and still ahead right here on our team we've got a new chair for the council of economic advisers and a possibility of a new jobs plan thanks to president obama but with nine percent unemployment going on two years is this change the economy can believe and. it really has put a picture of me when i was like nine years old i didn't get all the fruit. i confess and i am a total ghetto friends that i love driving because he is economically and pretty. but he was kind of a bit yesterday. i'm very proud of the role that arjun she has played. what drives the world the fear mongering used by politicians who makes decisions come to the breakthrough that's already been made who can you trust no one will is imbue it with a global missionary see where we had a state controlled capitalism it's called sessions when nobody dares to ask we do our t. question more. welcome back well president obama today tapped a new chair for his council of economic advisers if announcement just ahead of a big speech monday or obama is reportedly planning to unveil a new jobs plan these are five partisan ideas that

my guest tonight is the outgoing chairman of the council of economic advisers. please welcome back to the program austan goolsbee. sir. [applause] look at you. so what is it now? your title was... tell me your title. >> still is chairman of the council of economic advisers for two more days. >> jon: and in two day, what do? >> i pack the stuff up in the moving van and... >> jon: new york i understand that. but are you going to another job? >> well, yeah, i'm going to create a private sector job back at the university of chicago business school where i teach. so i'm going back. >> jon: will that count towards your job creation record or... >> i hope so. [laughter] >> jon: look at you. >>n we get a shot of his face. o. >> jon: you are giddy. >>ly admit that there's some enjoyment that i'm getting out. >> jon: you're giddy. is the pressure of working within government so palpable? is it... >> i've moan the president a long time. he was a professor at the university of chicago and then that's where we knew each otherment i've been doing this for probably four and a h

and this is the man that the president wants to head up the council of economic advisers. it is pending congressional approval, so it doesn't happen right away, but this is a man that the president wants to put in front of the country to talk about what is our plan for the economy coming up. so what can we expect, what are some of the new ideas? alan krueger -- alan krueger might bring to the table? we're going to be talking about that later on in the show, just moments from now, what are some of the new ideas about jobs, especially when it comes to putting the country before the party, as the president just mentioned, as we get into this post-labor day period, and wonder what's next for the economy, what does the president have in store. a whole bunch of topics to explore in just a few moments. >>> well, the president also mentioned some storm recovery still happening, another big story for us today, we're so glad you're with us everybody, i'm jenna lee. gregg: i'm gregg jarrett in for jon scott, here in the fox news room and "happening now", people up and down the east co

wants to bring on princeton economist alan krueger as the new head of the white house council of economic advisers. krueger is an expert in labor markets and, if approved by the senate, he will help president obama in the urgent task of finding ways to create more jobs. darren gersh on what that might mean. >> reporter: with alan krueger by his side, the president laid out some of the agenda items he wants his new chief economist to work on, ideas the president says that are bipartisan. >> next week, i will be laying out a series of steps that congress can take immediately to put more money in the pockets of working families, middle class families, to make it easier for small businesses to hire people, to put construction crews to work rebuilding our nation's roads and railways and ports and all the other measures that can help to grow this economy. >> reporter: if he is confirmed by the senate, krueger's job will be developing policies that can get the entire economy moving again. but krueger is also one the nation's leading labor economists, and the center for american progress' heather boushey

got a new chair for the council of economic advisers and the possibility of a new jobs plan thanks to president obama but with two years about nine percent unemployment is this change the economy can believe in. you know sometimes you see a story and it seems so if you think you understand it and then you glimpse something else and here's you some other part of it and realized everything you thought you knew you don't i'm sorry welcome to the big picture. welcome back president obama today well he tapped a new chair for his council of economic advisers this announcement comes just ahead of a big speech monday where obama is reportedly planning to unveil a new jobs plan here a few details these are bipartisan ideas that ought to be the kind of proposal that everybody can get behind no matter what your political affiliation might be. so my hope and expectation is that we can put country before party and get something done for the murdered people so that is hope and while obama may be known for his hope the american people don't seem to have a lot of it right now after two years of aroun

