he never met bernstein until very late in his life. he met and leaked information to woodward because he wanted to become the number one guy at the fbi. the fbi director had died in may of 1972 a month before or six weeks before the watergate scandals seminal crime the break-in. the democratic national headquarters and that said in motion an intense rivalry to become who was going to become the fbi director. there was an acting director el patrick gray. felt was number two. he wanted to become number one. so he was leaking information to undercut. his rivals inside the fbi. inside the fbi this is a an interpretation that is persuasive in my view and it's the subject of of a book length treatment called leak mark felt self-disclosed is deep throat in the year 2005 when he was in his 90s. encouraged by his family to do so leighton his life. so, you know if you look closely at the hairline here. there is some so maybe there was a hint or clue in the movie the 1976 movie. that the deepthroat character played by how holbert played exquisite

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bob woodward and carl bernstein. they obviously need no introduction. they've been rather well exposed recently. to go over the history but we are thrilled to have them here today and i want to say both our longtime friends of mine and so for me it's a double pleasure to have both of you so gentlemen, welcome and thank you . >> one other note, remember you can if you want to hear from those of you in the audience you can tweet to washington post live and if we can we will try to get to some of the questions. so i want to start by reading something and then get you to respond to it. bernstein looked across the newsroom. he thought woodward was a prima donna. yale, a veteran of the navy officer corps. lawns, greens word, state rooms and class tennis courts. but probably not enough pavement for him to be good at investigative reporting. bernstein thought woodward's rise, rapid rise of the post and less to do with his ability and his establishment credentials. woodward new bernstein occasionally wrote about rock music and that figured. bernstein looked like

white house economic advisinger jared bernstein joins me now. thanks for coming on. we appreciate it instead of, as peter was talking about trying to redefine recession, why not just acknowledge that most americans are having a hard time and commit to fixing it? >> yeah, when the president talks about inflation, he very much is speaking in that spirit. he talks about the current inflation as unacceptably high. he talks about that as his number 1 domestic priority. trust me when i tell you, he dispatches his team to do all we can to help. and there's areas of the economy where we've actually seen some improvement somehow. but we have to do more. gas prices are now down about 77 cents per gallon. if you're a family with a couple drivers, that can amount to $80 in savings. it's about $270 million per day aggregated. it's not a victory lap. we have to to more. one part of that decline in the gas price, it's a global price a lot that goes in to it, has to do with this president's release of oil from the strategic reserve. we're doing all we can. many other measures -- >>

joining us here in washington, white house economic advisor jared bernstein.ou for being with us on "fox news sunday." >> jared: my pleasure, shannon. >> shannon: it's been almost a year to the day since president biden last year said that no serious economists thought that we would enter a period of unchecked inflation. we were at 5.4% then, we are at 9.1% as of this week. how to the white house get this all wrong? >> jared: that actually was the dominant forecast at the time and we were very much siting forecast across the board, including those of the federal reserve emma and i think there are number of issues. one is that there were some unforeseen things that occurred. for example, a war in ukraine. now, ukraine and russia are both bread baskets and energy baskets for the world, and those have put considerable upward pressure on prices. so for example, inflation, which is unacceptable he high, let's get that clear right out of the gate, went up 1.3% in june. again, unacceptably high increase. half of that increase is energy prices alone. since then the pr

jared bernstein now with us from the white house. are you worried about that? that it will require the fed to dramatically raise rates now? >> the fed is already raising rates in an appropriately aggressive manner. when president biden renominated chair powell to the fed, he has since been reappointed and many others on that slate are now over there on the fed board. he has full faith in that pivot they're engaged in. by the way, those of us that have looked at monetary history now that it is unusual for a president to be so supportive of a fed in a rate hiking cycle like this one -- >> neil: i don't know about that. jimmy carter had support in paul volcker. he helped the economy and got inflation under control and also contributed to jimmy carter's defeat. >> it's a great point. you're correct about that i was thinking about richard nixon and arthur burns and others pressuring back then. and i think the point is that the president has consistently leaned in to the fed as the first and foremost inflation fighter. so simple answer to your question, their pivot i

