all right good evening and happy friday welcome to capital account i'm lauren lyster here in washington d.c. according to the united states treasury mars the big day the second anniversary of the u.s. getting out of recession and before you start cheering no we're going to give you five good reasons why there is nothing to celebrate and why the u.s. economy is nowhere near out of the woods protests on the streets are just one example of course and today the occupy wall street movement in new york took its message directly to too big to fail banks and after the bank stocks rallied yesterday on news of europe's debt deal more economists came out today saying this deal may not be enough to prevent a crisis also pressure off europe's deal u.s. president brought go bomb maker lee heading into the g twenty has suddenly saying all right let's please get a firewall now to prevent the crisis from writing he says the u.s.

will do its part as an economy touting his jobs plan as key to u.s. road but attempts to pass it have failed so far so with washington really impotent and what does this mean for millions of jobless americans well let's see let's get to the capital account. all right u.s. president barack obama has an op ed in the financial times today i have it right here i've been reading it and he basically says hey europe now that you have this deal going to the g. twenty meeting next week let's make sure to build the fire walls doesn't come to the united states so that a crisis doesn't spread and about america he writes this he says first as the

world's largest economy the u.s. will continue to lead and then he goes on to talk a bit about how the most effective thing for the global economy to grow faster would be u.s. growth and he says that's why my highest priority is putting americans back to work it's why i proposed the americans jobs excuse me the american jobs act which independent economists have said would create nearly two million jobs demand and increase u.s. economic growth is why i signed a landmark trade agreements with south korea colombia and panama to create jobs but with his jobs plan for example failing so far in the senate is that a good metaphor for the prospects of all of these policies he's talking about your that he's telling the international community or his achievements well here now to help me figure that out is my calculator journalists who are in these times he's been covering obama's jobs council a lot too so he has some insight into that thanks for being on the show mike welcome to capital account. all right let me get this out of the way this is a big paper. so obama has this op ed out and one of the things he's

talking about is his jobs plan his jobs act which so far has failed in the senate in its entirety he started it piecemeal approach that's failed to is this as a solution to the united states is jobs problem and the kind of a solution or is a pipe dream. i think it's a dream i mean it's because desperate attempt to win votes in the reelection he's talking about because of economists i talked to says that becomes you have nine percent unemployment no president has ever won reelection and it took him. so i think it's all about campaigning i think it's about campaigning i mean parts of it are good but it's not serious i mean he's had you know if it was a serious jobs plan he would have done it in december of two thousand and nine so you know it was more stimulus right so you're saying it's a little too little too late now another thing in talking about that he touts is the free trade agreements that he just signed which were for panama and colombia

and south korea and he says these are going to create jobs my question is where are these going to create jobs maybe in north korea that's where they're going to create jobs south korea i was north korea no actually that is not his visions that some of the goods can be brought in from north korea so some of the zone is along the border there so you can actually have people working it's only weed as a north korean ship those goods over that is a different angle that i have and what's fascinating is that the south korean treed union movement was against the south korea free trade agreement even though some people said it meant more jobs because it also meant more goods could be coming from china and they'd be quickly assembled in south korea more workers go to north korea so the south korean units were actually against it because they saw it as the first that undermining them that is super interesting and what about american jobs because from what i've read i think the economic policy institute estimates that just the career free trade agreement free trade agreement could result in the loss

of one hundred sixty thousand or so american jobs over the course of several years or there's no doubt about it i mean this is the largest expansion of the free trade area since of mess after and the history of that of nafta has been bad for every country. and so what we have here is a situation where these you know these massive shipping jobs overseas like general electric who is close thirty three factors in the u.s. since obama came into office and then you have these people advising the president how to create jobs maybe the president should be talking to them about creating some drug lord that's interesting you bring up t.e.o. . of course death and all this is the chairman of g.e. is the head of obama's jobs council he is the jobs czar you raise eyebrows when he recently did that interview on sixty minutes and was pretty unapologetic about the fact that i mean are you sure is is you know not in the united states you mentioned him is that an example of the kind of person that these free trade agreements benefit benefit general electric but if it's going to benefit all the big

corporations that are close to the president. that need to create jobs. but if they're creating jobs abroad following along with jeff immelt school of thought he says that's what allows him to create and sustain the jobs that he has in the united states to have us djimi ten billion dollars worth of profits last year they could easily afford to create jobs this is about making you know what a billion more i mean isn't a profit pretty good well it might be but as he said in his interview he doesn't work for anybody but shareholders and he has to deliver profits so is the bigger issue is that system where these public companies are constantly having to deliver for shareholders i think that's the bigger issue is that public companies are having to deal with shareholders we don't have any type of policy to keep these jobs from leaving like you have and germany countries like germany actually workers make more than american workers make and they have to treat sure plus from china so

