let me begin by thanking all of you for what you do to help get the american economy going again.ou're not going to hear this much in washington because most people in washington never had a real job. and don't really understand that you have to risk your life savings, risk capital, take out loans to start a business, to hire employees, to buy equipment and hoping that you'll find a customer. hoping that you'll find some business. and most people here in washington don't understand the risk that's involved and what you do to help grow the american economy. but as one who took the same kind of risk that all of you did, i just want to say thanks for what you do for our country and what you do for the communities in which you operate your businesses. listen, as you know i came here as a small business guy. i came here to fight for a smaller less costly and more accountable government. but you know many in washington just haven't quite seen the light as yet. the president and i we get along just fine. but we've got some really different views about how our economy works. as a product

the meantime the federal reserve says he doesn't expect one of the biggest worries about the american economy to become a nomy and that it's e re a house commit rease in wth in weakness is the fed chairman also eurozo a and until of financial market volatility. >> the federal reserve painted picture of the financial states a modest to moderate pace. document on hearings 12 district banks held wit une and early july. the baseball book says the housing market remained largely lling. the of an areas showed owth in year but auto sales remained strong, especially for the taking that and other factors into account, the overall report is cautious about the current u.s. economic si new home monthly price index on new homes for 17 major cities. they recorded the steep rise in 0.6% in june. cities cities during the first five months of th statistics a of the japan. the commission is tasked with talks. and the eu ork ing the economic partnership agreement. needs to make starting has made on implementation has not been satisfactory, i will stop the japan avoid strong talks. >>> we're focusing on the sout

what h fed chairman ben bernanke said the american economy is unlikely to go back into recession. >> well a house committee on an ted out ding. he said the central ban ssing whether the weakness structural factors. s about the eurozone's efforts to tackle >> i don't think to having lo volatility. >> as i just in the 6.9% in june compared to the previous month. that is better than the forecast. >>> the u.s. commerce building of got under way last month on a season market watchers had expected the highest in three uction of apartments and other permi it which is a key factor for an economic recovery track. ck price mpin at was due not only to hou market consensus, but also the positive sentiment stemming from good earnings reports. to see how at the tok ibm raised its outlook for this effect let's not af . quite a focushere on pc a hi is playing into opening both indexes for both indexes yesterday. so pretty strong u.s. report otherwise known as the beige districts economy showed slowing growth in manufacturing. a le bit o closely by the central economy. we'll see how that goes when th

believe the mayans prophecy but two weeks later january second two thousand and thirteen the american economy as we know it could end that's what our nation approaches the first so-called fiscal cliff it's a combination of deep spending cuts and tax increases that are set to automatically go into effect at the start of next year unless congress acts that include six hundred billion dollars in domestic spending cuts six hundred billion dollars in the defense cuts the expiration of the bush tax cuts for everyone the expiration of the payroll tax cut for working americans at the expiration of extended unemployment benefits for jobless americans again all of these are set to happen at the beginning of next year if congress chooses to do nothing according to calculations from the congressional budget office going off that fiscal cliff is guaranteed to throw the american economy into another deep recession knowing this both sides of the aisle are maneuvering to do something about it democrats are pretty. much accepted the one point two trillion in automatic spending cuts coming down the pike the re

economy was shrinking at an annual rate of 9% in the last quarter of 2008. we are on the verge of a plausible chance for the american financial system to collapse at that time. trillions of lost well in six months later -- lost wealth and six months later, the economy was growing. the economy has been growing for three years since. not fast enough. the reason is because of this combination of concerns you are all aware of. europe is hurting us, spending is declining, not increasing by the government, and people have been bringing down their debt and try to fix some of the problems that got us into this mess. we have a long way to go but we are definitely in a stronger position. >> to be more specific, we have incredible people say incredible things and i'm sure you're aware of the statements. we were about to lose the american auto industry. i think you agree. do you agree that the auto industry is in a position now that it is coming back? >> i do. >> at that time, the president came into office, the financial system was almost in collapse. do you agree that it has been stabilized and that it is now in much better s