another major influence was the great american composer, conductor leonard bernstein. the things that i learned from mister burns on about conducting are the sorts of lessons that become apparent. many, many years later, he spoke as a humanitarian, also, as a great artist and a great musician, mr. bernstein was one of the most physically organic communicators. he was also very good with, with text. he could speak very well, a great communicator. but also if you watch, watch the videos of his movement is, is quite seductive, showing exactly what it is. and when you think about it, this is one of the most, i was a fundamental forms of human communication that we have just body communication, body language. and sometimes when we grow up, we can forget this, you know, we've, we've had so many social training exercises, but you should not sure how you're really feeling maybe that that's appropriate for certain circumstances. but for making music force, you need to be able to communicate in all all levels ah, in the me the news . and yet another source of inspiration came fr

another major influence was the great american composer and conductor leonard bernstein. ah, the things that i learned from mister burns on about conducting are the sorts of lessons that become apparent. many, many years later he spoke as a humanitarian, also as a great artist and a great musician, mister bernstein, was that one of the most am physically organic or communicators. he was also very good with her, with text, he could speak very well, a great communicator, but also if you want. so was the videos of his movement. it's is quite seductive then it showing exactly what it is and when you think about it, this is some, one of the most i would say fundamental forms of human communication that we have just body communication, body language. and sometimes when we grow up, we can forget this, you know, we, we've had so many social training exercises, but you should not sure how you're really feeling maybe that that's appropriate for certain circumstances. but for making music force, you need to be able to communicate in all of all levels. ah, ah, the news . and yet anot

and earnings, earnings, earnings. >>> and we're going to talk with adviser jared bernstein.od morning and welcome to "squawk box" here on cnbc. live from the nasdaq market site in times square, i'm joer kernen along with becky quick and andrew ross sorkin the earnings are up. last friday we saw a little bit of giveback. july, so far, 5% on the s&p. that doesn't include the day let's move up almost 20 points on the s&p the nasdaq had a great week going last week until friday it was 5% and ended up with 3% and change for the week. jury's out where are we are we in the short-lived sort of summer rally that resolves itself, or did we already -- or have we already made bottom and forecast prices are coming down? >> it's hard to make forecasts about the future >>> let's get you caught up on today's top business stories first up, a final vote is expecting the week, possibly even tomorrow, on a bill to provide billions of dollars to the energy industry. the white house says the bill needs to pass by the end of july because computer chip companies are making decisions right now about

joining us in washington is jared bernstein. you for being with us on fox news sunday. >> my pleasure, shannon. almost a year to the day that president biden said no serious economists out that we would enter a period of unchecked inflation. 9.1% as of this week. how did the white house get this so wrong? >> that was the dominant or cast at the time. we were fighting forecasts across the board. i think there were a number of issues. there were some unforeseen things that occurred. for example, the war in ukraine. ukraine and russia are bread baskets and energy baskets for the world. that has put considerable upward pressure. inflation, when is -- which is unacceptably high went up 1.3% in june. unacceptably high increase. half of that increases energy prices alone. since then, the price of gas has come down $0.50 a gallon. 20,000 gas stations where gas is below dollars a gallon. still too hi, but that is moving in the right direction giving american some much needed breathing room. it is a move in the right direction. >> let's t

alex: white house economic adviser jared bernstein said on fox news sunday that the administration isng americans breathing room when it comes to gas prices and predicting that they will continue to inch lower. mike: alex, thanks very much. with inflation rising at record pace high prices at the pump are not the only surging cost weighing heavy on americans joining me now live to weigh in wealth management chief investment officer and fox business contributor scott martin, scott, welcome. >> fist bump to you by the way. mike: brand-new fox poll, condition of the economy, 17% excellent or good, 84% fair or poor, scott, what is your assessment? scott: terrible. is that on the list, mike, i tell you i'm surprised the 17% that actually think things are okay. the reality is is where the numbers are going and they are going down. as talked in the previous segment we are trying to claw back on mistakes whether in gas prices, general inflation, overseas policies and so forth and right now the administration is struggling to even get back to halfway to where we were and so you are going to see

and bernstein believes the price tag on gas will continue to decline. i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got a told the oil companies to stop ripping off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, every proposal democrats have to spend your money. now, scott expects the economy to get worse. if the biden administration continues what it's doing, reporting live in washington. i'm b

