could cost the president his job. that's at least what the republicans are hoping for. pete dominick, host of sirius standup. president obama did not cause this recession but three and a half years into his term the recovery is now slowing. i want you to listen to this clip from the "today" show. it was taped in february 2009 just two weeks after the president took office. >> a year from now, i think people are going to see that we're starting to make some progress. there's still going to be some pain out there. if i don't have this done in three years, there's going to be a one-term proposition. >> pete, did we just hear the president say he doesn't deserve a second term? >> not necessarily. the problem is you say he didn't get it done, the problem is he says i didn't get it done. >> also said he didn't cause it. >> of course. it's not all political. not everything -- we can blame republicans for being obstructionist and absolutely true, only solution get rid of regulation and taxes even though

small businesses don't cite that anywhere near the top where the problem is, not all consumer demand. not all political, the system, massive job cuts during the recession. now companies, every company, everybody can relate to this are doing more, making more with less people. what's the incentive to hire more people when you're getting it done. >> he campaigned on yes, we can. >> hard to get this done, more jobs. pass the american jobs and we'll have more. we do have data, evidence, i'm stur stephen moore will cite many i'll disagree with. not nearly as deep for reagan, bush, clinton, downturns. but public sector growth increased. we have 657,000 jobs that have been cut from the public sector. those are real people and they do have real money they spend. >> stephen, republicans love to blame the president. congress can fix some of this but they refused to act. when will gop leaders step up? >> well, i don't think it's

fair, christine, to say the republicans haven't done anything to try to get us out of this recession. they pass about 20 to 30 bills out of the house as you know the republicans00 the house, the democrats run the senate. the senate hasn't done anything on these. repeal obama care, get tax rates down low. look, there is a difference in how you fix the economy. but barack obama is saying right now, christine, in my opinion, let's have more of what we did in 2009 in terms of stimulus, aid to states and local governments. the republicans are saying, hell, no. >> where would we be, stephen without that, if you look at the economic growth, you could argue without all that support to the economy, things could be much, much worse. >> you could always argue things could be worse. here is the problem for the president, christine. i'm glad you played that clip. give me two years, three years, if i haven't fixed things, bring in a new coach. a lot of saying, it's been three years, the economy is flat lined. ben bernanke said this week he's expecting growth of 2%.

look, if you look at the growth rates coming out of the past recessions, growth rates were 5, 6, 7%. >> you cite that. those recessions were not this recession. this is much deeper. it's really important. >> that's true. >> ben bernanke isn't helping. everyone is looking at him, he's not doing anything brave and courageous. >> wait. we've had the easiest monetary policy and the cheapest money we've had any time in 40 years. the fed has held interest rates to practically zero. >> banks getting that cheap money but students can't get that cheap money. >> 3.66 was the mortgage rate. 3.66% on a mortgage rate but people telling me they can't get a mortgage. the rates are cheap. the money is flowing, stephen, but the middle class isn't feeling it. it's not getting jobs. >> i disagree with one of the things you said right at the out set, if we have new leadership it's not going to matter that much of you think

psychologically it will matter, businesses will start hiring. >> i do. i think there's kind of a cloak of fear over the economy. record low interest rates. i think this economy is prepped for a big, big powerful expansion when you look at fundamentals. >> for example if romney is elected? >> businessmen and women are afraid of barack obama, he comes across as anti-business both in his policies. >> how? >> in his rhetoric. high taxes, regulation. >> high taxes. wrong, lowest since eisenhower, hasn't raised one tax, stephen, and you know it. >> they are going up next year big time. >> we have to leave it there, gentlemen. let's fight about -- by my calendar we have five months to go. we can revisit this. stephen moore and pete dominick. coming up next, no matter what the supreme court rules on health care reform, millions of americans aren't going to like it. stick around. you will. americans crushed in the

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you should not start humira if you have any kind of infection. if you're tired of going around in circles, get headed in a new direction. ask your gastroenterologist about humira today. remission is possible. it's the signature achievement of president obama's presidency health care reform. at any moment the supreme court will rule not online on whether it's right or fair but whether constitutional. battle centers on individual mandate. it requires most americans buy health insurance if they don't already vitt. my next guest says the law will be fine without that mandate. co-director of center for economic and policy research and cnn resident william cain also with us. dean, i want to start with you. if the individual mandate is struck down and the rest of the bill is upheld, it's a numbers game. a lot of sick people come into the system while healthy people choose to stay out.

