hi, welcome to the wall street journal report. a report says a greek debt deal gets done. what does it mean for the markets and your portfolio. meet the man who says he can take you to space. tickets are $200,000. what do you get for that? >> the ride of a lifetime. bruce is real on the sopranos. "wall street journal report" begins right now. announcer: this is america's number one financial news program, the wall street journal report. news as we head into a new week on wall street. a strong jobs report.

the economy created 227,000 new jobs in february. it was slightly better than expected. it's the the third straight month of solid growth in jobs. 61,000 more jobs in december and january than first estimated. greece won acceptance of a bomb swap. they get half of the face value of every bond they own. that will clear the way for another installment of an international bail out. a tough tuesday for the markets this week. the dow hitting triple digits. worries about the greek default possibility. by thursday, they erased the losses. apple's ceo introduced the new version of the ipad and it will be called the new ipad. it has a crisper screen, 4g capability. it goes on sale on friday. it will start at $499.

here is a look at one year chart of apple shares, which have done very well. let's view the jobs report. a man who knows, ed, chairman of the council of economic advisers. it's wonderful to have you on the program. >> great to be back with you, thank you. >> let's start with the jobs numbers. un unemployment rate steady. 227,000 new jobs created. what does it tell us about where we are? >> things are getting better, but it doesn't say things are good. the trends are in the right direction, no doubt about it. we have had good job creation. we are seeing unemployment claims go down to levels that are almost consistent with a normal economy, almost. the good thing, i think that is hidden in the data is that the number of quits are starting to exceed the number of layoffs. that's been true for a few

months. that's the good thing. when the economy is growing, people feel comfortable about quitting and obviously, when we're going into a recession, layoffs go up. the trend that it's going in the opposite direction is a good sign. the problem is this, it's going to take a very long time for us to get back to a normal labor market, even at this pace, we are talking about something in the neighborhood of 2015 before we are back to where we were in 2007. that's a long time from now. >> you think we need to stop focusing on the short run and aim for long term growth. what do you mean by that? how do we do that? >> i do think that. i'll tell you why. if you look, again, look at the data, the the numbers and ask what has happened. we haven't had a recovery. unfortunately, we are not back to trend growth. trend growth, over the last 30 years, before the recession buzz

at 3.1% per year. if you look at the period since the recovery began, since the recession technically ended, we have growth of 2.4%. we are not back on trend, let alone making up for what we lost. if we think about what we need to do, my view is that we are not very good at fixing things in the short run. we can take care of immediate problems, but we are not good at getting labor markets going in the short run. we are good at creating conditions in a positive climate for investments over the long haul. what that means are the usual things, low and efficient taxes, it means a favorable trade policy, it means avoiding excessive regulation and getting entitlements under control. the budget is an enormous problem for us. >> let me ask you about europe. what is the debt restructuring deal that we saw for greece mean

for the overall euro zone crisis. tell me where we stand in terms of this euro zone mess. >> anytime you get a restructuring and a quiet way of working out of a major problem, it's better than having a volatile way of doing it. this is a positive step. i think that the europeans in part because they have misread our history, focused a bit too much on patches for the short run and fixing the contagion problems. their problems are fundamental and structural as ours are and getting worse in the long run. i think, stlooes in part, they have turned their attention to these problems. the short run patches, i don't think, are going to have much of an effect on europe. if we look at europe and say what are the implications of that for us, europe is in a recession now, maybe not technically, but they are clearly in economic trouble. if they were to have a major

recession, one of the good things about our economy is we are relatively self-sufficient at least for right now. as a result, even a major recession in europe would cost a half percentage point of gdp. what about oil? it seems like it's the other elephant in the room, ed. how concerned are you about the price of gasoline? does it continue to rise? if it goes higher, is it going to throw the recovery off course? >> we estimated for every $10 increase in the price of the barrel of oil it costs us a quarter of a percentage point of economic growth. if you think of oil going up by $20 to $30 a barrel, it's a half to three quarters a percentage of growth. given it's not that high to start with, it's significant. it would have an effect on us. again, it's not necessarily

