voters don't support the government on sunday's referendum. scarlet: president obama is due to's heat at the university of wisconsin. mark: as oil struggles to climb back from the worst decline in years, we will hear from the president of shell oil. he joins us live. mark: good afternoon. scarlet: let's get straight to look at the markets right now. that wesurprising given are going into a three-day weekend that the volume is down. the s&p 500 index losing a quarter of 1%. ae dow off by 59 points after

jobs report that showed smaller increases than forecast. euro.check on the the dollar is slipping from a one-month high. you see the euro gaining .3%. in treasuries, they are gaining after the jobs report this morning. higher prices means lower yields. they yield on the two-year is now down three basis points. mark: let's take a look at the top stories. a mixed jobs report for june. the government said employers added 223,000 jobs last month. the jobless rate fell to a seven-year low. the share of working-age people in the labor force fell to the lowest level in more than 37 years. and wages were flat. mark zandi tells us that is likely going to keep the fed on hold. june-likeeep getting

job numbers, no wage growth, they will not move. it won't move in september. it probably won't move in december. to moreere will be jobs reports before september. scarlet: yelp is saying nope to a sale. it had hired goldman sachs to review a transaction after getting interest from several's ears -- from several suitors. jeremy stoppelman put the deal on hold -- the sale on hold. after today's news, shares are down more than 25%. nascar taking aim at the confederate flag. every truck that hosts the -- onal race is asking fans say they want

"welcoming environments in all of sports and entertainment." he says he wants to be as inressive as possible barring it from section events. mark: gunfire was reported at the former shipyard in southeast d.c. earlier today, but authorities found no evidence of a shooting. no one has been arrested and no weapons have been found. today's large police response is are in keeping with protocols established in 2013 -- are in keeping with protocols established in 2013. more people are watching programs on tablets and mobile phones. in the u k, every household with a tv must pay a licensing fee to the bbc. viewers means a $234 million budget shortfall.

scarlet: saying sorry is sometimes hard to do but whole foods's co-ceos are doing just that. john mackey and welcome rob say the company has accidentally -- and walter rob say the company has accidentally overcharged customers for fruit. say they are reach many workers to make sure these mistakes don't continue to happen. mark: there has been a record mill $2 billion settlement from the -- record multimillion dollar settlement from the bp gulf spill. the payments will be spaced out over 18 years. bp ceo says the company can manage the payment schedule. he says he will not force bp to cut its dividend. scarlet: more than six years ago, mark zuckerberg tried to buy twitter. there is no speculation that he

may try again. dick costolo just stepped down as suitors ceo after months of criticism from investors. mark: we are turning to greece. the former greek prime minister spoke out against the opposition. antonin: tsipras has only said one truth, that greece would become unrecognizable in six months. he is certainly succeeding in that. but we are not going to let him get us back into the drama. we are for the euro and we will win on sunday. scarlet: from our perspective on this evolving story, we have vice-chairman of partners group. imfas also worked for the and served in the administrations of george h.w. bush and ronald reagan.

he joins us now from washington. you are the chief negotiator for the banks in 2012 when greece's debt was restructured. this time around, which institutions are going to get bailed out? guest: good afternoon. not sure that any institutions will actually get bailed out. the debts were shifted from the private to the public sector and are, but debts were also reduced. unfortunately, the window of opportunity that that granted them was not well used by either greece or the official creditors and now we are in today's dilemma. mark: even if greece does thever on reforms, well burden still fall on other euro area countries to come up with the financing?

