lf. short leash. >> doc? >> kinder morgan. >> lng. >> stx. >> options action. "motion in motion" 5:00 eastern. follow me. "power" begins right now. thank you very much. breaking news now from washington to wall street. the markets reacting negatively to today's jobs report. i'm tyler mathson with sue herrera. >> 80,000 jobs created in june, well below estimates. but unemployment remans at 8.2%. the dow right now is off of its worst levels, down almost 200 points. now 157. s&p 500 off 15 points and nasdaq down 45 points faring worse and the euro at a two-year low against the greenback, 1.2280 on the trading session. people feel as though this

ushers in a new round of quantitative easing and fuel for the bulls. we have the market reporters. mary thompson is where we start and i think this time yesterday we were talking about the fact that goldman upgraded the number of jobs to be created. >> different story today. you mentioned the quaint tative easing. they say it's not weak enough do that and seeing a selloff here. the markets accelerating in the day. the dollar is a winner. bonds are a winner today. the euro a big loser hitting a two-year low and losing stride today on a couple of sectors. tech which is leading the decline in the broader markets followed by industrials and materials. energy hit today because of dollar strength impacts the group. look at informatica. off 29%. a warning because of down size deal and affected the tech sector with concerns of demand in the second half of the year. >> seeing you throughout the

show. thanks a million. over to you, ty. prospects of quantitative easing looming large for the gold market. brian shactman on the case at the nymex. i would have thought that qe 3, 4, 11, whatever it is, would have been good for the price of gold. >> i think they think it's not bad enough. look at a 24-hour chart. see a spike after the jobs report. then pulled back. no traction anywhere else in the marketplace. why keep it in gold? obviously 1,600 with support. busted through that to the downside. dollar's a factor, guys. but sue, although bonds are getting a bid, people rotating out of gold for cold, hard cash. >> can't blame them on a day like today. thank you. how do you play the market today? matt cheslock is here with us. all right. i talked to some guys down here saying the prospect of

quantitative 3 is back on the table. others say, no, it's off the table. how do you trade a market like this? >> very carefully. you know? i would continue to probably continue to short it. getting worse and dow 1204 probably short more. i think things get really bad and fast and no confidence in europe right now. i don't think the number is bad enough. i'm in that camp. you know, i think they ratcheted up the numbers yesterday too early. i think the expectations were too good. i think we're right where we should be so i don't think the fed will do anything from that regard. >> how much of the selloff we saw today and seeing today is because there's very little volume, a lot of traders aren't on the floor here today. a lot of investors are away. so is it a thin market making the moves more extreme than they would be or not? >> yeah. you know, i don't consider a 160-point move that extreme with the numbers we have got. manufacturing numbers weak, job numbers weaker based on

expectations. china with the rate cut. none of this is very positive right now so the volume is hurting in that regard not getting that buying the dip mentality. a combination of both things and continue to short it. not a buyer of dip on this move today. >> thanks a million. now to rick santelli. treasures got a bid today. ricky, where are we standing in terms of yields? >> well, in terms of yield, we are down about 10 basis points or 164, 165 yesterday. we are at 164 yield now. if you look at the week, it is very interesting. obviously, today makes sense. we had jobs light. two months in a row. and the treasury's all over it. on a weekly chart, down about 10 basis points and if you look at a weekly chart of boons, they're down 25 basis points on the week. at one point, there was a question. you know, is germany's balance sheet stretched? maybe it is. this is a good read there's

anxiety again. we have all talked about how rates in italy and in spain have moved back up to levels that are very difficult for funding. the last chart, everybody's talking about it. there it is. going back to june 1st of 2010. we haven't seen the euro currency close at these levels in two years and that really is something that will affect trade next week. back to you, tyler. >> all right. thank you very much, rick santelli. president obama and mitt romney reacting to the jobs report today. john? >> reporter: you can tell what it meant by the campaigns by how directly or indirectly they responded. president obama took eight minutes in to the speech in ohio on a bus tour before he addressed the jobs numbers, 80,000 jobs added this month and did so not in the context of how weak they were but in the long arc of recovery from the great recession. >> business is created 84,000 new jobs last month and that

overall means that businesses have created 4.4 million new jobs over the past 28 months including 500,000 new manufacturing jobs. but we can't be satisfied because our goal was never to just keep on working to xwelt back to where we were back in 2007. i want to get back to a time when middle class families and those working to get in the middle class have some basic security. >> reporter: the president hoped for a more upbeat message on the bus tour and has him in the state of pennsylvania. mitt romney for his part welcomed the chance to get off the discussion of how similar his massachusetts health care plan is to obama care. he came out and hit obama hard and said that the numbers today make his case for change. >> that is time for america to choose whether they want more of the same, with unemployment above 8% month after month after month is satisfactory or not.

