tv Boom Bust RT April 2, 2020 8:30pm-9:00pm EDT
claims have doubled in just a week clearing their previous record how does this bode for the economy both here and abroad we take a deep dive straight ahead plus airlines are facing a situation that some are calling the deepest crisis ever amid the pandemic will break that down. as the u.s. continues to soar in corona virus cases will its health care system be able to handle the strain coming up we bring in our resident expert on this subject for the full picture with a packed show today so let's dive right in. and we lead the program here in the united states as president donald trump addressed the social distancing measures taken within the country to limit the spread of the crowed a virus during his daily briefing wednesday the us president pushed back against the idea of a nationwide lockdown leading up to states to make the decision. there are some states that are different so there are some states that don't have much of
a problem there is so low they don't have the problem they don't have thousands of people that are positive with thousands of people that even think they might have it for hundreds of people in some cases so you have to know that you have to look at that you have to give a little bit of flexibility even if the state. in the midwest or in for alaska as an example. doesn't have a problem so awfully tough to say close it down and the u.s. president was also asked about travel restrictions in the u.s. as a way of mitigating the spread. i am looking at hot spots and looking where flights are going into hot spots some of those some of those flights i didn't like from the beginning but closing every single flight in every single very very very rough decision that we are thinking about hotspots we go from spot to spot from.
and we'll let you know fairly soon. and the u.s. now has more than 200000 cases of quote a virus but more than 5000 dead. now it's time to take a look at another global look at how the world is being affected by this pandemic and for that we're joined by our chief correspondent sari tabular side of tell us what's going on around you know the global virus has just reached over 1000000 cases and over 50000 deaths but before i go over what's happening globally i want to mention that until last month the u.s. the worst week in the u.s. history for filing for unemployment was 695000 people and that was in 982 well as of now 6600000 americans filed for unemployment and that number is going to keep growing as 10000000 americans have so far lost their jobs and the u.s. is still ahead with over 220000 infections you know nearly 2400 people have died just in new york new jersey and connecticut combined and that's
a little bit less than half the national total and now in other areas which have been hit really hard if not actually worse expert warns that italy is actually undercounting thousands of deaths indicating that the death toll may be actually much greater infections far more and italy's official death toll from the virus right now stands at almost $14000.00 the most of any country in the world and you know since the start of this pandemic people in spain who have been hit very hard by this wire as to were told to stay inside but now thousands are going outside but not for social purposes but to stand in unemployment lines as morden 800000 workers in spain lost their jobs that just this month in march now that's the highest monthly drop in modern history and today spain i also had their highest death toll . with and 950 dead and elsewhere in europe france u.k.
and germany combined have over a 1000 deaths while netherlands and belgium are actually climbing the list with over 2000 deaths combined brant what's happening in turkey and greece how have they been handling the spread of this epidemic well ground turkey has so far not fully halted economic activity and imposed quarantines on just 18 provinces in fact turkish president re severed on a still insist that turkey showed showed quote to keep turning the wheels in the economy and that people continue to work to to continue to work me line in greece most of the cases have actually been in refugee camps much of one of which is a home to about 2500 people and that's currently on the very strict quarantine after 20 our residents tested positive for the virus brand now there is a big story going on right now with 2 cruise ships again cruise ships kind of it
weirdly at the center of this pandemic off the coast of florida what's going on with that well originally it was just one cruise ship it was a dutch own zonda and with over 2500 passengers aboard and now that quick ship then idled off the pacific coast of central america after the cruise line and now is that some 200 passengers when in fact it and 4 actually died on board then after nearly 2 thirds of those passengers they passed the medical screening and then they were moved into is on the sister ship order dom and now bull vessels are headed to port everglades and for a lot of the l. in florida another zaandam is carrying about a little over a 1000 passengers and crew and their word adama almost 6 carrying a little under $1500.00 passengers but he remains on certain if they are actually going to be allowed to disembark in florida and here's the issue brant the u.s. coast guard. it is telling
a cruise ship to be prepared to care for anyone that's tested positive for the virus at sea or to actually seek help from countries other than the u.s. so the florida health care system is already really overwhelmed and the u.s. is not alone here you know several other countries have deny permission for the ship to dock embark passengers but the quick ship a president is really urging of stories to show compassion and to be generous in the face of humanity so it's a very heartbreaking story heartbreaking indeed sites have a juror r t correspondent thank you so much for that insightful report. and as a writer you can always catch the latest news and information regarding the crow virus on portable t.v.'s coronavirus tracker now it's been an up and down day for u.s. equity markets giving up substantial gains before bouncing is the labor department's report huge unemployment numbers here in the u.s. now oil has also had a actually a good day as major bad marks gaining as much as 30 percent at times throughout the
day boom bust co-host christi i has been following the markets and filed this report. as u.s. equity stake a small bounce today before fading on the back of energy and stabilizing oil prices traders are cautiously looking ahead to the new initial jobless claims number after posting an unprecedented 3300000 surge this week is expected to be even worse with goldman sachs estimating a jump of up to 6600000 this is a 2 week sum of 10000000 new americans claiming unemployment benefits with california pennsylvania and new york leading the charts the group being hit the hardest are those between the ages of 25 to 54 years old primarily coming from the restaurant industry retail leisure and hospitality clerical and the gate economy now with more than 80 percent of americans under some form a lockdown this is far from over as unemployment rises the chances of a quick recovery fades. as the economy will quickly decelerate and come to
