tv Boom Bust RT July 10, 2017 4:29pm-5:01pm EDT
i'm larry king and you are watching our t.v. america question and more. here's what people have been saying about rejected in the us it actually does belong on the only show i go out of my way to lunch you know what it is that really packs a punch oh yeah it is the john oliver of marty americans do the same we are apparently better than that and see people you've never heard of love redacted tonight i'm president of the world bank so very. many seriously send us an e-mail. for decades the american middle class has been railroaded by washington politics. big body corporate interests that's thrown down a lot of voices that's how it is in the news culture in this country now that's where i come in. i'm michel martin america i'll make sure you don't get railroad
you'll get the straight talk and the straight. to sleep. i'm going to france is the boss broadcasting around the world from washington d.c. tonight the so-called summer of hell has begun for rail users in and around new york city the accelerated timetable for paris after derailment and it's set to extend for years also more diesel emissions scandals this time dutch prosecutors go after and also my guest former u.s. attorney commissioner in part joins me for a wrap up of the dramatic meeting of the group of twenty in hamburg and by the us starts right now.
the dollar had a two month peak rising night point nineteen percent to one hundred fourteen yen earlier in the session it hit one fourteen twenty nine yen its highest since may eleventh the euro fell point one percent to one fourteenth stock markets rallied on the heels of the european central banks collectively hawkish tone over the last fourteen days as investors expect a turning point in central bank policy this comes as focus shifts to how the federal reserve might react to the latest jobs and inflation data fed chairman janet yellen testifies at the end of this week to u.s. lawmakers now she's expected to lift interest rates before the end of the year the
fed has done so twice this year so germany's dax was up point three percent while the cac forty in france followed suit at point three percent higher at the f.t. a c. one hundred index of leading british shares was up point five percent and the nasdaq composite rose one tokyo's nikkei index gained a point eight percent. oil prices have plunged in light of rising production in the united states and within the organization of petroleum exporting countries their member nations and affiliates u.s. crude fell nearly fifty cents to forty three seventy five per barrel on that the new york mercantile exchange brant crude dipped to forty six twenty in london after losing fifty one cents citing political up people in libya and nigeria opec countries exempted those members from capping production in extended cut of one point eight million barrels per day libya's crude oil output has served more than one million barrels a day on my jury is out but it has risen to one point six million that's according
to a vienna based energy consultancy j b c now opec is considering placing caps back on libya and nigeria u.s. production increased to nearly nine point three five. four billion barrels a day just last week. it's monday and what's worse than starting off the week with transportation delays on your way to work well thousands of commuters will be faced with a lot of that coming months ahead since penn station is now undergoing some major repairs until the end of august artie's trade chavez has this report. two months of trying to laze began this morning penn station is finally undergoing some a much needed repairs but new york governor andrew cuomo says that this will be the summer of help and thousands of travelers may be forced to find a different commute this could have been avoided if they would have prevented this
massive eight week track construction program will affect three different transit agencies the new jersey transit the long island railroad and amtrak. three to five of the stations twenty one tracks will have to be shut down causing a twenty percent reduction in service until september first which means that some people may have to find other ways into the city that means around sixteen thousand commuters are added to the already twenty three thousand people who usually travel through both in station each day i haven't seen this much congestion on the path in a long time and. trying to make it into work is not easy with these lines i wouldn't out of people who are afraid to come to new york because they know they're going to have to rewrite the trains or the subways and they're afraid was going to happen but for others the change hasn't impacted their commute very much and city officials are pleased with the results the only difference is that i took an earlier train and that was it i don't have a problem all i can say is this morning i'm on the montclair buton line and
nothing's changed today well we're pleased with the results so far and we're pleased that our commuters have really adapted to it flawlessly they appear to have listened to everything that was said they got off the train they got on the next connection and they went to work the construction is expected to last until the end of august and while there have been some brief delays and some routes unusually crowded there have been no major problems reported reporting from inside the penn station in new york trinity chávez are to. pretty joins us now live from new york studio to talk more about this story trinity as you said this is one of the busiest transit hubs in the world everyone who's been through there knows that what does it mean for commuters in the coming months after summer. eggs. actually lindsey i think a lot of people are concerned about this construction and we really don't know at this point what the effects are going to be because here in new york we have heard for weeks now that this is going to be the summer of hell but you know when we were there earlier it didn't seem to be too hellish again this is only day one of this