doesn't have to be this way. america can do better. and this kick in the gut has got to end. >> reporter: and tyler, this is an especially consequential job report because of how close we are to the election and undecided voters are hardening the perception at this moment. >> i want to bring in lon he chen. welcome. good to see you. >> thanks for having me. >> your candidate says america can do better and this kick in the gut has got to end. how would candidate romney change it if he becomes president romney? what would he do? >> we have proposed a series of specific steps to turn the economy around. it starts with ensuring to take advantage of the domestic resources, ensure open markets abroad, particularly in latin america. we hold china accountable for cheating they may be doing on the global trade stage and finally bring balance back to

the relationship between business and labor. there's a series of specific steps the governor proposed. the president doesn't. >> what would he do on taxes? let's talk about that. because that's obviously a place of demarcation between the two candidates and the two parties. clarify it for me. >> yeah, significant demarcation. governor romney talked about, first of all, cutting individual tax cuts and marginal tax rates 20% across the board and broadening the base. and ensure that we maintain revenue neutrality. he's also talked about reducing the corporate tax rate to 25% to get us competitive with oecd countries and talked about ensuring to remove the penalty on the repay tri yags of assets so these are the kinds of changes to make to get the economy going again, creating the jobs that middle class americans need. >> it's john harwood.

what do you say aft criticism, the ideas you ticked off are things to help in the long run but wouldn't do much of anything in the short term like some of the things the president has proposed in terms of aid to state and local governments to prevent the layoffs of teachers and other public sector workers? >> john, that critique doesn't hold. if you look at the actions of governor romney, building the pipeline creates jobs right away. not just in terms of folks building the pipeline itself, but the downstream effects of manufacturing a more attractive business here in the united states, ensuring that we have low cost energy and reliable sources of energy so governor romney's got a jobs plan not just for the long term but the short term, as well. >> do you want the republican congress to act on the proposals the president has put before them that he says will create jobs? >> well, i think what we need to focus on is policy change that's going to make a difference both

in the short run and the long run and that's reducing policy uncertainty, ensuring that investors and entrepreneurs know it's a certain environment. >> so you're comfortable with the congress killing the president's jobs act? because your candidate said today the president doesn't have a proposal. he's put a proposal before congress and you're happy if the republicans but ri it? >> these are not ideas to fix the economy in the long run. we are talking about more stimulus, more spending. when's needed is a change of course. we just came out of the worse job-creating quarter in two years. what's needed is some real fundamental long-term change and that's what mitt romney writes to the table. >> thanks. we'll talk with two men trying toee ate jobs. how do the ceos do it? they're up next. before the break, though, another market check for you right now. the dow jones industrial average

off 162 points. the s&p 500 is off 15 points. the nasdaq is faring the worst. it's down 1.5 or 47 points on the trading session. gold, a bill selloff there. almost 2% or $31. west texas intermediate is down 8481. we're back in two. [ male announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.

joe is the ceo of deloitte. joe, welcome. good to have you with us. >> thanks for having me. >> good to talk to somebody on the front lines. you have added jobs in the company over the past year, right? >> absolutely we have. >> in the u.s.? >> in the u.s. >> what gives you the confidence to do it when it seems like so many ceos don't feel secure enough to add? >> part of it is value creation. adding value to companies there's demand. we're positive about the outlook of this country and demand and added about 17,000 jobs net last year and will be on course for the same next year. >> 17,000 jobs net addition? >> 17 thourz hires. the net about half of that. we basically train people for the greater workforce. they leave us and go to corporate america. >> why do you think -- this is my hypothesis, not yours. >> yes. >> i look at china's slowdown.

