[495] Mosler, Auerback on high yield meltdown, US economy
Energy. Before rebounding, the US West Texas Intermediate oil benchmark hit a 6 year low under $35 a barrel on Monday. That compares to highs above $100 a barrel 18 months ago. Unseasonably warm weather in the US has natural gas prices at the lowest level since 2002. Edward Harrison weighs in. Then Edward sits down with Warren Mosler, President of Valance Co., Inc to discuss the bust up in high yield bonds, the drop in capital investment spending in the US, and the Fed’s reaction function. After the break, Edward continues the conversation about the Fed’s reaction function with Marshall Auerback, research associate at the Levy Institute. Afterwards, Edward is joined by RT Correspondent Simone del Rosario, who breaks down the recent Paris Climate talks..
The ride sharing app Uber may soon see more drama in court, as Europe’s top court considers a major regulatory blow. Verizon sees a big victory in its winning bid for Straight Path. Lindsay France sits down with New York Times Best Selling Author, Chris Whipple, to discuss his new book, “The Gatekeepers: How the White House Chiefs of Staff Define Every Presidency.” After the break, we talk about Snap Inc.’s slump with users and the Dakota Access Pipeline oil leak, that’s left 84 Gallons on sacred land. Boom Bust’s Bianca Facchinei looks into the Bank of England and interest rates in the country. Boom Bust’s Manuel Rapalo joins us with a report on the risk of common pain killers and the relation to possible heart attacks. Finally, several beloved cartoons find a new home.
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Earlier this week, Russia’s credit rating was cut to junk by Standard and Poor’s Rating Services. Investors rely on S&P, Moody’s, and Fitch Ratings when deciding whether to buy bonds and the three agencies issue roughly 95% of credit ratings globally. In a statement, S&P said “Russia’s monetary policy flexibility has become more limited and its economic growth prospects have weakened.” This may be true, but it’s important to point out that the rating agencies themselves have been struggling with their own conflicts. Erin weighs in.
Then, in a segment taped earlier in the month, Erin sits down with Tim Duy – professor of economics at the University of Oregon and blogger at Economist’s View. Due to a relatively healthy US economy, Tim tells us if he’s seeing a Fed rate hike soon and gives us his take on how what’s happening in Greece affects ECB monetary policy.
After the break, Erin is joined by David Merkel – president of Aleph Investments. David talks to us about Apple’s most profitable quarter in history and tells us if he thinks the Fed will raise its policy rate this year.
And in The Big Deal, Erin and Edward Harrison take a look at the biggest headlines from this week including Alibaba, Valero, Shell, and Phillips earnings, Greece, and Russia. Take a look!
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The final day of the FOMC meetings was Wednesday, but what will the Fed do now that we have a date for the balance sheet unwinding? Danielle DiMartino Booth breaks it down for us.
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Student debt has gone over $1 trillion dollars and the man in charge of student loans has resigned citing the unwillingness of the Trump administration to actively protect and aid borrowers. Remington A. Gregg and Joseline Garcia are back as we talk to both of them on this pressing subject. Hilary Fordwich joins us as She and Bart discuss trade authority. All this and more on Boom Bust! [1144]
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U.S. President Joe Biden and Chinese President Xi Jinping have held their first high-level talks in nearly seven months to discuss pressing issues facing the two countries. Boom Bu$t's Ben Swann and Christy Ai are both on hand to discuss the conversation and what issues were on the table. (0:49) Plus, we take a spin around the globe to see how international markets have fared over the past week. (8:50) And 20 years after the gruesome September 11th terrorist attacks, how has the U.S. economy changed in response? RT's Rick Sanchez offers his insight on the evolution of the economy and the nation at large. (15:03)
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UK Defense Secretary Gavin Williamson was forced to resign his post following a leak regarding Great Britain's plan to use Huawei Tech to develop their 5G Network. Attorney Myles Edwards joins Christy Ai to break down the worldwide regulatory landscape when it comes to Huawei. The US Commodity Futures Trading Commission chair says the explosion of interest in Cryptocurrency could open the door for new clearinghouses. Investigative journalist Ben Swann will give us the details. Plus, the Bank of England announced it would hold interest rates at 0.75percent following last month's decision to extend the Brexit deadline to October 30. Hilary Fordwich from the British American Business Association joins the show to discuss what this means for the Brexit Turmoil moving forward.
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Greek Prime Minister Alexis Tsipras met with Russian President Vladimir Putin in Moscow on Wednesday. Many were watching the meeting closely as Athens is currently seeking funds for debt repayments, with whispers that Russia would come to its aid. EU states were concerned that Greece could break ranks over economic sanctions on Russia in order to secure aid. However, that wasn’t the case. Erin weighs in.
Then, Erin sits down with Bruce Schneier – security expert, author, and fellow at the Berkman Center for Internet and Society at Harvard Law School. Bruce tells us that a cloud service is safer than running your own data center when you are entrusting your data to a provider who understands security better than you do. And for most people this is definitely the case. Bruce also talks to Erin about state actors weakening security standards and about the security of various open source encryption options. Schneier also weighs in on the security risks and benefits of using the Apple mobile platform.
After the break, RT correspondent Lindsay France joins us from Los Angeles to discuss the recent surge in Chinese technology stocks. According to experts, its reminiscent of the tech bubble we experienced here in the US back in 2000.
Afterwards, Erin is joined by Richard Heinberg – senior fellow at the Post Carbon Institute and author of “Afterburn: Society Beyond Fossil Fuels.” Richard gives us his take on why energy prices have collapsed in the face of what he believes is a peak in production of oil from conventional sources. Heinberg also tells us at what price the pain for producers becomes unbearable and whether the price will come back to levels that work for the tight oil producers adding so much production capacity to the US domestic market.
And in The Big Deal, Erin and Edward are talking about the biggest tech stories of the day, including the purported Chinese stock bubble.
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Clean coal and a new head of the EPA? Tyson Slocum is back as he and Bart tackle the latest in an environmental news. Debbie Bloyd fills us in on the latest housing news while Hilary Fordwich gives us a breakdown of the biggest consulting firms. And Steve Malzberg dives deep with us as we tackle the latest hospital consolidations! [1145]
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After FIVE months of talks, Ukraine HAS agreed to a RESTRUCTURING deal with creditors. According to the finance ministry, private creditors WILL accept a twenty percent write-down on the FACE value of their Ukrainian bonds. The deal covers bonds with outstanding principal of 18 BILLION dollars and with that 20 percent REDUCTION, which provides Ukraine with 3.6 BILLION dollars in debt relief. Ameera David weighs in.
Then Tim Duy, professor of economics at the University of Oregon and the senior director of the Oregon Economic Forum, is on the show to talk about how the Fed may be interpreting key indicators such as the U.S. unemployment rate and slack in the labor market.
And in The Big Deal, Ameera talks to Edward Harrison from New Orleans about what the city looks like ten years after Hurricane Katrina, which devastated the local economy. They talk about which neighborhoods have yet to bounce back. Ameera also gets Ed’s thoughts on U.S. GDP in Q2, which came in at a higher number than expected.
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