construction and it's expected to go on for the next eight weeks at least only time will tell at this point but city officials have been warning commuters that since there are fewer platforms available there a pair work will complicate schedule so they need to expect delays and plan accordingly or find other means of transportation in and out of the city for i can only imagine what a headache that's going to be of the next couple months but as you said this is one of the biggest transit hubs in the world all these repairs cannot be cheap i imagine it's very difficult to say ahead of this one how much is this project actually costing the taxpayers. well you are definitely right this is costing the city a pretty penny this project is estimated to be around forty million dollars but city officials say that these repairs are absolutely necessary these the station in particular has had infrastructure issues and that's been a problem for quite some time and the construction comes after a series of the rail minutes the most recent incident just happened about
a week ago one hundred eighty people have been rescued from the new jersey transit train that do you brail old the incident just highlighted the agency the trout repairs that needed. thank you so much trinity travis in new york covering this for us thank you. think it's. we all learned a volkswagen's infamous emissions scandal nearly two years ago even in the time that's passed the scandal remains far from over as new allegations have surfaced yet again we got more on this for us right now joining me in the studio what did volkswagen do this time well they are accused of cheating again on emissions tests which would not only expand the damage already done but would cost them a lot more money so it's something they certainly don't want to hear and something that the rest of the auto industry does not want to deal with right now in two
thousand and sixteen volkswagen was the world's largest automaker a year later the company fell behind toyota to the number two spot and by two thousand and eighteen we could see v.w. fall again on monday authorities in germany announced they're investigating porsche which v.w. owns and another one of its u.s. based subsidiaries in a statement prosecutors said they were looking into potential fraud and false advertising charges related to emissions without giving much more detail this comes a week after the arrest of giovanni an audi manager that the u.s. justice department believes had a role in designing the defeat devices the software was a. able to shut down the cars and missions control system except for when they were being tested in labs for regulation purposes when we first learned about the devices back in two thousand and fifteen regulators were shocked but it looks like v.w. isn't the only automaker that may have used them on the same day germany's investigation was announced dutch prosecutors said they're looking into two other car makers for
similar reasons according to the dutch road authority this is the torah and jeep grand cherokee produced illegal levels of toxic emissions during protests and over in the u.s. the emissions cheating is expanding beyond. back in may general motors was accused of designing a diesel engine for the chevrolet silverado and g.m.c. sierra that deceived regulators the claims which g.m. denies entirely or made in a civil lawsuit and the e.p.a. has yet to comment on them but the lawyer that filed it reached eleven point three billion dollars in class action settlements against b.w. and he said he has every intention of making this a class action lawsuit as well so it turns out that lying to regulators about emissions isn't a concept unique to volkswagen. and i'm guessing as you may well be guessing too that the investigators thought the same thing when they talked about volkswagen to begin with what you know what the inspiration to doing this for
a for putting these defeat devices in is it that difficult to make an energy efficient engine what's the catch here why you guys doing this so if you look at the right reason u.s. prosecutors allege they created this defeat device was because the engineers were having a very difficult time figuring out how to stay within the limits of regulations without having to add new technology and they were afraid that that new technology would affect other systems in the car like the audio system that's a big selling point for some of their vehicles so they figured we just are bottom line can't afford this it's going to their cars will become less marketable which obviously ended up being a little ironic considering how the candle has actually affected car sales we haven't seen a complete nosedive but it has impacted their sales and because a scandal kind of keeps continuing it's not really going away could end up hurting sells more down the road it's interesting that it was that it affected other systems and not so much you know the mileage and different it's like the stereo system you have to find other car company suzuki g.m.