europe yees debt crisis. our stalemate and the looming issues of taxing and spending in this country and leave aside for now the question of the health care law, i think that adds up to a sort of freezing of confidence. why do you think so few executives feel confident today? >> well, i think that part of -- you hit it, right? global economic situation. you have the stalemate in washington. that's a lot of uncertainty. business leaders, ceos like myself don't do well in uncertainty. >> what needs to change? what needs to get fixed? candidate romney says this punch in the gut has got to stop. do you see it that way? >> i see this way to think about where we were and where we've come. we have added 4 million, 5 million jobs but that's not enough. we need to continue the journey. washington for starters is going to have to move from a

stalemate. eliminate uncertainty. deal with regulation and create some certainty for us in business to invest, lend. because in the private sector is where we create jobs, tyler. >> certainly is. most of -- and the governments right now, losing jobs. let's bring in richard daly, ceo of broad ridge financial. you do i.t. proxy servicing and things like that, correct? >> correct. >> have you been adding jobs? >> we have. >> why? >> you don't have a choice but to grow and so we have looked at the current environment we are in and recognized that in order to grow, we have to have product and services maintain high services levels to the existing customers and offer additional products and services to be more efficient. over the last five years we have grown employment a little over 40%. half of that came through acquired products. about half of that of products developed ourselves. >> ceos generally i think are a

confident lot. you heard joe say i'm sort of long term i'm favorably disposed to america. i assume you feel the same way but have i got it wrong there's ceos who while they're putting on the big, broad face to the public saying i'm bullish, they don't feel confident enough to do what you have done and add jobs. why is that? >> well, first of all, we need to stop the negativity. and truth be told i would rather be ceo in a better economic market than the one we're in right now. however, the negativity is too strong. >> when you say negativity, do you mean the idea that the obama administration bashes business too much? what are you driving senate. >> i think it goes beyond an administration, just the overall tone. we need to recognize capitalism works. we became the greatest society in the history of the world

through capitalism and responsible risk taking, the deployment of financial and human capital. it's what made us the great nation we are and what's going to -- the private sector is what's going to take us there again and continue to grow from there. >> all right. gentlemen, we'll continue the conversation in just a little bit. joe, you stick around. i know you take part in our next conversation. richard, sue, down to you. >> thank you very much. in a bid to bring back the individual investor, the nyse is making it possible for them to trade directly with the exchange. lowering prices. it's a pilot program approved by the scc yesterday. joe mccain is joining me here on the floor. this is called the rlp but that's short for a retail li liquidity program, right? >> correct. >> how does it lower the costs for the individual investor? >> it allows for retail orders to get price improved beyond what is available in the public

quote in the market, and so, historically exchanges didn't treat types of orders differently so what the program does for the first time is allows us to say if an order is from a retail customer and there's various ways to designate them from the firm that is send us the orders then we'll have orders that allow for price improvement to execute against those orders. >> this program has been compared to the dark pools that are out there, but if you look at the details it seems as though it provides an alternative or kind of combats the dark pools. >> yeah. it's -- what's important about this program is that it's conducted in an exchange environment. and so, some of the historical practices that other venues have been allowed to do like segmenting the customers are now done in an exchange environment which is positive because it's much more transparent, much more open. creates a much broader audience

for participation. >> some of the critics say it also, though, albeit transparent is a two-tiered market system and darker than the dark pools. how do you respond? >> there is a two-tiered market in a way. retail investors right now do enjoy a better than average exchange experience through wholesalers and firms that handle their orders. what doesn't exist is ability for exchanges to treat different customers differently. >> before bringing in richard, some broker dealers say that you're stealing some of their business. >> you know, the intent is really to be complimentary to the process, not really compete as much as find a way for us to provide value in the current ecosystem that does exist, and so, to the extent to bring new participants in to the process, to the extent to create more opportunities for price improvement, we think it results

in a better experience for individual investors, encourages more people to trade and makes it more effective. >> let's talk to richard daly once again. richard, how does this affect your business if at all? >> sue, at broadridge we right now through the securities systems, we support about 4 trillion a day in equity and fixed income settlements. we provide our clients which is about 100 -- just 100 major financial institutions, we provide them the ability to route their orders to various execution points. i am not fully familiar with all the details of joe's new process. however, this strikes me as being another execution point. the other comment to make, though, is that joe knows because we have had conversations about this in the past as well as with duncan, it sounds to me like to create a level playing field the best way is through technology, not through regulation and this looks like a great execution of

