question for us is, has ben bernanke done good or not for the american economy? let's get right to it. here now is former undersecretary of the treasury, john taylor. stanford university economics professor. and we welcome back contributor jim, american enterprise institute. jim penned the bernanke difference, why the u.s. is in europe. in that piece, jimmy p. attacked john taylor. so we thought we would settle this once and for all. in fact, i'm having so much fun with this, i'm going to quote my pal jimmy p. he said very smart center right economists, including john taylor and al melser, are mistaken in arguing that the u.s. recovery would be stronger if the fed had not engaged in quantitative easing. and that the central bank should immediately cease and desist. john taylor, i'll let you go first. what do you think of jimmy p.'s biting, scathing criticism of your criticism of bernanke? >> actually, it seems pretty mild. good thing to discuss. my sense is that the fed's policies really haven't helped. it's been a weak recovery. the fed thought growth would be 4%

americans have been paying off their debt at a steady clip since the financial crisis. the u.s. economy is susceptible to bubbles and manias, but also has the flexibility to adjust. american people and companies change past practices, take pain and prepare for the future. when you compare american companies since 2007 with say japan's great corporations after that company's prices and recession, it's clear that u.s. corporations are pretty ruthless in restoring productivity, even at the cost of firing people. and they're nimbler which often means they come through a crisis stronger and faster from automobiles to airlines to energy, companies are posting strong sales and profits. american banks have been under fire for many quarters. critics feel they should have been punished or broken up or more tightly regulated. if you compare them with their principal competitors in europe, far better capitalized, more secure with stronger balance sheets. as home prices recover, that will create a virtuous cycle between credit and housing that will increase both stability and growth. the american pr

federal reserve to keep pumping money into the american economy to help the global recovery. but christine lagarde is urging the bank to roll back its monetary easing in the future. the imf managing director spoke after releasing an annual report on the health of the u.s. economy. she said the feds quantitative easing helps the recover ne the u.s. and supports the global economy. >> there is no need to rush to exit from monetary accommodations given the still large output gap, gishton subdued growth that we have, and given the well-anchored inflation expectations. >> lagarde says the monetary easing should continue at least through the end of the year. the fed is buying $85 billion in bonds and other assets each month to lower borrowing costs and stimulate employment, but investors speculate it may start tapering off these stimulus measures. the imf report notes markets could overreact leading to a sharp increase in long-term interest rates and volatility of international markets. >>> united nations officials say they expect average life spe expectancy around the world to ris

useless to get you from point a to point b unless you consume that ultimately drives value to the american economy. our customer, i can completely agree with what shannon said in terms of our business objective, so to speak, is to empower entrepreneurs and innovators, to create jobs. that's a metric of success, not revenue generated per data set or some other per ifervance metric. the other piece of that looking back to the example of weather and gps, my monetization, is that together they contribute $100 billion to the american economy last year. last year alone from just those two data liberations. so, that is the way in which we are approaching from a strategy perspective, the ultimate impact to our customers. >> one super quick. one thing the city of san francisco or big cities or federal, right, the other smaller cities, smaller cities have smaller budgets. having a structure to support all this open data takes a lot of money. so, when these small cities are thinking about this, they should think about a way of somehow equalizing because they are putting into having these open data team, righ

higher meat products so again it's a win for the american industry and it's a boost for the american economy and i'll let you know to just over two hours from now when our team and stacy take a closer look at a really profits most from trade wars. you can see them on the shelves of any british newsstand men's magazines packed with pictures of their naked women plastered over the cover while now two prominent feminist groups are calling from to be removed from public site all face the legal consequences of his poly boy has got the story. you're allowed mags it's a booming industry aimed at young men featuring lots of pictures of scantily clad women here in britain you can buy them in your local high street shop well that could be about to change because two feminist groups armed with the support of several prominent british lawyers say that leaving magazines objectify women and could underpin harmful to choose that would lead to discrimination reasons violence against women so they're pulling on a high street retailers to stop selling the publications if they don't they say they risk being su

