tv The Dylan Ratigan Show MSNBC October 8, 2010 4:00pm-4:17pm EDT
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finally do something about it? instead of just taking the campaign cash and pretending it's okay. all that, plus have white gone crazy, a provocative rant today. only our friend could pull this off. he's ranting later and the show starts right now. all right. good friday afternoon to you. doom and gloom on jobs on this show. no way to avoid those facts today. our economy shed another 95,000 jobs last month. unemployment rate stayed at 9.6%. here are the real reasons why 30 million americans do not have enough work and why this simply is not going to change up if we don't man up to deal with the instruct churl problems in this
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country that's at the seat of this problem. to take the real pulse of the job market, you have to look at the private sector, which added 64,000 jobs last month. in order to sustain the unemployment rate, we need to be adding 200,000 to 300,000 jobs every single month, that's just to keep unemployment at 9.6%. way we're creating jobs is not the right way. let's look at the few months where we were adding people to the payrolls. it was a result of the government throwing more money at the problem as opposed to solving the problem. ken us is workers or winter storm worker. 80 per september of jobs lost last month came from the essenticensus being over. how do we create vibrant sustained jobs to get this economy back on track? one is investment and two is education. first, investment, government
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policy in this country right now, insent vised taking money out of our country. look no further than china. which is rigging its currency to keep it at a cheap level to give its export an advantage versus ours. we're buying china's products, they're not buying ours. when government frees up money, bank bailouts the money leaves america and gets invested in china and elsewhere. just look at caterpillar or aig and they're lobbying to keep the game rigging because they invested in china. nothing sums it better our drop from first to fourth. other countries wanting to bring their money to our country. and an investment just one half of the jobs equation.
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education is the other. >> there are 5 million people who could go to work tomorrow if they were trained to do the jobs that are opened and the unemployment rate in america immediately drop to 7.9. >> that's right, 5 million jobs and 3/4 of corporations say they didn't find qualify candidates to fill open positions. if we're going to bring jobs back, washington needs to do its job. beginning with economic policies that work for the american people. not the powerful few who are profiting from this country's extraction. let's bring in our team on ideas on what works to lead this. peter morici, jim from reuters and leo henry. professor, i will begin with you, if you directed the energy, like a swarm of bees, the people who are watching this show, the people who read about this on
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the internet the people who are getting educated to this problem, where would you drive them to our government? >> they should focus the president on focussing the currency problem with china. there's no way out. businesses won't have any customers or create jobs if they can't sell stuff. the president himself in new york at the u.n. said two weeks ago, we have options if china won't act. president, it's time for those options. i would urge everyone watching the show, to write the white house, to force china's hand. >> how do you address the issue with china without having it deteriorate into demonization of china? how do you solve this issue and at the same time, not have it deteriorate? >> well, listen, i'm not a big
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fan of placing some of these currency taxes on the chinese currency. i will say that the movement in congress, to do something about the currency, is having an effect on china. i think they're going to start allowing their currency to rise a bit more quickly than they have in the past. i don't think that's going to happen. i wouldn't get obsessed with the currency. a lot of other things going with china, having to do with market access where they force business to relocate their r and d centers. lot of other things beyond the currency. that we should be focusing on. >> there's a lot of things worse than a trade war. jobless recoveries and stagnant wages for 90% of americans. the figures that you led this show with n my opinion, a lot
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worse than a trade war. i don't think it's a trade war when you ask for reciprocity. this is nothing. peter wright writes about this at least once a week, we're asking for balance and reciprocity. when you have to do with a crisis at this moment, you have to parse this thing into immediate term, longer term. i would take strong exception to president clinton who said education is the solution. if you and i were kings and queens, we couldn't fix education inside of a decade. peter's concerns and mine about china are in fairness, are medium term solution. if china were to start to do the right things today. it would be months and years. the magnitude of this problem is so acute. the prolonged nature of it is so unprecedented. there are two things that we can do quickly, infrastructure and
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out of school unemployed youth. we should be committed to the other initiatives and other solutions. >> go ahead. >> i have no problem with doing something like infrastructure. president the president needs to follow through on some of these business tax cuts that he was talking about. earlier in the week, he talked about cutting corporate taxes. those you can do fairly simply in an act with congress. >> professor, here's where i run into trouble, they will point out, if you address these issues you start to get some of the results. hang on, what would china do if we do this, they would immediately start investing in america. then, i say, hang on a second. if that's not the problem,
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what's the problem? people point back to the business lobby. companies who are benefiting the same way that china is and in our government lobbying our government to say, hey, don't play fair, rig the game the other way. do you think american people comprehend their own patriotic brands are most pushing to prevent a real engagement on this issue? >> absolutely, i do. today the managing director of the imf used language that's quite motivate. he said some companies, namely china view currency as a weapon. they do. we're in a trade war. but china's firing the missiles and we're not shooting back. we're essentially folding our arms. while they truck all of our
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america industries. caterpillar and general motors are very happy to play the game -- >> hold on, jim. >> caterpillar, china doesn't need an embassy in america, it has caterpillar. i confronted the chairman of general motors now gone, he just blew me off, jack wagner. who know why? he has plants in china. they're frankly foot soldiers to haul off american industries and take them to china. >> i think that's changing. i think more multinational -- let me finish. >> exchanging. >> more multinationals are tiring of the rules being put on china. as i was mentioning.
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these market rules where they're forcing to relocate r and d to china. the traditional sort of free trade lobby which is republicans and these multinationals. that's breaking down. multinationals areless enthused with china. a . >> leo, do you feel like the american people understand that china is doing what's in their own self-interest. they want to develop their own country. they're acting in a way of their own self-interest. america isn't acting in their own self-interest and the explanation for that dysfunction is because america industry influencing our government, because they're in china >> i disagree with jim, as the fact that big businesses are pulling back. multinationals pulling back. they're coming more entrenched.
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people think we have tipped from free trade to unfair trade. the issue for me and and your lead tried to cover this, we didn't lose 95,000 jobs, dylan, we didn't lose 95,000. if you count all of the categories, we lost 385,000. we don't 15 million men and women looking for work. we have 30 million. people know this first hand. i think they're saying to a lot of us, enough is enough. and what i don't want to hear too much more is these longer terms, sort of theoretical solutions about competitive advantage. we're getting the heck kicked out of us by china, unfairly. >> hold on. hold on.
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>> why don't we cut corporate taxes in half? >> more cash to invest in china. i don't want to give caterpillar another nickel. >> i would be delighted to cut corporate taxes. i have argued for it and payroll taxes. again, these aren't going to win their way through the congress in a year time. we have to acknowledge that these the medium and long term. and when you believe that there are 30 million men and women looking for work, when you believe that, then you priorityize. i'll do anything. we'll do anything to fairly create jobs in america. in fairness, also stop this wage stagnation that workers have. i give no countess to the business roundtable. they're not converting. they're not coming in our
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direction. they're too entrenched overseas. >> they're working. >> i'm out of time. >> hold on. i have to wrap it up, guys. this conversation unfortunately will be recurring. thank you all for a great conversation on a friday afternoon. thank you very much. coming up here on the dylan ratigan show, is the push to legalize marijuana losing steam? a new poll the campaign to bring pot into the main stream is about to go up in smoke. forgive the pun. we're back right after this. ♪ when it's planes in the sky ♪ ♪ for a chain of supply, that's logistics ♪ ♪ when the parts for the line ♪ ♪ come precisely on time ♪ that's logistics ♪ ♪ a continuous link, that is always in sync ♪ ♪ that's logistics ♪
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