made us on the ever grand saga as a chinese company misses is off shore bon payment deadline for the 2nd week in a row following and 83500000 dollar payment last week. ever grand owed a $47500000.00 payment on thursday. now, in addition to being one of the largest property developers ever grand is also want to be most indebted companies in the world. owing more than $305000000000.00, its attempts to restructure its debt came as the chinese government was taking measures to stop housing prices from skyrocketing creating the perfect storm for the embattled group. meanwhile, factories across china have been forced to pull back on production as they were hit with unprecedented blackouts in recent weeks. the latest purchasing managers index file below 52, a rating of 49.6 and september confirming that china's factory output contracted for the 1st time since february 2020. so what does this mean for china moving forward and how does it stand to impact the rest of the world?

well, joining us. go host christy i and octavio moran z. c o over miss l. l. c. kristi, let's start with you here. now of course, there have been a lot of questions about when and how the chinese government should be stepping in . why do you think we haven't seen more from beijing after another miss payment here? well i think they, she doesn't want to create the safety net mentality that. # we have here in the states that there's such a thing as too big to fail and that the government will always step in to cushion the fall. i mean, does the mentality of the market here in the us, we just keep on slow and up and up thinking that there's always going to be the money more stimulus policies, government bail out of failing industry. it's like she previously in banking, and then the airlines with coven, and that hotels and the leisure sector, but facing is trying to not create that dependence and expectation. thus, it's willing to have a hard landing here in order to teach a lesson to the market, not to be highly speculative,

thinking that there will be absolutely no repercussions, because it's not like beijing is doing absolutely nothing. is doing just enough to contain the fall out, but it will not be doing a full on bail out when we 1st started talking about ever grants. default, the 1st headline to appear were too big to fail. that was the markets 1st, instinct calling something too big to fail and just expecting a bailout, basically you're calling these venture is completely riskless. if you can't ever fail, so no, not the mentality. now the mentality has completely changed, and analysts do not expect to bail out. however, beijing is pressuring government affiliated companies and developers to buy the giant assets and all the proceeds will be used to pay off their debt. however, as it gets repaid and restructured, investors will definitely be taking quite a big haircut on their money. but it's very interesting on that point. christy, because you hear a lot of analysts say, oh yeah, we expect china to step in and do something about this. but again, as rachel mentioned in the beginning there, the chinese government actually had

a hand in these measures curbing skyrocketing housing prices. so octavio that brings me to you. there is also an argument that because beijing has such a tight grip on the market, investors have lost a healthy fear that comes with getting into the market there. what do you make of what we've seen so far with ever grants? why i didn't healthy fear in the chinese market is very present. and anyone who looked at where the stock market went and find off 2015 basically lost a ton of money. so if you're lucky enough to buy chinese stocks in 2015 or 16, he took a boss. and that's not the case in the west in the west, but basically saying record prices, we got a week day after day. it was a new thing to slow down a bit in september so far. but i think the healthy field that you described because it's very much in chinese axis markets and doesn't exist in west markets and definitely some japanese market. so i think perhaps exactly the opposite is true, the chinese up to suit in the past. it doesn't bailout investors next. the market nor in the housing market. i don't know. i don't, i will last. i mean,

the head of the governor, the people spend your time to write an article you guy, and you are nautical, criticized in western central banks for the purchase of st. china is not going to follow that example. so we'll see how long they stated that they haven't done that in the past. in the past. the p o b. p has been very active in markets. so we'll see how that remains convenient for them to do with the time being the holding back . now, christie, from the thousands who are relying on ever grand for business and unfulfilled, contracted those in the manufacturing sector. are these latest crackdowns affecting them and is the assumption that it may be uncomfortable for now. but eventually things will work out in the month to come. all construct, manufacturing as a whole is slowing down. manufacturing has contracted for the 1st time since coven 19. and now they're battling high commodities. prices. power crunches, coven, 1900 outbreaks. and parts of material shortages, so construction in the ever grand properties, they have resumed on nearly 20 development areas. worker's option had accelerated since ever grand needs to either repay the home buyers or deliver the homes. but i

think here, even if, let's just say that people look to the government to make things better. the question is how there is a power shortage which stems from a coal shortage, which then causes upstream material shortages like steel and aluminum, which then affects all the downstream manufacturing. and all of this compounds into rising prices for the use of these materials. and then the final consumer of the finished product. so the government can't just magically make more power. they can certainly loosen regulations on emissions and allow coal to come back to the market . but that's going to take a while and that's not a long term solution. so right now it's uncertain how long the situation is going to last for. yeah, there really is a lot of play there now. octavio when it comes to the latest power cuts in china, how do they stand impact of global supply overall? i know we've been talking a lot about the supply shortages a lot about winter now, fast approaching, how do you see all of that playing out?