that. >> yeah. >> i would assume you would agree. that's a ringing endorsement to the program. >> that's a great point and we have talked about this in the past. this is an effort as rich said to level the playing field, to allow different types of executions to happen on exchanges that currently do not so this is a good way to make the market competitive, to use technology to make it more effective. >> do you think it goes far enough to bring the retail investor back in to the market? you know, if you read some of the emails that come in to cnbc every day, a lot of people feel as though the market is quote/unquote rigged. do we need more endeavors like this, more technology improvements like this to bring the individual investor back or the nature of the market changed so much we have lost that generation of investors? >> anything to make the playing field both in perspect and reality will help. the other thing we need is that

positive business environment with sustainable growth in earnings and ultimately be the thing to bring retail investors back. >> thank you both. thank you, richard. thank you, joe. starts august 1st, right? >> august 1 ths. >> we'll talk more with joe in a few minutes. ty, back to you. >> our poll coming to us through deloitte. the top trouble spots, which is more worrisome for you. you see the graphic on the screen. go and vote. yahoo.whatever it was there. i can't remember. whatever. so, go and take a vote. meantime, before you go to another website, a scare is under way and threatens to turn your computer in to a zombie. you could lose control. no more checking stocks, no more shopping online. no more cnbc.com.

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we take it on ours. this summer put your family in an exceptionally engineered mercedes-benz now for an exceptional price during the summer event. but hurry, this offer ends july 31st. all all right. a difficult day for the bulls. dow jones industrial average off 159 points but it was worse earlier on. the nasdaq is also down. the s&p 500 down 1%.

nasdaq down 1.5%. not able to better the position much of the day. very few safe havens in the market today. the gold market sold off by almost two full percentage points today. down $29 on gold and crude down. utilities down just about two points on the trading session and transportation average is down 65 points. only think is the bond market moving yields to lows we haven't seen in several months. euro getting killed at a two-year low today. ty? >> sue, thank you very much. on this red arrow kind of day. before you do anything online, listen up. malware could take over your computer. here's how it works. normally your computer connects to an internet server. you got that? using malware, aka evil software, hackers took over some computers and redirected the

internet connection not to the server where it was intended to go but to their evil server to perform evil deeds without you knowing. that's the evil malware server. last year the fbi caught the hackers. if they shut down those evil servers, victims lose internet access and the fed set up another alternative system of servers to support users. on monday, the fbi is shutting down those servers so if your computer is infected, you may completely lose your internet connection. katie thompson covering the story and she joins us from where else her computer. how do you avoid this attack, this incoming problem, katie? >> well, unfortunately, if you're infected there's no way to avoid it but you can check to see if you've been infected and you can remove it. so on our site, i wrote a story about this yesterday. we have a link to the website which will take you to see if you've been infected.

and if you scroll down, it's by country. this infected people worldwide. in the united states, click on the english one. i'm good. i'm in the green. i didn't it have. there's about 64,000 people in the united states that are still believed to have the virus. >> 64,000 people in the u.s. have the virus? is it normal for the fbi to get involved in this kind of thing so quickly, so early? >> the move is unprecedented but they did come in and set up the servers and this was actually something that, you know, it was an effort to keep everyone connected. so yeah. it was a completely unprecedented move and interesting to see if they do it in the future. >> we'll be watching on monday morning. thanks very much. jon fortt is outside of the valley today here in new jersey. jon, you said this morning on the morning call that there may be a silver lining in this. tell me about it. >> i think there is.

silver lining is usually when your computer is taken over by malware you don't know it's happened. so, you know, dark forces could be using your pc to carry out attacks on other servers. you don't know about it. this time it will do something to the computer and people have to get it checked out in this case. the number that i have seen, the most recent number katie gave a good number but the most recent number of pcs in the u.s. just under 46,000. but the downside is that that's not just computers. those are dns entry that is are infected. it could be still in the hundreds of thousands total infected so you do want to do what casey says. go to cnbc.com and get your pc checked out. >> appreciate it. sue? gold's down 30 bucks on the session. ready to close shop for the week. hi, brian.

