austan's a smart guy. i just don't understand what he's saying here. >> first of all, the biggest reason the price of oil is the price it is now is because the dollar is so weak. if you go back to the last two booms we had, the clinton and reagan boom when there was huge demand for oil, the price was nowhere near it is now. it's obama's week dollar that has driven up the price of oil. >> we may be energy independent, austan. that's the kie keye point i'm trying to make. let me move on to the infrastructure. he wants another $50 billion of infrastructure. nobody is against infrastructure but anybody up on the hill says there should be long-term planning so we can do it efficiently. >> i agree with that. >> he has put so much extra money that never was shovel ready. you've heard that line, he used it himself, and here, too, i got to say to you all this government money, if it was going to jump the economy, why hasn't it jumped the economy? if it was going to work up till now, why hasn't it worked? infrastruc

it's a partisan and watch the tape. >> sean: austan, if i'm going to use the president's standard. play a word association. if he's going to say that conservatives want dirty air and water and throw granny over the cliff. >> he didn't say dirty air and water-- >> i'll play it again and then their plan, let's-- >> that's not what he said. >> sean: let me read it to you then you have your their plan which says let's have dirty air and dirty water. >> their plan gives you dirtier air and dirtier water, that's a budget matter and-- tucker, and the words he used. >> do the math on-- >> i've got a good idea. if he uses those standards that we want to throw granny over the cliff, don't get caught and-- >> and nothing about wanting to throw-- >> wait a minute, then i'm going to call the president using his same tactics, i think the president is a thief. i think he's stealing when we borrow 46 cents of every dollar, he's stealing from our kids. now, if i said that, would i be over the top? would that be a demagogue. >> you have said that, you've said that many times and you've said it to me

we are europe. >> austan, we're -- >> we're not europe, rick. >> austan -- >> see this is why i saide same, but it's the notion that you guys, you economists, you ivy leaguers, are so proud of the horrible level that it is because it's better -- you've got a banker -- >> tells you what it is -- >> guys. all right, stop. everybody's mike get turned off right now, thank you. this is catching the attention of the twitter sphere at this point. ben white from politico is treating the blow by blow -- >> austan goolsbee misses by two-k very angry -- rick santelli yelling. no. thank you guys. we appreciate it. we do need to tell you about the while we were talking jobs chevron actually reported quarterly results. the energy giant came in with fourth quarter earnings of $3.70 a share. the results include a gain of 1.4 billion from an upstream asset exchange it's unclear if ets is comparable. dow futures are up by about 105 points which means that we are about 35 points away from dow 14,000. if you add in all of these things that are coming. >> what kind of world do we live in where trillion d

thanks for being with us professor austan goolsbee. good day. bring in the president of new york capital, austan goolsbee talking about the housing crisis, fannie and freddie, a big problem with the housing recovery. investors trying to find other ways to deal with fannie and freddie, circumvent them if you will. >> that is the discussion we just had. i do believe the policies over the last few years that went in there did delay the process, did drag out how you could get delinquent homeowners out of their homes and let the markets work but where we stand today is the new regulatory environment is making the housing market other aspect -- asset classes more difficult for banks to own to hold so these regulatory actions are forcing banks to be less involved. freddie and fannie are dominating the mortgage market, somewhere this summer they represented into the 90s. the idea and the administration wanted to bring down the presence in the residential mortgage market is not -- it has gone up by private money is flowing its way in and looking to seek

they provided ideas, nina. >> yeah, and austan's points are well taken.ssues, tax issues coming from the jobs advisory council and the business community at large which would help to bring more of that cash that companies are sitting on overseas, $2 trillion at least, back to invest in jobs. one would be to change -- and this was an advisory council recommendation -- one would be to change the way that corporate earnings overseas are taxed so that they're not double taxed. another thing that both the white house agrees on, the business community agrees on, republicans agree on is corporate tax reform. lower the corporate rate, close loopholes, and there are studies that show that could add as much as a percent to gdp. all of this would help companies bring more investment back to the u.s. and invest in jobs, and the white house has not shown leadership on either. jon: it would be good to see something work. nina easton, austan goolsbee, thank you both. >> thank you. >> thank you. jenna: dangerous new concerns about al-qaeda. the terrorist group is reporte