what is good in the world? the pie very badly in china is a very major here in put in terms of manufacturing globally. and we're sort of coming to the christmas season, the winter season, where energy demands going to go up even higher. i think this kind of power shortage will remain as long as beijing decides to regulate electricity prices. the real problem in china isn't basing has regulated tricity prices has not allowed us to float and has kept as really tightly kept. and so there's a lot of appraisal coal, how power plants in china basically can't afford the coal to generate electricity shut down their production result. because it is going to cost more to buy the cold, and they can get in return for the equity. so as long as power prices remain kept in china, they will have these kinda sorta, just as soon as they lift those caps and allow the price of electricity float freely. these kind of switch will just as it always do it all market. because marcus, who is clear eventually, and are probably, what are you saying? i mean, i know we've talked about this a lot, but they're also saying, you know, as europe is also facing energy issues as well that we have a global power currently have about 30 seconds to give you the final word. there

was truly, we've seen natural gas prices in europe, go through the roof only in europe. so that's not been the case as much in north america with asia. the gas pipe very much, much more muted that that's to do with sort of the local demand supply in europe. and i think that will work itself out. the tick is mostly into the pipeline comes on line. that should work itself out eventually. but yeah, we're seeing basically power country shortage is all in this place. i think what we're seeing is sort of all the conversations that we've seen pumped in the market leading to much, much higher prices. right across the board for everything. and people just starting to adjust to that and they're not willing to pay the much higher prices for the input. the trying to hold back and say, i'm not willing to pay 20 percent more 30 percent more from stuff i used to get much cheaper than the part of that's going to have to change. you're gonna have to bite the bullet basically, and that, except the inflation is just gonna be part of the landscape from time to come. yeah, it really does seem that way, especially after this truly unprecedented year and a half boom bus. christy i and octavia moran, the openness of the thank you both for your insight on this one. thank you.

and amid recent scrutiny over how facebook's products affect the young people, the social media giants, global head of safety was grilled by us senators that a hearing thursday. facebook knows they know it. children struggle with addiction on instagram and they didn't want to admit it. this seems to be a recurring theme with this company. do everything and anything to mould the world into your own image. for your own profit without any regard for any harm that is going to be done because your focus is own your pocket book. let's be clear. the problem isn't that instagram hasn't developed a safe product for kids. the product, the problem is instagram itself. and meanwhile,

there's new information surrounding facebook strategies to certain strategies, routing to affect and monetize children between the ages of 10 and 12 years old. internal documents now show that facebook views, children as an untapped source of wealth, and even thought to turn play dates into growth drivers. joining us now to break down the semi bizarre story as boom, but co host an investigative journalist, ben swan. i bet i say it's bizarre and were surprised by it. but really, we almost aren't surprised. we're kind of surprised that they would put it into writing really more than anything. because earlier this week we talked about instagram, kids project being put on hold. is this research part of that project? no, this is actually separate research from that. so the instagram part of it was specific to instagram and the effect it was having on young people. but in this case, it's actually facebook's internal documents related to facebook as the property itself. how do you get kids to begin using facebook?