we don't have any type of policy like that to keep jobs in the country and we were at an event where michael moore was talking and he was talking about germany and their requirements for directors having to do with the unions what do they do there with with that in germany a lot of the companies have workers that sit on the board of the company so the workers are putting thinking about the long term interests of the company you know they have both through the board union members and the other through the truism the other three management she has a lot of boards of companies like this throughout germany which is not the situation in the united states of course for all sorts of reasons that i don't really. so there are different day but i was since we're talking about jobs and job creators business insider came out with a list of eight people that obama needs to fire if he wants to run reelection in two thousand and twelve and one of the people on that list was the secretary of labor linda sillies i think we have her picture she's right there help us believe excuse me. they say she's been too cozy with big labor they say that it makes no

sense to have a secretary of labor who is not at this point a point person for job creation did they have a point you know why not go to susan a fantastic secretary of labor i mean working in a very strong organization she is trying to do implement a lot of regulations that she workers' lives i don't think they have a point i mean it's business insider you know she was publication well i was not get into that we love our friends of the business insider i think they did just some excellent work and serve a great purpose however aside from. the her ties with labor does it make sense to have someone that is better ties to small businesses and medium sized businesses and what they need in order to create jobs why don't we have small business owners on the jobs council the jobs council is all major corporations why don't we have small businesses i mean a lot of those major corporations farms that are small businesses and a lot of those suppliers are being forced to move overseas by companies like g.e. they're demanding that why don't we have the voice of small business on the

president's jobs council i mean to look at the four percent who have solutions absurd i mean choose the one person this administration is really working for working for you when you're saying a kind of it doesn't hit on the point which is that big businesses make out well you know that jeff immelt say and. and labor may have you know said i killed a sleaze on their side but what about all of these small and medium sized businesses they're supposed to be job creators and that's a big question i believe it that as we look at obama. and dissect all of the misinformation according to my guest michael. player. all right time now for the word of the day where i breakdown a financial term or concept for our very smart viewer but perhaps not

a financial expert in our audience so we're stock rose because he typically has all the good news a low i thought right word of the day it's the most women of the. allow i don't even know it's a beta that other than obviously someone put you up to i know you speak the truth all writers thank you sovereign iraq ok so the word of the day is. something that i should take a look a smile off my face about and have a more serious look because it's recession and it matters because according to the us treasury tomorrow is the second anniversary of the us being out of one flew ok before you celebrate i know it's friday and you may want to but we're going to give you some reasons why you shouldn't but first let's look at what exactly a recession is here is the definition so it's a significant decline in activity across the economy lasting longer than a few months the technical indicator of a recession is two consecutive quarters of negative economic growth as measured by

a country's gross domestic product better known as g.d.p. so let's just take a look at g.d.p. and what it's done so you can see where so here are the two consecutive quarters of the decline and then add two more so that was our recession and then it's you know been increasing over the quarters and it just came in at two point five percent for q three which came out yesterday which is why some people are saying maybe a double dip isn't coming but even still many economists were not sounding the bells saying all is clear because there are signs everywhere that the economy is shaky and here are five reasons why we don't think anyone in charge or anybody who covers this should be celebrating one unemployment sixteen point five percent of americans don't have jobs or don't have enough work according to the government's broader measure of unemployment and look how long people are unemployed i don't bring up a chart because i want to show you how it compares to other recessions so these are this is duration of unemployment during all of these different recessions and this

is the longest amount of unemployment and look at how it compares here compared to all other recessions so the duration of unemployment is much worse coming out of this recession which we're supposed to be coming out of compared to all others all right so and the last month that it came out it actually had an all time high of forty point. weeks being the average duration so there is number one number two protests the occupy wall street movement started in new york forty two days ago protesting bank bailouts income inequality joblessness like the chart you just saw student debt and they spread across across the country not to mention spanning four continents not going anywhere which will bring you later in our show number three housing leaders including president obama this week again zeroed in on the housing crisis as an obstacle to u.s. recovery about thirty percent of mortgages are underwater and look at this chart it could go on like this for more then a decade that's if the u.s.

