been there done that federal reserve chairman ben bernanke he gives a rosy outlook for the u.s. economy long term while taking no action on the ghost of growth list present so is the economy just going to see the same slowing song and dance. and while the economy is all doom and gloom apple is out of jobs steve jobs that is he's stepping down after leading the world into the new age of technology so is this the end of an era of innovation. plus rebel forces navigating through the libya labyrinth toward gadhafi but in the fog of war the outcome is still hazy over a report from the ground. it's

friday august twenty sixth eight pm here in washington d.c. i'm lauren lyster you're watching r.t. so where is the economy headed and what are u.s. leaders doing about it well if you look at the numbers they look like the economy is headed down at least that's what they appear to be saying out today numbers show the u.s. economy is just barely growing it grew just zero point two percent in the second quarter of two thousand and eleven this is down from what was first estimated and if you look at what this means for the year it means just one percent growth this is also revised down from previous estimates of one point three percent so add this to a list of facts that have economists such as nuria roubini saying we're headed into a recession some guess economists to come on this show already think we're in one now the growth numbers that came out today are all. so that kind of news that would

put pressure on the federal reserve or the u.s. government to do more but lo and behold in ben bernanke he's highly anticipated speech today in jackson hole he did not announce more quantitative easing as some analysts were looking for here's what he did say a jackson hole the federal reserve has a range of tools that could be used to provide additional monetary stimulus we will continue to consider those and other pertinent issues including of course economic and financial developments at our meeting in september which has been scheduled for two days instead of one to allow a fuller discussion so a couple things there are no quantitative easing hinted at in the same way that it was last year when he gave this speech and then started doing just that and also a two day meeting in september instead of one that kind of sent bells out for people but is this really a good or a bad thing that he's not doing more stimulus now we'll get to that but first more alarming perhaps is bernanke had a positive economic assessment long term he said the growth fundamentals of the united states do not appear to have been permanently altered by the shocks of the

past four years this is people say we're headed into recession smart people need while he said that financial institutions seem to be normalizing but we see bank of america well their stock is tanking and they got a five billion dollars bailout from warren buffett to try to assure people that they're staying afloat is that a sign of what's to come for more banks well to answer all of these questions i spoke with karl denninger of the market taker and i started out by asking him if in fact it was good or bad that ben bernanke he didn't announce more quantitative easing here's what he said. quantitative easing two didn't work objective leave the only thing it did was live stock prices and now all of the increase that we got over the space of eight months came off in about three weeks so all we ended up with the is a temporary sugar high in the stock market and higher gasoline prices while higher gas prices are bad from a consumer groups point of view not good so i don't see why the market would be

looking for him to do more of what hasn't worked or why he wouldn't engage in more of what hasn't worked it doesn't make any sense well who benefits from that because there are a lot of people that are saying that it's what's needed and that when it does come it'll be too little too late but the benefit of that there really isn't one and that's the problem is that you add things to the balance sheet to basically make the federal reserve balance sheet larger this supposedly puts more money into the system. that change in monetary supply and credit supply has shown up but it's not producing the expected increase in economic activity because there's too much debt out there in the private sector and people are unable or unwilling to borrow you cannot boost the economy with easier lending when the problem is that people have too much debt so then is this bad out of bullets to do anything about the situation the economy of them. they can engage in what was called in the one hundred fifty to sixty s. operation twist which would be an attempt to drive down the longer and of the bond

curve in other words make borrowing for longer periods of time cheaper than the problem was doing that is that banks exist and survive on what's called the interest rate margin or net interest margin mihm and that is essentially the spread between short term rates and long term rates so if you flatten that out you destroy bank profitability and right now the banks are capital challenged even though they all claim they're not as we saw with bank of america in this little game that they played with warren buffett this week and that's a question i want to ask about bank of america why you pointed out in your blog that they would have done as good a term from warren buffett as they would have gotten from the fed so why wouldn't they just go to the fact that money. they could have borrow that money from the fed for the twenty fifth of what they're aiming for in buffett why would you pay twenty five times more six percent as opposed to a quarter percent for money that you supposedly according to the management of bank

of america you don't need that doesn't make any sense and contrary to promoting confidence i think it sounds an awful lot like what happened in two thousand and eight when everybody ran around and said world capitalized we don't need a money and then three weeks later they blew up are you scared that more banks then bank of america are not capital i don't have enough cash and could tank. real problem especially in europe is that you have a lot of institutions that have exposure to sovereign debt greece is trading at this point on their two year bond they've already assaulted and haven't paid when you have a fifty percent effective interest rate that's not an interest rate anymore that the market telling you there has been a default and that's the recovery that you create on that instrument so you mention the question becomes how much of this stuff is sitting on people's balance sheet and what is the last and it shall we get honest answers to that question we're not