gravity of the economy, record food stamps, for example, social security disability payments, for example, actually running ahead of employment. for the first time in our history, 50% of the american households are getting some form of federal assistance. people are saying that the obama administration's plan has not worked and that's why we have these fits and starts. the economy runs up for a few months and then peters out and we are going through the same issue now. how do you react to that? >> i don't think there is any basis or merit to that view. just remember -- >> to the social statistics view? >> all of it. [ laughter ] >> let me explain. the economy end of 2008 falling off the cliff, shrinking at an annual rate of 9%. within six months, because of the force of what congress authorized we did to the financial system the fed did, we were growing again as a country. remarkably quick. successful effort to pull the economy back from the edge of the abyss. now growth has been slower than anyone would likewise have been slower. it's been slower because we were digging out of a huge challenging mix of imbalances. people have been increasing savings, reducing debt. we have been t

americans in the heartland who see those ads about outsourcing get that that's how the american economy worked but it didn't work for them. and that's the different conversation president obama is having than the conversation that mitt romney and john sununu is having. obviously also inherent in that is all sorts of racist commentary and it's very clear that between this and floating different names like condi rice for vp, it's -- >> bobby jindal. >> -- trying to distract from having to answer the question and not taking on, again, this idea that you're only speaking to one part of america. you're not understanding that america is a much more culturally, ethnically and economically diverse country. >> whenever romney tries to tackle that, i want to bring up comments he made last night, i thought this was so -- i'll read it. the waiters and waitresses that come in and out of this room and offer us refreshments are not having a good year. the people of the middle class of america are really struggling, dot, dot, dot. we're the party of people who want to get rich. and we're also the party

exactly what one city is doing and it's the best way to make sure big banks stop arming the american economy likes plain and i still take. it we debut a new big picture segment meant to cut through the talking points and distractions we hear day to day on the mainstream news networks and get right to the heart of the big issues facing our nation right now calling it the bigger picture of the point is to have honest discussions and debates so that we can come up with real solutions that are obviously it often politically impossible and even some solutions that are outside the box this isn't about democrats versus republicans let's face it both parties have let this nation down in many ways this is about trying to get america out of a crisis and frankly the best way to start finding an exit out is to begin talking about it which is what we'll try to do right here tonight now to introduce our panel for the inaugural bigger picture michaele is labor journalist and staff writer for in these times colonies the senior online editor at the daily caller and sam sax progressive commentator and writer

one is the american economy is workers and one is the american economy is customers. the republicans and romney are really on the side of customers and the idea of like you do things, you cut jobs if you have to, you outsource, you get the cheapest, best possible products out there and that benefits all of society, because you think of people as customers. the democratic party has a different view which is about the economy as workers. >> i think they're on the side of companies. not customers. >> even customers have it your way. >> a very astute observation, which is why i wanted to get your thoughts. we have to go to break. coming up, bain with an i versus bane with an e. why the romney/batman connection is the latest in a growing line of conspiracy theories, next. uh, i'm in a timeout because apparently riding the dog like it's a small horse is frowned upon in this establishment! luckily though, ya know, i conceal this bad boy underneath my blanket just so i can get on e-trade. check my investment portfolio, research stocks... wait, why are you taking... oh, i see.

like karl rove to disclose donor information before the election in november and right now the american economy is struggling as millions of americans find themselves unemployed but could having americans work fewer hours help the economy and send the unemployed back to work i'll tell you all about it and it's really to. like the energizer bunny ron paul keeps going and going and going despite suspending his official campaign in may run paul still has his sights set on the republican national convention in tampa florida next month after winning a plurality of republican delegates from iowa maine minnesota louisiana ron paul needs to win a plurality of nebraska's delegates on sunday in order to secure a fifteen minute speech at the republican convention a speech he would use to influence the platform of the republican party but taking a barrage of his delegates may not be that easy mitt romney's camp is flooding in nebraska with advertisements and phone calls in an attempt to avoid what could be a major embarrassment and a previous state republican conventions in nevada and louisiana clashes bet

but history shows president reagan was successful in reviving the american economy. so that's why mr. obama's policies are a bit perplexing. in june, just 80,000 jobs are created in the u.s.a., according to the bureau of lash labor statistics, 85,000 left the marketplace in order to get disability payments. since june of 2009, there have been 2.6 million jobs created in america. but 3.1 million people have gone on disability. the math is clear. american workers are leaving their jobs to get paid by the taxpayers. disability payments are at a record rate. that's a disaster for america. yet, mr. obama continues to believe that he can tax his way out of the situation that raising taxes on the wealthy will somehow stimulate the economy. but, listen to this. say president obama gets his way, and he is able to raise taxes on those making more than $250,000 a year? say that that rate hike would generate about $85 billion a year in increased revenue. but right now, the feds are spending $85 billion every 8 and a half days. according to the treasury department. so it's all a