: it will fall on them or it is a question of coming up with some kind of financing or reducing the debt that europe has extended to greece over the last few years. i'm afraid that at this stage, there is no practical way outcome other than to try to adjust this program to focus more on growth, to focus more on structural reform, to ease off the pressure on fiscal adjustment. the is the fiscal adjustment of greece has been remarkably successful. to aa deficit in 2009 deficit last year of just under 3%. what it needs is a suite of structural reforms and debt reduction. scarlet: do you have a sense of how much of a haircut the europeans will have to accept? mr. dallara: it probably will not need to be in the range of what we granted.

it was 73% when the creditors agree to deal. but i think a haircut certainly is in the range of 30% to 50% will be needed if greece is really to get back on its feet. the imf has suggested that an extension of maturities. but in order to really accelerate the prospect of reaccessing capital markets, which has to be the goal here, and reestablishing some growth, then a more definitive reduction in the existing claims will be must have full. -- most helpful. mark: when alexis tsipras was running, he ran on a platform of getting international creditors to ease up on austerity measures because he they have done more harm than good to greece into his people. have they? mr. dallara: in this point, i share a good bit of his perspective. i don't share many of the other views that have come out of this government. a profoundwas

mistake to freeze privatization, to reverse some of the structural reforms i have been made. when you are constantly increasing the tax rates in an economy that is already contracted -- and that is what has happened, the greek economy has contracted 25% of the last drive years -- the last five years. focusk the reality is the on austerity has been somewhat misplaced. to a morebeen a shift growth-oriented program and a little less pressure on the tax increase front over the last few years, particularly in 2013 and 2014, we may not be in the situation we are in today. scarlet: you can see that alexis tsipras has some good points. is he a genius tactician or a reckless gambler? mr. dallara: i guess we will find out on sunday, won't we? [laughter]

+++ this referendum is quite unfortunate. it is really being put in a technical form to the greek people. i have been working on imf programs for over 30 years. i would have difficulty understanding a referendum. i don't think what is at stake is just the future of greece, but the future of the euro. this currency is less than 20 years old. it was put together in the firm foundation and its petition that it would not be adjusted, that it would not have members leaving it, forced out or voluntarily. i think, if this happens, and i hope it does not, then i think the future integrity of the euro is compromised. i think this will raise fundamental questions about other countries leaving. do you have to ask -- share some fears that, if a resolution is not found, they could be contagion in other countries on the periphery, such

as italy and such as spain, that could be hurt by that? absolutely. i think those who argue that we are past the phase of contagion speak without definitive confidence. we have a very disruptive set of developments in the market. in china today, we have all their ability. we saw stock prices of imported banks in spain, italy and portugal were substantially affected. so let us not assume there could not be significant contagion in europe, and potentially even in global markets. scarlet: he said perhaps 30% to 50% of a haircut on the european part when it comes to greek debt. are going to keep an i on everything related to the greek debt crisis. and also take a look at how oil is struggling to climb back

after the worst decline in years. the president of shell oil will be speaking out. ♪

mark: welcome back. in aspen, colorado, the annual aspen ideas festival is underway. business leaders and cultural leaders collide. eddie lewis in aspen with shell -- eddie lu is in aspen with shell ceo. liu is in aspen with shell ceo marvin goldman. let's talk about the project in the gulf of mexico. you just announced you are going

ahead with the deepwater project in the gulf. hugely significant for shell. guess: it is a huge budget for shell. very significant for the company, but also for the industry. that it signifies that the gulf of mexico is still very much alive and has a lot more to offer it for energy and energy security and for businesses like ours. the second thing is that appomattox is just a name but what we are doing is producing from a geologic trend that is brand-new. it was only discovered in the last 10 years. shell has been differentially successful and in actually identifying and exploring successfully for these resources. now there is a base set of

resources in the order of 600 50 million barrels equivalent -- 650 million barrels equivalent. betty: is there other discoveries? mr. odum: yes. all of you which makes a very economic. that is maybe the more important message for the industry and for the company. unlike our typical pattern, we actually announced the breakeven price of this project. betty: $55? yes.dum: it signifies that this is a project in the deepwater that is competitive with any oil and gas

project virtually anywhere the world. you get a lot of comparison these days to can -- to unconventional onshore show resources and the cost competitiveness of those. it is another signal that this is a very competitive project from this perspective. betty: where do you think the rig count is going to settle? mr. odum: great question. betty: given the oil prices? mr. odum: it's probably getting you the bottom although it can surly fall further. we have seen a little bit of strengthening and oil prices. if they start following again, i don't have any doubt. the stress level is cumulative. companies are seeing that in the onshore business. lower cash coming in from the production. so it can certainly fall further. put it has shown some stabilization now. i think you have seen even the permian basin, for example, a small step up in the rig count. betty: given what we have seen with oil prices and it has so much stabilized.