goal is japan's because japan had a very long housing bust and the united states could absolutely fall of the same power according to analysts this is where the u.s. is now you can see it's worse than japan was a bit stage in their housing crisis number four a lot of debt take a look at private household debt so this is where we are right here so all of this debt was racked up and that's how much has been worked through a tiny bit is deal leveraging people are paying it off and the reason why that affects recovery is that while everybody's paying off their debt i mean they're not spending money consumer spending gets affected and u.s. economic growth number five the banking system too big to fail banks three years later by the people that predicted bear stearns and lehman brothers lehman brothers collapse they're out saying things like this. crazy the words were very close to. worthless kubica failed banks like bank of america worthless insolvent

and you remember how much of a mess the banking crisis got the us into back in two thousand a. specially on a friday but now at least you know what a recession is and also many u.s. economists say the u.s. is still headed for one. and still ahead right here on the capital account don't go away he took from the rich and gave to the poor so could robin hood rescue the ninety nine percent i don't know but we will take you to the latest march of occupy wall street and first the closing stock numbers. we just put a picture of me when i was like nine years old i like to tell the truth.

i'm a princess and i am a total ghetto friends that i love rap and hip hop music the manuscript. but it was kind of a big yesterday. i'm very proud of the world without you it's a place. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize that everything you thought you knew you don't know i'm charged as a big picture of. what drives the world the fear mongering used by politicians who makes decisions to

create. who can you trust no one who is you know view with the global machinery see where we had a state controlled capitalism school sacked. when nobody dares to ask we do our t. question morning. all right so yesterday we brought you the news that european leaders came up with a deal for the debt crisis and u.s. stocks especially financial ones rallied and the mainstream media got excited too here's an example. you hope this morning that a double dip recession may finally be off the table of course you have the stock market by dealing in europe it's known track you have a best month since july fourth was president the dow jones industrials are up

nearly twelve percent for the month solidly in the black for the year also. near ports today show economists and european leaders are skeptical about the plan if it will work how it will work if it's enough analysts have also said the news does not mean that u.s. banks are in the clear which have exposure to euro zone debt and they're certainly not in the clear with protesters on the streets occupy wall street took to the protests took the protests to the front doors of big banks in new york just today are to producer lucy catherine off was there she's been covering this really sense pretty much the beginning and she's in our new york studio to set us straight lucy and i laurie you know so today they did this protest they want to according to reports be of a morgan stanley was fargo citi group j.p. morgan all the big banks with letters with i'm guessing there are complaints can you give us a sense of what kind of the crux of these letters was. sure well the whole point of

this process is to sort of highlight this other underlying movements that the occupy wall street folks are trying to put into place which is the occupy the board room movement that's what they call it like the board room it basically what it is it's a website that's been set up by occupy wall street folks in collaboration with some union groups some community organizing groups where they sort of list about two hundred different bank executives everyone from. citi group to. blankfein to jamie dive into some sort of lower level executives and board members and people can and then she go any american can go and like put together their story talk about you know there's sort of several categories for example struggling with foreclosure mortgages student. and other frustrations for example one of the big ones was sort of the the perceived collusion between wall street and washington and the corruption that they say they feel like they see in washington

and so about seven thousand people actually got together to write these letters these sort of go on the site and there's this option to select a pen pal and you choose your c.e.o. or bank executive of choice and send them your story and what they did is they printed out most of those letters today and had about two hundred more protesters marching around the streets to these different banks essentially the first fold of the letters into little paper planes and part of the bank so that and then gathered all that stuff together and left them in bags in front of the banks or tried to bank of america interesting enough was completely barricaded off they couldn't even get close to the lobby but at citibank they had an official who came out and took the letters whether or not any of them will be ready for of course that won't hold my breath but that was essentially the point that movement and interesting i'm curious just if i'm sure that all of these letters had a very you know personal story or a gripe whatever if there was any kind of being or overarching themes out of these letters that you could just quickly. well it's really just the personal stories of

what americans are going through as a result they say in these letters the sort of these companies these large financial institutions either flouting the law or using their influence to change the law in a way that lets them get away with the protesters call corruption and financial crimes while regular americans are essentially bearing the brunt of the recession there's a lot of frustration with folks you know average average americans middle class families who feel like they can't really pay the bills anymore they don't really have the same benefits and resources they feel like the banks are cracking down on them one of the actual one of the widespread complaints during the protests was the the rise in credit card and debit fees and bank fees so a lot of people just feel like these these companies sort of get to get away with things that they as individuals don't and that's where this inherent sense of frustration comes up if you think i'm curious if it just simply you think overall

protesters the disillusion to the complaints you just mentioned as government or as these wall street firms changing business on their own. i don't think they will i can guarantee you that will be really difficult to find anyone that believes that these wall street firms would change practices on their own but i don't think a lot of folks really still have faith in the government in fact i think a lot of the people who are here don't really feel like the government represents them otherwise they wouldn't really be here and a lot of folks go through you know even the employed people who are here and occupy wall street take a lot of time to bear the terrible conditions it's freezing here in new york to to sort of be out here and i think if they really thought the political system was the route for them to go they would have never taken to the streets in the first place i think where we're at right now for in these protesters minds is it's too late it's too late to hold on to the system as it is it's time to do something radical for them it's this occupation whether or not they'll take more radical measures or means to be seen but i don't think they have any faith that any elected leader at this point. can do anything to represent them right because of the money comes from