that's going to drive up premiums. how are policy members going to get healthy members to buy into the system without mandating it. >> they are going to go back to the drawing board. basically what they are going to do is what people refer to as mandate right. people will have strong incentives to sign up while they are healthy and not wait until they are sick. the most simple way to put this and obvious mechanism would be to say if you don't get insurance, go i don't need the insurance, and suddenly buy it after you get sick, you aren't covered for that condition for six months, nine months, a year. that will give people disincentive to play that game. taking a big risk saying i'm healthy, i don't need the insurance. if i get sick, i'll buy it. that's a big risk. >> will, last week you said buying with pre-existing is not insurance. covering people already sick it not insurance. what is it? >> concept of insurance is to cover risk. >> i said insurance. >> get you saying it correctly here.

the concept of insurance is to cover risk. if you're certain somebody is sick that's not risk mitigation that's certainty. covering for pre-existing conditions does not fall within insurance. dean's ideas are really good. they also recognize that's a problem. you simply cannot ask insurance companies to cover people with pre-existing conditions without mandating healthy people get in there. you bastardize the concept if you do that. >> if this is struck down in its entirety or individual mandate, what happens immediately with health care. the one thing i keep asking is children with some kind of major illness who are now insured because they have to be legally. what happens to these different groups, kids under 26, what happens? >> well, my guess, you know, i'm not going to gain legal expertise, my guess based on people with legal expertise, they won't likely strike down those provisions. the mandate, 50/50, they will.

children 26 under their parents plan, i don't think they will go that route. that would be a really strong move on the supreme court's part. >> that's a complete jump whether they will strike the whole law, the mandate. we know this, aetna, blue cross, biggest private insurers in the country already said voluntarily they are going to extend insurance coverage to those up to the age of 26. it's an interesting example sometimes you might not need the government to be the solution to the problem. >> republicans, if it's struck down, a victory for them. do they go and start legislating parts of this that are palatable to voters. >> that's a good question i don't know if i have the answer for. they advocated for repeal and replace, coming up with something different. a number of conservative republicans say we like the concept of pre-existing clause because it's politically popular. they might have to entertain ideas like dean talked about at the top of the conversation, incentivizing people other ways, in vent advising healthy people

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we've seen president obama take strong stands for many causes. the children of illegal immigrants, standing up for women by jumping to sandra's defense from attacks from the right.

dubbed him the first gay president. what has he done for pocketbooks. network for all americans has collapsed in recent years. median household wealth was nearly $103 in 2005, median household wealth for everyone. by 2010 average americans saw their net worth drop down all the way down to $66,000. that's a crisis but not a new crisis for african-americans. let's look just at black households. back in 2005, the median household net worth for blacks was just $11,000. by 2010, that figure was cut by more than half to less than $5,000. in fact, whites have 22 times more wealth than blacks, a gap that nearly doubled during the great recession. it's a crisis that many in the african-american community were hoping the first african-american president would focus on. president of optimum capital management, former "new york times" columnist herbert a

distinguished fellow. i want to start with you. blacks going down for the count economically in the country. he feels this president has an obligation to speak out and do more on the issue. do you agree this president has not done enough for african-americans. >> there's no doubt when african-americans -- when the country suffers a recession, african-americans suffer a depression and so on and so forth. there's no doubt we have a lot of work to do to improve our state. but i would rather have the pen of barack obama much more than the voice of barack obama. the pen, use the voice of the people over the voice of the person. >> what is the political fear if he's too vocal specifically about african-americans and money. >> i think he believes that if he speaks out too strongly on black issues or on issues relating to poor people he'll lose white votes. >> what's the president supposed to do about it. >> in that case the president, because we have a jobless crisis across the country that is much worse for blacks than for whites, the president needs to

push specific job creation programs, which i don't feel he's done. he certainly has not done enough. >> specifically for the african-american community. >> no. he needs to have a much stronger jobs program in general. but then he does need programs targeted toward the african-american community. for example, if those programs are not reaching blacks, and we need something like the old wpa or ccc updated for the 21st century. >> tell that to congress. >> we need job training programs in inner cities where young black americans are working at levels that are just desperately low. >> ryan, you go to some of these very neighborhoods and you tell people, no one is coming to your rescue. you've got to fix it yourself. you can't just say because there's an african-american president in the white house suddenly my situation is any different today than it was yesterday. >> right now -- to do a national tour for less talk and more action oriented type of

tour. trying to make sure they understand we are the cause of our own -- >> but $5,000, you can't invest in education or build for a future if you only have $5,000. >> first of all, let me say this, what the black community does not need is more speeches we've seen these speeching, and then that single black mother goes home, but that pen of barack obama can sign legislation if she's unemployed so she can still gets insurance for her family and churn. >> she's going to vote for the president if she's in -- why does she have to do anything? >> i'm certainly not talking about just a speech. i wholeheartedly agree that a speech doesn't do it. the president needs to make sure they shores up the vote.