another area that is very important down south as mexico. they are liberalizing their energy industry. you and socially -- other companies can bid for oil licenses. how significant is mexico in the equation for shell? mr. odum: mexico is very significant but it is early in the process so it is hard to say right now. what is fair to say is that mexico has oil and gas resources that are likely -- they have the potential to be globally competitive. there is a lot of running room in terms of exploration and new things to be found. terrific analog with the u.s. gulf of mexico in terms of deepwater production. our plan is certainly to participate. we have already been very active in that market. our main interest is probably in the area of deepwater. it is such a core part of our expertise. betty: so you would bid for deepwater licenses. mr. odum: that information is an

out yet, what prospects would be available, but we would be looking for that. governmentlieve the said any bidder has to have a guarantor. mr. odum: i'll put in a global perspective. we operate in probably 70 countries around the world. everybody has her own system, their own particular requirements. and we always find a way to manage a package that makes sense from an economic standpoint. so we take a very open mind when we look at something like mexico and see all the pluses and minuses of how the system works. it has to add up to a very competitive total system. so right now, we are looking at mexico relative to columbia, relative to what is happening in brazil. and it looks like mexico will be competitive on that basis. betty: on a wider perspective, oil production has been decline for shell for several years. i believe 10 out of 12 is what i read in one of our bloomberg stories. doing in theu are

gulf of mexico, given alaska, are you going to be able to reduce -- to reverse the production? mr. odum: there is a fair chance that we well. we did announce earlier this year the proposed domination with pg and other oil and gas be anies, which will enormous acquisition for us, in the order of $70 billion. that represents a big piece of growth. other thing that is particularly important for where the oil and gas industry is right now is we are not actually riven by topline production numbers. we are driven by value. so we are happy to sell the assets and that we don't necessarily want to keep in the portfolio, constantly work to hydrate the portfolio. if that means production falls for periods of time, that is fine because we are doing the right value thing for the company. but the new resources in the gulf of mexico, alaska that you mentioned, they all represent significant growth opportunities.

betty: thank you for joining me. live in aspen, scarlet, back to you. scarlet: thank you. amyk: let's go straight to r for a look at what is happening in the markets. moves and hownt it is impacting share prices -- first off, barnes & noble. although shares are now trading just a little bit higher, three quarters of 1%, the book company has named ronald barr ceo. he was formally ceo of sears canada. the somewhat lessens uncertainty around management structure. in other management changes, intel's president is stepping down after they pass tougher being ceo. she has been with the company for 28 years. even though she may not be happy, investors are.

they are the best performer on the dow today. she says she is to look for a ceo spot somewhere else. watch, aeropostale is moving. 9.75%.of it is taking its stores into asia among planning to open stores in india and indonesia. the company will open 55 retail locations through 2019. it will be interesting to see where that pop today will change analyst recommendations. ll and holdbuy, se ratings for aeropostale. you can see that it is at one of its lowest in the past two years. so basically a lot of people say that it is the highest percentage of cell ratings at about 18% or so. scarlet: thank you so much. mark: coming up, a handful of

billionaires betting that private schools in brazil are the next big thing. ♪

mark: once a high flyer, brazil's economy is grinding to a halt. analysts expect brazil's growths mystic product -- gross domestic product or shrink 1.5% this year. so where is the growth in brazil? the smart money is betting on education, specifically private elementary and high schools. lamon arerge paulo targeting lower school education. what they are bidding on is that the country's new middle class will sooner give up eating out and overseas trips than to pull their kids at a private schools. mark: you and i have talked about this in the past.

