good, and that is the reality of what we're facing, which is fascist. oh, this is boom, but the one business show you can't afford to mit branch of or, and i'm ready to love. and then washington coming up most of our critical infrastructure, phone and operated his own operated by the private sector in the federal government . can't meet this challenge alone. in the wake of a white house meeting to discuss the issues of cyber security leaders of some of the tech sectors hot players have promise, major investments in protection, but will it be enough to stop future attack? plus the largest kit makers in the world's largest ship maker in the world has an out plan to raise prices to keep up with the ongoing supply shortage. we'll take a look at how the move stands impacts the industry, along with consumers. and markets are on edge is the federal reserve kicks off in

jackson hole symposium, where the central bank will discuss their coming moves later on. we'll discuss the future of policy. in fact, show today, so let's go the we leave the program with the united states reportedly approving license applications with hundreds of millions of dollars for why way to buy chips for its automotive components visit. now as we have talked about on this show over and over again, while ways business has been hurt by trade restrictions from both the trump and bite and administration, which limits sales of chips used in telecom equipment. now, according to reuters, the license approval comes as while way has been transitioning its business towards items that would be less exposed to trade issues. meanwhile,

the world's largest chip maker, taiwan semiconductor manufacturing company is reportedly planning to increase its prices by as much as 20 percent as the world continues to face as some conductor shortage people. familiar with the matter, say, t s m c will increase the prices of advanced ships used in devices like smartphones by roughly 10 percent and less advanced chips by up to 20 percent. now these less advanced semi are commonly used in auto industry part, which has based supply issues. amid the shortage with many major brands, putting toyota and general motors being forced slow production. and this increase in production cost is raising a lot of questions as to whether or not consumers will have to pay more for their electron let's, let's bring in co host chris the i to discuss now, christy, i want to start with the basics here. why is cmc raising prices? and are these concerns about rising prices of consumer electronics actually

warranted? why that simple is literally because of supply and demand. if there is more demand than can be supply than prices will obviously go up and vice versa. and t s. c and other taiwanese semiconductor companies, they've already raised prices by more than 10 percent between last fall and spring, but demand continue to outreach supply. and it's not all just because t s m. c wants to make more and prioritize higher paying customers and increased profit margin. they're actually increased cost tied to ramping up production, running a foundry, 247. and while at the same time, investing huge amounts and infrastructure or to expand production capabilities. so t s. m c said that it will make a $100000000000.00 investment over the next 3 years in order to boost its expansion . now we know that t s m. c is a really big player here. and just last week, they over tech tends to become ages most valuable company. so how much of that has to do with the increased reliance on sundays and the ongoing shortage?

a big part because when you say most valuable company, it has to come with some context and a point in time, because if there was an energy shortage, then oil and coal would quick very quickly become the most valuable companies. because we need energy. there is a famine then food produces and farmers will be the most valuable companies. and then in the last decade when tech was growing, the age of social media, tick tock was the most valuable company, as it represented the fastest growing social media that could threaten facebook. and now because of this chip shortage. and because our lives have now become so integrated and dependent with tech and smart devices, that means are now the most valuable companies. literally, every electronic that we touch in our daily lives has some sort of chip data center smart vehicles, computer everything. our reliance on these chips are huge. like i for one cannot drive a car without sensors in a rear camera anymore cuz we've just gone so used to this convenience. so as long as continue to upgrade and our guys become increasingly smart, all of that will require advanced chip technology. so

t s m c dan's to benefit big time here. and i want to go back to that 1st story we did about why way. what do we know about these licenses? and it is the embattled telecom giant, really changing their business to avoid us trade restrictions. i mean, guests and recent weeks, the u. s. has now granted these licenses authorizing suppliers just fell chips to hallway for vehicles, video screens and sensors specifically. and this comes as, while a pivot, the business towards items that are less susceptible to these trade bands and trade wars. so auto checks, they are not generally considered sophisticated, which lowers the bar for approval. so far away announced that they are positioning themselves as a new component provider for smart vehicles. and their aim is to help car. oh e m build better vehicles. they argue that stand alone, that business, the car business shouldn't be a huge national security risk for the u. s. and now, after receiving these licenses, authorizing the sale, why,