because as you guys know, only old people use for bright, and even the old people who use facebook or fast is declining. in fact, you know, the internal documents show by the year 2023. they're expecting to lose about 45 percent of younger users on facebook. so as an enormous number of users who are going away. and so what this was really about is facebook saying, how do we create a system that targets kids lores. lores is it sounds like a creepy word, but a lot of the language they use is actually kind of creepy. lower them in my word, not theirs. and then keeps them as kind of customers for life because it seems them as an untapped financial market, an untapped financial resource that they can access that right now they're failing to access. and i love that one of the documents actually says that facebook owes it to itself to do this and not ignore this market. do they really? yeah, and it's interesting, we are facebook used to be the thing that had that you know, billions and billions of people on it. and now i know my little sister is a teenager, and she has no interest in getting on facebook because she sees it is something for

the older generation. now of course, a lot of this focus seems to surround the success that other apps like kick talk of had and attracting younger users, while facebook is shutting younger users at a rapid rate is that of our critique. oh, i think it's, i think it's a kind critique right to say that they're only sharing those older users. and by the way, rachel, i have to say, i'm sure it's not just your sister who does not use facebook. right? and again, this is for older people, but what was interesting about the way the documentation was laid out is facebook was trying to now position the, the original traditional facebook as adult thing as part of their adult process. so when you're really young and you're on these kids apps that are targeting children and, and play dates among kids, which again, super bizarre language. right. and then they say that over time they want to see them transition to instagram. and then adults in the facebook, and so it's really just setting up a pipeline to say, how do we harvest data for life the entire time and,

and some of these documents by the way, are broken down from kids from 0 to 5. and then 62101212, as tweens 12 the 15. so they have it all broken down demographically, of who they're trying to target. and they're literally wanting data on you and to do this from cradle to grave, quite literally. and i think that alone is a bizarre way that facebook looks at the world and been there, they're trying to spin these reports and even say that the played a language it used was an insensitive way to pose a serious question. and does it reflect its approach to actually building the app? how did the law makers respond today? and i have about 45 seconds for you been? yeah, well, as you heard, i mean, they're not buying that. and by the way, for facebook to say this is insensitive language to, to pose a serious question, what was the serious question? serious question they say is that they have some kind of responsibility to the world to create a product for kids knows you to not, especially when remember this and i and i always have to remind people of this. i know we're trying to short, you are the product on facebook. facebook is not selling advertising facebook.

their primary job is not to influence elections. their primary job is not to, to shape the world thought their primary product product is you as a human being and to sell you to advertisers. so the idea that they want to come further expand that, not just to adults, not just a teenagers, but to sell those children's data as part of their kind of plan for world domination is just opium on every level. and congress should get involved in ban swan, i don't know about you, but i'm old enough that i'm still on my space. thank you so much. i know you are. i think the united states senate has approved a bill to avert a government shut down that could have had a major impact for the ongoing economic recovery and the nation. the deal announced by majority leader chuck schumer will keep the government operating through the 3rd of december. if no deal had been reached, hundreds of thousands of federal employees would have been effected starting on

friday now beyond extending a deadline for a shut down. the bill includes disaster aid for states that have faced extreme weather and funds to resettle african refugees. the legislation, however, will not have a provision to raise the debt ceiling. earlier this week, senate republicans blocked a procedural vote of a house pass bill, which included an extension of the debt limit claiming they want to stand alone legislation to make this happen over the last few days. treasury secretary janet yellow, had told law makers the u. s. will no longer be able to avoid breaching that, that limit as of the 18th of october. and rachel, this is literally just kicking the can down the road the, the definition of that. oh, absolutely. i mean, the 3rd of december. so what they're saying is that they're going to have this exact same argument all over again, just a few weeks from now. and as federal employees who are reliant on this, what they're basically to do is moving into the holiday season yet back from thanksgiving. and then you have about a week where you're going to be looking at it and saying, am i going to be able to afford buying christmas present?

because i don't know if they're gonna extend this and then they're probably kick the can down the road for a couple more weeks. and we'll see what happens. that's exactly how they do it. and we also have to remember here that while those federal employees have significant consequences, as a result of this, those members of congress who did not do their job and passed funding, they still get paid. interesting how that works. time now for a quick break. so when we come back to semi conductor shortage continues direct havoc among all tech sectors, including the auto industry. we'll discuss a follow up with an expert in the field next. and as we go to break care of the numbers at the close, me ah ah, ah, ah