white house economist jared bernstein says despite surging inflation, americans should remain confident the u.s. economy is strong. families across the country are facing unacceptably high levels of inflation, but they also have a strong labor market behind. the bernstein says the national unemployment rate is at prepandemic levels and in june, more than a dozen states reported their lowest unemployment rates ever. that trend is your friend right now. if you're a working american council. but according to a recent survey by bankrate dot com, economists are not as confident as the white house. there's a great deal of confusion right now about what the state of the economy is because we have this pandemic influence dynamic. mark hamrick is a senior economic analyst with bankrate dot com. he says, well, job numbers are good. quite remarkable. he fears one wrong move for the federal reserve as it tries to control inflation. >> could send the economy over the edge. broadly speaking, economists are concerned about the risk of a recession. the white house says the strong state jobs report show

jared bernstein joins me ahead. >>> and proxy battle. republican primaries pit sitting governors against former president trump who says it's a matter of when, not if he runs. what will the gop look like in 2024? i'll speak exclusively to the republican governor in arizona, doug ducey, next. >>> the january 6 committee will lay out what former president trump did during the insurrection. is it a crime? i'll speak with congresswoman elaine loria in moments. >>> hello. i'm dana bash in washington where the state of our union is really feeling the price hikes. president biden is back in washington this morning, and brushing back criticism of his meeting and fist bump with saudi's brutal crown prince this week. >> why don't you guys talk about something that matters? >> the face-to-face oil enriched saudi arabia comes as they try to take on gas priceses and inflation. inflation rose 9.1% in june compared to last year without any easy solutions. president biden returns to a domestic agenda that once again has been stymied by democratic senato

that's the biggest pressure point we face. >> jared bernstein, thanks for your time. >> my pleasure. >>> we have new details in the january 6th investigation. what the committee could learn today from former trump chief of staff nick mulvaney, who's sitting for an interview today. s sitting for an interview today welcome to allstate, where you can bundle and save. isn't that right phil? i'm in the metaverse, bundling my home and auto insurance. bundle home and auto and save. call a local agent or 1-888-allstate for a quote today. for too long, big pharma has been squeezing americans for every penny, and inflation has only added to the pain. but congress has a historic opportunity to deliver relief, by passing a bill to let medicare negotiate lower drug prices and put money back in the pockets of seniors. 87% of americans support the plan, and applaud the senators who are standing up to big pharma. let's make history. vote yes to let medicare negotiate lower drug prices. there is nothing glamorous about migraines. since i was a teenager the pain has taken me away from my family and fr

joining us now, jared bernstein, a member of the white house counsel of economic advisers.t's great to see you. overall a good report. employment recovering on all the jobs lost during the pandemic. that's good news. what areas of concern do you have? >> first of all, before we jump to areas of concern, which we will and we must, let us underscore a bit your opening points. i mean, we have one of the most remarkable labor market recoveries, and as all this gray hair on my head shows, i've been doing this for a long time. the bounceback in jobs after the pandemic-induced recession has been the fastest on record. as you mentioned, private sector employment now not just back to where it was pre-pandemic but above. we have many industries, manufacturing by the way is a real success story that had been surpassing their pre-pandemic job counts. and i think that's really important that we have this welcoming job market, this very strong backdrop, because we know this is why it's at the core of biden onlyics. middle class families depend on the economy, and that's particularly impo

scott bernstein, thank you for thank you for your great work in this.n detroit and back at that site. we are not giving up on any credible lead, thank you. it's about right eric investigation of a different kind ends with the arrest of four alleged gang members accused of targeting celebrities in a string of home invasions. details straight ahead age is j. and mine's unlisted. try boost® high protein with 20 grams of protein for muscle health. versus 16 grams in ensure high protein. boost® high protein also has key nutrients for immune support. boost® high protein. zyrteeeec... works hard at hour one and twice as hard when you take it again the next day. so betty can be the... barcode beat conductor. ♪♪ go betty! ♪♪ let's be more than our allergies! zeize the day. with zyrtec. medium latte, half-caff, no foam. quite the personalized order. i know what i like. i've been meaning to ask you, carl. does your firm offer personalized index investing? hmm? so i can remove a stock that doesn't align with my goals. i'm a broker, not a barista. what about managin