wall street in their view yeah ya know it brings up an interesting issue what is the solution if they feel wall street has bailed washington has failed that it's part of the huge system i appreciate you being on the show because there is so much misinformation or lack of information on really what's going on occupy wall street and you really have been in the trenches since that beginning and if anybody's not following lucy on twitter they need to be because she's an animal and she gives all of the best and most accurate information you can call or at least decaf and off lizzie have a good weekend and stay a day not too cold when thank you for coming. and get back here safely. all right we've gone through the have you have lines now let's go through some of

the more fun financial headlines with dmitri innes our producer extraordinaire as. shannon donahoe our producer in the control room who is not asking over there all right so first of all we were talking about occupy wall street is their forty second day and they have also said a new president google searches for occupy wall street had now surpassed that of the tea party for the first time in the us on september twenty fourth they've remained higher ever since so this isn't surprising a tea party has been old news why would an occupy wall street be surpassing them in google searches long figures do those figures through the book i mean the tea party they're kind of. they're a vestige of an older time they're hanging on to kind of. a habit of boston. right. because that's what that's kind of. the sort of spin that i was through so there's no you know they knew the crowd to have a lot of hackers with them so make sure that they would be able to understand you

know the internet and kind of these tea party. so you're saying this is about their knowledge of search analytics by some kind of tricky way they know how to market themselves well there are the guys in the tea party look they've got lawn chairs and plastic cups and suns obamacare but the guys like my wall street they're like the tech savvy guys i'm like that movie with i don't know i love how you're sitting here characterizing tea partiers and occupy wall street protesters when earlier you were bagging on people for doing that but we won't bring you anything to add. not really i'm pretty much let's let's move on. let's move on because there was a story in the financial times that we got talking about earlier today because it was talking about relationships when personnel get personal and the creative director of gucci and the c.e.o. of gucci are in a relationship and so they were kind of talking about how corporations are in this

sticky area of navigating personal relationships among executives you know in some situations an executive gets fired for an affair because of it's kerosene the company and yet there's a lot of gray area a lot of the people that article went to corporations to find out about their their rules about this their plans they didn't exactly have one or they were kind of hesitant to tell them what they were i think that is i don't know but i think there's a billion dollars in the scrimmage and i feel like you know a reprimand when. engaging in these sorts of affairs in the workplace but women are allowed to use that as an opportunity while maybe if women had more affairs then you would hear more stories about women executives that were getting any situation and getting that i m h three women are smart they don't get caught. all right. with the qualification i realize that so so i stand corrected in which case women

are just more for the. kind of reason the where other work areas are saying kind of i don't know where she is getting is that that sounds really arbitrary to me i don't know i don't know a lot of female executives that have gotten just scandals i think that men tweeting pictures and that sort of thing probably gives credence to what you're saying shannon because they're not very. discreet all right so. i guess. what are we where we go where we go i don't know where we're going we're in i don't know should executives be able to date is there any problem with you know the c.e.o. and the head of another division dating and all she's a creative director so i'm sure that helps her creativity oh you get me thinking ok you know. i think she probably helps him run the business a little bit better because women are have more sense and they are better than they were thoroughly that's absolutely true all right we've got to move on so this you know we hear from the great getting lower rates is going to help people refinance but real quickly this guy had a sixty dollars overdue fee and because of it was on his credit he couldn't get

a refinance loan on his home does this just is this ridiculous i mean everybody probably cost less than sixty dollars the mager one hundred care whatever it was that this guy could get a lot of credit on i think that i mean there's probably an excuse for the bank not to extend loans that are want to loan this ready money but this i think the movies of disaster i was assuming everybody's there was a that's the real story here of the real story and everybody i think it's a big cover up so that you can kind of put this into the deep shelves of their taste room and just forget about it forever look at this guy with a glass of beer. or thought bigby was shiny beauties of the barrier but he's the pimp their body that made this guy not be able to get a home loan i will leave you about that bar show happy friday thank you so much for watching please follow me on twitter out lauren lyster to get you through the weekend and come back on monday from everyone here have a great night thank you so much for watching.

issues that so much. a lot of people here is that is if you feel you are a leader see you have a plan to cope with me to solve problems and to build a fire wall against italy's. led mission and free. education free transport charges free the arrangements free the risk free the stereotype free the old free broadcast live video for your media projects a free meal gone to our teeth on time. for . full.

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