economy, but world economy. that is something that is very special, here in california, and san francisco. our representatives in the u.s. senate, barbara boxer and dianne feinstein, women, minority leader, former speaker of the house of representatives, nancy pelosi. go up and down the peninsula, sacramento -- women, women. we do not just enable women to lead in the bay area, we cherish their leadership. it is very special and important to us. having this in san francisco is going to be a big deal. we are not just going to welcome it, we are going to make it happen in a big way. we are going to count our on our friends here in city hall to do et like none other. when it comes to being on the world stage, i think that we are going to leave that to charlotte to figure it out. we will just help them make it happen, the way we think we can do. our belief is the success of women in world economies is going to be the success of the world economy. that is how important this is. lorraine provided some of the statistica

the global economy. and we started something that think it's fair to say nobody could see at the time, which was faltering starts and various starting points, a pattern that i eventually came to call convergence which is this process of taking 15 privileged% mac -- privileged percent, i think a realistic one at the end of this century that started after world war ii which we are more halfway through. we will have, if we are lucky, 75, maybe 80% of the world population and we're well on our way. i don't want to sound flippant about this. there's a lot of hard work that goes into a standing growth like this, both within the countries and have increasingly globally to create stability in and if i'm at which you can't occur, i think it's a reasonable guess that if something really bad doesn't happen will triple the global gdp in the next few years. probably 20, maybe more than triple. it only takes 3.75% global. so i think what trannine -- what olivier said, i present what i think is now common knowledge amo

it's got to come from the domestic economy. aggregate demand and the domestic economy. that has to be the right mix of consumption and investment. it will guide the evolution of the supply side of the economy much more prominently than happens when they were or any other country is poor. the domestic doesn't matter. that is not exactly right. and there are lots of places where discipline or price distortions are other things. the thing that has worried china most, documented very well, the declining fraction of household and disposable household income and national income from 70 and 60%. and so in some sense it is in part operating with almost 50 percent of the population plus/minus. that eyeing grip of the surplus labor seems to be being relaxed. that is based on this the patterns of widening rages starting last summer. so they may have a talent in this dimension that there weren't anticipating, was the new would come but did not know when. even as little as the area we're talking about the need for the government consumption on a crucial services like education and h

economy.are grateful for their testimony. i will be introducing our panel members in a moment, but i wanted to hear from chairman brady, and we are grateful that he made the turn these into this side of the capital today, and we are grateful for his opening statement during a >> thank you for holding a hearing on this subject. good manufacturing has changed dramatically. productivity has soared. what of 1000 workers to produce in 1950 now only takes a 184. today we produce 2/3 of what our country consumes. many are now important. the 1960's u.s. manufacturers .nd a 98% of america's shoes new industries have risen such as computer chips. today products and machinery are the top five manufactured products in america. manufacturing remains an important part of our economy. u.s. manufacturers to produce about 12.5% of our gross domestic product and employ about 9% of our workers. your that creates nearly 7 million related jobs, many of them in small business. america leads the world in manufacturi

economy is slowing. >> what this data point indicates is an economy that is moderating, an economy that is going to grow below its historical trend rate. >> susie: from sluggish auto sales to slower jobs and manufacturing growth, what the economic signs spell for investors and where your portfolio should be headed into summer. >> tom: you're watching "nightly business report" for wednesday, june 1. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> tom: good evening and thanks for joining us. a tough day on wall street-- stocks tumbled as u.s. data on jobs, manufacturing and auto sales came in weak. on top of that, moody's downgraded greece's bond rating deeper into junk status. >> susie: tom, the latest read the dow fell 279 points, the nasdaq was off 66 and the s&p 500 down 30-- all of the major averages off over 2%. what spooked investors at the opening bell, a dismal rep

economy with government spending and the economy is still really flimsy. this has been an anemic recovery. i think the case the republicans are going to make next week as this presidential campaign rolls on is that we need to get back to the kind of reagan formula. and i think this is a very good analogy. the last time we had a horrible, horrible recession like we do right now was in the early 1980s. reagan didn't flood the economy with money, he actually slammed the brakes on the money supply, got inflation down and we did tax cuts. and by the way, ali, over the next 20 years, we created about 35 million jobs. we know how to create jobs in this economy, and by the way, we did that even as employers got much more productive in terms of their producing of goods. >> john? >> well, ali, look at the reality of it. you're having a great debate between bob and steve about whether you should cut spending. it's not going to happen. the president has said let's cut spending on research, let's look at the house majority who says cut spending, cut spending, cut spend

