it's global global as world markets reacts to a dark and cloudy for counts so will there ever be protection from the economic storm and. it's a fine line between a campaign contribution on a bright. line that's what you're out of jail a legal line sure but don't political kickbacks across the ethical line well we'll speak to one man who isn't flirting with either when it comes to his bid for the white house g.o.p. presidential candidate buddy roemer. so what is it with those pants on the ground we'll take a look behind their savvy expression.

hey there it's tuesday september sixth five pm in washington d.c. i'm christine for you're watching our team and we're just back from that labor day they were day of course for many marks the end of summer and clearly that is the case for the financial markets where the sun just doesn't seem to be shining at all i don't get me wrong it's already been a very gloomy summer unemployment still above nine percent and on friday we got some depressing jobs numbers that said essentially that there were no new jobs created in august growth was flat that may have been assigned to the rest of the world especially in europe and asia but things are not looking good markets there yesterday and here today plunged and there was also today some big news out of switzerland economic news with the swiss national bank basically said they're not going to take it anymore they're sick of it based on

a limit on how far it will let the swiss franc rise against the euro this is their latest attempt to try to get a handle on the out of control currency they're out of control and overvalue. in part because of the influx of euros and us dollars that have been streaming into swiss banks especially in the last few years greatly appreciated swiss franc so how all these factors impact the financial future well i want to ask business insider deputy editor joe weisenthal he is in our new york studio and joe let's talk about all these things i guess we can start here in the u.s. today we saw stocks i think a similar story around the world all this coming off this depressing jobs report i mentioned i guess i want to get your economic forecast well i certainly it's hard to visit vision anything that's too strong obviously due to the sovereign debt issues in europe there doesn't seem to be any hope of a robust recovery there and in the us. what's going on in europe and also the

slowdown in government spending clearly our growth is limited i'm not as negative as some i actually think there are some positive things that people are annoying people are ignoring sorry credit conditions are coming back a little bit housing seems to have bottomed and maybe is turning but overall it's very hard to imagine anything but very mediocre growth at best you mention the the housing. let me ask you just real quick i know that that the u.s. has announced it's going to take some legal action against the losses that fannie and freddie experienced over the last few years kind of taking these big banks but it doesn't seem like they're getting a whole lot of money from some of these banks that had a hand in you know the mortgage meltdown what do you make of that. well i don't think the losses are significant i mean they're not going to take so much money that they're going to destroy the banking system i don't think i mean they're going

to you know they want to. get their penalty and they want to make the banks hurt which they are already but they're not going to go so far and demand so much money better basically wreck the big banks and goes right the entire economy the interesting ramification of the banking losses is the extent to which it forces beings to do you leverage lend even less money out and what that means for the broader economy so may not be so much about a financial crisis but you could have a thing where all the banks kind of retrench all at the same time and so there's even less credit and less lending going on and that would hurt pretty much everyone wow let's move over to switzerland where the swiss national bank wants to see the currency that the swiss franc we can after it has appreciated way too much i know you wrote a little bit about this it's confusing for a lot of people around the world but it does sort of matter and there is sort of a direct relationship between you know what's happening in the u.s.

economy and switzerland talk about the significance of this middle. you know basically for months and months investors and also just people who held assets in the european banking system have been rushing into switzerland because it's a safe haven because the country is so fiscally sound because it's not connected to the euro and that. has driven up the swiss franc to ridiculously high levels against the euro and the dollar and that's really upsetting a lot of swiss companies because what it means is their products are more expensive on the foreign market and that's been hurting the swiss stock market and it's causing deflation economic slowdown and the swiss national bank has tried to stem the rise of the franc in the past by buying euro's but nothing like what they've announced today basically then now is they're going to put a ceiling on swiss francs strength and they're going to stick to it so that basically they're going to print so many euro as an unlimited amount. to whatever

extent is necessary to make sure that this was doesn't rise beyond a certain threshold which they've set and this is the strongest move by any country . at all in this entire post crisis era of countries trying to print more money this is gone far and above anything any other country has done it's a really dramatic move it'll be interesting to see how it plays out yet really interesting you always hear about some of the wealthiest people in corporations spending their money over there i think a lot of people don't realize what kind of impact it can actually have on that economy let's talk about also this report out from u.b.s. kind of a controversial report basically saying the euro should not exist the way it is that either the current structure will have to change or the current membership will have to change i think you wrote about this do you think there is an actual threat. yes it definitely is and i think the great thing about this u.b.s. report is incredibly honest is that look the euro does not work it's not