but really the most fascinating number we're seeing out of this poll is on the economy right now where 26% of the americans now say the economy is good for excellent, that may not sound a lot to you but that number is way, way up from what it was a year ago and shows americans are getting more confident by the day in the economy. the question is what's going on here? because usually you see these improving economic numbers right now and that would boost the president's approval rating. there are two competing theories what's going on with the economic numbers. some republicans say voters are delinking the economy from the president, those numbers that would normally boost his ratings are no longer boosting him. we may feel more confident what's going on but doesn't mean we like our president more. >> during the election some of the exit polling blamed prior administrations for the economic collapse more than they blamed this president, maybe they're not giving him the credit as it's coming back just like they didn't give him all of the blame. >> the other theory which is interesting, christine, these econo

and the american rv companies have survived this economy too. night right here, "world news" in a winnebago. they are part of the great american landscape, often driving across it. >> pulled into a pretty grove of pines and made ourselves comfortable. >> reporter: the all-american rv and the other families with the welcoming waves. >> you'll find the other campers mighty friendly. >> reporter: just when you thought this pastime was past its prime, a great american comeback tonight. 42 feet and we're going to drive this? >> yes, we are. ♪ >> reporter: we board a brand new winnebago, made in america. everybody ready? >> ready. >> reporter: about to hop on the desert highway, headed to las vegas. hold on, folks. should i use my blinker? my first time, cameras rolling. a big rig is pulling up. and about that approaching overpass, how high is this? 15 feet. appropriately enough, drive carefully, come back soon. did they just put that up? down the vegas strip, the little wedding chapel on the right. famous casinos on our left. americans across this cou

china is in the owe they decide better. >> i think the american economy is stronger than people thinkerican economy is dependent on a tough situation in china and a very difficult situation in europe. there's a governor on u.s. growth. so i still see a moderate slow growth global environment. i can't get beyond that. i wish there was more. that's what it is. if you build a business plan around something else, i don't think it's smart. >> you mentioned china. china can be a best friend because they have a lot of airlines and buy a lot of aircraft. they can be one of the greatest reasons why your defense business could be strong because suddenly building out a military in southeast asia. make money both ways? >> yeah, yes. the china threat is something that people want to respond to in the region, most of those are u.s. allies. and on the commercial side, china is building 93 airports right now. six of them are the size of o'hare, just to give you a feel. they are building infrastructure and the pundits will say they are getting out ahead of themselves. airports will be empty for a few

in today's economy the american dream sometimes feels like a pipe dream, higher paying jobs that once built up this country's middle class are disappearing. stagnant wages and low paying jobs, the new normal in america. with one third of americans now making less than $24,000 a year. while all of that may boost wall street's bottom line, it only squeezes u.s. workers. how do you get ahead in today's economy? >> you will need more than just a high school education to succeed in this economy. >> still, good advice for members of america's future middle class and not all college majors are created equal. degrees in engineering, health care, are in high demand. fields that once helped transform this country through innovation and creativity, architecture, anthropology, films, increasingly just add to america's jobless lines. as america repositions itself following the great recession, what does your future hold? >> arianna houghton and the fareed zakaria. too many graduates coming out of school with a mountain of debt and might not really have a major that's going to be rewarded. some deg

people and we'll have this much better economy and all the gains will be shared because the american economy is a working engine of distribution if you're just not screwing with the people who know what they are doing. here he comes on this one issue of immigration reform, any policy that does not share its gains sufficiently with folks at the bottom is not a policy worth having. you think what about the bush tax cuts? what about when you voted against things like obama care and the american jobs act? there are a lot of policies in the american government that don't fit jeff sessions new litmus test but only uses it it when it comes to immigration reform. >> and the reason, and i think the thing that unites corker and sessions, is what is driving opposition to comprehensive immigration reform is an ethnic anxiety about diffusion, about losing the kind of america people had. we have progressed politically where you can't champion that as the reason to be against it. what has to happen is republican members of congress have to reverse engineer reasons to oppose it, but they are representing th

women's reproductive choices are directly tied to the health of the american economy.s just a social issue i think glosses over the very dynamic and multi-faceted nature of it. >> i completely agree. these are the same people who want to cut the very programs that would help those same women who, if you don't have an abortion and you are more likely to then live in poverty or lower middle class, they also want to cut the programs that would help you be a better parent and raise your kid. what about life once you're born? >> i think that's a very central point that a lot of pro-life activists have tried to adopt in recent years, is finding that balance on that very, very point about, okay, we can be pro life but let's talk about once you have the child, talk about the life. let's talk about the community that child is going to grow up in and what can we do as a community to make sure that that life is sustained, not just at the moment of conception and birth but beyond that. >> one of the things that's admirable about catholic social policy. you may disagree with it, bu