a grinding halt the contraction in consumption resulting from unemployment will further reduce revenues and earnings for businesses which will increase the depth and aeration of the recession over the next few months consumer staples remain in the spotlight as americans hoard staples like toilet paper flour sugar and cleaning agents wal-mart kroger's p.m.g. and con agra are the clear winners in the pandemic trade as investors are now reevaluating positions in this new normal where there are no dividends no buybacks and basically no profit in light of the shutdown now over on the oil front president trump announced that after speaking with saudi crown prince and president putin he expects them to announce an oil production cut of $10000000.00 barrels easing pressure on oil and ending the price war that has ravaged the industry details of the production cuts remain unclear at analyst noted that the u.s. could have to give up something in return and other words saudi will reduce output
only if others join. has been down over 60 percent year to date so the big question posed by many is should we just let the industry go bankrupt it's already subsidize and leverage to the hilt and this would accelerate the push toward clean energy so why just not let it fail it was only last year that the us was boasting that the shell industry had been an opec useless and irrelevant and today american shell produces i getting crushed with white petroleum the former shale darling filing for bankruptcy. well it seems like the u.s. will not allow the oil industry to fall the u.s. oil industry is far too big and too important and encompasses the entire drilling in the strait the rig makers the offshore rigs exploration and production pipelines and refining so to allow to fail would mean massive bankruptcies and layoffs but most importantly it's a matter of national security and to allow the industry to fail while being giving up global control back to saudi arabia as washington scrambling for ways to protect
the sector president trump has announced he'll be meeting with the big oil executives on friday to discuss a range of options including the possibility of tariffs on oil imports from saudi arabia as details emerge of a truce between saudi and russia traders still remain very skeptical as president trump has on more than one occasion exaggerated that we were quote very close to a deal when in reality there were just incremental news flow the papas being sold off and brant settled back at support at $30.00 handle and the dow gave up its $500.00 point morning rally and major indexes data gains as well back to you brett . and thank you kristie let's bring in more expert analysis from our friend todd horowitz chief strategist at baba trading above let's let's actually start with these unemployment numbers 6600000 claims in a week. and it seems it's only going to get worse we talked about how it could reach 30 percent or just earlier this week what do you make of these numbers and
how concerning is this. you know if they're worthless or meaningless because we know it's going to happen this is not a surprise this isn't because of a major economic slowdown this is because companies have to close because we can't create now is going to cause a problem yes there's going to be a problem in the supply chain they're going to be a plot problem everywhere and many of these businesses will never come back but the other day it's not something that happened because the overall economy was weakening i mean i felt we were already in a recession before we got to this part but this is just all news driven and again you've got to shut down so business at the layoff employees and that's what we're trying to see them avoid by all this free money that they're not giving from the fed but at the end of the day it's not a surprise and we shouldn't be shocked by it because these numbers are artificial because once we go back to work and once we can open up the country we're going to be back at normal rates but if you think that we're in a recession you've said it here on the show many times we're already in the
recession so when all these people are forced to lay off workers like they are now who are having to to face the unemployment lines but the reality is so many of them are going to go back to work because unfortunately these businesses are going to fail somebody people are not going to make it out of this so i just see that see that as a huge concern here. is a concern but again i think you know a lot of the companies will come back and other companies are going to be hiring because listen let's face it the companies that survive this are going to need more employees so they will take up some of the slack of the people that are going to go back to their small businesses you know again one of things we know about business is that we can do x. amount and from that x. amount those people are going to have to work so what's going to happen is the bigger companies that will survive this or the stronger companies that will survive through this period will be able will need more employees to hire and they will go to the open pool that is there now is employment going to be at 3 and a half percent you know anytime soon no i mean will probably when it's all said and
done will probably. we end up somewhere in the say the 789 range when we get back to work and then we'll start growing again from there but again we were in a recession this was started before the coronavirus it's just been accelerated because of it and now we've talked about oil quite a bit lately as the commodity has just been ravaged and we saw oil prices bounce today as much as 30 percent at times what do you make of what's happening with oil as this news comes out of the white house speaking with the saudis. what you know as you as i talked on monday ok i said that there's going to be a bounce i mean you know again it's such a a repressed level that there's going to be some sort of a bounce we get the bounce now again you saw today we did we right up to about $28.00 bases may crude and we close around $24.00 and a half so i guess either we're going to probably work our way lower again this was a quick reaction which really caught a bunch of traders on the short side so this is a good old fashion rip your face off short covering squeeze and the end i think we
start settling back down not over go back to 20 but i don't see it's going to 30 anytime soon todd horowitz of baba trading thank you so much for your insight as always we'll have you back soon. and time now for a quick break but hang here because when there is so much more after the problem and as we go to break here are those numbers at the close. we. believe it will. it will. get it it will slip.
