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jackson is a radio talk show horse. angela is a fox news contributor to. how did we get here?ave always been here. the fact is whenever you have economic distress you have heightened racial distress. clinton actually won the white house with the majority minority vote, and a large sliver of white vote. this is not knew and it reflects the change demographics of the united states of america. it will take everybody to win the white house. the question is what do you do once you won. i think that's a real issue. >> she is correct we have always been here from the standpoint that class warfare has been used to prey on the emotions of minorities. clinton moved to the center and signed the contract with america. truly he was a bipartisan president. i wish we had the barack obama i heard at the democratic convention 8 years ago. that was a man who united the country in speech. he says he would change washington as we knew it but it has gotten worse. >> the problem for me is this. people run one way and you have got to govern another way. we have always done this. i remember when pres

angela mcglowan, fox news political analyst and santita jackson, fox news contributor. do you think the house did the wrong thing in voting to extend tax cuts for everybody? >> what is interesting to me about all this? it is aspirational argument, not factual one. only 3% of the americans make $250,000 a year or more. there is no discussion about 100 million poor or near poor or actual tax hike on middle class americans, particularly on military families if this resolution has now given us. jon: how is that going to be a tax hike, santita? >> no, 24 to 25 million. look at numbers. 24 to 25 million americans will have a tax hike. the only people who really get a break are those 3 at the top. we have to have a discussion that is broader than what we're having right now. it is just not broad enough. jon: angela, the vote in the house that i'm talking about extended the bush-era tax cuts for everybody. how does that turn into a tax hike? >> it doesn't turn into a tax hike. we need a pathway to job creation and obama's tax hikes, ernst & young came out with a latest report,

now europe is closed so we have to wait to see a angela merkel and the rest are on their way to jacksonhey're already if they will have any comment but the market has moved on rumors like this. there's nobody home today. it is a friday and august. only 1 fifty million shares of stock so somebody sneezes in europe it will move us. >> that is the story for you. we will continue to follow it and it has been a slow month for stocks. a move up in the month of august and september we have the ecb meeting and we'll get some volume. dagen: and of course the federal reserve chairman speaks next week and mitt romney tells fox business in an exclusive interview that more stimulus from the federal reserve wouldn't help the economy and he set a lot more to peter barnes. peter: we got those fed minutes from the fomc meeting three weeks ago and the minutes made clear that the fomc is seriously considering another round of monetary easing including another round of quantitative the easing. mitt romney said don't. >> i don't think qe2 was terribly effective. i think another fed stimulus is not going to

back, we'll take a look at ben bernanke's big speech from jackson hole, and ann romney introducing her husband to american voters. > >>> angelay resigned over wellpoint. the company has taken big losses on medicare plans in california and recently cut its full year earnings forecast. wellpoint's board says it will look at internal and external candidates for replacement candidate. stock up today 1.4%. >>> john paulson is reassuring clients investors aren't fleeing his firm even though his funds have flagged. last week citigroup's private bank decided to stop investing with paulson. he says he's disappointed by the move but notes fund withdrawals haven't been unusually high. down nearly 13% this year. >>> nj services in new orleans have reported hurricane isaac topped a levee in the southeast part of the city. cnbc's senior correspondent scott cohen is in new orleans and joins us for more. it's going to be an interesting connection. where is this levee, how far away from the city is it? >> reporter: the levee is in plaquemine's parish. plaquemine's parish is southeast of here. it is not part of the new orleans $14.6 billion fl

jackson hole conference, ben bernanke speaking there. we have europe to keep an eye on here with germany's angela merkel showing signs she's even more determined to keep the eurozone intact in its current form. is that a win-win for various market watchers? >> let's bring the financial network groups nathan and ian, a member of our exclusive cnbc young president's organization. chief executive network. ron insana and rick santelli. ron will we hear something on friday from xwaern bernanke that will be decisive and move the markets? >> he has to say something that will move the ball down the field as we enter football season whether it is some incentives for banks to use the discount window to lend to individuals, particularly real estate or small businesses. whether they remove the 25 basis points that they pay banks for holding reserves at the fed. i'm not sure -- i have become less sure that a full-blown qe3 will come right away. it may or may not be needed. i would love to see them do it. the fed may hold the power to see what happens in new york first and that's coming really just as the fed gets ready for the september meeting. >> right.

and we'll hear from the fed on its opening day of their symposium in jackson hole. >> angela merkel says political leaders have the political will to stabilize the eurozone. wen said beijing will continue to invest in euro debt and confident the country will survive their debt crisis. >> translator: currently the impact of the global financial crisis and the european sovereign debt crisis is deepening. as important economies are strategic partners china and germany should make consistent efforts to promote the confidence of the international community joining together in dealing with challenges and creating a better tomorrow. >> joining us now is the founder of angeloan foundation. germany is sending a huge delegation to china. what do you make of it? >> well, obviously the first priority for the german chancellor is to get investments from china to stabilize the european market and above all to stabilize the eurozone because the eurozone at the moment is really hanging over a cliff. but from china's point of view, of course china's economy is splattering, largely due to the falling in e