let's talk about fine this has really affected volkswagen any numbers can we guess so on the other car makers that are allegedly also cheating the g.m. and so on no one is expecting to see twenty two billion dollars of that eye and the like for volkswagen however this whole scandal is becoming a big problem for the auto industry in general because they're already competing with. the world car sharing and driving cars but they also are competing with silicon valley in other ways i mean for the whole auto industry to be. not adapting to these new regulations right makes them seem old against these silicon valley companies that are new and fresh and good for the environment and adapting to modern technology and right now. so it could be a bigger problem for them in that concept as well and these corporations keep some money in the piggy bank to deal with fines like this but who knows if they got
enough yeah thank you so much for me. we're going to go to a break now but stick around when we get back we've got paris talking about u.s. companies start to start paying their fair share of business tax in the european union and of course my guest former u.s. attorney mr mark shields and breaks down the q twenty four as we go to break check out the numbers the closing bell. oh the world is still no news companies nearly players but what kind of partners are anti american r t america. r t america. anyways usually i'm just like you really knew. that.
you could never you're on. the part. of the world all the world's a stage we are. a trial lawyer i've spent countless hours playing through documents that tell the story about. corporate media uses to talk about. i'm not a clear picture about how disturbing how people work with. these are stories that no one else. might have told you told. which. would you have for breakfast why would you. place you want. to do and. which would be just. the way we've always. wanted to see you.
but. one thing. i did you. were. after announcing ambitious plans for a massive tourism expansion and theme parks in china delhi and wonder group is forced to sell nine point three billion dollars worth of tourism projects to pay down skyrocketing corporate debt the chinese government helped fuel want as expansion with billions in loans from state owned banks but now the country is mired in debt moody's pushed for a downgrade of its credit rating earlier this year and now banking officials warn of a systemic risk to those state banks in particular and the economy in general due to the financial risk of those corporate giants of china's banking regulatory
commission order and the money that the state banks owed to the banks have extended to wanda and other business groups that have spent heavily on foreign acquisitions . european union is calling out american multinationals such as amazon facebook and google french finance minister bruno love mayor demands that business giants pay their fair share of european union versions of a tax bill us companies such as apple and starbucks are already enjoying rock bottom business sales tax and just straight business taxes in member states such as ireland for apple it's less than one percent in that nation in month long legal proceedings the european commission has hit out at that and demanded that apple pay the back taxes it owes to ireland which will then be funneled. into the e.u. lamar's comments come after the head of the european commission john claude younker said the e.u. would respond the united states imposed punitive tariffs on steel. the group of
twenty leaders finished their meetings over the weekend the assessments of u.s. president donald trump's performance has received some mixed reviews including detractors from his own republican party but there are those who say he made some important moves here to look at that as former u.s. attorney commissioner bart chilton barred us looking at the sunny side of life here when it comes to what the president might be able to do you thought the president warsaw speech was remarkable going into it thought it was well done you wrote an op ed about that last week you expressed some concerns on this program that maybe not much substance would be accomplished had it all work out to you. well you know disappointed that i was right i said that i don't think there was a whole lot of substance that came out of the other then the ceasefire in syria agreed to by president putin and president trough that has certainly some merit it remains to be seen if it will continue and if it'll hold other ceasefires have not been good kudos for trying to do do something but i think the real standout was
still about warsaw speech and if i think about the things where this president was most presidential you got the february twenty eighth mock state of the union you got this warsaw speech those are really some of the key things and then his first visit to saudi arabia that we had talked about yeah you thought that was sort of a way to stand up and make a mark but then you you point to his progression in some areas aside by his own party lindsey graham marco rubio john mccain massive criticism. lindsey graham made the rounds of the sunday sunday talk shows talking about his disdain for the relations between trump and putin's agreement working together cybersecurity a little bit on syria there too but cybersecurity specifically let's take a listen to what he said. the start the down the side they have ever heard but it's pretty close. he gave a really good speech in poland president trump did in the head of what i think is a disastrous meeting with president putin. you agree on morris i disagree with us