people would say, the economy for most americansnot wall street. the economy for most americans is not improving significantly. just because you have conversations happening at the fed and on wall street it is a disconnect. >>chris: if the fed raises real estate that has an effect on mortgage rates and all kinds of things and raises the question whether it was a mistake for the fed to become so attached to easy money and low interest rates. did the economy and all of us inside the economy become addicted to this easy money? >> i think so but i e-mail four different economy is and i get four answers. five or six different answers, actually. yes, there is a reason if emergency intervention in 2008 and keeping zero interest rate going for five years is asking for trouble and i i am afraid we will pay the price but it has been go for wall street, big banks and big government which borrows cheap and if the interest rates are higher it would be a problem with the deficit. but it is bad to small business who get no benefit. the policies ar

central banks program to support the american economy. and now on to some individual stocks. we may want to keep track of kawasaki heavy industries and mitsui engineering and shipbuilding. the two companies ended their talks for a possible merger and there will be more on that later and we want to follow the shares of export related companies as they are very sensitive to the recent volatility in the currency market and speaking of which let's see how the yen is faring against the major currencies. the dollar is trading at 95.24-26 against the yen. uppern thursday and that's the lowest in more than two months since the bank of japan announced its aggressive monetary policy. the dollar rebounded as the strong economic data improved the outlook for the u.s. economy, and later today, we'll receive reports on u.s. producer price index at industrial production and we'll see how this plays into the dollar/yen. let's have a look at euro/yen, the currency pair is at 127.23-28. the market plays the euro as investors are more willing to take risk with the strong performance on wall str

30, 40 years and you see that immigrant spirit is still very much alive in helping grow the american economy>> suarez: senator tim kaine of virginia, thanks for being with us. >> you bet, ray. >> suarez: my interview with rand paul is on our web page and you can watch my series of what's inside the legislation and review our in-depth coverage of the issue. >> brown: now: languages, history, philosophy and more: a call for new commitments to the humanities in higher education. a report to that effect was issued today by a congressionally-mandated panel of the american academy of arts and sciences. it comes at a time when much focus has been on the need for the u.s. to nurture more graduates who specialize in science, technology, math and engineering. it also comes amid lower funding for research in the humanities and a drop in interest in civics courses. two members of the panel join us now: co-chair richard brodhead, president of duke university. and actor and writer, john lithgow. thank you and welcome to both of you. >> mice to be here. >> brown: richard brodhead, is there a critique here

the fed had upgraded its outlook for the american economy, and this prompted investors to buy the dollar. the u.s. currency is stronger against major currencies. dollar/yen right now at 97.94-98. euro/dollar right now is at 1.3207-3208. let's turn our attention to the stock market. now the possibility of the fed tapering its stimulus program caused global investors to be more risk averse. major european markets taking a london's ftse down by 2.3%. frankfurt down by 2.3% and cac403.3%. market players are also cautious as they received a mixed bag of economic data. the latest business activity report for the eurozone shows a contraction, but it's also the smallest downturn since march 2012. meanwhile, germany's producer price index fell more in may than in april. investors sold shares after receiving economic data showing the largest contraction in china's manufacturing activity in nine months. hong kong is one of the biggest losers. hang sang dropped 2.88%. japan were capped. the nikkei average wu down by 1.74%. on the decline in the asian markets, an expert in singapore says market playe

the issue is really bad government policies that have really undercut and hurt the american economy. listen, fact, in 1958, eight out of ten men work. now less than two-thirds of men who can work are working. households headed by adults younger than 35, one out of four in poverty, that a's a record. we haven't seen that before. that's why more women need to work and i think that's why more women are the breadwinners. it's unfortunately. >> so, john, for all the wwmen saying this is great news about equality, that's not necessarily so. this could be just bad news about our economy. >> but i think what you have to look for is just how bad the economy would be if women weren't working. adam smith always made the point about the pin factory, the more hands. and fact that women roe participating in the economy means we're much, much better off today. i think it also has positive social implications. 50 years ago a woman was stuck in a marriage if the man treeted her badly because she had no economic way out. the fact that women can support themselves now means they're probably treated bet

