economy is doing well. businesses are doing well. we have a record number of americans working. i've always believed the most important thing is to get the economy going, get people in jobs that some people are working, they pay taxes. when people are on welfare, they do not they taxes, they collect government benefits. keeping americans in their jobs, giving them pay raises, income goes up, they pay more taxes -- i think we are going to see declining deficits. i do not want to's trillion dollar deficits that we had under obama which were dreadful. we had eight years, we increased the national debt by $10 trillion under obama. we need to get growth up and revenues up and then we have to cut government spending. i have been kabul mentor he did during this interview but i will say this -- i've been kabul ary tompliment trump during this interview, but i will say this, we have got to get control of our expenditures. it is not a revenue problem. revenue, what we do not have any spending control. shame on both parties. president pointing to the debt 20 said i'm not going to get federa

chairman jerome powell said the american economy is strong but acknowledged that challenges remain. >our economy is strong area growth is running at a healthy clip. is low.ment the number of people working is rising steadily. and wages are up. inflation is low and stable. all of these are very good signs . of course, that is not to say that everything is perfect. the benefits of this strong economy have not reached all americans. itsette: hsbc has raised main lending rate in hong kong for the first time in more than a decade. the move closes off an era of ultralow borrowing costs that sent property prices skyrocketing. the london-based bank boosted its best lending rate hours after the hong kong monetary authority raised it is mark interest rate by what he five basis points in line with the fed. u.s. president donald trump has said he and his chinese benterpart will -- might not friends anymore. he accused beijing of trying to interfere in november's midterm election. you made a significant allegation against the chinese government, you suggested that the chinese had meddled in or are

had to leave. >> host: is google one of those companies that concern you when it comes to the american economy and democracy and concentration of our? >> guest: what you have to understand is with a very wide ranging problem with concentration of power, heard much every sector in the political economy and the united states. has been highly concentrated over the last generation. this is true and retail, true of services, it's true of manufacturing. but the area that gives us most concern is because of the nature of the corporations and the power they have or the platform. this is google, facebook, amazon may be uber. then what should be done with them if they're having this concentration of power which is a threat? >> guest: the traditional american approach when we we'vd monopolies in the past, and we have had monopolies many times in the past. the traditional approaches is to par antimonopoly laws to do two things. to break up something that is too big or if it's necessary that something is big, if it's a network like a telephone network or a telegraph network or a railroad network, we have a

had to leave. >> host: is google one of those companies that concern you when it comes to the american economy and democracy and concentration of power? >> guest: what people have to understand is we have a very wide-ranging problem with concentration of power. pretty much every sector of the political economy in the united states has been highly concentrated over the last immigration. it is retail, through services, through manufacturing. but the area that gives us most concern because of the nature of the corporation and the power they have and the platform monopolies. google, facebook, amazon, and may be uber peer >> what are they doing up there this concentration of power which is a threat? >> guest: the traditional american approach and they have monopoly in the past and we have many time in the past. the traditional approaches these are anti-monopoly laws to do two things. to break up something that is too vague or if it is necessary, encrypting network, a telephone network or a telegraph network for railroad network, we have all these different laws we can use to neutralize the power in

it is the american economy that needs this rescue plan. i understand completely why people would be skeptical when this president asked for a blank check to solve this problem. i was as well, as was senator dodd and a whole bunch of us. that is why over a week ago i demanded that this plan include some specific proposal to protect taxpayers. protection that the administration agreed to and thanks to the hard work of senator dodd and senator gray, we here in the senate have agreed to and hopefully the house will agree to it as well. let me just go over those principles. number one, i said we needed an independent board to provide oversight and accountability for how and where this money is spent every step of the way. number two, i said that we cannot help banks on wall street without helping the millions of innocent homeowners who are struggling to stay in their home. they deserve a plan as well. number three, i said i would not allow this plan to become a welfare program for wall street, whose greed and irresponsibility got us into this m