going on the one over the economy and today president obama tapped a new chair for his council of economic advisers to help him with it and this announcement comes ahead of a big speech on monday where it's anticipated that obama ball unveil a new jobs plan politicians like obama and members of congress now look like perhaps the only hope to help an economy teetering on recession or in recession depending on who you talk to since federal reserve chairman ben bernanke he hinted on friday that there will be no new plans for the federal reserve to act he said that in his speech on friday now he tossed the ball back to obama and congress for solutions instead calling for a better process he said quote the country would be involved served by a better process for fiscal decisions so to help us figure out if that is even possible i spoke with economist and radio host richard wolfe in the course of our conversation i asked him if the federal reserve act and if leaders in both congress and the white house won't either because of political stalemates like we've seen in the debt ceiling debate where are we as

going on the one over the economy and today president obama tapped a new chair for his council of economic advisers this announcement comes just ahead of a big speech monday where obama is reportedly planning to unveil a jobs plan we don't know exactly what it will entail but here are some details these are by partisan ideas that ought to be the kind of proposals that everybody can get behind no matter what your political affiliation might be so my hope and expectation is that we can put country before party and get something done for the american people. yes well we know that obama is known for his hope however the american people don't seem to have a lot of it right now after two years of around nine percent unemployment and after witnessing the political wrangling of the debt ceiling debate or gallup poll showed approval of president obama's handling of the economy after that drop to a new low of just twenty six percent of course that came after a battle that resulted in the country losing its aaa credit rating in part because politicians were unable to put country before party but unfortunately

economic policy. christina romer was the chair of the council of economic advisers for president obama until september 2010. she's a professor of economics at the university of california at berkeley. and matthew slaughter served on president george w. bush's council of economic advisers from 2005 to 2007. he's now associate dean of the tuck school of business at dartmouth college. and we thank you both for being with us. christina romer, to you first. the scary roller coaster ride on the stock market continued again today. how do you explain it? well, i think obviously one of the things about the stock market is it's very hard to explain the ups and downs. i think in truth some of the biggest mystery about the stock market was why it was going up as much as it was earlier in the year when we were starting to get some distressing economic statistics. i think part of what we've been seeing in the last couple of days is people really waking up to just how grim the economic numbers have been coming in in the last several months. >> woodruff: matthew slaughter, what would you add to that? >> i would add..

martin feldstein, professor of economics at harvard, chairman of the council of economic advisers under president reagan. this is what he said about tax expenditures on july 20th of last year. cutting tax expenditures, quote, cutting tax expenditures is really the best way to reduce government spending. eliminating tax expenditures does not increase marginal tax rates or reduce the reward for savings investment or risk-taking. it will also increase overall economic efficiency by removing incentives that distort private spending decisions and eliminating or consolidating a large number of overlapping tax base subsidies would also greatly sympathize--simplified tax filing. in short cutting tax expenditures is not at all like other ways of raising revenue. that is precisely why the fiscal commission and the group of 6, both groups are was proud to participate in shows the reduction of tax expenditures as one way of reforming the tax system, improving the competitive position of the united states and raising revenue to help reduce this debt threat. mr. president, anybody that wonders what i

of economic security. that is our urgent mission, what i am fighting for every day. that is why today i am very pleased to nominate alan krueger to chair the council of economic advisers. come on down. he brings a wealth of experience to the job. he is one of the nation's leading economists. more than two decades he has studied and developed economic policy both inside. and inside. in the first two years of this administration as we were dealing with the effects of a complex and fast-moving financial crisis, the crisis that threatens the second great depression, his counsel as chief economist at the treasury department proved invaluable. so i am very pleased to point him and outlook for to working with him. it is going to be tough to fill the shoes of austan goolsbee, a great friend and adviser i have relied on for years, but i have nothing but confidence in alan as he takes on it the old one of my readers. i will rely on the council to provide analysis and recommendations not based on politics but based on the best evidence, based on what is going to do the most good for the most people in this country. that is more important than ever right now. we need folks in was

he promised for starters first thing this morning he named a new chairman to his council of economic advisers within week before the president is expected to layout his new plan. who is the new chairman and will he make a difference? louise story joins us. who is the new appointment? >> alan kruger longtime professor at kingston. the idea that perhaps in professor from princeton can come in and help with this job's crisis we are having. >> greta: does very any experience? he has studied labor, studied unemployment. does he have any real life experience hiring people in a work environment? >> his post reason real life experience was earlier in the obama administration he was the chief economist for the treasury department. while there one of the big things he was very active in was the build america bonds program which helped a lot of cities and states raise money with the federally backed programs that was a a bit of a boom to the wall street banks. his research on unemployment the most important piece has to do with the minimum wage. a lot of people say if you raise the minimum wage, you wil