crippling, but it's not the kind of thing we want to happen in a fragile recovery period. >> we have to keep watching. your take on the republican candidate for president, is the economic message getting lost in all the talk on social issues? what do you think? >> the one good thing, i think, about the debate, not just on the republican side, both sides of the aisle, people always talk about how contentious things are in washington. i spent a lot of time in washington. they are no more contentious than when i was there in 2006 threw 2009. people are focusing on real issues, pont issues and doing it before we hit crisis levels. the notion that the national debt, the deficit, growth and entitlements are front and center in the whole election is, to me, a breath of fresh air. itis what we should be talking about. it's important. it's good to see the candidates

are talking about that. >> we have the issues on the table. wonderful to have you on the program, thank you so much. good to see you. coming up next, tv shows that don't air on tv. netflix is taking on cable with the help from an actor. oil prices, airline tickets. one business lesson you don't want to miss. >> gonna go in. millions are watching this. >> nice. [ mujahid ] there was a little bit of trepidation,

not quite knowing what the next phase was going to be, you know, because you been, you know, this is what you had been doing. you know, working, working, working, working, working, working. and now you're talking about, well you know, i won't be, and i get the chance to spend more time with my wife and my kids. it's my world. that's my world. ♪

well, in sky, sea and soon space, richard branson hopes high standards for quality set him apart. i spoke with the fourth richest

citizen about the investment he's making when others in the travel industry are cutting back. he says it's about how you play the game. >> okay. let me just do this. >> okay. i love it. >> one, two, three. >> if you are the best in your field, you'll never go back. no hotels are the best. no hotels are the best. no airlines are the best. they will go bankrupt. you will never cut foot or see virgin airline go bankrupt because we are the best in the field. >> the new 10,000 square foot room is more than a waiting room. this is a spa. from the pre-flight massages to the high end decor, it's part of the $150 million investment in offerings to lure business travelers. >> if you are smaller than the really big guys, you have to be

better. >> who is your clientele, coming to this lounge. >> we call them upper class. we offer for first class, we charge business club fare. >> the big stories are the price of oil. how tough has it been in terms of the challenge of passing that extra cost on to flyers? >> it's been very tough. we want to be competitive and make sure anybody flying on virgin gets the best price. obviously, that affects it bottom line. oil is now up $150 a barrel in europe and i think all of us have got to work extremely hard to try to do something about it. you know, we are working with a company who has a fantastic development. the waste product coming from steel plants and the aviation

field. >> do you think now, as we see prices moving higher, that will be a catalyst for companies to make these change that is you have been making for a long time? >> i certainly hope so and i believe so. i think that, you know, from a global warming perspective, we have to move on, anyway. from an economic perspective, i don't think the western world could cope with a price of $150 a barrel for too long. i think it's a danger. coming out of the recession, this could put us back into a recession, again. >> how has the industry changed? do you feel capacity is lower? we have had mergers and some not able to stay afloat. look at the trend in this business. >> there is less capacity out there and less competition. it could be good news for me. better bottom line profit.

i think it will end up with slightly higher ticket prices. >> what can you tell us about business today with such a great vantage point, virgin having 400 companies. if you were starting today, where would you put new ideas and new money to work? >> i don't think where can i put money to make money. i think, you know, how can i make, you know, a difference in people's lives where people are not being served very well. american airlines here, you know, the airline in america were not offering a great service. we thought let's build an airline in america that offers a great service. i think that's the best way of building businesses through people's lives. >> how is virgin money doing? you were part of a group that acquired northern rock. what are your plans and what do you see it evolving into? >> we branded it virgin money

with 50% over what we thought we would be in the first six months since taking it over. we attracted the virgin brand and virgin customers. we have a chance of shaking up the banking industry. >> you have created stability in an environment where we were seeing upset. how is europe doing from your sta standpoint? >> the government has the pass to make sure europe comes through. >> release. release. release. >> taking the world up is the next well publicized bet, space tourism. you said you could be taking customers into space by the end of 2012. >> you get the ride of a lifetime. i hope by the end of this year we'll be take iing people up. it may well slip into next year.

virgin is ahead of the competition as far as space travel is concerned. >> it's ridiculously exciting. myself and my children will go on the first flight. >> what do you do in your individual plans? >> i was in the dominican republic yesterday trying to get here and schedule a flight on another airline. i suffered a 24-hour delay. up next, from e-street to the jersey turnpike to a loan li road. stevie van zandt.