economy. it's "nightly business report" for tuesday, june 21. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: >> tom: good evening and thanks for joining us. a triple-digit rally in blue chip stocks today as u.s. investors were counting on a crucial vote of confidence in the greek government after the market close, susie, and that's how it played out. a short while ago, the greek parliament supported prime minister george papandreou. >> susie: tom, that removes a lot of uncertainty and could set a positive tone for trading here tomorrow. another important factor for investors-- a key meeting of the federal reserve. the central bank kicked off a two-day meeting today and is expected to continue its policy of keeping interest rates near 0%. >> tom: investors will be looking to the fed's statement and tomorrow's news conference with chairman ben bernanke for any subtle hints about where policy is headed. darren gersh reports. >> r

on one hand, if the economy doesn't get better, he's the guy elected to fix the economy, economy's gottennd of president. he's got the biggest problem you could traditionally have in politics. but on the other side, the playing field is changing. when ronald reagan was elected -- the favorite election we all like to talk about, 1980 -- 80% of the people who cast the vote in the presidential election were white and they voted more republican than democrat. in the last election, last presidential election, that was down to 74%. and so, what's happening is the voter groups that republicans do a bad job of getting are growing quickl particularly latino voters. we're also having trouble with young voters. even in 2010 we lost them by double digits. they become all voters. so, the demographics are pushing in a more democratic, right now, situation, versus the bad economy, and that's the struggle. if republicans don't get into these new demographics, eventually we're going to run out of oxygen. >> richard, you write about this in the book, but the flip side of that is a state like florida, i mea

other major economies. the underlying potential growth rate for us will be between 50% and twice the rate of others growth. that is because we have a greater tradition of openness and greater formations for capital formation. those are things that matter for long-term strength. >> do you see changes on the immigration from? >> i am not close enough to the politics of that. i recognize how daunting it is. you are probably in a better position to speak to the feasibility of that now. >> other questions? hang on. let's get a microphone to you. >> mr. secretary, can you identify what actions the administration has taken to support a strong u.s. dollar? >> excellent question. you are familiar with my view because i have been saying it for years and years. i hope that people in my job say it forever. a strong dollar will always be in the interest of the united states. ultimately what matters to confidence in the united states is making sure we're focused on strengthening the fundamentals of the economy. that mean

to the economy. there could be some world event, there are global challenges, afghanistan, libya and beyond that could come into play as we get closer to the election. but without a doubt, everybody is serious about this race. the president's team, the teams around these republican candidates who will debate here. believe the number one, two and three issue will be the economy. the employment rate was 7.2% when ronald reagan was reelected back in 1984. he was able to convince the american people that things were getting better. you go back to 1992, unemployment got up around 8%. it started to come down steadily throughout the election year. you mentioned perception of reality, the voters here in new hampshire and across the country didn't believe it. they didn't feel it. didn't think they were getting better. they said, good-bye, mr. president. >> john, stay where you are, bob, steven, you, too. the top five most important issues to voters have one thing in common. i'll tell you what on the other sid

now we've moved to adding jobs in the economy. we've added 2 million jobs over the last 15 months. >> but not enough, you would concede. >> not enough, absolutely not. >> did the stimulus create as many jobs as you thought it would? $1 trillion worth of taxpayer money, has it been worth it? >> as i said, the question of is it worth it is not just about the jobs. now the congressional budget office and many of the private sector analysts ask the question, how many fewer jobs would there be had we not passed the recovery act. and they came up with numbers that are in the target range of what we said would come from the recovery act. but the recovery act and all of the actions of the government in the rescue phase were more than just a jobs program. it was trying to prevent us from going into a depression, whether you look at the auto rescues, or any of the other programs. >> let me move you to the housing market. as you know, some people say a recovery never starred. other people say it is it in a double-dip. home value is down 4.2%

now -- >> can the economy improve? >> can the economy improve? i think it can. i think the mistake -- it would be a mistake to try to roll back the clock and go back to the expansion of the 2000s, which was driven almost exclusively by excessive consumer spending and residential housing construction. those can be important, but they should not be the sole drivers the way they were in the 2000s. >> austan goolsbee, the president's top economic advisor. thank you. >> great to see you again. >>> when we come back, the debate in washington is focused on debt reduction but should it be job creation? opposing views from alice rivlin and douglas holtz-eakin. [ cherie ] i always had a job, ever since i was fourteen. i could not make working and going to school work. it was not until the university of phoenix that i was able to work full-time, be a mom, and go to school. the opportunities that i had at the university of phoenix, dealing with professionals teaching things that they were doing everyday, got me to where i am today. i'm mayor cherie wood, i'm responsible for