money," continuing a conversation with christina romer, former chair of the president's council of economic advisersme now from berkeley where she is a professor. christina, let me ask you about this. some fiscal conservatives have been making some outlandish claims recently about the so-called failure of the recovery act, the stimulus. rick santorum told me in an interhave you it cost jobs. you just finished telling me you thought it wasn't big enough. do we need another one? >> i think we absolutely do need some more fiscal help for the economy. and whether that is another sort of chunk of infrastructure spending, i think that would be fantastic. i talked a lot about a big tax break for businesses that hire workers. we need some help for the economy now. important thing to realize, we have two big problems, huge jobs problem and we have a deficit problem. and the way you solve both of those is a comprehensive fiscal package with more is a comprehensive package that has more stimulus in the short-term. and i would very much support a bold plan that is much more aggressive on both those dimensions t

white house announced that president obama will name alan krueger as the chairman of the council of economic advisers'll succeed austan goolsbee who went back to chicago after holding the post for nearly a year. of course we've got a new jobs report coming at the end of the week. >>> airports around the northeast are reopening today, trying to get hundreds of thousands of people on their way after their flights were grounded over the weekend. cnbc's brian shactman has more. >> reporter: thanks, chuck. it is far from back to normal. i will tell you that washington, d.c., philly, and boston airports are up and running. and you have laguardia, which is now open to inbound and outbound flights. they are accepting flights, but flights won't be going out until afternoon. when it comes to getting out, we will tell you already flights for today have been canceled. and most airlines say they won't be on normalized schedules until tomorrow. that seems like better news than you might expect after a huge hurricane. but for people who are stuck at a place like newark international airport, there was no solace in

. >> your title was -- >> still is chairman of the council of economic advisers for two more days. >>t of his face? you are giddy. >> i will admit to some small enjoyment that i'm getting out of town. once you get to washington, there's only so long you can go. there are a number of people theres who tray tables are pot in the full upright and locked position. eventually, you know, you got to get on with it. so i just feel bad the president's got to stay there. >> well, you know, you are -- i swear to god, you are as giddy as a school girl. look at you. i swear to god. i feel like you should have a baby pacifier and glow stickses. it's like you've taken ecstasy. >>> still ahead, why are you awake in awake? and mome "morning joe" just moments away. . v8 v-fusion juice gives them a full serving of vegetables plus a full serving of fruit. but it just tastes like fruit. [ male announcer ] get five dollars in money-saving coupons at v8juice.com. while i took refuge from the pollen that made me sneeze. but with 24-hour zyrtec®, i get prescription strength relief from my worst allergy sympto

in 1982 when krugman was, get this, he was part of the council of economic advisers in the reagan white house. and he wrote a paper in 1982 when we had just come off like the all time peak in u.s. inflation, at least since the civil war, he wrote a paper called the inflation time bomb predicting that inflation would skyrocket and throw the world back into depression. basically evident since he wrote that paper, inflation has been lower. it's been practically at zero. he hates big government deficits. as long as they are the bush administration. and he is terrified they will create skyhigh interest rates. he loves deficits now in the obama administration. he says don't worry about interest rates. the u.s. has infinite borrowing capacity. in 1983, i created a project called the krugman truth squad. nowadays the fans were for what we did would be called crowd sourcing where you use the internet, blogs, to get dozens of like-minded people to participate in a joint project. the project at the time was every time paul krugman writes a column, all a few minutes of the krugman truth squad stay

political and financial forces at play, i spoke with the former chair of president obama's council of economic advisers, who joined us from berkeley, calif. the market's volatility has been extraordinary. what is going on and will be over soon? >> the truth is none of us quite understand what is going on. over the weekend, when we knew that the s&p had downgraded the united states, some were thinking maybe we would not have market reaction monday because, for heaven's sakes, most of what is behind the s&p decision was already known. i would have thought the markets had processed that. clearly what we have seen this week is maybe the s&p downgrade focused everyone's attention on the grim economic statistics we have been getting it in the united states, how far the deficit deal was from the grand bargain that we needed. that may have been what was going on. it is hard to predict what the stock market will do. i hope they are about ready to settle down for awhile and get on with the business of healing this economy. >> is it also more of a political crisis? a new poll today shows people are not confident