for this american economy. over the past few weeks, many americans have felt anxiety about the finances in the future. i understand their worry and the frustration. we have seen triple digit swings in the stock market. major financial institutions have teetered on the edge of collapse and some have failed. as uncertainty has grown, many banks have restricted lending. credit markets have frozen and families and businesses have found it harder to borrow money. we are in the midst of a serious financial crisis. the federal government is responding with decisive action. we boosted confidence and money market mutual funds and acted to prevent major investors from intentionally driving down stocks for their own personal gain. most important, my administration is working with congress to address the root cause behind much of the instability in our markets. financial assets were related to home mortgages and have lost value during the housing decline. the banks holding these assets have restricted credit. as a result, o

the american economy is getting stronger and stronger. it is going to boil down to this. country in the world is going to make the choice of becoming the partner of the iranian economy with all of the problems in iran versus the american economy? that is a real measurement. and we will see the results. molly: upsala, thank you so much. aliza november as well. we will be looking ahead of that. >> thank you, molly. mike: another shark attack this time on the west coast. where it happened and the latest on the victim, next. we want an update in the fbi probe and allegations against judge brett kavanaugh. an attorney for one of the accusers, deborah ramirez, his classmate from yale confirm she has been contacted by the fbi and agree to cooperate. molly: a 13-year-old boy recovering from a shark attack in southern california. the teenager was diving for lobsters on saturday. >> we are actively having guards coming onto the beach and into the want to let people know we had a nonfatal shark attack and advising them to stay out of the water. molly: jeff paul joins us from our los

what we focus on is the threat, as opposed to american democracy, to the american economy by the concentration and monopolization. started openre, i markets a number of years back at a think tank called new nowica and we are independent, growing, and stable. >> why were you asked to leave new america? >> we were asked to leave because we reache released a statement applauding an antitrust decision in europe against google. there were a lot of folks in new america who were from google, who supported the new america think tank, so they were not happy with the statement and it was impressed upon us that we had to leave. >> is google one of those companies that concern you, when it comes to the american economy and democracy, the concentration of power? people have to understand we have a wide ranging problem with political power -- concentration of power. pretty much every sector. manufacturing.s, thethe area that gives us most concern because of the nature of the corporations, the power that they have, are the platform monopolies. this is google, facebook, amazon, u maybeber -- maybe uber. host:

jerome powell says the american economy is strong but it knowledge is that challenges remain. >> our onomy is strong. growth is running at a healthy clip. an appointment is low. the number of people working is rising steadily. which is a rep. inflation is low and stable. all of these are very good signs. that's not to say that everything is perfect. the benefits of this strong economy have not reached all americans. executive has weighed into the debate about how it handles the companies advise. taking aim at whatsapp co-founder as low class. he left facebook almost a year ago and told forbes magazine it was because of conflicts with mark zuckerberg. david markets has said the relationship with founders are empowering and offer unprecedented attack me. -- autonomy. argentina has won a promise of .xtra class -- cash it is a record bailout to help the company -- country pull out of recession. will also deliver more of that cash up front in return. the president has pledged to excel or it budget cuts and stop burning through foreign currency reserves to defend the peso. plan the core of

many of us want what is best for the american economy. the president's tweet is a strong missage to the members of congress who want a political win for themselves. they want power and not to mess around. not only will you hurt yourself politically but you will hurt our country. >> this is a big one for new york. they move on that issue. might that change your vote one way or the next? >> i don't think this administration, i don't want to speak for the administration. i'm not sure if this is their position. they are not cutting a deal will canada where they are not budding. this administration is taking a stance and fighting on behalf of businesses. i don't believe this administration would be sending a deal to canada. >> earlier this week on friday they asked whether or not she essentially feels the united states wants a deal or at least -- >> they have been working really, really hard. >> there was a pause there and it wasn't a yes. the canadian theme is skeptical. was that the ebbs and flows of negotiations. >> listen, the president is