, and the economy itself, as a world economy, begins to have high attention and san francisco will be a place where this can happen. it will happen in the most inviting and will come when a. i want to thank the state department for choosing san francisco. it is a unique selection for us, but one that we are ready for. i know all of you will be excited to participate and to sponsor all of the wonderful the events in september. thank you. [applause] >> good morning, everyone. i and the u.s. ambassador to the asia-pacific economic cooperation. although i am based in washington and manage the operations, set the agenda for negotiations through apec to try to achieve our goals. but i would like to do this morning is outlined a little bit about how the u.s. views apec, the importance we put on this institution, and then plans for activities in san francisco. at the end of my briefing, we will hand out some slides that give that detailed information for you all to draw upon. asia-pacific economic forum is the premier location for discussion and negotiation and pushing the agenda for economic

economy. many economies were badly hit, but not to the extent that many others suffered. one simple fact will point out the depth of the problem. at the beginning of the year to designate, our economy was growing almost at the same pace withhe previous year, that was around 9%. but with the growth scenario, we noticed -- in the last quarter, and indications were it would be as low as 5.8%. therefore we had to step then, and like many other countries, we had to provide the fiscal based by injecting a stimulus package, almost 3% of our gdp, but it had its cost. the fiscal expansion literally created a distortion that we prevented the [unintelligible] of the gdp growth and we had modest growth of 6.6%. the next. with 8%, and in 2010 it was 8.5%. of course in my budget, when i presentethe details are predicted the 2011 level would be around 8.5 to 8.75%. but that does not mean that we are comingack to the path of higher growth scenario without any problems. one of the problems is inflation. inflat

economy. we will talk about things that are important to us in the indian market, as the authorities look for ways to improve the quality of the investment environment. growth requires capital and investment and ideas, and there is a lot of room for improvement. we are working carefully to build a strategic economic relationship. we do that in the budget areas. we have very productive technical working exchanges under way on things like that management or how to build a more effected -- regime, a whole range of issues. we work closely together and all the major international economic and financial furm, an indy g- 20 in particular, not just because of the credibility experience of indians economic leadership, but india is a model for with a more balanced system. a good example for the rest of the world in that context. that is one reason india plays such an important role in the g- 20 process to bring the emerging-market economies it together on things that are good for growth. that is our age

this is a symptom of the bad economy. let's fix the economy. that can get this economy growing because washington's throwing a bunch of programs at you and it's still not working. it's cost a lot of taxpayer lab liability. there's no confidence in this economy to bring that market back up so you're not under water any more. >> let's go to robert johnson who has, i think, apparently to your question here. >> there's a lot of agreement that we need to balance the budget and reduce the deficit. how realistic are we in achieving those goals if we do not reinstate or raise at least some taxes? >> i want to ask senate coburn to answer that question. kind of got off the republican reservation there. he wanted them offset. so should taxes be off the table? >> no, i don't think so. look, there's two answers to your question. how have we fixed our problems without agreeing that we'll have to give something to get what we want? and growing the economy that markedly enhanced the revenues shouldn't be an anathema to republicans. if we want to do all these s

divot is these days and actually the big topic of the day is all the debt circulating around the economy but first i want to show you this little image because we return from greece bearing gifts and this is artwork colonel pop and dry oh the people love me those who are causing all the trouble are terrorists the people hate them you know they're outside of the parliament building and screaming thieves groff all brought up all the people and raised to hate the parliamentarians they hate george papa i notice you're showing in the palm of your handling of the palm of my hand this is for you george as a cadet. little george as they call him so well the i.m.f. is in the news and you are speaking to the crowd in this in thomas square constitution square and you told them that after greece would come the u.s. lo and behold and our first headline i.m.f. downgrades us after raping and pillaging much of the world the i.m.f. bankers come home to smash and grab what they can from america i was in constitution square speaking to hundreds of folks gathered the day after the big tear gas bestival and