you're shaking your head well i mean so what he said there is about these cyber security working together with russia and i think that's a little tone deaf on the part of the president mean given the election tampering issue and the investigations that are taking place right now to say you're going to go and work on this it's good maybe there's a time in the future but it's certainly a tone deaf thing to say right now that said working with you know another power like russia is certainly something important to do in the longer term and so hopefully you know the relation will grow would be better in the future but i don't think until these investigations and it's going to be a real following don't you think that behind closed doors it was more of a stay out of my backyard stuff i mean so many of these major powers are spying on each other with a lot of the technology and who says it was about you know let's protect this and that maybe it was to stay out of my own backyard and there i can say that publicly
but the senators have to know that might have been part of that conversation yet probably probably but you know there are so many things that they could have done in tar about to come up with you know we're going to work together on cybersecurity in the midst of when this election tampering investigation is going on just you know i can see why senator graham didn't leave anything on the table and said it was not the dumbest but pretty close to the dumbest idea he'd ever heard let's talk about regression on trump's social skills and and the effects on capitol hill. we talked about his twitter problems the times went and got to get out of dodge when he got on a plane it got down to the international relations effects on capitol hill right now members of congress going come on come home. yeah i mean he's got you know what i started to call this c.t.d. the cess of compulsive twitter disorder and he just seemed to can't seem to put it down or stop doing it he has a need to do what i have to tweet i have to tweet in order to feel better i guess
and he you know often it messes up his message and. and so i think it is having an impact on capitol hill and it will mean we get to issues that we've talked about before whether or not it's health care tax reform infrastructure or some of the emerging issues that are going to come about near the end of the fiscal year in the end of september and that's the budget you know will be faced with a government shutdown if they don't agree to another budget and the increase in the debt ceiling which will happen about that time so these are two big issues that will need republican support and the more damage that the president does to his operations the less support he will have on capitol hill and he's going to need it ok so you're saying it's him stepping on sound like these messages that you think are so much held up for the trial that meeting overshadowed other things important conversations that that weren't touched on well i think in the u.s. i mean look it was a big deal of course you know given everything that's going on in the state to be
about to go it was a big deal that he was going to meet that they were going to meet together and what would he say but i think what was going on behind the scenes on some of these other meter meetings whether or not it was you know the chinese and the europeans or the the trade agreement with japan or discussions about north korea or a lot of other important things going on absent the trump putin meeting and so you know we weren't part of those we were sort of left out of that stuff and i don't think that's a good thing for the united states in the e.u. and nato members thought that trump would solve. on the environment and on trade i mean they seem to kind of try to draw attention to that but the trunk putin meetings overshadowed everything to think they'd actually hope that it would they would soften that the u.s. would soffits well i think they were hopeful i don't know how optimistic they were i mean here is the good news is that the president wasn't was not present trump was not in their face on climate change they did agree to you know a communique that mentions it and. he wasn't obstructionist didn't stop the
communique. but i think maybe they were hopeful that he wouldn't be as ardent and hard over as he was when he was at the nato meeting the g. seven meeting in may but he was he stayed on message let's talk about the g. twenty communique brod which he has touched on issues very dear to him pages of it and you know everything's in there ok guys food security women empowerment litter in the oceans or i might want to just laser in your message there to get a couple things done notice the success of working the catheter to address financial crises you know ten years on. do you let's take a look at three of these things what about financial reform the president was after doing a tour back us reforms that dodd frank lot of that put him at odds with the chain twenty it really does and remember the you know the g. twenty began in one thousand nine hundred nine but it wasn't until the financial collapse in two thousand and eight that the leaders of the presidents and the prime