>> we were positive heading in to the day and can't say that anymore. jim told me that 1582 was, was suppo support. we broke through that in the last hour and a half or so. definitely some pretty strong selling after that initial pop on the jobs report. people think that qe3 is a definite and not the feeling right now. take a look at the complex. silver and copper, weaker than gold. palladium, a head scratcher. it was positive about two hours ago. but even that has rolled over. they lowered the marginal requirement and a bid here and the metals complex in the red and to be honest, guys, outside of the dollar and volatility, everything is in the red. >> yikes. brian, thank you very much. markets also reacting here on the floor of the nyse to the not so great jobs report today. all taking significant hits today. some of this afternoon's biggest losers, take a look at where they are right now and get you

up to date. we have teradata down 10%. goodyear tire down 4.73%. netapp down. elect trinic arts off almost 4%. agilen technology off just under 4%.

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all right. the dow down about 164 points right now. mary thompson rejoans me on the floor of the nyse. i asked you in the commercial mr. whether there's bright spots out there. everywhere you look depending on where you look a couple of percentage points to the downside. >> right. we have a bright spot. i save it to the end. i want to point out floor volume of 275 million, the lightest we have seen so far at this time of the year in the week. downside to down volume outpacing up volume 7 to 1. the market's on track for a weekly decline. the one exception is the russell which we were talking about earlier. a little bit surprising. small cap stocks usually first indicator of the week.

deutsche banc in the news, a was el. opening a probe in to the libor scandal and big pressure on them today. materials weaker. industrials weaker, as well. these two groups bringing the markets lower along with i.t. the big loser today and the winners today are the discounters. did have some good news on average hourly earnings. gave a lift to them. >> everyone loves a sale. >> this is where people are going to shop. >> indeed. mary, thank you very much. >> sure. >> you mentioned the technology names. now the nasdaq and jackie d deangelis. >> absolutely. the nasdaq down 1.6% at this point. a sea of red here at the nasdaq. i did find a bright spot. if you look behind me, semi conductor index down more than 3% and the stocks we're watching

seeing spillover. part of the problem was that jobs number this morning and also we got some profit warnings of seagate, the hard disk drive maker after the close yesterday and a software company this morning and speaking of software, citrix and f5 taking it down more than 7% each, 8% in that case and the pc makers not immune today. looking at hewlett-packard, dell, even apple today lower by just about 1%. i promised a bright spot. two when i was looking before. netflix teetering today but bruised and battered rim, go figure. up 4.4% on the day. sue? >> thank you very much. time for head leans as first reported by cnbc's herb greenburg, navistar says it will introduce a new clean engine technology for epa standards. sally beauty was upgraded to a

buy. it is in the green by just about 2%. as a matter of fact, one of the few stocks that is up today. the euro certainly not up. hitting a two-day intraday low and not closed below 123 since june 30th of 2012. greece's new prime minister says he's ready to get deficits back on track. samaras say it is coalition government is ready to carry out a broad state of reforms. >> all right, sue. thank you. our reality check is turning to office space on the heels of the jobs report, is money going back to work in that part of the economy? diana olike live in washington. hi, diana. >> reporter: you are right. of course the office sector is most dependent on jobs because that's where people work so with weak job growth, they're struggling to find a bottom and why now may be the best time to

get in the best place. look at the stats if you will. right along with jobs, sector slowed in '02. just 4.1 million square feet of absorption and way down. at least we're still in the positive and for the sixth straight quarter. vacancies improving. rents barely in the positive. slowing from the previous quarter. still, a new survey says that investors are focusing anna nicole 0 the office sector but not looking at the pricey coastal markets like new york and san francisco which are already as i said too pricey. >> we're finding markets that were overlooked for quite a while like denver, like south florida as being where investors are seeing opportunities from an investment perspective. largely because we haven't seen additioning of inventory for markets for five, six, seven

years. >> reporter: investors are looking to the future and takes a few years to build a building. the downside is the jobs created right now are not really office sector jobs. they're not office using sectors of the economy but that may begin to change over time and now's the best time for the best deals. we have more of this on the blog, of course. back to you. >> go get in some air conditioning, diana. i know it's hot down there. thanks. finance.yahoo.com pool today, top trouble spots for the u.s. economy. which is most worrisome for you? 43% think unemployment. next 31% fiscal cliff. 4% for corporate taxes. 8% dodd-frank. 14% say it's europe. joe, ceo of deloitte, when's worrying your clients off of that list? >> looking at jobs, jobs are a joutd come. they're not an action. so if you look at the list below