this has implications not just for the american economy, but for the global economy.ederal reserve is the credit and pace makerfor federal reserve is the credit and pace maker for most of the world. developing economies are really suffering from increasing prices, the question is are the federal reserve going to take action on that, are they going to take account of the effect and pain they are causing in developing countries? thank you forjoining us. our team in the us will be telling us what is going on later, as they make their announcements. shares in the chinese hotpot chain haidilao have surged more than 10% on their debut in hong kong — that's after the firm raised almost $1 billion in its initial public offering. rico hizon is in singapore. i don't know if i pronounce that company name right or wrong, you can correct me and tell me what is going on. haidilao. williams. is a beijing —based restaurant chain, it has outlets from the us to japan and has a reputation for keeping patient customers waiting for more than two hours for table because of their famous hot

we need to overhaul how we think about the american economy. we know first of all, corporations don't drive the economy, workers do. we grow the economy from the middle class out, not from the top down. might be interesting to know that just this week, the fdic announced that bank profits have continued to skyrocket, yet middle class wages have shrunk. if work isn't valued, americans can't earn their way to a better life for their families, no matter how hard they work. last year's tax bill was an opportunity to reset our priorities by focusing on american workers, focusing on the businesses that invest in them. a bunch of democrats, a bunch of us, had plans to cut taxes for millions of american workers and businesses that create jobs here in the u.s. we fought to expand the earned-income tax credit and the child tax credit that reward work to put more money directly into the pockets of working families. we worked to cut taxes for businesses, but only those businesses that treat their workers well and keep jobs in the united states. we want to

the american economy —— this trade war. american supply chains are breaking down.nufacturers that have survived globalisation are now facing serious problems. one of the consequences of the trump administration what could say is that the strengthening of the us dollar. that is also hurting the global supply chain. could that provide some relief? only at best in the short—term. what we are dealing with here is essentially to act as. you have the uncertainty caused by the trade war. the $200 billion of ta riffs the trade war. the $200 billion of tariffs coming in tomorrow and we still do not know what he is going to do. the supply changed is also taking a real hit. while the weakening of the dollar may help on the supply chain, you still have to deal with the uncertainty which is argued we have in more of an impact. thank you for coming in and taking us thank you for coming in and taking us through that. let's stay in the us, where shares of the social media giants have fallen as their top executives faced highly critical hearings in congress. twitter boss jack dorse

americans don't. large parts of america have not recovered from the crisis. the san francisco fed s estimating that as a result of the lost growth in the u.s. economyhe decade in which america grew below where it might otherwise have been, the recession probably cost the average american about $70,000. >> reporter: $70,000 in lifetime income, that is. >> so that is not something we're ever going to get back, regardless of what happee in ock market. >> reporter: which prompted a final question, about the political ramifications of the crash of ¡08, at a final location. >> this is zuccotti park, just by wel street, the site of th famous encampment in 2011 that spawned occupy and the discourse of the 1% against the 99%. the place where inequality in america today was really put back on the political map. huge rage against bailing out the banks. and the other great political reaction to the crisis came two years earlier in the form of the tea party. the idea that irresponsible borrowerwho had taken on debts they couldn't afford were now going to be rescued by the federal government. one opens if you like the door to a more radical politics on the right

know, president trump has claimed that his maneuvers on tariffs have significantly boosted the american economy. what impact do you see the tariffs having, and what do you attribute the strong u.s. economy to? >> first off, let me say, there is not a lot of argument about things that need to be fixed. for example, it is about time that we are dealing with china on the issues of the theft of our intellectual property, and requirements they have enjoyed venues to give up a lot of our technology. also, the effort on their part, to basically deny us any opportunity for a competitive offer in areas where they have their companies with a significant government role. economic success requires fundamentally, 2 things. the first is investment capital, and more and more, we are getting there. the second our human talent. while we have great human talent , as the economy is growing, just about every industry that i visit with, or start off, where will we get the people? what that suggests is some time after the midterm elections, there will be a lot of discussion going on in this town about some form of w