a current it's not a temporary crisis and there is a temporary crisis but it's not just that it doesn't make sense countries every country in the euro would now have been better off never having joined in the first place everyone is getting hurt by it makes no sense for these countries with such disparate economic economies to have one currency and one you know one central bank and so there really is no choice but to either massively change the current structure if you are through treaties that a lot of the countries to share more of their money or someone has to leave and the block has to be much more cohesion or you know cohesive in terms of the types of economies that are left in it so basically get rid of greece and you know maybe spain and portugal and italy. but the problem there is that there is huge economic cost to leaving the euro if a country were to decide to it's just not clear how any country greece would do it

they had to g.d.p. would be enormous so there is no good option really. probably their best guess is that in the end they will come up with some kind of fiscal union but time is actually really working against europe right now because these kinds of things take a long time and politicians are hesitant and parliaments aren't eager to rush into this at all if you look this past weekend engler merkel's party got crushed in a german regional election because of there's such discontent with what's going on so long theory countries could move towards a more cohesive structure they're really racing against the clock here and it's going to be hard to see how they pull it off really a lot going on especially in light of what's going on with italy and the european bank i know you'll keep an eye on it for us business insider deputy editor. well we can talk about this but precious metals gold namely is in demand with everything else that's going on in the economy and metals are melt the only thing in demand in the decaying city of detroit michigan it's

a city where just yesterday president barack obama he spent labor day there speaking to thousands of auto workers and union members some good news out of there where some of those automakers are actually reporting profits one of the major companies of course is the ford motor company home of henry ford and guess what or just announced it will invest around one billion dollars to build new vehicle manufacturing and engine plants but there's a catch it's new plant which will create about five thousand jobs is in india largely correspondent marina horton i was recently in detroit and took a look at some of the impact this is having of these companies sending their jobs overseas is contributing to a surge in scraps take a look. this was once a city that symbolized america's innovation and manufacturing might.

but today it troy is the third most violent city in the u.s. with unemployment estimated at up to fifty percent according to officials a once glamorous motor city now has more people living in poverty then cars on the streets home foreclosures and continue flight to the suburbs which takes the tax base away from the city and there's more and more of that the decline in the school system. is making people leave the city and so there's no money here really in the there are no jobs here and as the u.s. census points out a quarter of a million people have left detroit in the past ten years the economic scars of this once vibrant city are impossible to escape roughly sixty thousand vacant buildings and thirty five thousand abandoned homes lined the streets of detroit hollow shells of america's former middle class which have ignited an industry of scrappers people

these properties of copper wire and steel pipes as a means of income. scrappers ruins for profit yards like this just five miles out of detroit scrap yard owner albertan talat says he sees new faces every day. they get closer brad pitt. making everything going to hell even more hellish is the sight of a city looting itself landmark buildings and foreclosed homes are gutted for survival and to go around and we're going to lose going to bring you this word over in addition to scrappers an increasing number of cash stops working americans. are treated in goods. greenbacks guy in a lexus and we're going to the suit and tie in a little brass lamp and there you know he's not into the legal recycling kind of guy. who sort of molly the u.s.

president promised things would be better for america's car making capital after the two thousand and nine fifty billion dollar bailout general motors and chrysler are automakers are in the midst of their strongest period of job growth in more than a decade since g.m. and chrysler emerged from bankruptcy the industry has created more than seventy five thousand new jobs for the first time in six years ford g.m. and chrysler are all operating at a profit g.m. has reported six straight quarterly profits chrysler revenue is said to be up by thirty percent nearly fourteen billion dollars from last year what about bill in the people out bell about the corporations who bailed out the banks and doesn't mean a whole lot because the people who are in the city still don't get those jobs those jobs are still being outsourced so they could nobody in the community they're not good and they're now benefiting from them so you still have a large percentage of people who are jobless in this once great industrial beacon

of american idea where henry ford pioneered the famous model t. production schools police and fire stations now stand a bandit as many americans are reduced to dealing in his crap you're guilty just to make ends meet her enough work on r.t.e. detroit. let's talk now about politics and power and about one candidate who's running for president who says money talks unless you take its voice away his name is buddy roemer and if you're not familiar with him that could be because the mainstream media doesn't send a camera crew every time he makes a statement or releases a report it could be because his fund raising efforts are coming along a little slower than others or it could be because he's one candidate some of the most powerful entities in this country hope you never hear of. other roemer is a fourth term congressman the former governor of louisiana and joined me earlier from our new york studio he told me why campaign finance reform is at the center of

his campaign. well i'm the only person running for president of the united states who's been both a congressman and the governor so i've seen politics at the bottom and at the top and there's one thing that ties it together in this country in the twenty first century and that's the power of checks the power of special interest money the every citizen doesn't give money to campaigns in this country in fact ninety eight percent of the people don't give a penny it's the top one or two percent they had of corporations they have pacs they have super pacs they give all their money and i think they call the strains they pull the strings they call the shots and to me when you talk about jobs when you talk about a budget that's clean and fair when you talk about a tax code that someone can read you have to first start with the money file of the