why has requested values of up to $2000000000.00 worth of chips already? and this move is, in part, like you said, trying to avoid us trade restriction. but on the other hand, it's actually just a really smart move alone. while way is now investing in the 5 trillion dollar auto market that has large growth potential, both inside and outside china and cars. as we said before, they're basically computers and cameras on wheels. so far away is shifting strategy to become a big player in this area. when they've already become dominant players in the area arena of cameras, sensors, mobile computing, bluetooth. now when it comes to this chip shortage, we know this is something we've been talking about since really the beginning, a former president trump trade war. so does the wall way situation play into it? and ultimately, are there any signs that we may be nearing the end of this shortage anytime soon? part of the hallway has to do with part of it, because up until last year it was one of the industries biggest chip buyers in anticipation of being put on the us trade blacklist. it began stockpiling chips

when 2019, which contributed to tight capacity over at t s. m. c. and then afterwards, the colbert pandemic then, further exacerbated situation as demand increase for consumer electronic items such as laptops, video, game console, smartphones. people had to entertain themselves at home, but then the car industry, they previously canceled their chip orders due to cov, it, as they forecasted lower demand for the rest of the year. but that proved to be very incorrect as the bounce back was stronger than expected. and now they have no chips, and thus they can't ship out any more new cars. their allocation has been reassigned to companies making laptop which were experiencing a search and demand home appliances. also, that saw a huge spike in sales, as people were spending more time at home and need to upgrade their appliances due to the pandemic. so these chip factories, they couldn't respond fast enough when car sales bounce back, given the long b times needed to schedule orders. and it's interesting because, you know, we've talked about this also on this program that eventually they're starting to

ramp up production facilities throughout the world. many of these companies, even here in the united states, they're starting that. but that's going to take several years to actually come to fruition. boom bus. kristi, i thank you so much for letting your and say thank you. present. invited met with the heads of some of the biggest tech companies in the country at the white house on wednesday, where he demanded their help to tackle cyber security threat. the summit included officials from google, amazon, apple, microsoft, ibm, and a v p. and the week of a slew of cyber hacks over the last year bite and called on the companies to play a role in putting a stop to future attacks. but the reality is most of our critical infrastructure owned and operated his own and operated by the private sector in the federal government can't meet this challenge alone. so i've invited you all here today because you have the power, the capacity and the responsibility, i believe, to raise the bar on cyber security. and so ultimately

got a lot of work to do. so what exactly does that work consist up? well, joining us now to go further in depth on that, a co host, an investigative journalist swan. now ben, this meeting was meant to pull together leaders not only from big tax, but also from the financial sector. so what is the overall goal here? yeah, it's actually kind of a month long goal. it's been going on for several months for the by the administration has been trying to pull together key players in as you mentioned, the cybersecurity space, but also in the big tech space as well as the financial space. say we need to bring all these players together and we need to create essentially a standard if you will for how a lot of these incidents are reported. the president mentioned there that a lot of the critical, critical infrastructure in the country is privately held in controlled government does not necessarily control it. so how do you deal with, you know, hacking or ransomware attacks? and obviously a lot of this plays back into

a couple of things. it goes back to the colonial pipeline attack that triggered a lot of this in the 1st place as well, with a number of other incidents including the solar winds incident last year. here's the thing though, is that there is a conflation taking place here, i believe, between hacking and ransomware. those are 2 very different issues they're being treated like. they're basically all the same, right. cyber security at all equals the same thing. there's a bill that's going before congress right now that mark rubio was a part of and, and some of these other senators. and essentially what they're asking for is that within 24 hours of any kind of hacking or cyber security breach that d h s. and system are contacted and made aware of it. well, which one is it is hacking, is that ransomware? because they're very different issue in to that point. but i mean, can you lay out for our viewers? what is the difference between hacking and ransomware and why is that distinction not being made? the assumption, they're big, of course, that congressional members and the people making the policy don't really understand . yeah, i think there's a couple of reasons so, so hacking is very different from ransomware,

in that when we talk about ransomware, so colonial piper pipeline. in that case you had hackers with actually gain access to the billing system, a colonial pipeline. it was not the critical infrastructure part. they got to control of the billing system. and they said, hey, either pay us, you know, i think it was $40000000.00 in big coin or else we're not going to get you back into your billing system and colonial pipeline shut down the pipeline and said, we don't know what to do. we paid some of the ransom, it was a big mess. here's the thing that ransomware is something that a lot of different people face on a regular basis. hackers are attempting to either embarrass you or cause problems locking up your system so that you pay them a ransom that's different than the hacking from something like solar winds, where you have a foreign government that's gaining access into your critical infrastructure monitoring that controlling it or even with the ability to shut it down and in the solar winds case, for instance, you know, microsoft vulnerabilities were really hacked into, with the solar wind case. and the reason that's important guys is because the u. s

