there was a good, good bye, another shooting another safe part of american life shattered by violence. the gunman was armed with a r 15, semi automatic rifle. when the issue comes home, it's time to act when we're filing on this issue. the other side wind by default, lady that lived over there. i was walking one of the dogs, which is why do you wear again, were you scared? and i took it off and i think the people need to take responsibility in their own hands and be prepared if those kinds of weapons were less available. we wouldn't have a lot of shootings and we certainly wouldn't have the number that i the the this is

boom, but the one business show you can't afford to mit branch bore and i'm rachel blevins in washington coming up. china as ever, grand group is falling behind on promises more than 70000. investors will take a look at why the chinese government has yet to step in to say, one of the world's most indebted company. then we take you to the numbers from the world's largest economy. as the united states retail sector got a booth in august, the fight negative forecast will analyze the number and how the nation is bearing amid the spread of the delta. very lot to get to let's go and we leave the program with something you may not have heard too much about in the media. there are major economic tremors in china right now surrounding the housing and property market. this is an issue that consists of 2 stories, the macro and micro. so here's the macro in august of 2021. china's national home sales have fallen in value tumbling 19.7 percent euro for

a year. the largest drops and april of 2020. at the onset of the pandemic growth in home prices and real estate investment has flowed while construction starts fell 3.2 percent in january through august compared to the year earlier. and while the overall housing market is taking a beating the micro story here is that one of the very large property giant, a company by the name of china ever grand group, ever again is one of the world's most indebted company that has seen its shares tumble more than 75 percent this year alone with concerns that its failure could draw the entire market down with it. the 52 stock lippo select index is mostly made up of real estate companies based in mainland china. it is dropped 23 percent so far this year as beijing has piled pressure on the real estate developers in an attempt to cool the countries property market. so what can and will be done to stop the bleeding and china's real estate market? joining us now to discuss our boom bus co host, christy i and ben swan, christy,

i want to start with you and let's pick on the story of ever grant thursday. there were protests you actually showed up outside the company's headquarters, demanding their investments back, help us to understand why ever granted crashing well, every brand is essentially drowning in debt. totally more than $300000000000.00 us after years and years of borrowing to fund their rapid growth. it's up up acquisitions in recent years and already take advantage of the really hot real estate market in china. but now that market is cooling down due to beijing, introducing new measures in august of 2020, in order to control the total debt levels of major property developers. so previously ever ground preschool properties and projects to finance itself and keep activities afloat. but now this crackdown has force the group to kind of offload properties and increasingly steeper discount and better than are protesting and growing increasingly nervous that if ever ground work to collapse,

this could spread to other property developers and also create systemic risk for the banking system. and the same investors have made a big down payment on around 1500000 properties according to bloomberg. and they're worried that they might not get their money back after the housing projects are suspended or even canceled. and all of this is turning into one big, massive snowball effect because credit is basically built on confidence when confidence falters like it is now with all these negative pressure people panic and they want to withdraw their money. and the more they withdraw, the faster they collapse towards insolvency now been given the current situation, most analysts would expect that they would jump in at this point and prop up some of these firms rather than risk or even more damage to the economy. but that's not what's happening right now. why is that? well, it's because i think the chinese government doesn't want to jump in and intervene because they're kind of the cause of a lot of this list of it. as christy was saying, the bottom line is, is that the chinese government here is attempting to hit the reset button if you

will, on the real estate markets and on, on housing. and it's been a monster for some time in china. this idea that housing is for living not for speculation, is kind of a mantra, but the chinese government under teaching thing has been using and essentially what they're trying to say is look, we're tired of speculation. we're banks being overly leveraged. we're tired of the pricing of housing increasing and we want to get that back under control. so they are causing a huge contraction here, but it's by design. now, i don't think the chinese government necessarily wants this all to unravel too quickly. and they don't want to see a major collapse of these companies, but what they're not going to do is jump in and intervene because this is in many ways a shift that is of their own making or trying to create some of this. and they're trying to hit reset on the way that housing is being treated on the way that loans are given out. in fact, they've already kept loans for a lot of banks in terms of what they're allowed to loan out. and so as long as what we don't see are, are the mortgages of homes actually higher than the value of the homes themselves