warns you cannot afford to have a world economy where these important decisions are postponed because you're really playing with fire well there we go again putting a gun to people said saying make a decision quick you know give us your money or your life it's a stick up because this kid saying this over and over again claiming this is the emergency give us all your money at some point you actually have to step in with some blood dislocation some kind of government functionality you've got to actually have a functioning economy this kind of bandits of the i.m.f. constantly holding people up and saying we were killing dollars actually they're not even actually demanding any real wealth what they are demanding the american people do is they're not saying you guys need to do something to sort out your g.d.p. growth to build real wages and real wealth and real productivity they're saying increase your debt ceiling that's what we want you to do and if you do that then we will no longer downgrade you said all they want is more debt onto the american population it's a tough alison. wonder li

well sure we can work well together for why years germany's economy thriving while the u.s. struggles to survive and could investing in people instead of wars be the key to economic success. like sixty thousand dollars. and the on education of america tuitions costs and unemployment rates are both soaring for young graduates with little to show for their schooling but debt so is college a smart investment or one giant scam. three million times. he's going to protect well apparently the pentagon itself the u.s. military is preparing to treat cyber attacks as lessons of real war and they're ready to retaliate with troops and bombs so this is just keeping up with the times threatening to keep the u.s. in a permanent war of their state. german chancellor chancellor on go merkel is in washington today which is meeting with top u.s. officials as well as receiving the medal of freedom from president obama now both leaders are trying to project a close working relationship glossing over recent differences between the two countries over the u.s. led in libya invasion not to mention t

economy to grow 2.8% this year. as for the labor market, the fed predicts the unemployment rate will get down to 8.8% this year. >> susie: fed chairman ben bernanke talked more about his outlook and policies to fix the economy at a news conference this afternoon. our washington bureau chief darren gersh was there and has this report. >> reporter: with the economy performing worse than he and his colleagues expected, the key question for chairman ben bernanke was whether this slowdown is temporary or not. the chairman told reporters he doesn't have a precise read on why the economy has lost momentum over the last few months. >> one way to think about it is that maybe some of the head winds that have been concerning us, like weakness in the financial sector, problems in the housing sector, balance sheet and deleveraging issues-- some of these head winds may be stronger and more persistent than we thought. >> reporter: two of those economic headwinds-- gas prices and the japanese earthquake's impact on supply chains--

economy. jr say we don't asses from both sides down out economic and trade cooperation passing a strong relationship interesting way and we are not only common each other's major trading partners it's. during my visit to the sign of a beautiful present a medal that if i have every family and to raise a liter of water more you chilled out a hundred hearings just honest five hundred fifteen our new guard and army on board i'm two hundred eighteen yes just up by twenty twenty one. to lance new employees has roles in more deeply neutrally beneficial corporation investment and edgy in the energy ideation aerospace science and technology finance as well as collaboration at the starting national level not included in our will expound called rationed a new and original new materials by a nano technology and intensified corporation in green and shouting extremists right here. ladies and gentleman. planning has set out the goals and asks for economic and social development in the next five. cause such a

economy. asses from both sides down economics and trade cooperation passing a strong relationship interesting and we all have a common each other's major trading partners seeds. during my visit this. test in the middle that if i have agree. to raise bilateral or w. two hundred us dollars by twenty fifteen. to. two hundred billion yes not just by twenty twenty. to lance no impetus. really beneficial corporation investment and edgy in the energy ideation aerospace science and technology and finance as well as collaboration at the subtle national level including in our well expand called ration a new energy new materials nano technology and by corporation in green. ladies and gentleman. has set out to the gulf coast and asks for its economic and social development in the next five years that's caused us such as there is china's economic development structural adjustment in science technology in education resources and the environment livelihood social development and reform and opening up in a nu

the size of the economy of michigan is basically the size of the economy of greece, yes.ut it is one of these important pegs or stepping-stones in the global economic system. >> 2 1/2 years ago, most americans wouldn't have been able to describe to you how an international credit freeze or crisis affects them. we then subsequently learns it affects your ability to get a car loan, a mortgage, a business loan. are we in any danger of that? >> absolutely. greece has the potential to be europe's lehman brothers. who would have thought that lehman brothers, a single investment bank, could start the domino effect that started credit to dry up in the united states? if that went down in greece, there would be a lot of nervousness about state debt and u.s. debt in the united states. but our banks would be affected. they have a lot of cross relations with the european banks. >> i'm going to ask christine a question about peter's recent column that he wrote. peter wrote recently that americans should be prepared for a time to come when americans may turn to china for the type of aid