. government doesn't want to make a distinction because the u. s. government is involved in hockey on a regular basis. the in a say in the c, a are heavily involved in trying to find insecurities in system of life, for instance, for microsoft system in order to utilize it to get hack into and gain access into other governments. so the us doesn't as much as any other government does. it. what the u. s. doesn't do with the government is ransomware attacks? so if you complete everything to look like it's the same problem, then you can say, oh, it makes sense that we shut it all down, but you're not, shouldn't have all down because the u. s. is an active player in hacking technology . okay. it says more of a say do as we say not as we do kind of situation. now, after this meeting, amazon said it would make it cyber security training available to the public for free. and it would give multi factor authentication devices to some cloud computing customers starting in october. what kind of a difference can this make?

well, you can make a huge difference. i only laugh at it because amazon a w s is probably the largest cloud computing a contractor in the entire world, right? google and ibm and, and amazon really control almost all of this cloud space. why don't you, why do you not already have as just a standard operating procedure, multi factor authentication? why is that not already built into the system? here's what things so stupid to me, guys. why are we having a meeting with the president of the united states to talk about how do we sure of cybersecurity when this is basic stuff? if you have a crypto, and i know i've said this before, if you have a crypto wallet with any crypto exchange, pretty much on the planet, you have to factor authentication at the minimum. why do you not have that? if you are a customer of a w s, it's not expensive to do with a difficult to do. and why would would 8 of us only offer this to certain select customers? why not make it just standard operating procedure?

it would make an enormous difference to have multi factor authentication. it seems ridiculous to me that this is like a all of branch that's being extended. it should be just just a standard, right? another one of those cases where the government is trying to catch up to where the crypto industry already wasn't. who knows, maybe with all of the big tech see there, they taught bite in a thing or 2. during that meeting, boom has been fine. thank you for your time and for bringing us up to speed on this one. you got things go and sign up for a quick break, but when we come back, the latest job data showed unemployment claims falling to a new pandemic low. but does the fed think it's enough to pull back easy monetary policy? we'll discuss. it's going to break the numbers of close the the

ah, americans love buying homes. ah, this is a fundamental part of how our political leadership and our country at large, understood the bargain. you get a home and then you will rebel, right, as the things you don't revolt if you have a stake in the system. be really interesting to dial back and think about no longer deeper history of what housings meant in the united states. not just that old question of the american dream, but the bigger question of who the dream has been for.

oh when i went to the wrong one, i'll just don't get to fill out the thing because the after an engagement equals the trail when so many find themselves well, the part we choose to look for common ground in the welcome back. the latest data shows weekly jobless claims in the u. s. have fall into a new pandemic. lo, over the past month with unemployment claims rising slightly to 353000 and last week, which brought the 4 week moving average to around 366000. it's adding to hope that the country is getting back to normal despite concern over rise and cobit cases.

but you may not come to that conclusion by watching the federal reserve. as officials opt for a virtual jackson hole summit for the 2nd year in a row. all eyes are on chairman powell, but will he give any insight into the timeline for tapering asset purchases over the next year? joining us now, the gas turban smith, ceo of transformative research, and octavio miranda, the ceo of openness, l l. c is great to have you both on the show today, tobin i want to start with you. we know that there was a lot of fear over the spread of the delta variant. and whether it would cause the us to go into another round of lockdown. but that hasn't been the case, so has the us just gotten to the point where it knows how to weather the storm or was there some fear that people in businesses wouldn't comply? well, there maybe 3 major things have happened. number one, obviously that now we're not an emergency vaccine, but it's fully approved about 15 percent of people who didn't get vaccinated. we're