educationfor profit companies are expanding in brazil at this point. scarlet: that's right. they are shutting down campuses at home at the same time. mark: as you mentioned earlier, the middle class has that decision to make. they want to keep their kids in private schools. scarlet: and it's hard to get to the middle class. have a great fourth of july. mark: you, too. scarlet: we have much more coming up, including a conversation with carlisle's even rubenstein. -- david rubenstein. ♪

scarlet: welcome back. we've got some breaking news for you on grace. we are going to head over to the

breaking news desk. alexis tsipras says that leaving the euro is not an option and he said this just now in a local interview on gray television. his comets coming ahead -- on greek television. his comets coming ahead of the referendum on sunday. whatever have is from the referendum, he is going to sign a deal anyways. so we will see if he puts those words into action on monday because that is when he says he is set to fly to brussels. euro.t: no change in the still up at 1.10. investigators want to know if airlines in the u.s. are colluding to drive up prices. american in southwest say they have gotten letters from the justice department asking for details of meetings and conversations on the supply of seats. that is one of the factors in determining fares.

senator richard blumenthal asked for the investigation. mr. blumenthal: holding down supply, economics 101, that is a violation of law if it is misuse of market power. an airline trade group says domestic shares are down this year and capacity is at a poster session high. it was a big quarter for tesla. sales rose 52%, beating estimates for the second straight quarter. tesla delivered more than 10,000 models of the s sedan. a merger in the medicaid insurance business. give santino a bigger presence in the california medicaid program, the largest in the country. the combined company will have 10 million members, and estimated revenue of around $37 billion. and andy warhol's one dollar bill break it in. million atm us $33

sotheby's in london. that surpassed even the highest estimates. no word on who the buyer was. meanwhile, francis bacon's study i.hope i -- of pope it failed to sell. day 2 of the aspen ideas festival in colorado is underway. betty liu spoke with david rubenstein. he offered his reaction to the jobs report. mr. rubenstein: we've got the lowest jobs point we would like to have had more jobs reported that 5.3% is good. we have a low participation rate. i think it is about 62.6%, the lowest since 1977 when i was in government. i think that reflects the fact that a lot of older people have retired after they lost their jobs in the great recession. a lot of younger people can't get jobs right out of college,

so they are living with their parents are going to graduate school. many times, parents are anxious to get the kids out of the house so they are getting internships for them. sometimes they are paying people to give their children internships. so there is that problem but it seems that, even the housing is recovering and we see the stock market, the shaky as they have been in quite some time, we haven't seen that lift off in the economy. business seems to be doing well. you are doing great business, but we have nothing that lift up in the economy. why? be rubenstein: it may not the case and you will grow 4% to 5% after a recession and a longer. we had them typically every seven years after world war ii. for about mine months -- for about nine must pay less on average. but now we are used to 2% or 3% growth.

i don't think we will see a lift off of the type we would like. 2% or 3% growth is what we will get for the rest of the year. you should become to bullet that. the bigger question is whether greece will have a bigger spill off -- spillover effect on the greater economy. remember, we have them every seven years or so, after world war ii. with the last recession ending at the end of 2009, technically. betty: are we do for one? : in june 2016, you might have one. you can go longer. at some point, we will have a slowdown again. when it happens, it will probably not as great as the great recession but we should expect some slowdown at some point. betty: one buffet likes to have a buffer perfection -- warren buffett likes to have a buffer protection. do we have enough of a moat? rubenstein: the united

states is not as involved in greece like people in europe are. i don't think we have a subprime crisis or anything like that that is brewing. was davidhat rubenstein, cofounder of the carlyle group. president obama speaking right now at the university of wisconsin. president obama: i am fired up. [cheers] it is good to be back in god's country. [cheers] anyplace thateing needs a needle after stephen eaglet -- that names an after stephen colbert. [laughter] happy fourth of july, everybody. [cheers and applause] i figure i come here to kick off the long weekend.