and the fact that the president owns this economy.nything about it, where the republican house, a senate basically that while in democratic control is every man for himself. what is he going to go around the country -- >> the standard recipe at this point was jack up spending, prime the pump. economic stimulus has been totally discredited, one bite at the am at it wasn't a very good bite back with the stimulus package in 2009. >> the perception, you can go back and argue, perception is that it didn't work. >> i would argue it was unfocused a lot of things that where are you going to get bang for your buck? to clarence's point, you are either bill clinton or you're not. empathetic has to be natural. empathy has to be natural. if it doesn't -- excuse me, come natural to you, you can't fake it you can't -- >> one of the things that bill clinton did well empathy was lose his voice like charlie that happens lot. >> let me bite my lip. >> i think go further than charlie did. >> very quick. >> i feel your pain works in the first six or nine

that is also hurting i economy -- our economy. our debt has become so much a part of our economic picture. this is not the 1990's in terms of our debt. the gdp ratio gives us a different prospect. >> you have a 50 cfo's here. i believe that all of them what -- want what is good for their companies and what is good for the united states. would you tell people in the business community they ought to do right now about the fiscal and tax issue that would make it more likely that next year for the year after, we are in a better place? >> we need a comprehensive approach to our tax code. we need some certainty. this idea that provisions expire every year or two is not acceptable. many to have a business tax that -- we need to have a business tax that is competitive. all fully that would mean to a territorial system in their mind and that they communicate that. there is a very strong voice there. it is sometimes hard to realize how strong the voices, but it is always about jobs. how do we find a way to have the private economy grows so

. >> this economy took a big hit. it's just like if you had a bad illness-- if you got hit by a truck-- it's going to take a long time for you to mend, and that's what's happening to our economy. it's taking a while to mend. >> susie: we get the hiring outlook and wall street's reaction to today's dismal jobs report. you're watching "nightly business report" for friday, june 3. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: this program is made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt >> susie: good evening everyone. there is the bad news and the worse news when it comes to the job situation in america. american businesses hired only 54,000 people last month. that's far fewer than the 232,000 jobs created in april, tom. >> tom: susie, the nation's unemployment rate notched up again, rising for the second straight month. it stands at 9.1%, back to about where it began the year at 9% in january. >

strong economy helped, and importantly, those tax rates did not an affair with that very strong economy. >> i agree, mr. mulvaney. it is especially urgent to address the fact that we're going to have the highest corporate tax on earth. if they're wondering why it is a we have driven the less it is been such a long time to say a new plant, thereby being built offshore to take advantage of lower tax rates. if you look about the physical consolidations go one of the urgent desire problems will be to find the space to get the u.s. into the middle of corporate rates if we expect growth to renew here. >> i completely agree with the need for tax reform. i do not know the details of dr. hassett's proposal, but sifting in a way that relatively poor people are protected, that is a good idea. but with regard to what to do about marginal tax rates within the existing code, i do not think anyone pays the very high rate the we had in the 1963 there were many exemptions, and i do not think anyone wants to go back to those levels. but i for one did argue against extending the bush tax cuts in december.

the texas economy is growing where the u.s. economy is kind of stalling. so, what's going to happen is he's best at theme. the question i have for perry is, is the country, particularly those northern suburbs, ready for another texan after eight years of george bush? >> it's interesting, if you look at the debate this week, some of the big headlines -- we'll put them on the screen -- showed a theme, focus on obama and the economy, targeting the president in the debate, target obama, hit the president on the economy and on and on it goes. this was -- let's not disagree with each other, let's focus on the president's performance on the economy. >> and in a certain sense, that's what pawlenty got lambasted for, because he was supposed to have taken on romney on obama care. i think some of these things, when we say at the beginning, oh, they've undone themselves, we forget how early it is. i remember this time in '07, mccain was in the wilderness, his campaign was imploding. so, we've got a long way to go. the problem with pawlenty focusing on obama and not fo

twenty seven average and greece had a strong economy. the twenty second highest quality of life index in the world two years ago higher than the u.k. germany or france twenty fourth birthday at a g.d.p. in the world productivity was hired as of two years ago than france germany or even the u.s. and twenty percent higher than the u.k. how is it that a country that was working has crashed and and now the the e.u. and the i.m.f. are saying ok here's we're going to do this. well there are problems similar to the ones of the other the other ones portugal ireland and spain all of them had the same problem in the sense that the world financial crisis and recession is pushed them over the brink in the banks just up yes. that. was the year of that i had contributed to as well because you had a big influx of capital that also went out of those countries and you had bubbles there were result of the to begin to what extent is the greek crisis the result of international banks or even greek banks for that matter playing the same kind of games that we