. >> reporter: greg mankiw was chairman of the council of economic advisers in the second bush administration. >> it's a difference of values, of what you think government should be, in coming to any sort of tax reform. those different values are going to collide, and there's no easy way to sort of reconcile these very different philosophical positions about what the scope of government should be. >> how should income and wealth and opportunities and the good things of life be be distributed? >> reporter: the collision of the competing views of the role of government is the gist for a very popular course at harvard taught by michael sandel, a professor and political philosopher. >> the main purpose of a tax system is to raise revenue for the common good, for the public good. that's its purpose. but it has to do so in a way that is fair, that involves shared sacrifice, because really it's a matter of sharing the burdens of a free society and a good society. that's, morally speaking, what taxes are about. so unless a tax system meets the test of fairness, none of its other advantages really mat

now to discuss all of this and a lot more, austan goolsbee, chairman of the president's council of economic advisers. austan, it's wonderful to see you again. thank you for joining us. >> thanks for having me, maria. >> so we just got the jobs report friday for the month of july. 117,000 jobs created in the month. the unemployment rate falling slightly to 9.1%. these numbers are better than expected. are you happy with the report? >> i wouldn't say happy. i'd say your characterization is right. it's better than expected. it's a breath of encouragement. the private sector add in order than 150,000 jobs, and over about 18 months has add about 2.4 million. but we've got a long way to go. and that's not near enough. now i'll say you never want to make too much out of any one-month report. and we took some heavy blows the first half of the year from europe, from japan, from gas prices. but we'll take it. >> so what can be done to accelerate things? there is clearly very little appetite at this point for any more fiscal stimulus. is there anything the government can do to help create jobs right now? >> ye

president obama has nominated princeton economists allen kruger to chair the white house council of economic adviserskruger is an expert on the labor market and unemployment. next week the president delivers what is billed as a major speech about a new jobs initiative. >>> a couple of banks are offering a hurricane special to homeowners hit by hurricane irene. m&t bank and also suntrust are offering discounts on loans for people in mid-atlantic states hit by the hurricane. m&t lowered rates on some personal loans to about 6% from 9%. suntrust has cut home equity lines of credit to below the prime rate. but it may make more sense to wait, as fema designates disaster areas, banks may end up offering government subsidized loans at below market rates. >>> after a four-month test, facebook is ditching its daily deals. the social networking giant was trying to compete with sites like groupon and livingsocial, which make deals with merchants to offer discounts to consumers. yes followed dropping its daily deals. less competition could give groupon a big leg up getting ready for the $750 million public offer

be tough to fill the shoes of austin goolsbee but i have nothing in the -- nothing but confidence in him as he takes on this role. i realize the economic council of advisers to provide valuable information based on the best evidence. based on what will do the most good for the most people in this country. and that is more important than ever right now. we need people in washington to make decisions based on what is best for the country, not what it is best for any political party or special interests. that is how we will get to this time of economic uncertainty -- uncertainty. is that spirit that i will call upon for the coming days. next week i will lay out a series of steps that congress can take immediately to put more money in the pockets of working families and middle class families to make it easier for small businesses to hire people, to put construction crews to work rebuilding the nation's roads and airways and airports and all the other measures that can help to grow this economy. these are bipartisan ideas that should be the proposal that everyone can get behind, no matter what your political affiliation might be. my hope and expectation is tha

economic advisers. he is no stranger to the administration, he has worked as assistant treasury secretary for economic policy. he will be the third chair of the council of economic advisers. we are keeping our eyes on wall street today. positive news as far as consumer spending will rise in consumer spending for the month of july after a dip in june. the dow was up. we will be right back as the kron 4 morning news continues. >> our team coverage continues with developing stories. >> here is the latest in the aftermath of hurricane irene. a video to show use of the devastation. the damage is now at 7 billion. 26 deaths over eight states. on the bottom right is a house fire that happens in new jersey. emergency officials responded to the scene of a house fire and a badly flooded area. the neighborhood had already been evacuated. on the top right, a video out of massachusetts. many rivers are still overflowing their banks. at the height of the storm, 4.5 million people and businesses without power. that number dropping today. >> more on our team coverage of hurricane irene. some really compelling pictures of people not only being rescued but also the af