brought -- aor a brat. [laughter] it is wonderful to see your outstanding center, tammy baldwin, here. [cheers and applause] tammy is doing outstanding work in the senate. and then over the house, you've got congressman who never forgets his lacrosse roots, ron kind. [cheers and applause] your mayor, tim cavett. applause]d former governor jim doyle. [cheers and applause] and i want to thank you

gal and -- joe [applause] everybody who helped to organize this, i am so appreciative. i have heard good things about riverfast. [laughter] we do a pretty good cookout at the white house. and fact, we are having a barbecue for the troops on saturday. [cheers and applause] it, nobody does brats like wisconsin. [applause] no matter where you live, this is a special time of year to be an american. you've got the food, the fireworks, and by the way, if you have chairs, feel free to sit. [laughter] i'm going to talk for a while. if you don't have chairs, don't sit down because you will fall. [laughter] love you!

[cheers and applause] know, in addition to the fireworks, in addition to the food, this is a chance to celebrate a bedrock principle so deep that generations of americans have been willing to risk everything to declare it, the idea that all of us are created equal. [cheers and applause] and all of us are endowed with certain n.l. -- certain inalienable rights. life, liberty, and pursuit of happiness. and that it is each generation's obligation to help secure those rights, not just for a few, but for everybody. [cheers and applause]

and that is something that i have spent a lot of time thinking about. it has been a remarkable few weeks in america. [cheers and applause] health care is now affirmed as something that everybody can get. [cheers and applause] and by the way, it is not just a matter of making sure everybody has access to high-quality care. is also organizations like gunderson here in wisconsin who are doing great work to help -- [applause] to increase quality and to control costs. so that was a great affirmation. and then the freedom to marry who you love. that is now open to all of us. [cheers and applause] everybody.

thing.a good good thing. [cheers and applause] that is a good thing. you know, and then out of the worst of tragedies, this country is responding with a generosity and also the kind of self-examination that can lead us to some place better. think all this progress comes really quickly. but the truth is progress only comes with the persistent, dedicated effort of citizens. people who are in their own small ways all across the country working hard, committed to the promise that has always set this country apart.

it doesn't happen because the supreme court or because of a president or a member of congress. it happens because ordinary people work hard and do extraordinary things together. , throughse of that hard work and sacrifice, each of us can chase our own individual dreams, but we still come together as one american family to make sure the next generation has opportunity as well. and that's especially true when it comes to our economy. and that is what i have come to across to talk about on this fourth of july weekend. america has always done better economically when we are all in it together, when everybody gets a fair shot. [applause] when everybody gets a fair shot, everybody is doing their fair share, everybody is playing by the same set of rules, when we

all feel that we've got a common stake in our success, from the ceo in the corner suite to the workers on the factory floor. that is how we built the great american middle class. lacrosse,rive through throughout wisconsin, when you see communities where kids are thriving and communities are thriving, it's because everybody has a shot. everybody is working hard. everybody is pitching in. that is when we are at our best. morning, we learned that our business is created another 223,000 jobs last month. [cheers and applause] the unemployment rate is now down to 5.3%. [applause] keep in mind, when i came into office, it was hovering around 10%. all told, we have now seen 64 straight months of private

sector job growth, which is a new record. [applause] 12.8 million new jobs all told, and that is good. but we've got more work to do because we've got to get folks's wages and incomes to keep going up. we have to make sure that their hard work is getting them somewhere. [applause] and let's face it, there are a lot of folks who still feel like a playing field is tilted in ways that make it hard for them to get ahead. the challenges facing working men and women didn't all start with this recession. it's been going on for a while now, for a long time health care was closed off from too many people and cost too much. our schools too often were underfunded, weren't preparing eric kids and workers for the competition that is coming from

the rest of the world. and by the way, our teachers are underpaid. [cheers and applause] i'm just saying. that's true. [applause] hardest job there is, the most important job there is, and we should honor it as such. other nations have been racing ahead on clean energy. we were still addicted to foreign oil when i came into office. so even as we worked to people back to work in the short run, we have been working to change some of the long-term trends to make sure we are laying the foundation for future success. we worked to rebuild our economy on a stronger foundation for