that, if you look at what's happening in washington, fiscal responsibility, regulatory responsibility, tax code and europe, that's what's affecting them most. >> those uncertainties? >> absolutely. >> what will happen on taxing and spending? what will happen in europe, the jute i don't mean there? that's the underlying thing of which jobs follow. >> absolutely. what keeps money on the sideline is uncertainty as you know. those are drivers of the uncertainty today. >> seems like no one in washington wants the compromise. why has compromise become a dirty word? >> well, you know, stalemate is taken its place and i think political ideology has carried the day. until we move from ideology to bipartisan, we won't get forward in america. job creation, the economy, bipartisan issues. >> joe, thank you very much. see you later. coming up, a manufacturing industry long dominated by men is now wooing women. phil lebeau live in where else,

romeoville, illinois. woo away, phil. >> reporter: beautiful 102-degree day. what better place to be than a plant? talking about tubing and welding and the push of women in manufacturing. that story when "power lunch" returns. ♪ our fireworks. ♪ and our slip and slide. you have your idea of summer fun, and we have ours. now during the summer event get an exceptionally engineered mercedes-benz for an exceptional price. but hurry, this offer ends july 31st. for an exceptional price. but they can be really well thexpensive.ted a puppy, so to save money i just found them a possum. dad, i think he's dead. probably just playin' possum.

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to keep the car you reserved or simply choose another. and it's free. ya know, for whoever you are that day. it's just another way you'll be traveling at the speed of hertz. coming up on "street signs," upside surprises. why the stocks you'd least expect are in the green today in the down market. plus, preview how bad eurosis to contaminate next week. and amazon, is it a smart move or not so smart? >> thank you very much. on the heels of a not so great jobs report, phil lebeau joins us on women in manufacturing. live r us in romeoville, illinois. hi, phil. >> reporter: hi, sue. we are live at illinois pipe and

tube. this is going to a boiler for an electric utility. the story here as with all of manufacturing, expanding in terms of hiring. and one area where there's a big push, bringing women in to the workplace. we went up to minnesota and talked with two women, tracy and laurie. they own wyoming machine company and they have owned this company and trying to bring more women in to the manufacturing sector but it is difficult. as it is trying to find skilled labor. >> i actually think it's more difficult to find women in the industry than in the 1990s. when i first became an owner of the company, we had more people, women, working in manufacturing than we do right now. and we almost never have a woman that comes here and applies. >> reporter: by the way, women hold about 27% of the manufacturing jobs in this country. that's down slightly from just a few years ago. one area that the industry and the companies believe that they can exploit is the fact of

greater skills needed and for some jobs like welding, they're perfectly suited for women with the technical skills. >> they're going to say, yes i did and prove yourself. so part of it is sometimes when i'm welding i feel like part of my job is proving myself over and over, but it just makes me better. >> reporter: and in fact, tyler and sue, believe it or not, if you talk with people in manufacturing and welding, some of the most technical and expert welders are women and better prepared than men. not saying something about the men welders but a big push in the industry and, tyler, one thing we noticed is trying to bring in women, it's a struggle because of that stereotype out there that, you know, who wants to work in a factory? changing slowly but surely. back to you. >> that's the good news. >> thank you very much. power rundown all about jobs.

national urban league ceo and ron christie. gentlemen, welcome back. >> hey, tyler. >> jobs and the white house. can president obama recover from this jobs report? pretty dismal and dismal quarter or can romney move ahead? ron, you go ahead. >> i think president obama has a lot to be concerned about, tyler. i think this is the 41st month in a row where unemployment is above 8%. the president coming in to office assumed that his economic policies if we had a $800 bec e billion stimulus to here in 2012 the president told us that unemployment would be at 6%, so it's a very, very sobering report. one that shows that so many millions of americans are out looking for work and aren't getting the full-time employment they're looking for and gives governor romney an opening. >> mayor? >> you have 26 straight months of private sector job growth and