or in the major economy or seen jobs just emirate is bleeding and you saw a contraction keep in mind when those states that increased government spending the economy grew by half a point in those twenty five twenty five states that cut government spending there was an average of two point nine percent economic contraction was a drop in economic activity pretty straightforward conclusion the more you cut higher unemployment less economic growth on average a ten percent cut translates if you if government spending there's a simple reason for this by the way way that out before we get back into the numbers the really simple reason for this is that when government spends money on people and government hires people government builds things whatever it may be government spending ends up in workers' pockets workers then go out into the private economy they go to the local store and local restaurant local movie theater they spend that money and those people then that makes payroll for other people and they buy products and those products then have to be manufactured by somebody and you know

>> the question, are high unemployment and slow growth a bug in the economy or a feature of the new economycondly, is this something we're condemned to for years, decades, because of deep structural problems or a result to some degree of president obama's policy. republicans have to argue both we're not condemned to the future, we're not condemned to a future of slow growth and european level of unemployment. second, there are policy alternative available to reduce deficit and spur job creation with small businesses. president obama took over a difficult situation and made things worse. >> chris: mara? >> look, i think that would be the republican argument. for the white house, there is no way to spin this i think as positive. the economy needs more than 200,000 jobs every month for unemployment to be below 8% by election day. that is the magic number. >> chris: we should point out again, 54,000 jobs is. >> way, way, way below. it was over 200,000 in the month before. but i do think the lack of consumer confidence is at the root of this. kim talked about businesses being uncertain. corporat

economy and the perfect ways through the i.m.f. which is heavily influenced by the united states for. many many years the i.m.f. has been considered as an warm of american foreign economic policies this regime. unstable. would could be considered there's a waste of money on something that is very shaky what's more it comes with particular strings attached and epa deal could in fact skull trouble. free. anybody league spared the worst trouble or. a country. disparity so big. british will recall a british regime. most egyptians fear is that the money will get used up long before it reaches the pockets believing it's likely to be only a small elite as well as international banks will benefit from the loans the last time the i.m.f. injected a large amount of money into egypt was twenty years ago but since then the number of egyptians living below just two dollars a day doubled in february this year the i.m.f. raised the mubarak regime to sound fiscal management in egypt as far as libya waned if the offer for the economy remains stable

economy is a sitting duck with the economy.licans can get a candidate to take him on. >> bret: charles? >> what the numbers have done is change election in to a 1992, where you had clinton running entirely on the economy. it wasn't even that weak an economy. he won entirely on that. up until now, they had an idea to rerun the mid-term election and make it about ideology. once the numbers come in, they will run this campaign on stewardship. ideology is element of overreaching the government. high regulation. intrusion. all of the size of government, yes. largely now about the simple reality. that he does not, cannot and won't be running efficient and reasonably growing economy. >> bret: when we come back, the u.s. involvement in libya. gaddafi's threats from tripoli. the next steps for coalition. [ female announcer ] ever wish vegetables didn't taste so vegetably? well, v8 v-fusion juice gives you a full serving of vegetables, plus a full serving of fruit. but it just tastes like fruit. and try our deliciously refreshing v8 v-fu

the second bailout for greece is crippled economy takes center stage at a meeting of the e.u. leaders in brussels and thursday that's while the brief prime minister pushes for even more cuts at home to secure financial aid amid massive and hysteria the protests. so we had on its next hour financial guru max kaiser and his co-host asia herbert talk about financial terrorism dads and how to prevent world economies going under. there this is the kaiser report we are back from athens where we were able to stand up good lot of tear gas. from provocative to oars what's a provocative or that's a cop dressed up like an anarchist and these things are what's up i think max in fact i believe they were i.m.f. agents stressed out as anarchists and they are tear gas canisters and c.d.'s written alongside collateralize just swap on the tour just sort of that is financial terrorism i think it's called credit default swaps that there are so many different names for these derivatives these days and actually the big topic of the day is all the debt circulating around the economy but first i want