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netflix first original series featuring steven van zandt stars as a mobster under witness protect in a tv show that's not on tv. little steven van zandt join in me now. great to see you. >> you, too.

>> how fabulous. >> thank you. thank you. >> what a fantastic original series from netflix. it's not like it airs in the same time slot every week. talk to us about the show. >> a whole new world now. all the episodes are up at once, which are the viewing habits of most people these days, especially young people. >> people want to watch what they want to watch. >> netflix is ahead of everything else. they have been visionaries all along. he's an amazing guy. he's integrating computers and tv like we always talked about. >> oh. >> the content person is equally a visionary. to buy a norwegian tv show as the first original programming is so interesting and makes a statement, i think, about where they are going with the content. it's like, you know, they are not going to compromise.

they are going to do something that is interesting to them. this is a norwegian show. >> this week, in fact, it was in the news because they are looking for a cable partner. they continue to look for growth opportunity. >> keep growing and already all south america and canada and england so, i think that continues. that changes everything. that cultural exchange people talk about will be happening for the first time. the content creators open up this, you know, this wild possibili possibility. >> it's amazing. you are really on the cutting edge as things are changing so much. you have the way we consume entertainment changing so much. purchasing song downloads instead of albums, satellite radio. you are very involved in that as well. what diversity. >> yeah, i have the first of two music channels on cirrus radio. only me and howard have that. >> this niche entertainment,

does that change the way you create things, the way you work? how does that dictate the way you operate? >> that's a good question. i have thought about that myself. when people watch movies on phones and their watches -- >> yeah, smaller and smaller. >> should there be more close ups or not? that was the question with movies versus tvs. i don't think that's going to change much. you could divide them into webisodes. they might be in three or five minute segments. even a drama could believe separated that way. that would be the only difference. >> you are touring for the first time since clarence clemmons. scalpers shutting out fans. what are your thoughts as you go back on tour? >> i'm not really involved with the business stuff. i don't know how that works,

honestly. but my focus is on the work, you know, and on the content. >> on your new series. tell the viewers where they can see the new series and tell me how you came up with the idea. >> it's -- it actually wasn't my idea. the husband and wife writing team found me in norway where i was mixing my all girl band who is a norwegian band. somebody is here to see you. i'll go see them. they have an idea for a show. i'm like well, i wasn't exactly planning on playing a gangster again so soon but i can't resist this. it's a wonderful idea. a monoculture, 5 million people. nobody knows anything about norway. i wanted to make norway a character. everything you see is new. how well it's working in america we could not have anticipated. people who don't like subtitles

because the lead person is speaking english, you know, you become him. you know what i mean? >> yeah. >> you are experiencing things through his eyes. it was an interesting device. i'm not sure if it's ever, ever been used. this is totally by accident. you know, you tend to forget about the subtitles after awhile. >> lily hammer is the series. the first original series from netflix. great to have you on the program. >> good to see you. >> thank you so much. up next, a look at the news this upcoming week that will have an impact on your money. ranking the world's richest. who has the biggest account on the planet? stay with us. the map shows you where we go... but not how we get there. because in this business... there are no straight lines. only the twists and turns of an unpredictable industry. the passengers change... the gates change. government regulations change... oil peaks and plummets.

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sfr for more on our show, check out wsjr.cnbc.com. now, a look at what's coming up in the week ahead that may impact your money. tuesday, the total retail sales for the month of february. the open reserves opens tuesday as well. wednesday, ben bernanke will speak to the community bankers association. thursday, a message of wholesale inflation. friday, we'll hear about retail inflation when we get the release of the consumer price index. finally, the list of the world's wealthiest is out. carlos slim maintains the top

spot. he's worth $69 billion. he's followed by the richest american bill gates with $61 billion and warren buffett with $44 billion. rounding out the top five, bernard arnault and amancio or thai go. that will do it for us. next week, i talk about the high price of oil with the ceo of chevron, john watson will be with uls. have a great week everybody. i'll see you next weekend.