bhil no one is happy with the current unemployment situation, directionally, there is job growth. it's not fast enough. it's not strong enough. and not enough jobs are being created. but part of the narrative has to be the inaction of congress. certainly, the transportation bill is welcomed and should have been bigger, stronger. and political obstruction to public policy measures that would create jobs are an important part of this conversation. >> i think both you, mayor, and ron, would agree that the critical thing here is to find ways to create jobs, give me your best recipe to create jobs right now. >> well, right now in the public policy arena, certainly, on an overall basis, we have a demand problem. i would like to see a robust, strong, omnibus infrastructure bill. i would like to see a discontinuation of anymore cuts to state and local governments. because they continue to lose

jobs and third thing and this is consistent with i think the segment i just saw on manufacturing, we need a stronger investment in both education and workforce development. those are three things that this congress could do right now. >> so, ron, the mayor says an infrastructure bill, stop the cuts to state and local governments and invest in job training basically. what would your recipe be for the best way to get jobs growing right now? >> i think efseveral things to , tyler. the president of the united states had the opportunity to, of course, approve the keystone pipeline to create tens of thousands of jobs and the president-elected not to do so. secondly, the united states has the highest corporate income tax rate in the world. we have to reduce the burden so they can be more productive. third thing i would do is i would stop sending money out to causes, green energy, proven that they don't work and instead make sure that we have r&d tax

credits available for small businesses to invest and get the equipment and the employees they move. >> now the question of college graduates who have an unemployment rate of about 4.1%. that's exactly half the unemployment rate for the general population. ron christie, does this mean that the less educated are in more trouble now than ever before? >> unfortunately, tyler, i think it does. i think it indicates for american workers and workforce to be competitive you have to have a college degree and seemingly a higher education degree. seems to me to be competitive in the century that's essential. >> 30 seconds, mayor? >> we cannot choke off access to college with the affordability crisis and make sure that college remains affordable. or is affordable because right now it's very high. secondly, we have got to recognize and continued

investments in education and workforce are the way to go. jobs are the future. requires more skills, not less. >> thank you for being with us. >> thanks. >> see you next month. >> take care, gentlemen. >> sue? ty, back with more on the markets. down 171 points. we were moving off the lows and may be in the stages of taking another leg to the downside. the nasdaq is down just under 2% and the s&p is off 1.25% on the trading session. how do you play a drop like this? should you play a drop like this? two minutes. tdd# 1-800-345-2550 let's talk about fees.

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all right. down 169 points on the dow. joining me is matt ches calock. you predicted they'll test it. >> nothing going to get me off that mantra right now. so -- it's going south. >> i think easily testing 1340. is that the number you're talking about? it feels like that. we have another couple of hours to do it. it feels like it gets there easily because it's just -- >> how much is the u.s. economy? how much of it is europe? >> you know, it's an interesting

question. i think it's just -- you can define it that way and disgusted. a run-up the last week. 3.5% run-up on anticipation of what everyone thought it would be and a massive disappointment. it was disappointing because it wanted more and didn't get more and today the nonfarm payroll numbers is disaster. not good for the administration and a gift for romney. somebody has to say so. >> everybody on the floor saying it's not bad enough to get the fed to come in. >> you are seeing right now, you are seeing the euro slaughtered. you can't buy oil or gold. two normal safe havens. >> right. >> destruction in the market. as kenny said, a gift for the next administration that could come in here and not taking advantage of it. no one can. there's no answers right now i think and part of the problem. >> that's a little scary. >> right. but you know something? it's a story we are talking about. not why should anybody be surprised? for three or four months, the macro economic data is in

everyone's face. >> thank you very much. all right. boston versus new york, we'll talk about the unparalleled rivalry beyond baseball coming up next with the dow jones industrial average off 173 points on the trading session. we're back in a minute.

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jobs report is of course bringing down the market today, joe. but next week we may get back to talk about europe. today, actually, the euro below 122. a two-year low there. what are your clients telling you about the picture in europe right now? >> part of the uncertainty. right now results on quarterly income. last data point, profits down. 40% up in the u.s. down overseas. basically europe and the united states are integrated in terms of economy. if we don't get involved that fix, this is a long-term problem. >> look at procter and gamble, ford. they're warning about -- both of them about the european business. >> absolutely. >> it's a difficult thing. joe, thank you so much for being here. >> thanks for being wihaving me >> stay out of the heat. >> thanks, buddy. >> that's it for this week's edition of "power