jared bernstein, thank you so much.for that little tutorial there. i can't even remember the whole name. >> thank you. >> thanks so much. >> thank you. (vo) get business internet from verizon, the network businesses rely on. ditch cable and switch to verizon business internet, with fast, reliable solutions, nationwide. find the perfect solution for your business. from the network businesses rely on. i brought in ensure max protein with 30 grams of protein. those who tried me felt more energy in just two weeks. uhh... here, i'll take that! yay!!! ensure max protein, with 30 grams of protein, 1 gram of sugar enter powered by protein challenge for a chance to win big! if you have age-related macular degeneration, there's only so much time before it can lead to blindness. but the areds 2 clinical study showed that a specific nutrient formula can help reduce the risk of dry amd progression. ask your doctor now about an areds 2 supplement. with age comes more... get more with neutrogena® retinol pro plus. a powerful .5% retin

bernstein going on to say, in response to senator manchin, that president biden is adamant. if he can't find a legislative path to clean energy, he sees it as such an urgent problem but the president could seek to find an executive order in order to solve that. so, that is kind of looking at what the white house's focus will be now that they're back stateside. alex? >> all right, mayor barrett, thank so much for that. joining me now, congressman ted lieu, congressman from california. he sits on the judiciary and foreign affairs committee. good to see you, my friend. have a few issues to talk to you about, all of which i've been previewed here. let start of the middle east trip. what do you make of the controversy, first of all, over the presidents meeting with the saudi crown prince? >> thank, you alex, for the question. saudi arabia has engaged in human rights abuses, they have repeatedly violated the law of war in yemen. they killed journalist jamal khashoggi. at the same, time oil prices are really high and the president of the united states is trying to reduce oil prices

with us to talk about this is jared bernstein, member of the white house council of economic advisers thank you for having the time to talk with us. i think it's important when we're talking about the gasoline. the prices have been falling precipitously over the last three weeks. this report does not reflect that, the falling gas prices. >> that's a really important point. probably the first thing we want to think about when we get under the hood of this report. you look at the data, and i think you may have a chart on this. you will see the gas price, as of today, was $4.63 a gallon. there you go. that is way off its peak in mid july of 5.02. down $0.40 a gallon. oil, as you see, falling more quickly. nothing against the bls who does a great job with these numbers, but this report is through june. through july, there is some relief, but let's be clear. unacceptably high inflation for american household. that was the president's clear message on this not just this morning but the rep is elevated inflation episode. we're doing all we can, and some of our work is helping at the pump, bu

giving credit where credit is not due, jared bernstein getting called out after praising president biden for bringing down gas prices. >> you can't have it both ways, jared. when the gas prices go up, it's got nothing to do with the president. when we see a decline, you want him to get the credit. >> look, i think there's no both way thinking here at all. >> it was putins' fault, when they're coming down, he gets the credit. >> i very much disagree with that. >> this as americans are still feeling pain at the pump. the national gas price average this morning is at $4.49 per gallon. and oil prices hovering just around $103 a barrel, 102, 28 right they. want to take a look at the futures as well as we're getting set up for the morning, markets are indicating to trade higher, futures on the dow indicated higher by 157, s&p by 25, nasdaq by 73, as we look ahead to a busy day of earnings and economic data in the united states and all eyes of course are on netflix, reporting second quarter earnings after the opening bell this morning, johnson & johnson expected to be out within the hour also.

. >> and next, jared bernstein a member of the white house council of economic advisers for updated reports prices nationwide in the dropped an average of 50 cents per gallon over the last 34 days. he noted it's on the fastest declines of retail gas prices in a decade.

took a lot of courage and guts, and i have huge admiration and respect for bob woodward and carl bernsteinespect the type of journalism, the shabby journalism that is being practiced by "the washington post." >> woodward and bernstein were obviously the most aggressive reporters, but it shows that journalism has its limit against the president. a president's pulpit is much more powerful than any one newspaper. >> we were attacked almost every day by the leadership of the republican party. they would try to make our conduct at "the washington post" the issue in watergate rather than the conduct of the president and the men around him. >> using innuendo, third person hearsay, unsubstantiated charges, anonymous sources, and huge scary headlines, "the post" has maliciously sought to give the appearance of a direct connection between the white house and the watergate. >> when somebody denies something that you know is true, it actually was a stimulus to us to keep working on this story, no matter how harsh the criticism and denunciation was. >> we started at the bottom. we learned from this boo