going to know where the banks are as karl denninger from the market ticker now someone that has done i think job with managing money despite turbulent economic times is steve jobs of apple i find me he of course resigned as c.e.o. this week he started off with a vision of a different world looking back to the eighty's watch this. year where it's going to. introduce. and you'll see why nineteen eighty-four. and it wasn't and password to now he led the company to be known as one of the most innovative and rich earlier this month apple had more cash on hand than the u.s. government had to pay its bills that was of course during the debt ceiling debate and then later this month it came out that apple had seventy five percent of the

market cap of the entire european bank stock index almost worth as much as all of here in banks now apple's success is credited largely to the vision and the unconventional tactics of steve jobs he's known for what people say selling dreams instead of products and telling people what to think in his words he said it's really hard to design products by focus groups a lot of times people don't know what they want until you show it to them pretty unconventional in corporate america he was also known for an uplift side he had public confrontations and outbursts yet many in the tech world are writing his departure as marking the end of an era so does this mark the end of a visionary model and so then does this give way to a rise of mediocrity well earlier i spoke with declan mccullagh he's correspondent for c.n.n. news and i asked him about jobs legacy he used to work for jobs back when when jobs started next a different company when he was ousted from apple originally now i asked if the

formula to his success was yes about the visionary aspects that everybody talks about but also about that flip side the un politically correct confrontations and the micromanaging and the meticulousness there's a reason. well i don't most of them have the kind of visionary c.e.o. mentality and look you can find a visionary c.e.o. without having the mercurial temperament that steve jobs is sometimes the package if you want someone who is brilliant and someone has design for early products then you're going to have some time for the along with it look at the office that maybe i mean who's the opposite steve ballmer i mean he's the bomber discover that he throws chairs there's nobody never managed to be what steve jobs is this is treason to unite on he's someone who left apple went into the wilderness

created a next computer a computer too far ahead of its time it was also the first time but then i think back he would have brought the vast knowledge back to apple in the late ninety nine movement created by these wonderful companies that we know and love today are possible or these returns it was really steps for us and you or i can bet on how long it would survive and now it's the world's most i work most valuable company as living you meant you meant and that's as much about him as a visionary and that kind of your courage alcide that you get to it but he was also at the same time really successful at being the c.e.o. of an established mature company and running it well it's a very unique blend why does that work for him but not for someone a c.e.o. like say the former c.e.o. of hewlett packard who they've known for going in and retooling the business revamping it bringing it a lot of success but he had to resign because of his mercurial you could say side.

well there are certain types of c.e.o.'s right down to the ones who founded the company and then they create markets but they may not be as well suited to running a company once the markets are bit more mature than others the hired guns who were brought in well. the company is large enough and the market is mature enough. so in jobs was kind of both a way for him in ninety nine am e.d.t. sorry steve wozniak overcome the john stelly who was at pepsi co as an executive there and today you know you can hear so much sugar water or you can change the world and they brought. turned out not to be maybe the best choice there is. apple apple needed someone who could do both and create markets and then run a company when the market was large enough and so our founder for fifteen years before steve jobs back and so i think jobs learned a lot deeper when you militate and when the board forced him out of that nice

a because then he wanted to create a great company under appreciated company next and that became apple going to of course but if if they if jobs dead where the c.e.o. at h.p. did when he had been able to say. i think you're going to give the founding c.e.o. who's event back in created the most valuable or second most valuable company in the planet if you're going to that person a lot of elite way and leverage and so. what you're getting at almost is how much of the success of apple is i or tied in with steve jobs the man the personality the management style and the ability to mesmerize audiences versus the other executives and tens of thousands of people who work there and being submissive both . also a mix of some other characteristics names that was declan mccullagh from c.

net with that in our last navigating their way out of the libya labyrinth rebels are taking tripoli when the death settles who will be in control i what will this mean for nato. to put a picture of me when i was like nine years old on the job the truth. sets in and i am a total ghetto princess hi-lo grab him because he is a killer and pretty soon. he was kind of yesterday. i'm very sorry for the with a split little. little