waiting for that and number line. so number 2, the net crates, his whole waterfall of mandate bike companies, bike county governments, state government, hospitals, colleges, whatever. so that's another 20 percent. but the big thing people are, are missing, get out is this can be the natural immunity. the idea that when you do get infected and you have your a symptomatic, you know, you had it and all the sudden in other countries like u. k and netherlands, it had a very spite. those variant spikes ran out relatively quickly. and, and the only math that makes sense is because about 30 percent to 25 percent of the people in the u. k. in other words, they were already infected and they had the anti bodies. so i think if you do all the math, it looks like you know, this is the stock market, but the worst is priced in and our numbers are epidemiologist say september 15, december 20 is where we get a peak and we start coming down again. and that's what i, i think the market is saying, i think that's what the science is saying,

and our savvy, because of the spread of the delta vary and it did discourage some consumers from traveling and prompted them to pull back a little bit from thinking we were in that full recovery we, we tend to think we were in, is there an argument that inspired a healthy fear that helped cool the economy off just a bit? well, i didn't about a healthy fair. i mean, certainly i didn't have positive economy. the things we could offer, but again, you could obviously call them might look like it's overheating. i think it's a direct consequence of the fed, susan. i mean, it certainly was a bit of a pullback because possibly a couple weeks of the spending on certain travel types and certainly cruise lines and toilet again to, to miss williams and maybe the movie theaters. but overall consumer spending the spending, they're out there. they're using their credit card that they're paying things fine . so it's pretty encouraging that seems to be the right direction. but there was a bit of a slow down in airlines and some areas of entertainment and intrusion looks like

some exciting, i think. and our tobin when, when it comes to the jackson hole summit, as we set up there, many are seeing the choice to make it virtual as a sign that the fed see the current climate and, and the need to continue current policy. what do you make of that? do you think that they're going to continue on, or are we going to start hearing a little bit about the tape or? well, well, i've been in that conference many times. here's how it works. if you're a voting member, you keep your mouth shut. if you're not voting member, those are the guys that come out and women and men who say, well, you know, we're really worried about inflation or were, you know, they found very hawkish. but they don't have any power, they don't make any boats. the governors vote, but the chairman approves. so it's all about the chairman, number one, part number to remember inflation is always measured on a year over year basis. so last year, low this year high. so the delta, the spread is big next year, which is really what we're talking about is what does the paper start in late

$222.00. but we're other places going to be much, much lower. remember those round car prices? i just rented a car for $300.00. it was 900 bucks, 3 months ago. lumber prices are down for all of those things that were affected by pandemic are coming down. the one thing that's going to stay is wages. and we've got 6 to 7000000 more jobs to get back to 2018. the message he's going to say now was somebody words, but by the body language, that's always great to be up there to fit is why rock baby? why rock? we got 67 more 1000000 jobs to go. you know, all the, remember the market guys like be, are worried that they're going to raise to late in inflation out of the bag. well, we have it in place for 30 years guys. there's a reason for that. all the things that took completion away out of our system, productivity, e commerce, etc, are all there. i got to tell you right now that your own power has never been as cool if toby was right there. now october, i wanted to ask you a follow up to what tobin just mentioned there because he said, you know, inflation is going to kind of level off in 2022. and i know we've had both of you

on talking about this quite a bit. and i don't think you believe that what do you make that comment? what i'm looking for the trans depends on what the fed doesn't re now and then now i think j powell is petrified and the increasing interest rates. because bear in mind we took over the chairman back in 2018. you had a bit of an off the tougher with the, with the markets. they tried to raise them straight. the market didn't corporate very nicely. and i think petrified of doing that again. so i think j powell is going to jump on any excuse not have to raise interest rates in the foreseeable future, and increase and build a infections. so come for that. so at the end of the jack come home, i expect him to say nothing intelligible. i expect you to waffle and say, we're going to stay the course and we're going to be very vigilant and necessary. but nothing concrete in terms of raising or increasing cyber. he's not anything a given the way so i think that's what's going to come up. absolutely nothing. now,