you heard them reference jarrett bernstein, let's say no -- first of all, about the sense inside the white house today, what was the primary goal of the strip? and did the president, get it done at least to some extent? >> i think, the answer to that question is yes. that he went there, in large part, to reset relations with the country, that he had referred to as a representative -- presidential candidate. his remarks, or rather his meeting, with the crown prince, by directly addressing the khashoggi murder, and saying according to the president, he held them responsible for that. and then they went on to discuss the other issues, as my colleague just said before, the details of energy, are pretty vague. the president said, afterwards, i expect something in the coming weeks. but you have not heard them say we are ready. >> i will ask my director josh, to throughout the tweet that you put. it's relative to jamal khashoggi, and the discussion between the president and mbs on that. they have pushed back. when i say, they i mean the saudis, to some degree. where does the truth lie in th

what bernstein was saying that if you look at the mutual funds and etf level, they are still setting on inflows of hundreds of dollars. at this point, we haven't seen the money come out of the market that would mark that peak capitulation. if you look at other measures of cash, for example, there is still a lot out there. anna: michael, coming back to you, there's so much more on the fed narrative. we pushed it a good deal over the weeks and months. we got to the point where we are asking, are we going to get 100 basis points to dow that back a little bit? we need a good. to of fed goes. until we get a good sense of that, it is crucial to where we go on other assets. we have no if we reach people pessimism. michael: the question is, does the fed go too far? did they push the economy into recession? there is a growing feeling that they are going to. there are always pessimists about the fed's ability to do this. but now we are at a 40% chance of recession, according to the bloomberg economics model. at the same time, analysts have only just started reducing their earnings estimate for

listen to white house adviser jared bernstein. >> we're happy to report that the current drop in the per gallon over the past 34 days is one of the fastest declines in retail gas prices in a decade and since gasoline prices affect the prices of other goods and services through transportation costs, food a good example, both households that drive and households that don't yield some benefit from lower gasoline prices. >> reporter: so there was some positives spin from bernstein. but we just saw the numbers. 75% of americans see inflation as their top economic concern, only 25% of them approve of biden's efforts trying to turn it around. so there is a real messaging gap between what the white house wants to say it is doing and what americans are perceiving every day when they go to the pump or when they go to the grocery store. now of course biden campaigns on just this thing, being able to take control of the economy, being able to turn the nation around after the pandemic. and the pessimism around the country, it seems hard that americans believe that he is doing that right now. and

jared bernstein, thank you very much for joining us. >> thank you, wolf. >>> coming up, how russia isdan's gold. it's a cnn exclusive. we'll share it with you when we come back. that's a lot. so, adding " “and student” might feel daunting. but what if a school could be there for all of you? career, and family and finances and mental health. happy birthday. well, it can. national university, supporting the whole you. flowers are fighters. that's why the alzheimer's association walk to end alzheimer's is full of them. because flowers find a way to break through. just like we will. join the fight at alz.org/walk if you have this... consider adding this. an aarp medicare supplement insurance plan from unitedhealthcare. medicare supplement plans help by paying some of what medicare doesn't... and let you see any doctor. any specialist. anywhere in the u.s. who accepts medicare patients. so if you have this... consider adding this. call unitedhealthcare today for your free decision guide. ♪ with xfinity internet, you get advanced security that helps protect you at home and on the go. you fe

we've got a big lineup of guests for you to help break down today's action richard bernstein, helema croft and rashir charma. we'll start with today's market dashboard. mike santoli is here looking at what the credit market is telling us, mike, amid all these recession worries. >> yeah, sara. it's a pretty consistent story no matter what market you look at this wave of economic anxiety washing in overnight, mostly from europe, really pressured our markets. we kind of absorbed it and recovered but still dollar up, credit market not looking great. the s&p 500 still holding above these lows 3666the closing low. 3636 the nothing to get excited about. this is however you slice it a pretty well defined downtrend there. so until it rallies above that, you're not really talking about much, but it's still probably encouraging to see some traction in the noncyclical parts of the market which have a tremendous amount of market cap it feeds into the idea of exactly how much has been priced in here is a look at high-yield credit spreads, so junk bond risk spreads this is in basis points above tre