that is why today i am very please to nominate allen krueger to chair the council of economic adviserscome on down here, allen. allen brings a wealth of experience to the job as one of the nation's leading economists. for more than two decades he studied and developed economic policy both inside and outside of government. in the first two years of this administration as we were dealing with the effects of a complex fast-moving financial crisis, a crisis that threatened a second great depression allen's council is chief economist at the treasury department proves invaluable. so i am very pleased to appoint alan and i look forward to her king with him. as i told him it is going to be tough to fill the shoes of austan goolsbee who has been a great friend and adviser who i have relied on for years but i have nothing but confidence in alan as he takes on this important role as one of the leaders of my economic team. i rely on the council of economic advisers to provide unvarnished analysis and recommendations, not based on politics, not based on their interests, but taste on the best effort

earlier today, president obama nominated alan krueger to be the chairman of the white house council for economic advisers. >> good morning, everybody. this morning, we are canoeing -- continuing to deal with the aftermath of hurricane irene. we will make sure that folks have all the support they need as they begin to assess and repair the damage left by the storm. that is going to continue in the days ahead. it will take time to recover from the storm of this magnitude, the effects are being felt across much of the country, including in new england. our response continues, but i will make sure that fema and other agencies are doing everything in their power to help people on the ground. even as we deal with this crisis of the moment, our great ongoing challenge as a nation remains how to get this economy growing faster. our challenge is to create a climate for more businesses can post job listings, where folks can find work, where families can regain a sense of economic security. that is our urgent mission. that is what i am fighting for every single day. that is why today, i am very pleased to nominate

of a shake up the economic team. it wouldn't be necessarily limited to geithner. there are a number of people, council of economic adviserskinds of people who are part of the economic strategy team. it looks like they need to be shuffled or reworked in order to make the administration viable. then that's what will likely happen. >> geithner was on the phone with g-7 ministers tonight. damage control? if so, did it help anything at all? >> well, there are a couple of things going on there, don. first of all, he had to do that. you have to do that in advance of the markets opening. even if it's just sort of pro forma. if he hadn't, it would be a negative mark on the administration. secondly, as christine was saying, right now, today this is about europe in large part and the g7 is more concerned about what's happening with the 6% of yields on bonds, ten-year bonds. investors are demanding so much in order to support the economy and the governments of italy and of spain that there is a real crisis brewing over there. so the g7 needed to talk about that as well. what geithner did was the only responsible thing he could have d

here one of the architects of the president's economic policies, the former chairman of the council of economic advisers. he just recently stepped down from that post. austan goolsbee is with us. sir, welcome to the program. >> thank you sean. >> sean: let me start with the president saying repeatedly that the economy is recovering over a period of time. he said it again and again. last summer was recovery summer. let me roll the tape. >> the president: the economy now is starting to stabilize and grow again. the economy was predicted to be growing at 3.5%. the economy is now growing again. the truth of the matter is the agricultural sector in america, cornerstone states like iowa is doing very well. >> sean: we've accumulated more debt than any president, shorter period of time, under president obama. the truth is, i have the latest bureau of labor statistics, we've lost 2 1/2 million jobs since his stimulus, obama's plan. he said he would cut the debt in half. his administration said they would keep unemployment below 8%. you were part of this. what went wrong? >> respectfully, i would say you are mix

the president is set to nominate allan krueger to chair the council of economic advisers, and he is a professor at princeton and served as assistant treasury secretary until next year. >>> and stewards of hurricane irene are expected to cleanout to day. it is not what many predicted, but irene did leave a severe scar. the storm took 24 lives and more than 4 million homes lost power, and $10 billion in estimates of cost. >> talking about hurricane irene, i want the make sure that the folks have the support they need as theys a s.e. s assess a the damages from the storm. that will continue in the days ahead. lit take time it will take time to recover from a storm of this magnitude and the effects are still being felt in the country in new england and states like vermont where there is an enormous amount of flooding. the response continues, but i will make sure that fema and the other agencies are doing everything in their power to help the people on the ground. now, even as we deal with this crises of the moment, our great ongoing challenge as a nation remains how to get this economy gr