growth. and in slow and steady ways, that work is paying off. we can shiphat fewer jobs overseas and start bringing your jobs to our shores instead. so we retooled the american auto industry. today, we are on track to sell more cars and trucks than we have owed -- that we had in over a decade. [applause] we invested in american manufacturing. after a decade of decline, thanks to some of the steps we took, thanks to the support of folks like tammy baldwin and ron kind, we had a nearly 900,000 jobs.nufacturing manufacturing is going faster than the rest of the economy. [applause] we believed we could prepare our kids for more competitive at -- a more competitive world.

more americans now finish college than ever before. [applause] we believed we could reduce our dependence on foreign oil and do a better job at protecting the planet. one inamerica is number the traditional fuels, oil and gas, but also number one in wind. we generate more than 20 times solar electricity than we did in 2008. [applause] and thanks to lower gas prices and setting standards to double --l efficiency on cars, they families are on pace to save $500 at the pump this year. [applause] we extended tax cuts for 98% of americans and 97% of small businesses. and yes, we asked the wealthiest

americans, who have been doing better than everybody else not just relatively, but absolutely -- we asked them to pay low bit more to help bring down the deficit. [cheers and applause] we put in place the toughest wall street reform in history that is protecting mainstrea -- predicting mainstreet fron. wall street reform in history that is protecting main street america. republicans were saying obamacare would kill jobs and crush freedom and bring about death panels -- [laughter] turns out, we are still celebrating the fourth of july. [cheers and applause]

billy difference is another 16 million americans can celebrate it with health care. [cheers and applause] that's worth celebrating. the republic survived. [laughter] by one leading measure, what business owners pay out in salaries is now growing faster than they paid in health care. that is the first time that has happened since the 1990's. so not only are getting -- are people getting health care, but businesses have money left over to give raises to their workers. that is good for everybody. [applause] i just want to play back the tape.

i want to play back the tape because we were told all these measures are going to destroy jobs and slow production. remember that? remember when republicans promised to bring down unemployment to 6% by 2017? [laughter] have private sector job growth. we cut the deficit by two thirds. our stockmarket is more than doubled. restoring 401(k)s for millions of families. this is progress. step-by-step, america's moving forward. middle class economics works. [applause] it works. yes. but we still got more work to do. once said, even if you're on the right track, you will still get run over if you just sit there. [laughter] you got to keep running.

so the question we have got to keep asking ourselves is where do we go from here? because we still have choices. drift toward an economy where only a few of us do very well and everybody else is still struggling to get by? that is not the right way to do it. or will we keep working towards an economy where everybody who works hard has a chance to succeed? and over the next year and a half, you are going to hear a lot of pitches from a lot of people. they are going to deny that any progress has been made. you will hear a lot of folks trying to sell you on their vision of where our country should go. aey are going to be making whole bunch of stuff up. [laughter] and when i say a lot of stuff. [laughter] [applause]

i mean a lot of stuff. [applause] we've got some healthy competition in the democratic party. i lost count of the republicans running. [laughter] they will have enough for an actual "hunger games." [laughter] [cheers and applause] [laughter] that is an interesting bunch. [laughter] but wisconsin, i have come here today -- i figure why should i let them have all the fun? thing that this time around you are hearing republicans joining democrats, talking about the middle class and working families. and that's good. i welcome them at knology that that is their core mission. -- i welcome them acknowledging

that that is their core mission. the remember tammy, ron, me, we were talking about the middle class before it was cool. [ cheers and applause] before it was trendy. we were talking about it before the polls told you you should be talking about it. and they talk the talk, but they don't walk the walk. their menu doesn't have a whole lot of options for the middle class. the one thing that a bus full of people who are fighting to lead the republican ticket all share is they keep coming up with the same old trickle-down/you are on your own economics that brought about the crisis of 2007-2000 in the first place. i want to emphasize i know some of them well. they are good people. it is just that their ideas are bad. [laughter] [applause] and i want to emphasize that.