money and see who's pulling the strings i decided to run for president with my experience a growing jobs but refuse the special interest money i have a hundred dollar limit no pacs no super pacs and full disclosure free to lead i mean i think it's a very interesting idea one hundred dollars cap on campaign contributions but you are competing with some other people including candidates who have as you mentioned political action campaign political action committees super pacs and think about this you know in two thousand and eight president obama raises seven hundred fifty million dollars that's more than all the candidates combined in two thousand and four so i mean it's a cool idea for sure but if you want to compete you need to raise the money you can't govern if you know where us it's you making a very good point let me come in a different way. i'm not against money for campaigning or for advertising

stating what you believe and why i think that's part of our for political system what i am against is the money that's not disclosed for its arjun's money from our corporate giant that doesn't want to pay taxes and they're the largest giver to politicians i don't oppose the money i just think income each needs to come from every citizen's plain people small business people in small amounts here is not gold i'm going to try to get a million people to stand with me in the primaries and a hundred dollars each a million that's a hundred million dollars that's more money than anybody else will spend in the primaries i just do it a different way i don't get it from five big corporations or six super pacs i get it from average people it wouldn't be possible in the twentieth century but in the

twenty first century with entered it i am reaching out every day across america to every citizen's hour to have contributions from all fifty states from glom from puerto rico not many other candidates can say that we are coming it just takes a while to do it this way and look what happens why not do it this way a million people what an army that would be for the troops but that'll still titian you know fair play one hundred million dollars is still a fraction of you know as i mentioned iraq obama last time around raised seven hundred years no no no no this is just in a primary all right when i win the primary when i win the primary out challenge the president to five nationally televised debates. i will do it across the country and i'll as five million americans to join with me in this campaign to stop unfair trade with china to make our country break its addiction to middle eastern oil i've

made america at one hundred dollars that will be a half a billion and the president will have a billion you say will he allow spins you want to ramp for governor of louisiana the governor that i will it's spent sixteen million dollars i only spent one million if the money small and it comes from real people we can when i want to get in one more question about it as we're running out of time about the economy i know how your view now about sort of campaign financing about the super pacs about large corporations and their power but what about the economy in the state that we're in now we just don't have jobs report on friday that says there was no growth but it was flat arrow here in the white house right now today on the day after labor day twenty eleven what changes would you be making are do three things i would change the tax code to not allow american companies to deduct expenses

overseas. we're not going to have our taxpayers pay any companies building a plant overseas those days are gone we're the only nation on earth that does that we're going to stop number two i would eliminate the foreign tax credit that we give these major corporations we are not going to reward them for building plants elsewhere build plants in america number three we're going to have a fair trade adjustment sold in goods made in a country like china which trades unfairly which manipulate its currency which has hidden trade barriers goods are not going to be excepted into the united states and made by child labor force labor prison labor no standards on the environment they're going to at least meet minimum standards or we'll put a fair trade adjustment on them so we'll have a layer of a level playing field look made in america has disappeared i will bring it back

we will have an economic boom if we change our tax code and have a president with guns all right and just real quick but a lot of these ideas really interesting almost nothing that i've heard from you sounds sort of like it goes with the g.o.p. talking points memo i'm wondering if if it doesn't work out for you this time around would you consider in the future for hats on running and as a third party candidate. or would you think about running for anything i've been out of politics for twenty years bill small town banks i help small companies i love my life but i worry about america i love it i worry about its foreign policy its addiction to foreign oil it's unfair trading practices with china i worry about the fact that we don't have jobs we need to stand up and get it right we can. and that was a buddy roemer the former governor of louisiana and g.o.p.

presidential candidate and stay tuned to our later newscast from the always buddy we'll hear his take on the wars in afghanistan and iraq and more about what he would do if you were elected president. he has an interesting ideas of course but not the way we often see things work where if you really want something well you're going to have to pay for it perhaps that is true no more than here in washington where a lobbyist spend a lot of money to get there with their clients want to give you an idea by the end of two thousand and ten lobbyists had given three and a half billion dollars to members of congress as well as federal agencies they got in return we may never know the full extent of but regardless it is important to keep our eye on the practice and the process and artie's callen ford has done just that here's her story. why should my banker morgan stanley have fewer rights but my barber stanley morgan is the subject of jokes now they'll both be able to spend