in the 1950s as i'm sure many of you know, the american economy entered a boom period where great waves of consumer products went washing out over the american population. this took place after the private asians of the great depression in the 1930s, the restrictions of world war ii in the 1940s . the rapid growth of consumer prosperity in the 1950s which of course was linked to the rise of the suburban middle-class, promoted an ethic which said that the purchase of automobiles, normal houses, two car garages, lawnmowers and washing machines and televisions and barbecue grills, leisure activities of all kinds. this is a key part of the american way of life. it was a signal of abundance and abundance was the key to the good life in america. playboy from the very first issue in late 1953 was heavily invested in this new consumer ethic. it really offered guidance to young men , a kind of guidebook for young men. many of whom had a good job and a good salary for the first time as they face this new consumer cornucopia of goods. and instructed them as a kind of a guidebook on stylish clothin

has been reliable as being a reliable indication of what's going on but what we do know in the american economy is that skill shortages are beginning to impact labor markets. anybody who's a global in america basically is you know can get a joke so the economy is i think in a pretty advanced stage of its credit cycle i don't think we can really i mean you keep talking about all this money sloshing around the system and the fact that we have failure of crisis governor at the same time you can't really call that money money has starkly is a store of value or a means of exchange but we're talking about family by the central bank that is for political favoritism and for political outcomes that's not money that those are coupons that are printed by a centralized autocracy to further their power structure but it's not quote money as i understand that term and the everything you're saying kind of buttresses that point the flattening ales curve is an economic indicator that would help you determine oh are bonds expensive or are they is a market but again we're not talking about money are we were talkin

it means nothing to the american economy.t trump is a politician and it means something to the people who voted for him. he ran on reapproving these trade deals. none of you guys in d.c. would have jobs if you didn't have great politicians winning these races. my point is, i talk to people who want better -- there was a woman on maria's show in the past week who sells cheese. she sells string cheese flavored with fruit, and she wants to be able to sell into canada more easily. >> that's fine. we have a 180% tariff on peanuts and tobacco. we have a few of those agriculture protection thing too. but in the big scheme of things the, irrelevant political maneuver that isn't going to make jobs in america. the thing about mexico, of course they like the deal. trump is saying you have to raise wages to $16 an hour in mexico. that's good for mexican workers. he's saying 75% content. dagen: it puts us potentially on a level playing field with mexico. >> it's not even close. the uaw is $30 to $60 an hour. dagen: how is it not good. whe

america if you think the average chinese even is even half as smart as the average american china will have an economy which will be twice the size of america. and as you know the chinese haris mart has and what he hopes and the mistake that these american thinkers are making is thinking that this last century's right of western domination is normal actually as i said it was an aberration because from the year one to the year it hundred twenty that the largest economies were always those of china and india so this aberration has to come to an end and you cannot fight for what i think is it because presidents come and go and then with every new president there's a new course of action here this approach towards china detail actually perish with trump or is it a long term strategy for america now well i am actually writing a book on that subject this year on u.s. china relations because history teaches us that whenever there was number one emerging power which is china is about to overtake there was number one power in economic size and scope to happen in the next ten years then there will be a maximum

the american economy is mostly driven also by personal consumption. who says personal consumption also says increase in imports. the trade balance of the u.s. is not improving despite a high-growth of the u.s. economy. second point is we are at the edge of midterm elections in the u.s. let's never forget that. most of the rhetoric we currently see is very much targeted at voters in the u.s. in view of the upcoming midterm elections. you very much indeed for joining us, wilfried verstraete, chairman of global trade, joining us from shanghai. i want to get you to some of these lines coming out of pyongyang, the talks between kim jong-un and his counterpart there from south korea as well, just saying they will be signing a military agreement at 11:10 a.m. ,ot sure if that is seoul time must be hong kong time. they are going to sign another agreement. david: l we will beive out of south -- we will be live out of south korea. in the meantime, let's bring in paul allen. an update of your first word news. paul. grew again's exports in august while strong imp