federal reserve signaled that it would cut its stimulus to american economy. u.s.tocks plunged more than two percent on thursday. has accused the slowing down of a treatment for curing a virus. it is about the public interest that could restrict research. the coronavirus is at the heart of an argument over research rights. the saudi government says last year, this man sent a virus sample to a rasmussen university. he was the first to identify the virus, an important step in understanding and tracking it. it is a vital first aid in any work on on a vaccine. a rasmussen university applied for a patent on this sequence. only then did it start to share this information and samples of the virus. the only condition that a rasmussen retains the right to any discovery or innovations they make in a potential vaccine. >> there is a problem for other researchers. if they make their own discoveries with respect to diagnostics or vaccines, they may be infringing or rasmussen -- erasmus' patent claim. this leads to disincentive. >> earlier this month, the saudi government made p

i don't think we've absorbed just how good for the american economy having some predictability in our immigration policy is. i'll tell you, there's a famous latino boxer who started a company to do home loans. why? why? because he actually figured out that if suddenly people who are here and know they can stay here, what are they going to do? they're going to buy a house. he wants to be first in line to help them get that loan. that's the kind of economic activity that i would hope to see as a result of immigration reform. we ought to be talking about that instead of talking about border, fences, security. >> oh, why. border security. we have to leave it there and pick it up another time. >> thank you. >>> up next, oh, the anticipation. supreme court, why do you tease us so? ♪ anticipation is making me wait ♪ wait♪ ♪ >>> it is the most important decision the supreme court justice has made all week. justice samuel alito decided to throw the first ball in last night rangers' game against the oakland a's. i'm joking. the court issued three decisions today but not what everybody is waitin

they are having a big three deficit because most of the population and the american economy is working in services they are not producing we don't manufacture yes and you are them on the factory you are buying for other place that's good you need to do the side which of these goods trilby don't us because of it's not that you grease on so high by the aggregate by you. should be bought while by outside and work to buy them do you think it's a gift we ability. to just do business well you succeeded in so many things you think you're born with bad i think always you think combination of genetics or more like sports or like you like eight and the activity you have the combination of of born with that and. in the case you're not training and wark it's that experience soup with dances that you haven't met you but you love business right don't you love i love i love him best to create economic upheaval and you you could read a balance sheet. or. you think you were lucky oh absolutely not until i was independent this i don't understand why in one side what the same of the other. in the balance

looking to america's biggest corporate secrets and that's something that could be damaging to the american economycan. i mean, we are seeing a dramatic shift of intellectual property from west to east. what people tend not to understand is that businesses and governments create store and transmit information on the same porous internet that you and i use in our personal relations. secrecy from privacy are pretty much the same thing but they are just asserted by different actors, and you and i assert a private interest, and your government and employment is secret interests, and it's somebody asserting the right and the ability to keep somebody else from knowing something. and since we are all transmitting and working on the incredibly porous networks where identities are easy to spoof, both privacy and secrecy are heading south rapidly. >> i want to look at some of the sectors under attack. manufacturing top the list at 24%, and government, half that share, and then these are top industries attacked in 2012. how does this affect the economy in the long run? >> let's take something like an auto or

plus, find out why the american economy is going to the dogs! from all of us at first business news, make it great thursday! ♪ >> now a paid presentation for meaningful beauty advanced by cindy crawford. >> with special appearances by debra messing. >> valerie bertinelli. >> christa miller. >> and stars from tv's royal pains and the mentalist. >> hosted by network tv correspondent katrina szish. >> brought to you by guthy-renker. >> hi, everyone, i'm beauty and style journalist katrina szish on location in beverly hills. in just a few minutes we'll meet one of the most beautiful women in the world, supermodel cindy crawford.