as long as that that does not happen. i think the government will pretty much the out of it because they are again the ones who are creating a lot of them. and christine, to that point, i mean the larger picture here is one of china working to restructure housing and real estate market. so how much pain do you believe beijing is willing to tolerate in order to reset those structures moving forward? or beijing is willing to tolerate a lot of pain in the interim if it believes that it will be beneficial lesson to avoid more pain. later on, the aging is determined to rein in the market. now as been said, real estate for living and not speculation in this effort to cool down the market. so there's little sign that so far. beijing will pull back on his current measures as it's attempting to kind of insulate itself from a bigger fall out. all the speculation has been pretty much liquidity driven with all the imported inflation from the u. s. from us exports and trade. and that will not last, once the us actually tightens their monetary control later this year or next year. so it seems like china is trying to get ahead of that and

a bankruptcy of this scale. yes, it would have huge repercussions and the stomach risks and essentially would be the biggest test that china's financial system has faced in recent years. but as of now, the overall market doesn't seem so much concerned about the potential for financial contagion, as they believe aging wouldn't allow such a behemoth to go under. but the same time being doesn't want to just be like the fed, like the fed put always have the safety net in hand. so while the regional government had turned down the request for bailout, it's believe that a major restructuring is in the works who perhaps maybe merge several of its divisions with other companies who have healthier balance sheets. so while people are confident, it won't be a hard landing. it's not gonna be painless either. now, been to chris's point about the fact, there's been a growing belief that china may be headed toward the bulk or moment in reference to the recession. inducing interest rates increases that paul volcker, oversized chairman of the federal reserve. do you believe china is headed in that direction?

i know not necessarily. i don't think that necessarily headed there. i think that what we're seeing are analysts in the west who are very concerned about this because well, christy made the point right now, right. which is that in the u. s, this would not be considered acceptable. the term too big to fail would be you drive, this is a company that's too big to fail, therefore the government must fail it out. it's hard to say this, right? i feel like i'm making this point all the time when they show now, which is that if you look at the chinese or do we makes a lot of sense, right? stop allowing these huge behemoth companies to run rough shots to do, you know, leverage themselves to incredible amounts and then turn around and as tax payers or the government itself to build them out. and the chinese aren't falling forward. why are we falling forward over here? that's what so, so maddening about this, and i will say this, you know, one thing that the chinese government is doing right now that i think is also correct, that we would be likely to need to do here very soon is to recognize that there are these big companies that are treating housing like it's speculation and are

treating housing once again as something that you know, these, these big firms will all buy up and turn us all into a permanent rental class. china is resisting this. they're trying to look out for their people in many ways. now you may think that it's over the top as a viewer, that maybe what china is doing is, you know, not allowing a free market to survive. but i'm not sure what we have over here is a free market. so i think we actually have some lessons that can be learned from the fact that china is willing to, to take that bitter pill at this moment. and reset some of these things rather than just letting them run on and on and on like we do over here on the web. a christy, to, to all of this point to wrap this up. and i really only about 32nd for an answer here . but, you know, as we've talked about the regulation push on tech companies in china, you know, we've talked about how that's not gonna have that big of an impact on the economy. but what they're doing with the housing market seems like it might. is that a problem? yes, because of how the economy actually consists of 30 percent. the overall chinese

economy is a huge portion of speculation right now. and as ben is saying, right now, there's a huge amount of middle class with a big income disparity in china. and they're the ones that are going to the government and they're crying out that this is not fair and that something has to be done. so the government fair or not, they are trying to appease the masses. because overall in china, they have more of this communist mentality that it's going to be better for the overall country. it might not be good for the overall companies that are currently in power, but it's going to be better for the overall people. and that's what the government is trying to push because there is a huge income disparity. there is this huge income gap. and this is something that's going to be a big pain in later on the future. so the government is trying to get ahead of that right now. both christy, i events want that you so much for breaking the story down for us today can can keep us jelia has the world talking after the country and now they will cancel his contract with france to build diesel after submarines in favor of nuclear power.