i'll be back with more news after a quick break, including a talk with jared bernstein, a member of thensel of economic advisers. we'll talk about what president biden is expected to say when he speaks at noon about the economy. you're watching "jose diaz-balart reports." >>> good wednesday morning. i'm lindsey reiser in for another busy hour. this morning we begin with the biden administration tackling two major issues on the world stage. this morning president biden held a high-stakes call with china's leader xi jinping. it was their first phone call in four months and they were expected to discuss ukraine. looming over the call, new sparks with nancy pelosi with a trip to taiwan. >>> we're also following critical developments concerning the detainment of americans in russia. the biden administration has proposed exchanging imprisoned arms dealer viktor bout for the release of americans brittney griner and paul whelan. but the kremlin spokesman says there has been no agreement on a deal so far. joining us right now to discuss these issues, nbc news washington correspondent and moderat

information that's hard to get our eunice yoon. >> bernstein upgrading the stock of alibaba they seealue staging a rebound. plus, they expect an ant ipo we're back in a moment >>> one more thing ever wanted to be an influencer at work? well, microsoft's new expansion for teams might help you out the company's announce being the launch of a new feature part of teams encouraging social networking in and out of the office employees will be able to share video and photo stories at no additional charge on a platform that looks pretty similar to snapchat, facebook and instagram. i'm pretty old now but i subscribe gen x to that, i don't want to be that kind of an influencer at work >> i think it seems like microsoft might be trying to address the fact that we all, including myself, are mknown to check the likes of twitter, maybe instagram at work. maybe they want to convert all of that time over to their own platform i don't think it's going to work we already spend so much time toggling between messages on teams and e-mails, so many ways to communicate, i think it's too much >> the hybrid

joining us now is a member of the white house council of economic advisers, jared bernstein.joining us. >> pleasure to be here. >> very good news, obviously. these are really strong numbers, higher than what was expected. did they catch you by surprise? >> well, i always expect these monthly numbers to jump around a bit relative to expectations. one of the things we like to do at the council of economic advisers is smooth out some of the monthly data by looking at longer-term averages so you filter out the noisy data, try to pull the signal out. 375,000 jobs per month on average over the past three months, so that's the second quarter. that's a bit slower, if you go back a couple of quarters, but it's still extremely strong job growth. this is a welcoming labor market. and that is slowing from a break-neck pace of 500,000 to 600,000 to something closer to 350,000, 375,000 range is precisely what the president was talking about in transitioning to more stable, steady growth rates. >> obviously the unemployment rate is just one metric of the economy and there are others that ar

and bernstein believes the price tag on gas will continue to decline. i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got to tell the oil companies to stop ripping off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. butrflorida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, every proposal democrats have to spend your money. scott, expect the economy to get worse. if the biden administration continues what it's doing, reporting in washington. i'm basil, joh

at the lows after jpmorgan and morgan stanley missed wall street estimates joining us now richard bernstein and david ellison. good to have both of you gentlemen here dave, i'll start with you as the bank portfolio manager i know you have morgan and jpmorgan in your funds, correct? were there any big surprises here weren't we gearing up for sort of a negative report >> well, i don't think the reports were negative. conditions are actually pretty good i think that's not -- i think the issue -- >> i guess i mean the setup was negative going in. >> people were worried about rates going up the numbers were fine. credit is fine the margins were up a little bit. the problem is that things are too good the bank industry, like some other industries, need a cycle to make money. we haven't had a cycle in a long time because the fed has held it up so my hope here is that we have a credit cycle, we have a rate cycle, we have a real rate inversion cycle, we have a liquidity cycle, and that allows people like me to actually buy stocks that will go up after that's over as opposed to sitting here with ever

jonathan: jared bernstein there, the white house council of economic advisers weighing in on the situationtes. tom making academia jokes, is that right, academic jokes? tom: yeah, we were talking about an academic institution far south of manhattan. i never get below 59th street so i haven't been down there. it's where the more leftist universities are. jonathan: is that right? i'm going to get a quick check of the market. equity futures look like this on the s&p 500. we've had three days of gains on the s&p, can we make it four? market open about 45 minutes away. tom: we welcome all of you with two conversations from the white house as jon ferro and i visit washington. heather boushey with us right now. she's a member of the council of economic advisors. that does not. describe how important her position is. her book, "unbound" stopped economic traffic and number of years ago looking at the situation. she has an economic pedigree very different from most, including working at the university of how browner and bernstein, the new school of social research in washington. how are you treated