. >> the american economy has grown, but not much. the government reports a feeble 1.5% growth rate as americans cut back on spending. the slowdown has experts worried the economy could be stalling three years after the end of the recession. the growth is not enough to lower the unemployment rate. >> the cost to fly has reached an all-time high. the average price of a domestic ticket soared to $373 in the first three months of 2012. that is a 5% jump of the same period of last year. u.s. airlines reporting a first quarter loss. >> metro has more track work over the weekend that may cause delays. redline trains will not run between grosvenor and friendship heights. franconia and eisenhower will be closed. there will also be single tracking on the orange and green lines. >> see what a change in the rolls has some people putting on the brakes about budgie the heat continues for another day but a cool down is on the way. >> the national bullpen is showing their 50 shades of entertainment. >> residents facing off over parking. >> new restr

economy in an fireman and policeman. they're opposed to that and yet claim to represent the average american here and stood tooth and nail against this president as he sought to bring back recovery. this is a disappointment of expectation. not of achievement. this man has added jobs to the economy for the last 25, 26, 27 months. that's extraordinary given what he's inherited. if we take the long view, he certainly is the person who's keeping his word, but the republicans have made sure he doesn't do it. >> indeed. karen, have you ever witnessed the presidential campaign based not on the candidate's on ideas, not his carefully thought through visions of the country, but based almost entirely on the monthly jobs report, which is what mitt romney seems to be doing? >> he is. he figures like he said, if he can just keep talking about the economy, that's what he thinks he can win on. but today, he gave us some interesting fodder. he made the point himself when he was governor of massachusetts, he referenced some of the same types of things that you can't control that will happen in terms of you know, the numbers go up and dow

[laughter] all the polls tell us that the number one issssue is the sad state of the american economy. millions of americans still out of work, many with little hope of finding jobs. the american dream of owning a home has becom a nightmare for a lolot of americans. although we have traditionally been a nation of optimists, a majority of american parents tell us datee bank -- less they think their children will be worse off than they work. -- than they were. >> our businesses have created over 4 million jobs in the last 24 months. [applae] more private-sector jobs than were greeted durinthe entire seven yearbefore this crisis. >> this esident has p put together almost as much public dedebt as all the prior presidents combined. you want for more years of that? you call that forward? that is forwardd over the cliff, that is for word on the way to greece. the president said that the questis facing at the american voter in november are about how we grow faster, create more jobs, and pay down our debt. let's start witthe president. what are the answers for those questions, evan? >> so far

he said he was trying to explain that the president in his view doesn't know how the american economy works, how american jobs get created. but is that the kind of rhetoric that you want to hear in this campaign from either side? >> well, it's a good question. i think you've summarized the series of events and the sequence of events very well. governor sununu made those comments earlier today. he then clarified and walked back those statements by saying he meant that president obama really doesn't have a familiarity with what it means to be in the american entrepreneurial and private enterprise system early stage capital formation deployment and comments to that effect. so i think he clarified it, and obviously, the governor has a knack for colorful language and can be very informative and entertaining. this one, he admitted perhaps he wasn't as clear as he should have been and issued a clarification. i think that was appropriate under the circumstances. >> what vice presidents do you admire when you look at running mates and teams, is it al gore and clinton, is it cheney and george w

take a listen. >> the president clearly demonstrated that he has absolutely no idea how the american economy. the men and women all over america who have worked hard to build these businesses, their businesses from the ground up, is how our economy became the envy of the world. it is the american way and i wish this president would learn how to be an american. >> i probably was a little bit too harsh there. that's not the best choice of words. you know, sometimes you say something and you wish you could pull it back. the message is clear. this president doesn't understand the american free enterprise system. >> playing clean up there. rush limbaugh took credit for the statements after he said earlier in the week that the president hates america. should americans condemn this language that continues to question the president's americanness? basically the dog whistle to birthers? >> it is the dog whistle to birthers. sununu's comments were based on a lie that the president things the small businesses owners are not responsible for their own success. the point he was making was being misquoted.