and submarines made in britain using us technology. it's all part of a new security pack between the u. s. the u. k. and australia referred to as office for his part british prime minister boris johnson. claim the deal isn't targeting any other powers in the world. he's old because he is not intended to be adversary towards any other power, mr. speaker, but merely reflects the close relationship that we have with the united states and with australia, the shared values that we have in the, the sheer level of trust between us that enables us to go to the extraordinary extent of sharing nuclear technology. now all the submarines won't actually be equipped with nuclear weapons. it's no secret that tensions with china and the in no pacific have increased significantly in recent years. as the u. s. has called on its allies to stand up to beijing with an increased military presence from ministers. scott morrison defended. the decision to drop is due france saying

australia is acting in the best interest of its own company. it is not an uncommon thing for countries to take interest decisions in their own strategic interests and to build up their defense capabilities. china makes the same decisions as does other countries within our region. and to, however, the new deal stands to increase tensions even further, as china responded by calling the move, highly irresponsible, and accusing the u. s. and the u. k. of using nuclear exports as a tool for ju, political games, made us the u. k. fairly as cooperation in a nuclear submarine severely damaged, regional peace and stability, intensifies the army rates and jeopardize the international efforts and promoting the nonproliferation of nuclear weapons. and rachel, it seems like the bite administration has talked about improving this relationship with china. improving to diplomacy between the 2 side. is this helping any,

it doesn't seem to be and you know, it's interesting because just last week we were talking about how talks were being carried out between the united states and china. and when it comes to that word diplomacy, that's where the buying and ministration is. said they want to do, especially when comparing themselves to the trump administration. but yet at the same time, when you look at the south trying to see, you see that that military build up has only continued. and one of the things that we've heard from the united states is for them to call on their close allies, telling them to quote unquote, stand up to china. that's kind of what we're seeing with this new indo pacific defense pact. but at the same time, it also makes you wonder how that is going to impact long term tend to, especially when we're talking about a military build up. yeah, right now it may just be statements back and forth. but what happens if there is some kind of conflict between those 2 militaries and it becomes a very real situation. and it's going to be interesting to see how this might affect to the economic ties that we've seen between the 2 nations. as the world's 2 largest economies have continued to kind of but heads on trade and things like

absolutely. let's take there the and wednesday evening whether another big day for face exploration in space x has launched the 1st all civilian crew into orbit. r t is john hardy has been following the story. their ordinary people on an extraordinary trip space, texas 1st private flight dub inspiration for took off from the kennedy space center in florida with for private citizens to contest winners, a health care worker and their billionaire sponsor. it was the 1st rocket and capsule to be sent to orbit with an all immature crew of private citizens are not so private anymore anyway, the 1st normal everyday folks to blast off to the stars becoming stars themselves. the dragon capsule reached out to to 360 miles above earth,

more than 100 miles above the international space station where the crew will circle the or 15 times a day for 3 days before then returning to mother earth and splashing down once again off the coast of florida, in fact, the inspiration for crew will reportedly be farther from earth than anyone else since the end of the apollo moon mission's back in the 1970 s a grand feet more than 1900000 feet above the earth's surface the crew shone standing in this twitter pit behind the lawn. musk is from left to right 42 year old christopher, some brodsky, a data engineer, an air force veteran from washington state. the crews commander, billionaire, businessman and flight funder, 38 year old jared isaacson. 51 year old, same proctor, a community college professor from arizona and the 1st black woman to pilot a spacecraft and 29 year old hailey arsenault of physicians assistant at st. jude children's research hospital in memphis, tennessee. jeff bezos,

