so when you say economic nation, to him that's the nation. that's the nation in a lot of ways. and in a lot of ways i think he was right about that. so what gets left out when people say, oh, then he did all these things but it kind of gets buried like all the other things of his life. i call it something we could describe the hamilton scheme. okay, the hamilton scheme. scheme is obviously a loaded term. it can mean a plan, any sort of plot or something, a schema. just it could be kind of value neutral, but of course we also can use it to mean a scheme, like he's scheming in the pack room, my nefarious plans, that kind of thing. when we talk about hamilton we do have to talk about the fact he did have a major plan, goes beyond even plan. an incredible sort of vision and nuts and bolts engineering kind of thing going onto build a country that could do the dynamic explosive things he wanted to see it do. but of course there were other people who saw it as a scheme of corruption, a scheme designed to destroy democracy. and so the various uses of the word scheme i throw in here jus

so when you say economic nation, to him, that is the nation. that is the nation in a lot of ways. and in a lot of ways, i think he was right about that. so what gets left out when people say, he did all of these things, but it kind of gets buried in all of the other things about his life, i've called it for the purposes of this talk, something we could describe as the hamilton scheme. the hamilton scheme. i think i have water here somewhere, yes, i do. okay, the hamilton scheme. scheme is obviously a loaded term. it can mean a plan, any sort of plot of something, a schema, it can be value neutral. we also use it to mean a scheme, he is scheming in the backroom, aha, my nefarious plans. you know, that kind of thing. when we talk about hamilton, we have to talk about that he had a major plan, it goes beyond a plan, a vision and a nuts and bolts means of building the country so that it could do the things he wanted it to do. but of course other people saw it as a scheme of corruption, a scheme designed to destroy democracy. and so the various uses of the word scheme i throw in here j

randy's of the -- brian deese of the national economic council asking the ftc to look at illegal conductrices, while the national security advisor jake sullivan urges opec+ to raise production. your inflation report is 50 minutes away. heard on radio, seen on tv, this is bloomberg. ♪ ritika: with the first word news, i'm ritika gupta. it would be the biggest expansion in decades of federal efforts to reduce poverty, care for the elderly, and care for the environment. senate democrats passed a $3.5 trillion budget framework that opens the way for president biden's economic agenda. it also includes what democrats called the biggest middle-class tax cut ever. now they will be months of wrangling about those details in the plan. germany's chancellor angela merkel is increasing the pressure on residents to get vaccinated. the government will expand coronavirus testing requirements for nonvaccinated people, and by october, those desks no longer be free. merkel is trying to avoid another lot on that would more strain on the economy. in canada, lawyers for huawei's chief financial officer made a

so today my director of the economic -- national economic counce imasked the chair of the federal tradese monitor the u.s. gasoline market. and address any illegal conduct that might be connected or contributing to increases at the pump while the price of barrel prices are going down. we made it clear to opec, the major oil exporting companies that there is a global economy recovers to lower the prices for consumers. the child tax credit stepping in to address the supply chain challenges, and my competition orders and the ftc competition and the price gouging are some of the immediate steps that we are taking to put more money in the pocket to make that money go further and bring down the costs that are squeezing the costs for family month after month and year after year, and make the economy work better for the families in the long run, and these challenges were long before the pandemic, and long after we left office, but as we recover, now is the moment to put in place the long term plan to build back america better. a plan that will increase the opportunities with better jobs and wit

national debt. so, he could not raise and did not want to races for is solid economic reasons. i'd like to spend time with you reviewing the secondary effects of hamilton's blessed debt. among those was the bank of the united states, chartered in 1791. the bank or first bank, the bus, the bus. b-u-s as it's sometimes called. the institution, which established branchs in sea port cities and businesses, including merchants and manufacturers. it was the federal government's bank. it was responsible for paying the national debt, transferred money from where the government earned it, which was mostly in the major port city, mostly from duty to where the government spend it, which was mostly along the frontier in military forts, and wherever bauntd holders live. which, as i explained a couple of minutes ago, was throughout the country. perhaps most importantly the b.u.s. remained ready. and acted as a lender of last resort during the financial panics that hit the financial system in 1771 and hearter and more infamously in 1792. it implemented what would later be called badger tool an