american that we have the strongest economy, will dodd frank lead to more american jobs? i yield back. >> our last statement will come from the gentleman from texas. >> thank you, mr. chairman. the crisis of 2008 was caused by a number of factors. at this point, we can say with confidence that lack of authority by regulators was not one of them. instead of advancing age reform of our regulatory structure, dodd frank double down on the failures of the past by elevating the influence of the same agency that missed the last crisis. this notion that a new super council regulators will predict the next financial calamity is a fallacy. it further distract regulators from their core duties, to police the financial markets. we have already seen an example of this with mf global. this is harmful for our financial system and i am eager to look into this matter further. i yield back. >> thank you. before i recognize secretary geithner, let me say that the secretary has indicated that he must leave at noon today. to accommodate as many members as possible, the chair announces that he

. >> the president is clearly dem traited that he has absolutely no idea how the american economy functions. the men and women all over america who have worked hard to build these businesses, their business businesses, from the ground up, is how our economy became the envy of the world. it is the american way and i wish this president would learn how to be an american. >> some of us which campaign operatives would learn some more sophisticated tactics. let's get to our panel. with us from washington, dana milbank and david corn. david, let me start with you. we know it's july and the romney camp is sweating it out. didn't take them long to dive into the the shallow end of the pool, however, talking about the president not being american. isn't this just a sign of desperation? >> well, it's a thing they've come back to again and again. i like john, he's combative, arrogant, but he's often more of a straight shooter than a lot of surrogates, but when he starts talking that way, it's a pale version of birtherism. we've heard -- that barack obama doesn't get america. i don't know why he would s

. >> the president clearly demonstrated that he has absolutely no idea how the american economy functions. the men and women all over america who have worked hard to build these businesses, their businesses, from the ground up, is how our economy became the envy of the world. it is the american way and i wish this president would learn how to be an american. >> i wish this president would learn how to be an american. well, that's an odd thing to say about a guy who's basically a stellar american and went to the best schools, worked his way up, won at political offices time and time again. while minutes later, a reporter on this call asked sununu to clarify his comment about the need for the opponent, president obama, to learn how to be an american. let's watch. >> what i thought i said, but i guess i didn't say, is that the president has to learn the american formula for creating business. the american formula for creating business is not to have government create business. the american formula for creating business that i wish he would get comfortable with is to create a climate which en

>> a wrecked economy changes american politics. in the 1960's, american dealt with its original sin on race and it dared to confront what had been a divisive problem in our nation's history. we did a time when the gross domestic product of the country was doubling. when that happens, you are by nature more generous, more optimistic. it means giving the chance to somebody else. the economy goes down, as it has this millennium, the past 12 years, what happens is that it makes us more protective, more defensive, more self-concern. that accounts in large part for our inability and hostility towards immigrants. basically, the net illegal, undocumented immigration is 0 in this country, but it is still an obsession with people. >> the campaigns to present alternative visions. the president -- the problem is that both versions are impossible and stupid. look at northern europe. it cannot pay for itself. we cannot be belgium, france in 1992. it is of faith and vision. on the republican side, it is equally false. let's just cut taxes. that w

the fact that the united states and the american economy, 15 trillion economy is only growing at 2% at really says pretty awful things for our prospects. now, we are in a staet of high anxiety over this economy. and as a political matter, i think it's up, the question is which of those two candidates is going to be able to explain to the american people at every level of income, poor people, middle class people, businessmen who are sitting on the money. why is this happening to us? and barack obama really doesn't have a narrative for that-- >> let me just jump in. because his narrative has been, this was a financial recession, unlike other recessions, they are much worse and that's why we're stuck at-- >> and this is the here and now and the question is, who can explain what's going on right now? >> well, the economy was growing faster earlier in his term. the recession ended years ago, so, at a certain point, people are, you would think, are going to start demanding results. and we have a president right now, another terrible reaction to another jobs report would be to talk to congres

campaign trail. >> the fundamental question before the country is what is the success story for the american economyf the 21st century? that's what the american people are listening for and so far aren't hearing from either campaign. >> reporter: with the fight over the economy still swirling foreign policy issues, brian, are also looming. the present secretary of state hillary clinton was in israel as part of a worldwide trip today and romney is planning a trip there later this month. >> peter, we're starting to get the first hints in the air we should start paying attention to the possibility of a romney vp pick. >> there's been a lot of reporting that an announcement of a running mate could happen as early as this week today. a top romney adviser said very clearly and i'll quote, no decision has been made on a vp. it seems to boil down to these names, senator portman of ohio, former minnesota governor tim pawlenty, louisiana governor bobby jindal who was raising money with romney today. also mentioned often a senator from south dakota john thune and wisconsin congressman paul ryan. the timing is