whose own trip to space aboard his blue origins, new shepherd, back in july, that made history as well tweeted, quote, congratulations to you on musk and the space ex team on their successful inspiration for launch last night. another step towards a future where space is accessible to all of us. while the inspiration for trip isn't as high profile are celebrated as basis is johnson to orbit space x has already sent some pretty big milestones along with having the 1st black female pilot. it also includes the 1st entirely non professional crew to become astronauts . along with the youngest american citizen to reach space crew commander, jared isaacson paid for the trip for an undisclosed amount of money with the goal of raising $200000000.00 for the st. jude children's research hospital for bust. john honey. time. now for a quick break, only come back us retail sector is seeing an unexpected bump. but what's behind the numbers? we'll take a look at the latest rally and how it stands impact inflation next. and as we go to

break, here are the numbers at the close. the news the news back divers, financial to live with no money. there's a girl. i want to read central product support on the problem. i know they stopped me but civic leg around the world, expedition 5000 miles round the clock in the dead. calm miss dennis in

every country close by like the crew. gavin's food and one or 2 to chat for a show them the most liberal. i know i said it's got everybody locked down or almost no food. no. what about that? only give them up. so somebody either stuck up in the cove it you're living like the female of own but in the 21st century i the

welcome back. an unexpected increase and consumer spending is getting the credit for leading the recovery. the retail sector saw gains a point 7 percent last month. while concerns of arise of cobra cases kept many americans home. they shopped online for everything from new furniture to school supplies. as a result, online sales were up 5.3 percent in august after falling 4.6 percent in july. but while americans may be willing to spend more, they're also paying more for the items they buy. supply chain issues have been felt everywhere from raw materials to transportation costs. for example, the ceo of the craft store. joanne's noted that in some cases the ocean freight has actually become more expensive than the cost of the product. he said he hopes that the rise in prices is only transitory but question whether that means 6 months or 24 months. companies across the board are asking the same question as many deal

with the rise in prices by making their customers cover the cost. so joining us now to discuss the latest michael c o, a pinto portfolio strategies. michael, it's great to have you back on the show today. now i know we've talked a lot about how americans are spending once again after saving as much as possible in 2020, but with prices continuing to rise. where does their spending power stand as their savings and start to run out? ok, so forth. so take it easy, 1st of all, let's back it up about the us contin july. july number was revised down by 1 point one percent is a nominal figure. so these are non adjusted for inflation, which is running at a 40 year. hi. of course, august was boosted by the child income tax credits. what august was before we lost all the enhanced unemployment benefits that are all gone come labor day. so i would just, you know, try to just calm down when it comes to how great immersion,

by the way i will, i will have to. and if you don't mind me just a course, i will need to add that wallet hub, not michael pinto from a portfolio strategy. while, while up at the emerging consumer, how about more credit card debt in the 2nd quarter of this year than any other year on record in this year, they're going to pile on all of a $100000000000.00 new dollars and bless them. i check credit card that you have to pay like 33 percent interest if you don't pay off your bill. so that's a very bad way to. 1 promote your spending to keep up with all of the jones's. oh absolutely is not just, i mean is yeah, spend, now pay later, but you're also paying a lot more or later on. so that's a good point on your end. i mean, what does that tell us, michael? i me that that is the number that you just gave us. there is absolutely incredible . i mean, how is that? i obviously, i know you're going to say it's not sustainable but,

but where does that go from there? well, what look we did, i mean the government, the united states, the treasury and the bed helped to monetize. $15000.00, the equivalent of $50000.00 of telecom or money between march of 2020 and march of 2021 said my cash 4 point. 2 trillion of that $6.00 and $50000.00. that was 25 percent of julie b, but look at next year. you know, what is the bond market counting? why are yield? her spreads contracting. why is it that the 30 year treasury by duration bonds can't get out of their own way? they just can't go up in yield, they go up and trace. we're not open you. it's because i think we're having just inflation following the rapid and unprecedented us inflation that we had during march of 22. the most, most part of this year. and my team percent 40 percent,