ministers began to meet and they met on financial reform and stabilizing economies and markets and what to do about it and the u.s. was really i was part and parcel of this whole thing right really the leaders in passing the first financial reform law and implementing you know hundreds of different rules and regulations and then those rules and regulations were emulated particularly in europe but around the world and they've been working and the g twenty was saying hey this was a good thing that we did they say that in the communique this is a good thing we did and we need to continue to finish it at the same time president trump is saying no pullback on some of those so it does put him at odds you and i have spoken about this before and i don't know that we'll be any whole sale changes to the law that really matter for the most important things and that would be one watching out for swaps that is the previously on regulated swaps market that caused
the two thousand and eight bill or celera does that work absolutely absolutely and the second one lindsay is just transparency and being able to see what's going on and that is a big thing that we included in frank big thing i worked on and so i'm hopeful but the things that they do the regulators in the u.s. they can only do so much and that the law the law with congress won't be changed too much to impact that ok let's talk about the free and fair trade we talked about fail terrorists period of steel tariffs. investigations about it being you know foreign steel hurting us security and the ability to react what do you think about how this went how was it focused improperly is not happy about it again he's the president trump is the odd guy out here is the weirdo in there at the party because every everybody else was in favor of free fair trade and they signed this japanese e.u. deal and you know. president xi jinping was trying to work the crowd
trying to fill in the void particular the trans-pacific partnership that created by the u.s. leaving so i think the next thing to watch on trade in general lindsay is what you mentioned and that is whether or not we do anything on steel import tariffs and quotas and if that's going to happen is probably going to be in the next two three weeks is my guess and it could just open up the floodgates for a lot of other things to be a big mess yeah let's talk about if i'm. sitting in for a father seat there at the g. twenty not well received in chelsea clinton was tweeting i would never have been put in that seat for a lot of people it seemed inappropriate she was laughing with christine lagarde what do you make of us well so my first and my wife mentioned it to be in my first reaction was a viscerally that's totally not appropriate i mean i've been in these positions as like number two guy to a senator or to a cabinet member as a staffer you would never you know put your still in there and this and go go into
it and so i don't think it's appropriate but that said she is a senior advisor to the president she certainly so smart i hope she's a calming influence but look we're in a different day with this administration you know they operate more like the family i mean like the brady bunch last and they're no different family the boss and the dawn and the considerably aries are you troubled about the godfather i'm talking about it all of us remember remember it analyze this village billy crystal he says to robert de niro you don't hear the word no much do you. and robert. a lot usually it's no please no don't mr trump had heard no march no hearing that from congress increasingly as we go forward and he might have heard it some over there with the g twenty absolutely thanks so much for weighing in on this subject for us former u.s. attorney commissioner mark chilton. it
used to be you'd start work young and retire when you got older but now many are reaching retirement age and rethinking that according to the economist the baby boomer generation is looking to work past retirement age for both fun and for profit how can elderly retirees help with economic growth well many find work in a booming economy for companies like google are or lifts also more people fifty five and older are sixty five percent more likely to start a new business that their younger counterparts just might not do according to the kauffman foundation even volunteering can be a net gain in two thousand and sixteen people over the age of fifty five volunteered more than three point three billion hours which according to the corporation for national and community service was get this worth more than seventy eight billion dollars well it's right it's all for now for more for more from us here at go to youtube dot com slash. r t thanks for watching scene x.
i think the average viewer just after watching a couple of segments understands that we're telling stories that our critics can't tell and you know why because their advertisers won't let them. in order to create change you have to be honest you have to tell the truth parties able to do that every story is built on going after the back story to what's really happening out there to the american what's happening when a corporation makes a pharmaceutical chills people when a company in the environmental business ends up polluting a river that causes cancer and other illnesses they put all the health risk all the dangers out to the american public those are stories that we tell every week and you know what they're working.
on. coming up on our team erica the u.s. and russia has a partial ceasefire agreement in syria has begun at the very latest and what's next for the war torn country coming up. every prime minister declare is a quote total victory in mosul over the south but claimed islamic state af. iraqi forces take full control of the city and then arms k.k.k. rally against the removal of a confederate statue in charlottesville virginia over the weekend we have a full report from the ground. good evening it's monday job.