hall served as chief economist for the white house council of economic advisers for two years under president george w. bush and prior to that, he was chief economist to the united states department of labour. he also spent 10 years at the u.s. international trade commission. he received his b.a. degree from the university of virginia and his phd degree in economics from purdue university. we're grateful you are here with us again and we look forward to your testimony. >> thank you. thank you for the opportunity to discuss the employment and unemoyment that we released this morning. non-farm payroll employment rose by 117,000 in july. the unemployment rate was 9.1% in july and has shown little defensive movement since april. private sector employment increased by 154,000 over the month. health-care employment rose by 31,000 in july as hospitals and ambulatory care services added jobs. retail trade and but increased by 26,000. and love and expanded in the manufacturing sector by 24,000. mining employment grew by 9000 or the month and was up by 140,000 since the most recent low in october, 2009

of the national economic council. recently replaced larry summers with expert lidge, bright guy. he has lost the head -- head of the council of economic advisers. briefed on-the-jobs plan by level three guy from the white house staff during his vacation. it is not just the pr the president is way behind the power curve. that is turning out to be a problem over the last year for president obama, he's always behind events internationally or domestically. this one is going to hurt him badly. i think the impression of i'm off to my vacation and see you in september and i'll tell you then what my jobs plan is, is a problem. so will the composition of the jobs plan itself. if it is going to extend unemployment, renew the payroll tax holiday. people will have a right to say, is that supposed to grow jobs? >> greta: i have a different view of what you just said in terms of the people that have left him. i think that looks good for him. we are in a terrible mess. those people who have been advising him have not led him in the right direction. i think it is great he's cleaning house. great summers gone. anyone who has gotten us to the point where we are

chairman of the white house council of advisers and dan lothian is following that, so what can you tell us about allan kruger? >> well, he is likely to be the public face of the administration's economicstan goolsbee who is leaving earlier this month, and to return to the university of chicago. who is he? well, he was a professor of economics and public affairs at princeton university. also has published extensively on the economics of education, labor and unemployment and among other things. he did work in the obama administration in two years in the treasury department, and also in the clinton administration in the department of labor. president obama in a statement this morning of mr. krueger said as one of the leading economists, alan is a leading voice on a vast array of topics and he understands the difficult challenges that our country faces. this announcement that the president will make at 11:00 in the rose garden comes ahead of the jobs speech that the president will make some time after labor day when the president will lay out a plan to bring down the high nation's high unemployment rate. if confirmed mr. krueger would be a part of pushing this administration's policy, kyr

kruger will get past the senate, traditionally the council of economic advisors chair does not get held up because he doesn't have a lot of power. he advises president and the senate tends to give the president more leeway on a pick like that. than federal reserve chairman and treasury secretary, someone with independent authority of their own. obviously the nomination process is incredibly broken and the situation is incredibly polarized right now. if i were alan krueger i would not look forward to my hearings. >> sure, and normally things like the debt ceiling are routine. i'm not sure we can take normal as a standard anymore. speaking of the question of whether or not the administration is going in a new direction, president obama will be making a new jobs pitch next week. is there anything about the alan krueger nomination here that makes you think something specific will happen in terms of the scope or the direction of this pitch? so i don't think kruger is telling us that much about it. we're going to be hearing versions of ideas we've heard before. this administration is not one for picking big symbolic battles on policies they can'

needs a major game changer what is surprising they had this opportunity to put in on the council of economic adviserst would have sent a signal there was a change coming. >> sean: that's not a change. >> last week a poll said 51% of american people still blame george w. bush for the bad economy. that number is higher than i would personally like. however, i cannot believe it is only 51%. that's a number i worry about. >> sean: greenberg and carville this is carville's partner. they said this blaming bush thing is not working any more. we are going to blame the tsunami. arab spring. the sunshining in the morning. >> do you think the economy is going to be rip roaring expanding come november of 2012? it is not. cbo -- >> if they repackage, remember what we said they are going to call what he's doing reasonable. anyone who disagrees is unreasonable. then they set up the narrative for the campaign things would have been better if congress >> sean: in many ways this president has been successful with the democratic house and senate he got his stimulus money that he wanted, he got his budgets, he got obama