if you can, if you calculate it the way you're supposed to do before 980 before the boss being commission says, oh, you don't happy me. you can to grist, there's what substitution. he don, it's all that though it's really 14 percent, same price inflation as $980.00. sorry, no, no problem, michael. and i mean, i guess it raises the question of the fed meeting next week. what do we hear from them? what are they going to do? i mean, i assume again you're going to take the wrong thing, but what are they going to do? well. busy i never say the wrong to do the wrong thing. i'm. we're going to hear their choices. the lovely choices we can keep on monetizing helicopter money and create hyperinflation rather than delegate. good move. or we could n q we, which is 1440000 dollars, year, 4.2 trillion dollars over the last few years. we could and that, and watch as the bubbles collect,

watch the mortgage industry collapse. stop buying $40000000000.00 a month, a mortgage back security and washers interest rates skyrocket. watch the shadow banking system flapped. watch for free. bo mark and free. oh sure. the 2 choices i mean they do, which only so you won't notice. they'll be, will be like lucian b. s. a. eventually they're going to have to stop printing money will have inflation stagnation to late decide to do the right thing. and when they do it in 20020082019 will have a crash. it's the cycle. i think she may show issue name or show. all right, so we're in a world where americans have gotten extra stimulus this year. but at the same time, they're also getting into more depth than ever. and at a time where we've seen record high after record high in the markets, or do you see the united states as being in for a wake up, call it sometime soon. by doing the entire developed world is in for

a huge way to call. and i think the base effects that come into play in the 2nd quarter of 2022 is going to bring about a deflationary and recessionary event right here in the united states. and if you think the stock market at 205 percent of u. s. g d p, is it in for a incredible debacle? a potential crash like we've never seen before. you know, if you wanna be complacent about that, then go ahead at your own peril. that intensive portfolio strategy where modeling this dynamic and in change to project and profit from it. we're not sure yet, but we're prepared to do so. i right prediction van applies for his own company. mike, thank you so much for joining us today. we really appreciate your thank you. around . finally, amc theaters has announced the chain will start accepting a host of crypto currency after thing. it would start taking bitcoin as payments earlier this year. the company's c o. adam aaron sets out

a tweet when they confirming mc still plans to accept bitcoin for online ticket and concession payments by year end 2021. adding the chain will also accept a barium light coin and bitcoin cash. many major companies have announced plans or even began accepting crypto as some sort of payment despite concern that some may not be the best solution for day to day commerce. now it doesn't appear the announcement had any significant impact on the prices of the tokens while an see which was of course, part of the main stock craze, was up by as much as 4 percent at points throughout the day thursday. and that's it for this time. you can catch bill, but on demand on the portable tv app available on smartphones, tablets, google play, and the laughter by searching portable tv for tv can also be downloaded on samsung, smart tv, and roku devices, or simply check it out at portable tv. we'll see you next time me.

ah, ah, the in the 1920s infinity of several 100 african americans moved to the soviet union, and many of their descendants still live in russia. no, never. yet to be truthful, nice things in london. back home, i can never get something from racism and a complete lack of prospects set up a month real. be losing one by elsa store by doing the clean cher. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all. some of the african americans who went to soldiers union in 1830 found great

success monet is always blown to me for me. and now almost a 100 years later, history is repeating itself. my great grandfather, george time, went to russia on probably the worst time to go anywhere. why not mean? what is i come here? ah, ah, the ah, ah.

i have often said transparency for the powerful receipt for the last bit cares about privacy. what people care about is power. antonietta has become a symbol of the battles of brevity. information is power. that's what's going on. a huge struggle with the government's corporations who want to keep information secret and others who democratic rights should be pushed forward. and people have a right to know what to do. watch how to help shift the conversation around transparency and see what that battle has done to him. i feel like julian's life might be coming to an end. we are in a conflict situation with the largest and most powerful employer in such

a situation. it's remarkable. survive the ah, good evening and welcome to our coverage of the 2021 russian state duma reelection . we're up here in our rooftop location. it's a great view and it's also a very out location. today we're focusing on how these elections being seen and finding out the measures taken to ensure the integrity of the voting process. thanks so much for joining me for what is day one of 3. which the electric contest both going to focus on what's been happening in the pals and just a few minutes from now 1st quickly we'll go to catch up on.