i had austan goolsbee who worked on the recent call.d he was talking about the impact and his view of sequestration as a percent of gdp in the unemployment cuts. the fact is that 760,000 jobs. he is not scaring anyone. this is not the president's numbers. you have ben bernanke speaking. he is speaking from his perspective. you saw what he has done to the stock market by keeping rates low. but he said that this economy is not ready for something blunt you know, you and i have spoken, i would like a balanced deal. >> my perspective is that we need to have revenues on the table. we need to have entitlement reform on the table. we need to have defense on the table. >> i do not see much else on the table. you are a creature of wall street. you have a lot of very wealthy friends. a lot of the wealthy guys say that they would appreciate it if the president would quit dumping on them. he is limiting my deductions. i am more than paying my fair share. now he is saying how i have to do more. and they are getting pretty annoyed. should they be? >>

the jobs report we want to bring in austan goolsbee, professor at university of chicago school of businessite house economic adviser in chicago. thanks for joining us. your initial assessment of the jobs report number? >> rider around expectations little little below. it is what i was predicting. i think this just reflects the fact that we're growing about 2% which is modest but not terrible, it is not good and that is where we have been stuck for the last year and a half. charles: you teach about economics. at some point shouldn't the recovery much stronger than this? >> you want it to be. coming out of a big financial crisis, usually the recoveries are not robust kind -- [talking over each other] charles: this is the worst post recession recovery in history. >> second worst after the 2001 -- after you get into -- when you come out of bubbles, it usually takes a fair amount of time to come out of it. the last two recoveries have had this feeling of we are not growing fast enough to set things on fire and that is because the economy can't go back to doing what it was doing before the reces

hybrids and all kinds of other things that are on the market and not always as promised but you give austanthought for questions that we should all be asking about the the policies. >> absolutely. >> shannon: thank you so much. >> thanks for having me, shannon. >> shannon: if you are thinking about a new car and taking it out for a spin it could actually cost you to test drive it. in california some dealerships started charging for test drives because of rising gas prices. others are asking prospective buyers to return the car with the same amount of gas as when they left. dealerships say they are trying to separate the joyriders from serious buyers. >> the twilight finale winning almost all of the big categories but may not have wanted to. the razzie winners, next. [ female announcer ] pillsbury crescents are awesome. but when i cook up some beef, ketchup, relish and cheese, cover it with crescent dough and pow! cheeseburger crescent casserole. double awesome. pillsbury crescents. let the making begin. from capital one... boris earns unlimited rewards for his small business. can i get the

the third stream is austan goolsbee's economic intelligence stream where we think the economists todayation but don't know the interrogation between public policy and economics. we think austin knows that better than any. we actually started his first call last week. >> can you talk about his call? >> sure. happy to. >> i can tell you. before 32 advisors, we never really paid him or hired him but he gave us a lot of insight over the last two years. >> and now doing it on private conference calls. >> he was gloomy when other people weren't and he was always right. >> two more an i'm done. we have our restructuring stream by floyd taylor part of the algron group, everything is being restructured today. and communications, helping firms foreign and domestics on press branding and those times of things. now to austin. >> he's gloomier. >> for a guy who's very peppy and funny, he was awfully gloomy. this was a 90 minute call. you know it went well because not one client got off the call. it's a weekly call we have and like a membership only. >> you don't wear one of those jackets? >> no. i

austan goolsbee and dr. michael boskin. thank you very much. >> thank you. we had great attendance. i think you for your leadership. >> thank you for joining us today. >> i wanted to talk to you about tax reform. there seems to be a broad bipartisan consensus that we need some kind of tax reform, especially a tax code simplification. it was in this committee a few months ago we had a gentleman with a ph.d. and we asked if he did his own taxes, and he said he does not we asked why. he said there is no way i could know whether i was correct. i think that is indicative of how many americans feel. a simplified approach to the tax code would be better. we need tax reform. there is not broad bipartisan consensus on what that ought to >> at least in the sense that some are less inclined than others to say we need a tax reform package that would yield more revenue when static prescored. i think most would agree, as long as we are in the world of saying, too static the score something, if we can assume we are going to be neutral, maybe we would be better to reform the tax code and leave it n