he took the executive order. he could take steps to help young black americans who have been having a desperate time. >> do you think he will? >> i don't think he will, but he could. beyond that leadership -- >> you have to be a voter bob at risk? >> you can't begin to get republican support, but leadership means that you helped generate the support in the public that helps push the parties along. >> well, that dream-elible act also helps caribbean people -- >> that's a good point. >> in terms of the first black president and still a reply kale -- or rachellely polarized nation, and because of tension that exists, for us to ask and say let's go out and make mower

speeches, and risk the power of the legislation, i think that's -- let us be our own advocates and speak up more. we'll come back and talk about it again. i appreciate you coming by today. thanks, guys. coming up next, how to keep a steady hand on your portfolio. a midyear checkup of your investments. don't miss it next. writing the next chapter for the rx and lexus. see your lexus dealer. writing the next chapter for the rx and lexus. ♪ ♪ we all need it. to move. to keep warm. to keep us fed. to make clay piggies.

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the year's halfway mark is the perfect time to check in on your portfolio. the debt crisis in europe, slowing growth in china, gridlock in washington, a fiscal cliff looming. enough to make the markets jittery, but karin stone is calm. >> i watch it go up, i watch it go down, i'm pretty aggressive. yeah, at this point i don't have any need to take the money out. >> she's a 29-year-old real tore. she's hired financial planner stacy francis to help her look long term. >> we're halfway about through 201. it's been a volatile year so far, sell me a woman about karin

stone, what could her asset allocation and risk tolerance -- >> it did start take your age minus from 100, we would expect her to have about 61 percent stocks. it could be on growth-oriented stocks and value, mostly in the equities area, but she also needs fixed income as she nears retirement. >> let's think about it as a midyear portfolio checkup, if you will? >> we go to our doctors once a year for a major checkup. guess what? your portfolio at least one a years, you want to shift it back to the ideal allocation. over time stocks may grow faster than your bonds. >> she's allowing her to focus on her career than her investments. >> i just found out that my money actually agree. i said, okay, they're doing something right, you've got this. let me deal with what i know best and you deal with what you know best.

>> my colleague ali velshi and i have a risk calculator so you can decide how much stocks, bonds and cash you should have in your portfolio. go to my facebook page or follow me on twitter. meantime, pete dominick is still here. why? >> i had to hijack this last segment. it's about you. everybody is anticipating the legendary creator aaron sorkin's new show. there's a character based on you. let's sigh what aaron sorkin has to say about christine romans. >> i'm always been a fan of christine romans' broadcasts, and i'm illiterate with the finance and the economy, but olivia is playing who i've always imagined christine romans is. i'm sure i got it wrong, but that's who inspired the

character. >> anything unflattering -- >> look at you. olivia munn is playing you. >> loosely based on. >> we have a clip of her playing the character. >> i get that i don't necessarily look like it, but i'm an economist. >> here to explain what i just said how did that happen? >> do you have any human knowledge? >> i'm told i do not. >> let mer hang out with you. clooney based his character on me, which we spent a lot of time together. >> no, it was aaron sorbing deciding he wanted a character, imagining what that character wod be like. >> congratulations. >> thank you, thank you. "the newsroom" premieres tomorrow night. find us on facebook and twitter our handles -- back to "cnn saturday" for the latest headlines, have a great weekend.

the verdict is in. jerry sandusky guilty of sexually abusing ten boys. >> jerry rose, i saw some tears in his eyes. this morning reaction to the verdict and new details about the jurors who convicted this one-time hometown hero. also ahead this morning, the big wait, and for some the big worry. what will the supreme court discuss by obamacare? how will it affect you? we're looking at all the angles ahead of next week's pivotal ruling. the ruthless taunting she faced touched the nation. now the dough is rolling in for this school bus monitor. i traveled to her hometown for how it all went down.