. welcome back well fighting rages on in libya and amidst it the united nations is urging all sides to avoid acts of violence and u.s. officials are saying there is no place in the new libya for revenge attacks and reprisal now meanwhile british tornado jets are firing cruise missiles at colonel gadhafi compound in his hometown where they have been this even though nato claimed it wouldn't help rebels hunt gadhafi down either tied in teams to turn in libya are to correspondent reify notion it is there she has the latest from tripoli. khadafi

still remains the go number one for the rebels and since the beginning of the operation here in the libyan capital tripoli we've been hearing numerous reports and we've been hearing numerous statements by the rebels by the leaders of the rebels that they know could of his whereabouts first as you remember they've announced that they've captured captured a full islam gadhafi his son and then it turns out that he actually hasn't been captured he hasn't been detained or at least has been released so we cannot say for sure what's happened but i turned out to be you know not true then we've been receiving information that the rebels know where gadhafi is here in tripoli and they live inside that they've cornered khadafi and the spin had winds on many international news channels for quite a while but it actually didn't end with any concrete detail and create a success and to tell you as well we are receiving reports that the rebels have

flooded the streets of tripoli trying to hunt down gadhafi in one of his district in the south of the city. known as abu slim. has always been stronghold of his supporters but actually we this information has been confirmed and we still have no sign of khadafi actually. apparently and definitely this battle is far from over we saw while driving from the tunisian libyan border to the capital tripoli differs a lot from what we used to see here in june and july when the western part of the country had been controlled by his forces new leaders flags. waving everywhere and all the buildings all the walls covered with. arabic english and french are welcome to you leave your welcome to freely. it's also everywhere it

up is. so it's complete it's just absolutely different country absolutely different . picture and trademark rebels. pick up tracks of what we used to see in benghazi in the part of the country before kind of a symbol of the fight against the regime here now everywhere so we can definitely say that. for the smallman place part of the country is actually in the rebels' hands meanwhile reminders of the recent battles everywhere we've seen any random tang's parents cars there on the road there are many many checkpoints on the road to tripoli like we've seen at least twenty of them with a gunman welcoming everybody with celebratory shooting but actually we've also got a feeling that the rebels are the only people left in libya because of the cities

we've been driving through looked abandoned am still a ghost cities we've been many many cars loaded with personal belongings and we've seen lines along the lines at the border from that part of libya towards tunisia so people are fleeing this country and that's clear because it's not safe here see you and politically that's quite unclear what's going to happen next so as you can see situation on the ground is very complicated and the rebels are now facing many many problems the litter is of the rebels have repeatedly been talking about elections and constitution changes but actually that's that's not easy because if there is a huge problem in libya's structure this country is home to at least two thousand tribes and the one who wants to control to rule this country has to have good relations with all of them and we know that the rot in london. those who support

the darky in who are strongly opposed to the rabble so this will be charged for the devils to communicate with these people so difficult situation and wary of the notion or r.t. correspondent gives us the complexities of it right from there in tripoli so what will be the blowback of what we're seeing there in libya and who could stand to benefit for it to talk about this i spoke with asia times correspondent pepe escobar and i started our discussion on all things libya i asked him if the british jets that are bombing khadafi is compound in his hometown of sirte are is a violation of the u.n. resolution that nato is operating under here's what he said. but the u.n. resolution has been five months in fact but look very important breaking news for you guys so just confirm a few hours ago in fact guinness hall is good the fractal military commander as we speak. i would i am going to guess i'm going to gather it is going to have

something to do with the united states nor. do her keen bowl. that one way back in the lead what are they and here what are you playing here break this down for. let's get the story straight. this is the guy who organized the dirs in the southwest mountains southwest of st louis d.l. says that last saturday he was the military commander of this offensive so he was working in connection with the guys who came from misrata to the shores of tripoli bartman the qatari special forces the british asked etc but how did this guy showed up in the west and their paramount so we have to backtrack to nine eleven he was trained in afghanistan he was an al qaeda asset part of a very hardcore salafist islam is levy

a group called the islamist leave the group was that quick translated from the french in fact and he was struck by the cia after nine eleven he was friends with our colleague he was captured in the lead in two thousand and three he will store today in bangkok where i lived at the time you're one of those extra rendition cia prisons in bangkok he was sent back to the libyans he made a deal with saif al islam in two thousand and nine he was really then no because the military commander of tricked into going to start he is the military commander for the transitional national council and yes yes yes so your correspondent tripoli could get this story in the next few hours first out you know we will continue to follow the latest on the. part of the case and he's outfront next. they are good they are good they are connected with jihad just you

know so i had to get the information from pakistan from you know iraqi people to reconfirm it and i can say almost for sure with ninety five percent certainty this is the guy and i'm going to say that i'm going to write an article monday about this expect explaining how he ended up in this position and people. to check that out but i think the question is if this is really the case the united states has been working with the transitional national council we know that the cia has been and the country so they would have to know that right of course they have to know is this thing working together from the start because it all sounds sort of big guys in a place called there are no this is a place where most libyans that were part of the jihadi training camps in afghanistan they came from this part of libya that's a lot of people in tripoli being look at syria and i can to see a bunch of country bumpkins in it and this is troops this is something the upper