we are one country. we are all on one team. family.ll one american but we all go to thanksgiving and a local harry starts saying something and you say, although harry, that makes no sense at all. you still -- you still love him. [laughter] he is still a member of your family. but you want to correct them. you don't want to put him in charge of stuff [laughter] . [cheers and applause] that's all i'm saying. and by the way, if there is an uncle harry out here -- [laughter] i wasn't talking about you. i was just using harry as an example. here are a few of their bad ideas. that theng taxes wealthiest americans pay on their investments while making

you a taxes on every dime of your paycheck. keeping thed idea whenum wage as low as president reagan was in office, before you were born, that is a bad idea. [applause] although to be accurate, at least one of them actually thinks we shouldn't have a nationwide minimum wage at all, just get rid of it. every single one of these candidates serving in congress as supported cutting taxes for folks at the top while slashing investments in education. i know that sounds familiar. [applause] some of those members of

congress voted to do it. every single one of them is absurd with repealing the affordable care act, despite the fact that, by every measure, it is working. [applause] you know, look, you could make an argument against obamacare before it passed. it's something new. it is untried. you don't know. , where it is doing exactly what it was supposed to and is costing less than we expected, and people are satisfied with the coverage we are getting, it just seems a little mean -- [laughter] -- to say you don't want to provide coverage to 16 million people. and you got nothing to prove -- to replace it with. that is a bad idea. [applause]

i just want to be clear. these are really their ideas. i am not making it up. you can go fact check it. i am not asking you to select from this list to see which one is actually true. they are all true. the thing is there is nothing new about this philosophy. it is a philosophy that believes come if we give special breaks the folks at the top, prosperity trickles down for the rest of us. but we have seen what happens top-down economics happens in america. you saw it here in wisconsin. your minimum wage has been -- meanwhile, corporations and the fortune if you have been on the receiving end of government tax cuts over the last four years. so that is what has been going on here.

what happens when we tried a class economics? just across the river -- [cheers and applause] it is a pretty interesting experiment. in minnesota, they asked the top 2% to pay little bit more. they invested in things that helped everybody 60, like all-day kindergarten and financial aid for college everybody- help succeed, like all-day kindergarten and financial aid for college students. they expanded medicaid to cover more people. according to the republican theory, all of those steps would have been bad for the economy. minnesota's unemployment rate is lower than wisconsin's. isnesota's median income $7,000 higher. wroteacrosse tribune" "minnesota is winning this mortar battle."

[applause] battle."g this border [applause] does have, wisconsin ckers.t even a bears fan can respect the packers. [cheers and applause] i am saying wisconsin is an extraordinary state filled with extra dairy people -- with extraordinary people. what if you have policies that cut education, health folks at the top, art expanding are not expanding opportunity, then it isn't going to work. we need better policies. the bottom line is top-down economics doesn't work. no class economics work. [cheers and applause -- middle class economics work. [cheers and applause]

it works. and this is also a matter of values. being an american is not about taking as much as you can from your neighbor before they take as much as they can from you. we are not just a bunch of individuals out here on our own. we are a community. we are a family. we are all in this together. we all have to work hard. i was taking some photos before hand with ron and met a couple of folks who have dairy farms. nobody works harder than farmers. they know about hard work. farmers know about hard work. they wake up early. go to bed late and they are worrying all the time about making sure things run. but they also understand about

being neighbors. and helping each other out. that is america. we've got to make sure that this economy works for everybody who is willing to work, everybody who is willing to do their fair share. i want to spend the rest of my time talking about what that might mean for that when he first century. number one, we have to help working families feel more secure in this world of constant change. that is why health care matters. if you have ever been locked out of the health care market because you have a pre-existing condition, those days are over. [applause] so you can now change jobs, idea, started new business and get affordable and portabns