conference speaks to the vital role, not just in the overall success, but the success of the american economy. the reality is we are seeing more skepticism than ever before about the impact of these technologies. part of these ideas come from the worry of how these technologies are changing the nature of work. a team of 15 radiologists recently competed against an artificial intelligence system to see who could diagnose new neurological disorders faster and more accurately. this is mind blowing. each site studied samples. the average team of humans took 30 minutes to diagnose a patient with a 66% accuracy rate. an algorithm meet a correct diagnosis 87% of the time, in only 15 minutes. many workers without college degrees, for example, represents 70% of american adults thinking the same thing, whether it is long-haul trucking or another profession. now we bring up this issue to explain why it is sometimes hard for governments to be on the side of innovation. when change occurs, it's easier to identify and focus on those who will be hurt, rather than those who will be helped, even in the long r

the american farm economy was massively ill-prepared for the evolving 20th century. well before the depression, the farm sector was deeply troubled. there were too many farmers and -- onorkers trapped by unproductive farms with no access to capital, a of managing risks. the farm economy was marked by a deep-rooted disequilibrium. the vastly compounded challenge of 1930's policymakers and policy makers the 1930's. during the depression, congress responded with a mix of policies. the u.s. was not alone in imposing controls and protections of the farm sectors. this was worldwide but few imposed such extensive production controls. why did the u.s.? do this and they remained in place -- why did the u.s. do this? and they remained in place for decades. the answer is its dependence on exports by 1930, the american prices have been pushed out of line with world prices largely because policy mistakes produced and an enormous buildup of carryovers of surplus stocks burdening the american market. paradoxically, the uber administration and agrarian insurgents -- their answer was

president trump claimed that his havevers on tariffs listed the american economy. to what do you attribute the strong u.s. economy? let me say that there is not a lot of argument about things that need to be fixed. timexample, it is about that we are dealing with china on the issues on the test of our intellectual property it -- theft of our intellectual property. and the effort on their part to deny us any opportunity for a competitive offer in areas where they have their companies of significant government role. economic success requires fundamentally two things. one is investment capital, and more and more we are getting there. human talent. while we have great human talent, as the economy is growing, every industry i visit with start off, where are we going to get the people? what that suggests is sometime after the midterm elections, i think there is going to be a lot of discussion going on about say isrm -- what i would an effort to find workers. i'm trying not to name it. ,n immigration bill in pieces we are going to have to work on. issuesstion of the trade

they are now 8% of the s&p 500. >> wow. >> that's a huge chunk of the standard measure of the american economyts traders will continue to push amazon shares higher as long as the company manages to find new customers. >>> it happened again over the weekend. as thieves continue to target apple stores all over the bay area. straight ahead, the larger law enforcement investigation now underway. ay. >>> a nice-looking day inland. the area saw plenty of sunshine with a little bit of smoke. we'll have temperatures the next couple of days it will be on the warm-up. i'll let you know what to expect. see you after the break. (male speaker) stop by bass pro shops and cabela's today for great labor day deals. like redhead pocket t's and henleys, 2 for $25. save 25% on this pro qualifier baitcast reel. and save $50 on this masterbuilt extra large temperature control smoker. >>> this is surveillance video looks similar. the videos show the theft of devices on display in apple stores in santa rosa and walnut creek last week. a small group runs in and grabs everything they can, getting away with tens of thou

and it's the idea of incorporating union between britain and its american economy to foreign one country as england have done with scotland the reason they like that is because if the concern among the american economies is the present situation creates taxation without representation i think that is why it is a preferred alternative. then if that is the approach that is adopted from great britain that is an understanding with regards to the eu. >> welcome to you with a microphone. if you have a question please raise your hand for the lady right here in front. >> thank you so much. it seems there is a dichotomy between the idea of kind of reverting to the mainstream norm and evolution, so where does the evolution come from if everyone is trying to please everybody else by being normal? >> this is a great question. when people are seeking to earn the esteem of others, they are -- i don't think one assumes that it is in a particular equilibrium. it's not an equilibrium theorist, he is a theorist about the movement to the equilibrium but it is dynamic and so they think that human nature wou

