forever. the challenge is paid for the response has been massive. so me, good people are helping us. it makes us feel very proud that we need together

in the sting investigation reveals a host of america's, which is billionaires or avoiding taxes, the spike getting richer? the us revenue service seems more concerned we finding out who linked this fine. president, putin, rachels against expansion in the midst treatments of russians in ukraine and the comprehensive interview ahead of somebody with joe biden. and also the university students remove an image of queen elizabeth the 2nd from the college common rooms. i think it's linked to the colonial pass, the move that's being condemned by the countries education minister as absurd. we put the issue of the debate. the queen is the head of our country. so i think it's a great, really, really great shame has come to this being disrespectful, creating.