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world of politics sports business i'm show business i'll see you then. and welcome back u.s. airlines are facing their deepest crisis ever that according to officials in the airline industry who are warning that in the midst of the coronavirus commercial flights have all but come to a complete stop from march 24th to march 28th flight aware track about 2 180000 flights which is roughly half the number of flights from the same week a year earlier though the transport association said today's crisis is far worse and more widespread than after $911.00 when u.s. airlines lost approximately $19600000000.00 in revenue in 20012002 after the terrorist attacks the us government provided 15000000000 dollars to airlines in
compensation and loan guarantees but the crisis is far worse so the big question is can the airline industry survive joining us now just such as boom bust cosen investigative journalist ben swan bed always a pleasure to have you know the big question here is can the airline industry not just in the united states but globally survive without massive government intervention. i get that is the question is and i think the answer to that is probably not but it's also they don't have to find out if they could survive because they're not going to have to find that out the reality is governments are already bailing out airlines all over the world look that march 27th bailout that was signed by the president of you know the u.s. economy that 2 trillion dollars or 58000000000 dollars earmark specifically for the airline industry in there we know that over in singapore the singapore airlines just got $14000000000.00 as part of a rescue package in that country so so different countries are handling it in different ways but one thing is pretty consistent across the bar which is that most
airlines are getting some kind of bailout from some government entity and not with governments putting so much cash into these airlines is there a possibility that more airlines find that governments begin to take equity positions in their airlines rather than just bailing them out. yeah that's that's a really good point and i think that's what we're going to see is specially in a lot of other countries i know in germany that's being discussed right now with the airways over there they are you know trying to get a bailout from the german government but the german government is saying we're going to probably take an equity position and own part of this airline if we do this and listen as a free market i don't like the idea of governments taking equity positions simultaneously you have to look at it and say these companies cannot survive on their own why wouldn't governments take some kind of equity position in the airlines because clearly they can't survive on their own when a crisis hits it's essentially an investment into the business so most now meanwhile exactly instead of just giving away taxpayer money absolutely and end up
british airways is also saying it's in talks to suspend about 80 percent of its cabin and ground crews this after having already reached an agreement to cut pilot pay by 50 percent now u.s. aerospace giant boeing is also saying that it may have to cut permanently couples issues within the company are we about to see a new normal of contraction in the airline industry about 30 seconds for you ben. his real quick i think i think it will be a momentary contraction i think it all come back certainly you know and as todd world would said a few minutes ago the same thing with the unemployment numbers what we're seeing right now is not the result of an economic crisis it is a pandemic or a virus crisis and virus economy should balance back pretty quickly once life gets back to normal whatever that new normal looks like well and it's interesting because we've talked continually on this show and you've been all you've done as well about how we have been in this recession that there's a bubble ready to burst so it's wonder if the coronavirus is actually going to create that maybe create some long term issues co-host and investigative journalist ben swan thank you so much. and the world health organization is european arm
says 95 percent of europeans who have died due to the corona virus are over the age of 60. that over 95 percent of. those older than 60 years. and as the united states has more cases of the crow virus than anywhere else in the world how prepared is the health care system to discuss we're joined by the host of the news of the rick sanchez rick sanchez full disclosure here rick is also the founder of a managed care company in south florida rick thank you so much for joining later i think the big issue here is we have 62000000 people on medicare in the united states most of them over the age of 65 some of them are disabled young people is the system ready to handle that medicare is the best thing that can happen right now given what we're dealing with with the coronavirus and let me explain to you why people over the age of 65 who are on medicare in the united states know who
their provider is not only do they know who their provider is they actually have a group of providers in many cases who are dealing with their health that's why it's called managed care they're managing the care of that individual you and i and most americans can barely name a doctor we go to because our health care system is so confusing so why is that so important during a time like this well think about this for a minute if the doctor knows who the patient is knows their telephone number and knows where they live they can immediately contact them and say here's what's going on right now we're in a pandemic i need you to stay home do not come to the office for your appointment we will send someone to you we will send truck or a van with you or prescriptions we need you to stay home in these in other words they're communicating with them they're sharing information because what's key we don't want that 65 year old patient to go to a hospital where the system is already burdened and my gosh heaven for having