a recent poll shows confidence in his handling of the economy has fallen. today, mr. obama tried to address those worries. >> i'm not concerned about a double-dip recession. i am concerned about the fact that the recovery that we're on is not producing jobs as quickly as i want it to happen. >> reporter: in his speech, bernanke said the economic recovery will depend on continued spending by american consumers, and the good news is they are making progress repairing their balance sheets. economist mark zandi says, before the recession, we carried 600 million credit cards in our wallets. now, that's down to 425 million. overall, consumers have reduced household debt by $1.1 trillion. new figures from the federal reserve confirm the progress, showing consumers cut credit card debt in nine of the last ten months. >> so, households are making progress righting their wrongs. >> reporter: but we're literally not home yet. new figures from corelogic show one in five homeowners is underwater on their mortgages, down slightly from the end of the year. and surveys show workers e

and the economy. he thinks the president is very, very vulnerable on that. >> if unemployment stays at 9%, it would be vulnerable. >> exactly. >> what did he say about the decision to take on this really politically sensitive issue of medicare? >> you know, i asked him whether it was a political mistake or substantive mistake and he said that it was not a mistake at all. he said the problem is, the way the parties, both parties treat the issue of medicare, that it's been demogogged on both sides and that is the bickering that the public doesn't like. take a listen to what he said. >> the enemies of medicare and social security are those people who say don't touch them because they are not only going to run those programs, they are going to ruin the american dream. so -- >> let me take you back to 2010, though, the midterm election in 2010 when the tables were turned and the democrats had made changes in medicare as part of health care reform, as you know, saving and medicare. and republicans were out

the economy of the hike. the economy which will turn our life into a comfortable and exciting one the big companies will create things which would enable us to stay within the top leaders of the world which to my mind. simply having healthy people in clean energy intellectual network electronics services comfortable transportation if not about housing quality education and favorable environment for everyone and foremost for children for the disabled and for our seniors. we can't afford then you will not be trying to catch up somebody but to create new technological. and we're moving towards such an economy which is based upon the next generation of technology as were lined up on a major competitive companies competitive in the global markets and the broad number of medium and small sized companies of an innovative nature amongst other things. we become the last set of skills in such an important issues which we maintain and we expand our big intellectual human capital i'm convinced that russia will stay much

create confidence in our economy, grow the economy, and create jobs. >> brown: more on the outlook forrecovery comes tomorrow, when the labor department releases the unemployment report for may. this afternoon there was an another development as the rating agency moodies warned it could lower the united states top credit rating if the debt limit is not raised within weeks. so with all of this, what if anything can government do to insurance growth and new jobs in we get two very different perspectives from: heather boushey, senior economist at the center for american progress, a liberal policy group. and stephen moore is the founder of the conservative club for growth and senior economics writer for "the wall street journal". welcome to both of you. heather, first, how worries are you and how do he define the problem that we face now? >> well, we've had some bad news this week. but we had seen the labor market improving over the past few months. the rate of growth of jobs over the past few months have been twice as much as over the prior three months. so i think that we should be very

economy is in a big funk, and a funky economy can spell trouble for the stock market now and down the road. experts say some areas will suffer more than others. financials is the one sector that most experts agree investors should definitely avoid. market strategist nick colas says that's because financials are facing a host of headwinds. >> not just regulatory, but also the consumer and the housing market. none of those three things work in financials' favor, and at least two of those three things have to be at least neutral or positive for financials to actually work. so, in the current environment it's a pretty tough place to make money. >> reporter: already this year, financial stocks have stunk up a storm, down a hefty 6.8%. sector guru sam stovall agrees investors should underweight the financial sector, but he also says watch out for consumer discretionary stocks such as retail and restaurants. >> i think right now the momentum, the reasons for concern, the eroding fundamentals are certainly there for financials, as well as concern about the consumer discretionary should gasoli

economy will eventually be worth. artsy new york and worrying parallels being drawn between president obama's politics towards iran and those of george bush's moves in iraq award winning writer a same rigorous says has been following rather the balance for years and later and tells our team why it can only lead to a dead end. if the fear is based on the notion that you know that somehow iran has a bomb or is going to get a bomb so that's ridiculous because every bit of evidence they have it from their own intelligence community. the people who are probably better go but no there's no weapons there and we've known that for years we've been looking for years after years after years we support the sanctions program that's designed to stop the punishment is. aimed at stopping the iranians from doing something you know we know they're not doing for me and so i say right now what you between what they're doing what obama's doing with iran is very close to what bush and dick cheney the vice president that did to iraq that is