over and what about you, what do you expect to come out of a, do you think that is over hyped a little bit or would say you on that one? i don't know. you're in the news business. good. i mean, you got to have something to talk about, right. so here we go. we're going to play and power lottery, you know, $50.00, hard on the, on the blue. but there's no reason for them to rise because they absolutely as your other guest said, members, 2013 was one of the paper tantrums, 2018. he said the we're going on auto pilot, the market came 16 percent from that. you know, we have pill economies, united states, one that's making a lot of money and wealthy and 70 percent of the people who are not with the spending from those top 25 percent come down. we got to recession again. and that's the last thing they want. yeah, that'll certainly be interesting to me. what comes out of that meaning a lot of power speech on friday morning. tillman. smith and octavia are in the thank you both so much for your time. pleasure. and finally,

virgin hyper loop has released a new concept video showing a future that it will allow passengers to travel it speeds up to 670 miles per hour . now the video features a series of battery powered pods and a near vacuum tube, which will eliminate nearly all aerodynamic drive. now the cars, if you were to call them that are not physically connected and can split off to different destinations. similar to the way cars travel on the interstate. virgin says it's hyper loop, will quote, set the standard for 21st century travel. it will be able to move quote, tens of thousands of passengers per hour per direction virgin completed its 1st occupied test of the technology last november. but the pot only reached 100 miles per hour due to the length of the track. okay, so that video looks incredible. this technology sounds awesome, but i'm guessing is probably going to be a few years for sure. and it felt like there was a period of time where we heard

a lot about eli musket boring company working on their hyper loop. and we haven't heard, in fact, a lot of the projects had been cancelled. they're still kind of working out that technology. but again, we were always very specific to point out the fact that it is a concept, the video they're showing what it is capable of. but we have heard over the years, the idea of high speed train specifically in the united states. obviously they have submitted railway systems in europe and the rest of the world really that get people around. but i did state, we do a lot of flying back and forth when we get places. so if you think about us living in washington dc and be able to get to somewhere new, you'd like new york in less than an hour on an easy hyperlink. that would be amazing. one can only hope they get on it already. maybe one of these, this is how it billionaires working on it. it feels like of course, and that's it for the time. you can get a buzz on demand on the portable tv app, which is available on smartphones and android devices through google play in the

blogs whereby surgeon fordable tv. tv can also be downloaded on newer model, samsung smart tv, roku devices, or simply go to portable dot tv. will see you next that me. ah, ah, ah, still launch enough to satisfy the ambitions of jeff bezos? you know, it's that its tentacles in so many aspects of the economy. there's nothing that amazon isn't trying to get into to step by step. the amazon empire has extended its grip on the world that was like, being quiet like a dog dog. so amazon looks like monopoly trays like a monopoly makes money like monopoly behaves like monopoly. amazon essentially

controlled the marketplace. it's not really a market, it's a private arena where a single company controls the distribution of daily products. and the infrastructure of our economy is reduce the workload according to amazon. me only one main thing is important for not as an internationally speaking to that is a nation's allowed to do anything, all the master races. and then you have the mind and nations who are the slaves. americans, proc obama and others have had a concept of american exceptionalism. international law exist as long as it serves american interest. if it doesn't, it doesn't exist by turning those rush into this dangerous man that wants to take over the world. that was a culture strategy. so i'm gonna be at the noon,

i english g i. b, i not leashed to, off in one interpret block. nato took it out, we move east, and the reason us had germany, it's a dangerous is the lie. the sovereignty of the countries, the exceptionalism, that america uses. and it's international. war planning is one of the greatest threats to the populations of different nations. if nato, what is founded shareholders in the united states and elsewhere in large companies would lose millions and millions or is business and businesses good. and that is the reality of what we're facing, which is fashion. oh, look forward to talking to you all. that technology should work for people. a robot must obey the orders given it by human beings, except when the shorter the conflict with the 1st law show your identification. we

should be very careful about artificial intelligence. at the point obviously is too great truck rather than fear i would take on various jobs with artificial intelligence. real, somebody with demon a robot must protect its own existence with the families that up with mark sounds good. i took, marking your function, you go with a good way to check. ah no, no, the whole do you all done? i got, i don't know whether you got that limit. i wanted them off. you're gonna be

like that. you know, the work for me about the about the news and more than 100 and dead. $1300.00 injured the tragic aftermath of a terrorist attack. that shook cobble airport. but crowds of people, both off guns. i'm foreigners, with crammed together, waiting to be evacuated from the country, and has done they say, to affiliate enough guy, found known as isis cases. it carries out the bombing of bits revealed to us more about the group. this group actually is a direct.