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a unique organization in the history of the world. what they were trying to do was to simply do nothing short and build the most powerful and most deadly biological weapons program that the world had ever known. real to production, but it will show enough to build on it. so new to keep to know martha, this new them or not new. and i got the sale. i wonder i wish to know about jewelry. who knew he didn't more than a jewel it's i had a little cold and weather and all buddy bill, you got hours,

nice little to do you want the on this the little she my new on a on all. i isn't all 7 long, you know, put them out to give us i, if you and expecting the non governmental be in the image. see, and i'm sorry, this is august for the nation. the you will have to teeth run. it's on. you want me to going to the peculiarities you can't impose the democratic system on sunday he was and the political order i france's macro recently said quote, the europeans must stop being naive when we are under pressure from powers,

which at times harden their stance. we need to react and show we have the power and capacity to defend ourselves volt words. what does europe have the political will to actually defend itself? the air welcome back supply chain issues related to the global chip shortage will likely have a major impact on car sales in the coming month. automakers likely sold roughly well point 3000000 new vehicles in the u. s. in september, according to bloomberg, but analysis of fixed market research or forecast, the number is considerably lower than the 13 point. $1000000.00 cars sold in august and down 25 percent from september of last year. so just how bad are these supply chain constraints? well, as some major brands have been forced to ramp down production market research,

a true car says u. s. dealers only had 17 days worth of new car inventory on their lot. compare that to the same month between 20152019 when dealerships average 64 days worth of inventory. so just how long can these issues last and how is the industry dealing with it or the discuss? let's bring in some other auto news. let's bring in the car coach lauren, fix. lauren, always a pleasure to have you on the show to talk about these issues now. analyst that l m c automotive, believe it could take all of 2022 to get ahold of this chip shortage and have things returned to some sort of normalcy. as we've seen, sales and inventory struggling. how is the auto industry going to be able to deal with this? well, the auto industry is trying to go, it's called vertical. they're going to try and build things within their own companies. if they need chips, they're going to, they're gonna use their old chip factory to try and produce some things. they get product out the door because you're talking about such a huge hit in sales that affects the profit set of tax,

the unions that affect jobs all the way up and down the pike. and then also affects local communities of a dealer is not selling as many vehicles, they're not going to be using as many services in the local area. and of course that means employees. so there's a lot of people that are impacted by this global ship shortage. although it seems like it's right on the surface, there's a lot more to it. there's also a shortage in steel is a shortage and wiring harnesses. and there's a shortage in rubber. and a lot of that still sitting on ships that are waiting months, literally out in long be long boat or long beach and other areas waiting to dock. and once they dock, they still need workers to unload those ships and then drivers to take them to their destination. so there's a lot of things in the logistics side of this that are also causing part of this chip shortage. wow. and certainly i know we've talked about shortage after shortage here, but at the same time us dealers have been able to weather the storm, making significant profit as prices for vehicles were due to those supply constraints. so are we going to continue to see that trend moving forward,

or will all of this eventually come to ahead? what say you while the dealers are franchises, so we know that right away. so when they're a franchise, they can put whatever price they want on the window sticker for you to buy it. and sometimes you'll go to a dealer and tell they've got the vehicle i want. that's great. and you look at the window sticker has something that's called a d m, that's additional dealer markup translate. it is pure profit for the dealer. and they have every right to charge that and you have every right to pay it or not to pay it. so keep in mind if they can't get the vehicles, it's supply and demand economics one on one, right? if you don't have enough supply, but you have a huge demand, we can charge a higher price for that. and that's not always going to be the case. but in the near future and possibly up to in the next year, like they are saying from l m. c. it's entirely possible that you're going to see additional dealer markup on a lot of vehicles right now. if you want a vehicle, your best bet to order one. don't take anything off the lot because you will be paying a premium price. there's very few incentives and that means more profits in the dealers pockets in laura and i was going to ask about this,

this markup that you just mentioned. how come in was that say, before we had the supply could trace, did you did dealers regularly do that? because we know we see a lot of deals come through where they're, they're actually knocking money off the price. right now you're a d m, or additional dealer markup as things like the 2021 portion, 911. you want to g t 3. you're going to pay for it, and i actually called the dealer on one. it was $40000.00 over sticker, but you're finding as much as $10000.00 over on something as simple as a key of photos, which is something that is a pretty mainstream car, but it's about supply and demand. you're seeing it was always common unlimited production vehicles that there was a high demand for such as the t rex for the truck or shelby mustang or corvette. but now you're talking about the atm being added to just average cars. and i don't think this is going away in the near future. now i want to bring another aspect into all of this, which is the earlier this week we discussed a few shortage in the u. k. as a nation faces a truck driver shortage to get the product to the pump. and as that happened,