here to talk about all this is economic adviser to president biden, jared bernstein. thank you for coming in. let's talk about that inflation report. your former colleague in the obama administration, jason furman, called it brutal, adding, there is absolutely nothing good in it. larry summers says, no one can -- nobody, rather, can suppose that inflation is under control. in his statement, president biden dismissed it as out of date. if you don't think 9.1% is the inflation rate the last month, what is it? >> first of all, let's be clear. the president himself said repeatedly after that report came out that inflation is unacceptably high. remember, this is a president who grew up in a family where issues like the gas of price and the price of food were kitchen table issues. he has dispatched his team to do everything we can to ease price pressures. it is his top domestic economic priority. now, in terms of the out of date, i think what the president meant there, is since that report came out, the price of gas is down about 50 cents a gallon. that's about the fastest

a piece by bernstein, cummins down raided to market perform.ber cuts are not bully priced in you have a stock down 40 points and yet somehow people think it's not done yet and that the numbers are substantially too high and that they're going to get cut big and there will be a big inventory problem. that is the key once we start getting into earnings season inventory problem, things not selling as well, china not that strong we have to cut numbers will people care i think the answer is so far is if you cut numbers, you -- why i -- why i temper my bullishness, this is difficult with the industrials that have problems, watch the stock. if it goes down big today, the industrials will have problems >> cummins has always been one of those names we focus on in part for that reason >> it's pretty indicative of industrial america and worldwide. i'm concerned. i think they're the best there is if their numbers are too high and the stock goes down, then you have a whole different template than with netflix where oh, you know, the stock is down by -- >> l

and bernstein believes the price tag on gas will continue to decline. i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got to tell oil companies to stop ripped off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, every proposal democrats have to spend your money. scott, expect the economy to get worse. if the biden administration continues what it's doing, reporting in washington. i'm basil, john. >>

and bernstein believes the price tag on gas will continue to decline.nk it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got to tell oil the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we've got to i mean that every pro, every proposal democrats have to spend your money. now, scott expects the economy to get worse. if the biden administration continues what it's doing. >> reporting live in washington. i'm basil, john, thank you, basil. we'll

white house economic adviser jared bernstein.ave gone down $0.50 a gallon since the last inflation report. that's about the fastent decline in about a decade. >> it is still way too elevated. and bernstein believes the price tag on gas will continue to decline. but i think it's very likely that gas prices continue to track down, say for the rest of this month on abc's this week, vermont senator bernie sanders said the government should do more to prioritize everyday americans. >> and not big oil companies. i happen to believe. >> that we've got a told the oil companies to stop ripping off the american people. and if they don't, we should impose a windfall profits tax on them. >> people get their cars repossessed. people have to go to food. banks. i mean, this gas prices, food prices, american public are frustrated. but florida republican senator rick scott told fox news sunday the president and democrats are out of touch and should follow scott's plan. we have the balance, the budget. this is caused by reckless spending. we've we

bernstein says the national unemployment rate is at prepandemic levels and in june, more than a dozen states reported their lowest unemployment rates ever. that trend is your friend right now. if you're a working american council. but according to a recent survey by bankrate dot com, economists are not as confident as the white house. there's a great deal of confusion right now about what the state of the economy is because we have this pandemic influence dynamic. mark hamrick is a senior economic analyst with bankrate dot com. he says, well, job numbers are good. quite remarkable. he fears one wrong move for the federal reserve as it tries to control inflation could send the economy over the edge. speaking, economists are concerned about the risk of a recession. the white house says the strong state jobs report shows that economic policies are working, but the republican national committee suggest the white house adopt republican economic policies. us labor data show 16 of the 20 states with the lowest unemployment rates have republican governors. >> in washington, raquel martin, tha

and bernstein leans forward in his chair and says you're just going to wing it. and that really is i think all that anyone has as a plan. they just hoping to wing it the act of destruction is so thrilling as we all know that if you can be wrapped up in it, you can have all of that thrill all the high octane enjoyment that comes from pulling down and some of that obviously is literal and some of it is is theoretical for now just yesterday. it was announced that cambridge university's new music curriculum is going to decolonize the curriculum by looking at among others mozart and verdi through the prism of colonialism. they also apparently want to attack stravinsky for what they call them musical appropriation. which we used to call listening. now anyhow, the point is is that every single thing in our society now can be done through this lens and everything in our society is everything from politics to our understanding of the western past every figure in our past every cultural figure every cultural movement of any worth. everything is looked at through the same t