. >> thank you very much still ahead outgoing chairman of the council of economic advisers austan goolsbee where he's heading next and what are the 2012 republican hopefuls saying about the market meltdown? >>> the ground game heats up in iowa, you're watching "the daily rundown", only on msnbc. e non-sy starts with back pain... and a choice. take advil now and maybe up to four in a day. or choose aleve and two pills for a day free of pain. way to go, coach. ♪ [ coughing continues ] [ gasping ] [ elevator bell dings, coughing continues ] [ female announcer ] congress can't ignore the facts: more air pollution means more childhood asthma attacks. [ coughing continues ] log on to lungusa.org and tell washington: don't weaken the clean air act. >>> bottom of the hour, i'm andrea mitchell in for chuck todd. here's a quick look at what's driving the day. the opening bell has rung on wall street. investors are trying to pick up the pieces from yesterday's free fall and react to today's somewhat optimistic job numbers. a tax credit for companies who hire vets is one part of the plan the president

of economic security in their lives. that's our your junt mission. that's what i am fighting for every single day. that's why today, i am very pleased to nominate alan krueger to chair the council of economic advisers. come on down here, al. alan brings a wealth of experience to the job. he is one of the nation's leading economist. for more than two decades he has studied and developed economic policy inside and outside of government. in the first two years of this administration, as we were dealing with the effects of a complex and fast-moving financial crisis, a crisis that threatened a second grade depression, alan's council as chief economist at the treasury department proved invaluable. so i am very pleased to appoint alan and i look forward to working with him. as i told him, it is going to be tough to fill the shoes of aus st austan goolsbee, who has been a great friend and ad viewer that i have relied on for years. i rely on the council of economic advisors to provide unvarnished recommendations not based on politics or narrow interests but based on the best evidence, on what's going to do the most good for the most people in this country. that's more important than ever right now. we need

. >> austan gooslbee, chairman of the council of economic advisers for two more days, and as jon stewart schoolgirl" about getting out of dodge. let's get back to our panel. it's clear that gooslbee has one of the toughest jobs in washington, going back to chicago to be an economics professor at the university of chicago business school. but it is a very big climb for them to do anything on the economy short term. >> yeah, and this is going to be the question of this campaign. you see mitt romney. his slogan so far has been obama's not working, meaning he's not working on the jobs front and that he's not working for the country, and you see him out there really trying to channel the anxiety that people have about the economy. >> and carol, mitt romney, who is getting slammed by first sarah palin for being so wishy-washy about the debt ceiling debate, and now a slam by rahm for taking on chicago in an ad. >> well, i think that the white house certainly didn't mind mitt romney coming out against the debt ceiling bill this week. that helped the president frame the debate he wants to have ov

president obama has nominated alan krueger to chair his council of economic advisers.the senate agrees, the princeton economist and former treasury department official would replace austan goolsbee, who stepped down earlier this month. the president made the announcement from the white house rose garden, with krueger at his side. >> we need folks in washington to make decisions based on what's best for the country, not... not what's best for any political party or special interest. that's how we'll get through this period of economic uncertainty, and that's the only way that we'll be able to do what's necessary to grow the economy. >> sreenivasan: the president also confirmed he'll unveil his new jobs initiative next week. a federal judge in alabama has blocked the state's strict new immigration law for a month. today's ruling gives the judge more time to consider claims that the law is unconstitutional. the alabama statute is generally considered the toughest in the nation. among other things, it makes it a crime to knowingly aid illegal immigrants. funerals were held

of a major new jobs initiative in the coming week, we're told, maybe next week. today the president nominated the princeton university economics professor allen kruger to head the council of economic advisersealth of knowledge to the job, a leading economist and for two decades he studied economic policy both inside ant outside of government. in the iffers two years of this administration as we were dealing with the effects of a complex and fast moving financial crisis, a crisis that threatened a second great depression his counsel as chief economist as the treasury department proved invaluable. >> let's bring in our chief white house correspondent jessica yellin. want to talk about alan kruger in a moment. let me talk about what the president might say in his major speech. i think it's supposed to come next week. i don't have an exact date. maybe you do already. are you getting new substance of what he's going to say? >> wolf, there are -- they are holding the details tight, but they are setting expectations very high. they have confirmed it will be next week and suggested that they actually haven't set a date themselves yet which is why we don't know it. today in the briefing, jay carney