they're worried about the economy and that's why confidence among american consumers fell in july to the lowest level this year. the thomson reuters university of michigan survey shows consumer sentiment dropped to 72 this month, down from june's reading. it was expected to rise. but it's not just consumer confidence that's collapsing. as erika miller explains, so is financial confidence. and that may be a worrisome sign for the economic recovery. >> reporter: for many, the worry is savings. >> the past few years i really haven't been able to save up. i've been using some of the savings. but i haven't saved up much. no. >> reporter: for others it's rising expenses. >> i pay more on pension and i pay more for my health benefits. >> reporter: for a variety of reasons, americans are growing more worried about their finces. a new bankrate.com survey shows 28% of americans believe their financial situation is worse now, compared to a year ago. just 23% feel better, which is the lowest reading since march. but don't blame the lousy job market. >> it was interesting to see that job security

"nightly business report" is brought to you by: captioning sponsored by wpbt >> tom: the american economy grew in the second quarter, but the pace of that growth slowed down as consumers pulled back on spending. the economy grew at a 1.5% annual rate between april and june according to the commerce department. that's slightly higher than economist expectations. but it represents the slowest growth since last fall and down considerably from the faster growth the economy experienced during the holidays last year and the first three months of this year. it turns out, those growth rates were revised higher, making the second quarter slowdown that much more. the drag on the second quarter economy came from a slowdown in spending by consumers. it was the smallest gain in a year with spending on big items, especially vehicles, falling. spending from the federal government down to city halls also fell and that comes ahead of the automatic spending cuts due to take effect next year at the federal level. this report is the latest to show a slowing recovery just as the federal reserve meets next tue

you have tax increases, spending cuts, and a huge defense cut that scares what happens to the american economy? >> it would cause a lot of damage to the economy. >> tell me what that means. a recession? >> many people look at this and say, yes, you would at least get a recession. >> that's what the chairman of defense says. >> the cumulative size of those cuts, tax increases and spending cuts are very, very large. >> that's the reason they made them in the first place it would be so painful that people would try to make the agreement. how damaging depends on whether people believe it's a quick, short-term stalemate that will get resolved very quickly or they need more time to do that. it's hard to know that people would view this as something that washington is going to be able to heal and repair quickly. >> and the question then is why are you optimistic that this time you'll have a different result than you did last time? >> because i don't believe it is tenable to put the country through what we went through last august. i don't think it's possible for us and responsibility for the elected

an american century we have the strongest economy and military in the world. we secure peace through our strength. and in by absolute necessity, we must employ it, we must wield our strength with resolve. in an american century we lead the free world and the free world leads the entire world. if we don't have the strength or vision to lead, then other powers will take our place, pulling history in a very different direction. a just and peaceful world depends on a strong and confident america. and i pledge to you if i become commander in chief, the united states of america will fulfill its destiny and its duty. now our leadership depends, as it always has, on our economic strength, on our military strength, and on our moral strength. if any one of those falter, no skill of diplomacy or presidential oratory can compensate. and today, as you know, the strength of our economy is in jeopardy. a healthy american economy is what underwrites american power. when growth is missing, government revenues fall, social spending rises and many in washington look to cut defens

but as someone that really does believe, as i think most americans believe, we have the strongest economy that was ever built and is the envy of the world, will dodd-frank make it stronger, more robust capital markets and will it lead to more american jobs? thank you, and i yield back. >> thank you. and our last statement will come from the gentleman from texas. >> thank you, mr. chairman. the crisis of 2008 was caused by a number of factors but i think at this point that we can say with confidence that a lack of authority or information by regulators was not one of them. instead of advancing a true reform of our regulatory structure, dodd-frank doubled down on the failures of the past by elevating the influence of the same agencies that missed the last crisis. this notion that a new super council of regulators will predict the next financial calamity is a fallacy. all it does is further distract regulators from their core duties which is to police financial markets. we've already seen an example of this with mf global. this is harmful for our financial system and our economy and i'm eage