they depicted 2014 as a quote unquote difficult one with the euro zone in recession and the american economy still hampered by high unemployment. china did not participate in the discussions since china is not a member of the g8 although japan, its neighbor, is. >> why are the economies around the world slowing down. >> because the economies around the world have accumulated too much debt and they don't know how to get the economies moving again. china's growth rate is down to 6 or 5%. no one knows where it's going. exports within the european community are dropping all over the place. virtually every european country -- look at the unemployment rate in spain. it's 26%. you look at italy, france and spain, they're all cass -- basket cases. they have a debt to retail. just to give you one little statistic. the spanish banks had total real estate lending equal to 109% of gdp. just in real estate lending. real estate has collapsed in the countries because there was a bubble that burst. that is where we are today. >> the unemployment rate for young people under the age of 28 in spain. >> it's ab

it is time for president obama to take his hand off the dimmer switch for the american economy. it is time to end this war on low-cost american energy so that america can grow, prosper and shine brightly once again. i thank the speaker and i yield back. the speaker pro tempore: for what purpose does the gentleman from indiana seek recognition? >> i ask unanimous consent to address the house for one minute, to revise and extend my remarks. the speaker pro tempore: without objection, the gentleman is recognized for one minute. mr. visclosky: mr. speaker, i rise to congratulate the 2013 stanley cup champion chicago blackhawks. last night sorrow quickly turned to joy when the hawks netted two goals in 17 seconds late in the game to avoid a game seven. he crowd erupted as we celebrated a second cup in four years. congratulations especially to captain jonathan toes, patrick mccain and cory crawford. it was truly a team victory from all the plears on the ice, to coach q., to the g.m. and the owner. the entire organization deserves to be commended and i thank all of them for once again m

the water levels hitting historic low levels and drying up a big part of the american economy. >>> and later, the healing power of a familiar face from home. pets now allowed, even encouraged at a growing number of hospitals. >>> the great lakes contain one fifth of the fresh water supply in the surface of the earth. that may seem like a great deal of it, these days it's not enough for the level of commerce that those five truly great lakes have supported for so long. the problem is the water levels. the lakes are currently low and getting lower. our report on the impact tonight from our chief environmental correspondent anne thompson. >> reporter: the cargo ship "mesabi miner" rides high as it docks on lake erie. and that's not good. >> she left 8,000 tons of iron ore in minnesota, that's basically a day's work for an iron ore mine. >> reporter: iron ore destined to be steel in cars and refrigerators. but the mesabi miner can't carry a full load because once again water levels in the great lakes are too low. >> it's reducing our revenue. we carry less tons, we get paid by the ton. we

people would say the economy for most americanss not wall street. the economy is not improving significantly. you have conversations in the fed and wall street it is a disconnect. >> if the fed raises interest rates that can effect the mortgage rates and all kinds of things. it raises the question whether or not it was a mistake for the fed to be attached. did the economy and all of us become addicted to easy money? >> i think so. i e-mailed four different economists and financial types. took the words out of my mouth. i think, yes, there was a reasonable reason for an emergency intervention in 2008. keeping zero interest rate going for five years is asking for trouble down the roads. i'm afraid at some point we'll pay the price. i think the zero interest rate regime was good for wall street, big banks and big government which can borrow cheap. if interest rates were higher we would see an impact on the deficit. it's bad for small savers. it's been bad for small business actually. community banks don't benefit from this regime. i t

tonight at 10:00 and 11:00, find out how bay area politicians are focused on keeping the american economypetitive while making sure our job force stays strong. that's the news at 6:30. we'll see you at 11:00. the latest news and weather are always on our website, kpix.com. captions by: caption colorado comments@captioncolorado.com ,, ,,,,,,,,,, [ female announcer ] life is full of compromises. but when it comes to what your family really loves, you shouldn't have to sacrifice. and that goes double for ice cream. now you don't have to give up. you can give in with dreyer's slow churned light ice cream. we churn it slowly for all the rich and creamy taste with just half the fat. ♪ dreyer's slow churned light ice cream. ♪ nestlé -- good food, good life. >> an all new eye on the bay starts now in hd. >> this edition of eye on the bay is sponsored by oakland zoo. >> new york got to get away guid

people would say is the economy for most americanstreet. the economy for most americans is not improving significantly. just because you have some conversations happening in the fed and on wall street, it is a disconnect between what a lot of americans are feeling. >> if the fed raises interest rates it has a real affect on mortgage rates and all kinds of things. bill, it raises the question whether or not it was a mistake for the fed to become so attached to easy money and low interest rates in the first place. did the economy and all of us inside the economy, did we become addicted to this easy money? >> i think so, but i e-mailed four different economists and financial big shots -- you took the words right out of my mouth yesterday. there were five or six different answers of what i think about this. there was a reasonable reason for emergency intervention in 2008. keeping a zero interest rate regime is asking for trouble down the road. i am afraid we will at some point pay the price for that. i think the zero interest rate regime