respondants elite that can see by themselves as well and they also see a bunch of salafi jihadists but from the beginning when the whole figure is seventeen's movement was hijacked why did they feel towers by the u.s. military defectors from tripoli everybody was working together including the salafi jihad that's why we don't know what's going to happen next and now you're saying it's so but they're going to force it right and it sounds like you're saying they are taking the lead but. as i think what's interesting we're seeing british planes that are that are bombing sirte days are you know u.s. drones at least i mean a lot of what is there in the obama administration distancing itself from these rebels we've heard secretary think clinton to say hey guys or whatever it was paraphrasing say a lot with the revenge like don't go out killing everybody now. anything you correct about the restrictions actually better because because now even reuters is

running stories of massacres on both sides and today this was on the cover of the york times as well write this the so you think that the obama administration is distancing itself from their entire conflict after that situation out there now they're saying look this is a gnc war in conjunction with nato and we have nothing to do with it it's not true of the. because all the surveillance satellite information the best qualified information comes from different they're going to be in naples right and then you leave and then you mentioned i'm sorry i missed out on your time but you mention the reports that are coming out that don't look make the rebels look so good there's been reports of slaughter gadhafi supporters and what looks like a tent city they look like activists is that the mainstream media has characterized these rebels as liberators now these reports challenging not how are the rebels going to preserve their image in the united states who are they going to to left. look it's simple simple. to go fifty that you mention the beginning of our report

can we said made to it's going to be really an infrastructure in city which is a relatively big city and these bones are so smart suit the civilians are not going to be touched i don't want anybody could get something like that no one can listen to one and i just we're almost out of time but a straight lobbyist they've been hired to represent the transitional national council so that the money that the transitional national council is is looking to unfreeze of the libyan assets and get that to come back to washington and the farm of loving. god so this is a paper book so i'm going to launch a war to war so it's a more i'm going to get a bunch of rebels somewhere maybe. for instance the i'm a. tomorrow my war is going to the on the front page will be read the united states as a legitimate writer use it as you got to have a go though they're going to look like we're about fifty thousand dollars

a month for one lobbyist was the cap not much or all right we'll have a thank you for being on the show thank you for the news that you broke here and we'll look for your report on monday and hope we get to talk you've got serious and that was asia times correspondent pepe escobar now it began syria and syria today protests continued and government forces reportedly killed seven protesters that in response to unrest we've seen there for a while today russia announced a diplomatic initiative to try to stop the violence the russian ambassador to the united nations also said moscow will send an envoy to damascus on monday russia also introduced a draft resolution to the u.n. security council this comes of course after the u.s. and europe introduced one earlier this week russia and china however boycotted the security council meeting to talk about that resolution and the russian government had a strongly negative reaction to it according to the ambassador well archie spoke with him with russia's ambassador to the u.n. to tally stricken and here's what he said about the new resolution. they're

frustrated that we have so far we have not seen any sign of the opposition being ready for entering into a dialogue with the syrian authorities so we thought that. to put all those things in the resolution and to have the resolution passed that the security council. would signify a continued involvement of the security council in a positive way not towards that aggravation of the crisis but hopefully towards establishing dialogue and having the violence go away and of course what we're seeing from our colleagues or u.k. and others from the security guards completely different it's it is not in line it's completely contrary from the philosophy and principles of the presidential statement it's completely biased and that leaning exclusively on the syrian government that doesn't have anything above i think for dialogue doesn't encourage your position for dialogue in fact our concern is that it's going to push the the

more extreme the more destructive elements of the syrian opposition towards me over . even stronger efforts in order to topple the syrian government so that's why we will do not like at all what the whole western colleagues are trying to achieve by that resolution and and i propose an alternative to that to keep the security council and world but the trouble to involved in a positive way. now the russian draft resolution is also supported by china south africa and brazil we'll have more on that for you coming up next week and stay tuned to r.t. for next week also for a whole new lineup of stories first it's an arms race middle east edition as rebels wrestle power away from moammar gadhafi it's forty two year reign who will end up in control of libya's chemical weapons stockpiles nato is trying to get its hands on them but even with the rebels in control now it won't likely be a cake walk and will this start a chemical reaction in syria plus immigration detention facilities can be cold as

ice they're also raking in the dough because private prisons get paid for every illegal immigrant they lock up and they're pushing lawmakers across the country to come up with new or tougher anti immigration bills so they can keep their prisons full also who ever said going to the library was lame there's a variety of gently used books and magazines and oh yeah online porn that's right civil liberties groups in new york are fighting for their right to pornography it is definitely a story you'll want to check out those are just a few of the stories we have lined up for you next week along with more news of course an in-depth interviews so come right back here on monday but that's going to do it for now for more on the stories we cover a good r.t. dot com slash usa you can check out our you tube page it's youtube dot com slash r t america you can also follow me on twitter at lauren lyster have yourself a great weekend.