online searches for electric cars in the u. k. serge, 1500 percent according to google search data. so as we look at oil prices going up, do generally see more is being sold in the future. while the problem is still the same with electric vehicles, there's even more chips used and electric vehicles, but what is showing is interest in electric vehicles. so people are researching and deciding does this work for my family for my lifestyle? remember that the insurance rates here in the u. s. are twice as much as they are for a vehicle that is not electric vehicle. so it may or may not work for you. you have to do your research on the cost of ownership because there is a cost for electricity. and that's also getting more expensive because a shortage of electricity. and that leads us into other conversations of countries like poland producing nuclear power because there's a shortage of power as well as a shortage of gasoline and diesel. and so people are that are considering electric vehicles are now starting to think, you know, this might work for me, or maybe i'm just going to work from home, which we're also seeing

a higher increase of also. well, and that's interesting because i think we saw that at the beginning of the pandemic, 2 of the work from home, people are kind of like, we didn't need cars. but then there were also people who are like in major cities, is that now i maybe do need a car via, it's been kind of a vicious cycle for pretty much everything. since the start of the pandemic lore and fix the car coach, thank you so much. for your insight that it thank you. and finally, amazon has created a robot that it describes as its own version of our 2 d 2. but like documents war in the robots own developers say it has some serious issues and is not ready for release. so amazon describes the new astro robot as a domestic assistant, which is essentially alexa on wheel. however, an anonymous team of developers is warning about the robots pattern of memorizing. each member of the house saying is program to follow around anyone. it identifies as a stranger and they're saying that the facial recognition technology uses is flawed

at best and a privacy nightmare at worst. and on top of that, the aster was described as being well, not the smartest with the report saying the robot will throw itself down stairs. it presented the opportunity. and if that's not enough, and you want to find out more for yourself, well, amazon aster will soon be available for $1000.00 each. all right, you have a $1000.00 to spare, just to try this out. but it sounds like there are a lot of privacy concerns of it. i mean, it seems like, you know, alexa beyond here is, you know, with bad enough that these device, they're listening to us finding out every didn't go, i got it are live now, they could follow you around to figure that out. absolutely. and what i want to know is where does that information go? ok, they've got everyone in your house memorize. we'll then why, when now i'm wondering if it can drive around your house, see if you're out of toilet paper. so i can tell you to order or whatever it might be. you know, i'm stairs, you should be good, and that's it. for the time you can get boom, bust on demand and the portable tv app available on smartphones,

tablets you google play in the apple app store by searching portable tv where it will be you can also be downloaded on samsung, smart tv, and roku devices or some we check it out at portable tv. well see you next. me. ah. ah, we need to look at a little boy here. the little girl made up because i don't want the car the way you got me. sure. it's under which

community, it's in the not normal quote piece that you can use not leave to live in a time now with so many inputs on a daily basis that are completely unrelated to reality. so think about how on social media filters, and they basically present themselves very unrealistic way. and so we come out of fomo, there is and be involved more than that. it's about the sort of envious or something that may not exist. and it is also really tied to the fact that as humans, we want to be part of the crowd. ah,

the lack of universal healthcare makes america the country of every man for himself. we have a retirement crisis in this country and we have a health crisis for seniors in this country as well. so private business has come up with a special mechanism for that. it's called the live settlement market. we are a life settlement provider, which means that we buy life insurance policies from primarily seniors throughout the united states who no longer want or can afford their life insurance policies. if you are sick and for want to live a few more years, you can send your life insurance. that way you get more money right away and the company collects your insurance payment off your debt. and there's a group of people out there, i guess, hoping that people die soon. what kind of motivation is i give them when i start crying about them dying? that's usually what it's about. it's just the sheer unfairness of it all.

the shame that was the 15 spells out but not how some empowers have come to view this. a pair of suburb is up in arms over the construction of a wall designed in theory to keep drug addicts out, say it's in humane and in practice. only make matters worse. it really feels like a zombie apocalypse movie. this last week we have faith sold after a soul that would put them to one side like animal. it's along western tradition segregate new. canadian military chiefs saw the pandemic as a chance to test propaganda on citizens according to a trouble.