. >>> new data showing the american economy isn't growing as quickly as thought is making wall street happy. bertha coombs joins us live from cnbc headquarters. good morning, bertha. rrp it's that weird wall street thing that happens. we have the futures pointing higher this morning. on wednesday we had stocks leaping higher even after we got a report that showed the first quarter of the economy grew less than expected. now, what seems to be happening here is a case of bad news being good news. here is how you should follow it. bad economic data means the fed is less likely to stop its bond buying program. that's one of the things that people on wall street fear, that the fed will pull back too soon. when we get bad data that means the fed might stay on hold, so that's good. as a result we had stocks moving higher. today we've got a whole lot of data to chew on, unemployment in about a half hour, personal income, spending, pending home sales. and we'll see whether the dow can get back above 15,000. the dow starts at 14,910, up 149 points on the day yesterday. the nasdaq at 3,376 after

high end products so again it's a win for for the american industry and it's a boost for the american economy what i think they see look closer at really profits most from trade was right is this not the kinds of reports and r.t. . still to come here in jerusalem a city of contrasts an inequality report on the plight of. queues is well often the really keeping i mean. details are coming up off the break. wealthy british. market. find out what's really happening to the global economy with. no holds barred look at the global financial headlines kaiser reports. are born right on the ice fields of the white sea. throughout the twentieth century the poles were hunted for their snow white furs. russia imposed a ban on this trade and hunters have since been replaced by tourists but stay safe for ever. saving seals on our. welcome back you can see them on the shelves of any british newsstand men's magazines with pictures of scantily clad women last of the cross the cover but if two prominent feminist groups have that way this could all change after they threaten to sue retired as if they don't remove

up border security, a historic reform to immigration laws that proponents say will boost the american economy with new brains and businesses now operating overspaeps jim avila, abc news, washington. >>> and overseas to south africa, where nelson mandela is battling a lung infection. the fourth time since december the 94-year-old has been hospitalized. his condition remains tonight serious but stable. >>> and back at home, a new round of severe weather. 18 million families in the hardland bracing for high winds and possible tornadoes. we've also seen what has been called a biblical dust storm with the roar of a freight train engulfing cars on the road. >> reporter: this was the view from the drivers seat in nevada yesterday, apocalyptic is how they described it because of a sudden sandstorm. only after the dust had cleared did the damage become visible, 27 vehicles piled up on interstate 80, and one truck driver dead. >> look at this thing move sglr they happen almost every year in the desert southwest, and look like a scene out of lawrence of arain ya. this was from last year in phoenix. >> a

man: infrastructure is vital to the american economy. water, after all, is an essential ingredient in hundreds of thousands of everyday products. narrator: agriculture and industry use roughly 80% of the water consumed in the united states. water is the basis for manufacturing many goods and provides the ability to clean and sterilize everything from computer chips to the surgical instruments used in hospitals. kelly: the minute that there's not enough water for businesses, industry, and individuals, they have to go elsewhere. and when they go elsewhere, jobs go elsewhere. your entire economy begins to suffer with the lack of clean water. narrator: while the water infrastructure provides for our health, safety, and economy, a growing concern is that the value society derives from water has not traditionally been reflected in the price we pay for water. man: when you take a look at how much people pay for water, as a percentage of median household income, it's usually less than 1%. and when you compare that to how much we pay for electric

news, wall street has been very happy lately because we've had several bits of data showing the american economy fast as hoped. that's right. the stock market went up because the economy is puttering. investors like bad news because bad news makes them think the fed will delay ending its easy money policy. remember jon and laura, the stock market is not the economy, the economy is not the stock market. in fact, in this case they're direct opposites of each other. >> breaking it down for us, scott. always appreciate it. 5:55 right now. christina loren is back talking about a scorcher coming our way this weekend. >> it is going to be hot. i don't know about you two, but i thought yesterday was hot. i had to use my ac in campbell. this morning we're starting so mild that we'll see temperatures even warmer. 65 in sunnyvale, 62 in san jose. high pressure doing its work to really clear things out even earlier than yesterday. here is where we're working. today, 81 dreels at noon inland. that means if you work outside, grab the water bottle, stay hydrated. let's take a look at your morning drive and see