forbid what's going to happen they can get sick and at that age if they can get if they get sick there's a real good possibility that they could die. i mean we know that there have been some easing of the testing will now be covered but we're also seeing access a lot more access to care for medical. recipients but the big issue is what about payment for treatment what are we looking at there are these medicare recipients going to have to pay big money out of pocket everything is being waived right now even for people who aren't on medicare but remember and let's think of the model now how does medicare work. if rick sanchez is your bars doctor if i am your doctor i only get paid if i can take care of you if you get sick and go to the hospital i take a hit financially so the way medicare is designed in the united states and frankly i think it's a brilliant system i think anytime you can incentivize someone to do well and in this case it's to keep somebody healthy i think it's a better system so as a result anything that i as a doctor earns
a system can do to keep you well and keep you the hell out of that emergency room or some hospital that already has too many people with it and they could barely find a ventilator for you the better it is for me so the last thing i'm going to do is charge you for anything at this particular point in time and i want to talk a little bit about a broader health care system it's this pandemic because we're talking about a lack of beds a lack of ventilators like a massive lack of doctors really and a lack of everything and you know a lot of people call that a failure of our healthcare system which i can understand that but also if you look at it this is a once in a lifetime experience that we maybe maybe it's a once and i want universal failure yes i mean the right word you used is failure i mean yeah it's a failure of the healthcare system it's a failure of planning it's a failure of the government it's you know i was talking you just talked about this one he and i were talking a little while ago and you remember after 911 when we learned that there had been a warning from intelligence saying the united states was about to be hit by
terrorists using planes it was ignored right there's also been warnings on this the united states will be hit with a pandemic do we have enough ventilators do we not have enough hospital beds well blow because well as we know the system as it's designed it does you no good to have a hospital bed and nobody's using it but you have to think we have to have these in surplus for the day the eventuality of this comes we didn't do that we just didn't do it and it's interesting because i tend to believe that what's going to happen here is in the future we will i mean not to be say prepared but we will have those beds we will have those face best will have those ventilators to. as you mentioned 911 look at post 911 air travel completely changed because of the act one a vent now because of this are we going to see all of that ready to you know be ready in the future cash let's hope so i mean you'd think we'd be we'd be foolhardy not to take this is an example in the future and change that but right now we just somehow got to get through this and hope that the burden on the health care system is not so much that people die needlessly and that's really all we're trying to
stop right now we're trying to stop so many people all from getting sick at once so that they don't all die at once heaven forbid rick sanchez host of the news with rick sanchez thank you so much for joining me today and always appreciate having you on boom bust always appreciate being on your show as well thanks and that's it for this time of boom bust on demand on the brand new portable t.v. at the bailed out smartphones to google play and the apple app store by searching portable t.v. or stream us to your t.v. by downloading the portable t.v.'s on apple t.v. and online a portable dot t.v. you can also find our coronavirus tracker on the portable t.v. after you get the latest news and information about the spread of the virus and as always check us out on you tube dot com slash 2 must r t c next time. in
london julian assange standing trial on whether he will be extradited to the u.s. to face espionage charges the stakes could not be higher songes libya even life is on the line freedom of speech is also on trial so you wouldn't know the street. ok to record not the other thing. to show one. can you love lose your mother. trying to make it a secret is don't want to talk. to what they were over the kook on the standards of the last night as you hijacked on this mission. and then with the
physical entity. i knew of those 2 morons who moved a little known where much of the sinister learning one to you for not. so when you hired them and only tried to use into a good. joke i learned that. 9 months. one of the media has on the net passing them. your government and our government and all the other major governments of the world know what's going to them when it's gone. but they haven't told you and they haven't told me they haven't announced. imagine something as big as the earth. is
going to cause tidal waves earthquakes volcanoes erupt and it's going to tell. so very for a while right. my great grandfather's quote. nobody would care about the law or prison so you'd have wallace those who didn't have. a terrible life between now and the. under our attention is biased their information we won't know about more so we will be listening for this information what else how many people died were well as good say. one or other. risk factors the greatest. to make a better outcome if you can it's by the by some of this neutral bias.
a new report from merican intelligence claims that china has been lying about the virus in the shot where does that leave us officials in their fight against the pandemic we've got the experts on this edition of politics. welcome to politicking on larry king china has concealed the extent of the virus outbreak in its country and under reporting both total cases and deaths that has suffered from the disease that's a good inclusion in the united states intelligence community and a bombshell report we learned about widens day so where does that leave us.
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