any kind of downside of the american economy is absorbed by the strong american economy.s like never before. i want to show you jobs. under this president, 3.7. almost 4 million jobs so far. look. i think 2018 is a great year for job creation. last year. we created jobs like this, greg. we had ten years of great job creation. does the president really get all the credit for right now? >> there is always hyperbole. you have to give credit to ben bernancke and janet yellen. if you are going take a trade war, this is not a bad time to do it. will it add to inflation? maybe. will it detract from growth? maybe. the only wild card is we will talk in the next few weeks, i'm sure, about interest rates going up and whiff of inflation starting to come back into the economy. >> greg makes a point. democrats and republicans, you know, suburban republicans and rural democrats who agree with trump on trade. >> a pervasive feeling that the chinese don't play fair. they steal our stuff and don't open their markets. i think canada is different. i was in toronto yesterday. picking on canad

what we focus on is the threat to american democracy, the american economy, and monopolization. -- i started open markets a number of years back. i had a think tank called "new to leave we were asked do america so we are independent. host: why were you asked to leave new america? barry: we released a statement of plotting an antitrust decision in europe against google. and there were a lot of folks within new america that had -- that were from google. host: is google one of the companies that concern you. barry: in the u.s., it has been highly concentrated. it is true of manufacturing. that gives us most concern is the nature of the corporations and the power that they have. host: what about the group that is a threat? barry: the traditional american approach when we have had monopolies in the past -- and we have had them. the approaches to have anti-monopoly laws. they neutralized the power and that monopoly. they are perfectly apt to deal with google and amazon. host: we want to bring google and political into the monopolization. >> google received a lot of flak or offeringing up,

i'm not in favor of him but we need to recognize that his politics protect the american economy he's very disrespectful toward everyone who's met him in presidents he is not a good person mccormack isn't fairing a lot better than trump when it comes to winning over the french but now he has a double charm offensive to deal with his people and the us president show it to. paris well with french people they're not particularly fond of the u.s. and its leader it is unlikely that many new parents would currently settle on the name don or for their son and while many do often struggle anyway to choose the right name it's not always up to them to decide. now it is day four of all stopped twenty eighteen russia's largest military drills in decades and the exercises have nice which to you from land to say we're against the earth is there for us in the countries far east. we're now into the last few days of the vostok two thousand and eighteen war games which seem almost everything from last almost formations rushing at simulated enemies to. have helicopters and jets dropping that payloads an

i'm not in favor of him but we need to recognize that his politics protect the american economy he's very disrespectful toward everyone has met him presidents he is not a good person much corn isn't fairing a lot better than trump when it comes to winning over the french but now he has a double charm offensive to deal with his people and the us president show it to. paris. with french people not particularly fond of the u.s. and its leader it's unlikely many new parents would currently settle on the name donald for the sun and while many often struggle to choose the right name it's not always up to them to decide. ok stay for live twenty eighteen russia's largest military drills for decades the exercises of now switch from land to say and i guess the air is there for us in the countries far east go by your population doesn't have money and money maintaining thirteen aircraft carriers around the world why why don't you change your policies and do something that is good for the magazine and good. welcome back the world's largest program for female empowerment has been branded an utter

i'm not in favor of him but we need to recognize that his politics protect the american economy he's very disrespectful toward everyone who's met him in presidents he is not a good person not corn isn't fairing a lot better than trump when it comes to winning over the french but now he has a double charm offensive to deal special inspector general reports on a regular basis you see that this happens all the time around for almost only. they deliver a little bit and then there's not much accountability here. u.s. officials say at least five people have been killed since tropical storm florence made landfall on the east coast and began battering north and south carolina florence was downgraded from a category one hurricane on friday afternoon but is still causing widespread devastation bringing with it strong winds and heavy rain well currently six hundred thousand homes and businesses are without power and it's expected there will be catastrophic flooding over the weekend officials said that around one point seven million people in the carolinas and virginia have been told to evacuate