hundreds of millions of dollars on ads attacking banking regulations and the big bucks spent time k. street journal the little guy and main street. but many say the money is no laughing matter it's a fine line between a campaign contribution and a bribe mind is what keeps you out of jail in order to run for office in america we've got a system set up where private funds account for the bulk of the money so what would it take for americans to buy back congress let's take a look at one group's estimate all the big lobbying interest in corporate donations include it that's fifty million dollars per us senator five billion to buy back the senate and another twenty million per congressman that's eight point seven billion to buy back the house of representatives put it all together and fourteen billion dollars is what it would take to buy back an entire branch of the u.s. government big dollar donations are nothing new congress passed its first campaign

contribution limits in the early one nine hundred seventy s. we held one presidential election campaign under those limits in one nine hundred seventy six and immediately thereafter candidates began finding ways around those contributions him out of money spent by lobbyist has more than doubled over the last decade to a record three point five billion dollars in two thousand and ten this presents a threat of corruption thanks to a two thousand and ten supreme court decision that fund raising can now include unlimited corporate donations my candidacy will be officially known as the hail to the cheese the end goal they are not to change. course not all flotations have the same price tag california's barbara boxer is the priciest senator at two point three million dollars followed by harry reid john mccain and tea party darling marco rubio i come from a hardworking and humble family. well that was neither well connected who's raked in twenty one point seven million as a freshman senator. you know house michele bachmann leads with thirteen point five

million dollars much of which comes from big oil which meets with her stance on drilling whether that is a labor groups or whether that is the same route or whether there is an oyster card . to go with it i know she lives and when corporations pay big those of us who can afford to write a twenty thousand dollars check or left on the cold can't shell out to buy a congressman full time why not rent him for hearing when american investors shelled out twenty four hundred dollars to only angle. twenty four hundred dollars to dan burton county macca five hundred dollars a mr. mr asker crna. sorana and made his cement company the center of a human rights hearing i'm one hundred s. both cheap and expensive but out of reach for the average american the public needs to know the decisions that are being made are they being made because of the merits of the proposal at hand or is it a perk that is due to some sort of backroom deal but with plenty on the budgetary

chopping block of the debt super committee many expect lobbying dollars will once again set the agenda in ford artsy washington d.c. . and still ahead on our team for song some young men and women thank you pants are more than just a fashion statement well have the lowdown on why their pants are on the ground and how far some lawmakers will go write those you home up. for sleazy low and. rachel that he's let people are suggesting she's. you know she says she's a star. welcome

back so we've talked about the economy today and in our political corruption and i want to talk about another thing so many lawmakers and people in positions of power seem to be focused on that is saggy pants it's not a new trend but a whole lot of new laws are being proposed and even passed to try to change the trend in florida state senator gary sick one was at a florida school just the other day passing out belts to high school boys so they would pull their pants up and get this billy joe armstrong the front man of green day just last week he was kicked off his flight for signing his pants too low and he is not the only one i decided to take a look at this trend and also to measure some are taking to try to get people to pull their pants up. in most urban neighborhoods across america this is a familiar sight. that's like that's going to basically this. you know t.v.

cécile t.v. just let my clothes cost money so yeah you know show us. the event on this u.s. airways flight a college football player showing his drawers brought the pilot out of the cockpit . of the well my. three year old dijon marman was then arrested and scored off the plane dr oz says it was no accident but believe he is a victim of those discrimination that his civil rights were violated because of the similarly situated that fly airplanes that may be addressed in. appropriate dress or unusual dress were not targeted as he was the sagging pants on this young man led to this awkward exchange with the police officer patting him down the cheek of the mic never. told you if it. was here.

the fifty third. or about that these young men not sorry at all they did not like the racket. and you can even look at out what are we walking does it automatically mean you're trouble if you've got your pants down you mean trouble looking. down my skill to the right way see a legal pimp only two got only mockingly that leave it out because i'm looking like a fool more like it say son trying to dry out looking like a phony which this video of a contestant on american idol went viral well lawmakers across the us are taking a less humorous approach in fort worth texas you can't sag and ride the city bus in opa-locka florida refusing to tighten your trousers will cost you two hundred fifty bucks and in collinsville illinois wearing saggy pants on any public property is

banned in new york state senator eric adams used his own money to put up these billboards so while the strict laws i think it says that failure to regulate customs and traditions and culture and i will community will result in others using laws and rules to enforce how we should dress most people believe the saggy pants trend originated in a prison or not only are inmates not allowed to wear belts but rape is often prevalence outside of prison walls a lot of people say they sack their pants to show they're tough are some say it's just once become comfortable they might have a pants leg and back every. thank you so she is a positive symbol one everyone even the soon to be president seem to have an opinion on that i think passing a law about people wearing segued pants is a waste of time having said that brother should pull up a patient's obama may have one.