taiwan and japan absolutely different in the area of economic national interests than afghanistan wasank you very much. we appreciate it. >>> that's brendan ahern of kranishares. >>> a pretty broad-based decline today. >> but, remember, it's only 1% we're used to seeing bigger declines than that, but it is an across the board thing the home builders, retail numbers were not not obviously there's -- i was taken by one of the points, i think it was peter anderson, it's not easy right now it's more complicated and more nuanced back then, when everything was taken off like a rocket. >> and first you were chasing the rebound, a state at-home reopening trade and now it's a big question mark. >>> thanks for tuning in, everybody. that does it for powell"power l" "closing bell" starts right now. >>> thank you, kelly and tyler welcome to "closing bell." nasdaq under heavy pressure, the dow off its lows, which were down about 500 earlier. >> and a look at what is driving the action today consumer discretionary by far the lowest performing, declining 1.1% retail

. >> coming up on today's show, national economic counsel up director bright at an-- brian de will join us, and we're counting down to coinbase's report after the bell >>> mike santoli is tracking the market action with record highs in sight ylan mui has the latest on the infrastructure deal in washington, but pike. >> we have oaf one of these days where there's just enough of a big to keep the s&p above water right now, toward a new record high business very persistent, somewhat low drama grind higher. it's continues here. from april other so, it's kind of been a lower trajectory, but also pretty steady again we haven't had a 25% or more pullback since late last year. that has continued this projects out of the to the 4500 area for the s&p. next week or two, that will coincide with the monthly options expiration, okay, this might be maybe the ultimate destination for this little phase of the rally today it is industrial stocks, it is the cover story, certainly powering old economy names take a look at what is in the market the s&p completion index, a measure of small capping, and reall

efforts in research and economic development. our vibrant national scientific ecosystem, supported by multiple federal agencies, with stink missions, both the strongest -- with distinct missions, we cannot take our scientific leadership for granted. we are on the verge of losing it without advancement. recent offers -- recent efforts create a national infrastructure to grow the science and technology infrastructure. the new act proposes a tectonic shift in funding to strengthen science and tech knowledge he would innovation hubs to drive american competitiveness. the senate and house need to reach agreement on legislation on science and technology. other nations are not waiting while the united states considers different approaches, and, furthermore, rural areas with unique strengths must be embraced. our provisions in this legislation for rural states to compete effectively, and i urge such provisions be kept in the final bill that emerges. universities across the nation are ready to become even stronger for science and innovation. my own university

economic advisors. he's not only excel in academia, but whatever the markets focus. [inaudible]. and working under the national bureau of economic research. and 2018, he served as coeditor of the international. anyhow the high standings. [inaudible]. and doctor in economics from university and phd. and it was our privilege to have you ari month ago when you came out to the institute to explain strategic framework and now you have explain the economic outlook in the cost to the u.s. >> adam, thank you so much. i always enjoy my opportunities live in virtually at peterson. in the gdp last week, we learned that the u.s. economy and the second quarter of this year transition from recovery to expansion given the catastrophic collapse and activity the first half of 2020 is the result of the pandemic and efforts to put in place to contain it, few forecasters certainly not me kind of expected it or there to help in this last year could the recovery the gpec from the sharpest decline since the depression would either be so robust or as rapid and in retrospect it seems clear that finally targeted monetarily and fiscal p

joining us now, brian deese, head of the presidents economic national council.unday," i know that this has been a very busy we continue and we will get to all of the topics that we can in this time that we have. regarding the delta variant and the concerns for people's health and their liberty, how concerned are you that this new guidance from the cdc might make some people concerned about going out and keep them home and maybe slow the economy a little bit? >> brian: well, we are taking it very seriously from the beginning, the health and economic crisis have been inextricably linked and that will continue to be the case, but i think the important part is this is not 2020 or early 2021. we are in a very different position. our economy is growing at a historic rate. if last year we were in a historic economic free fall. we are creating jobs at record pace, jobs are uncivil or we are just going on. in nearly 70% of americans have gotten the first vaccine. vaccines are free, widely available, anyone can get them, everyone should take them. and the other thing that

so today, my director of the national economic council has asked the chair of the federal trade commission to use every available tool to monitor the u.s. gasoline market and address any illegal conduct that might be contributing to price increases at the pump while the cost of a barrel of oil is going down. we also made clear to opec, major oil exporting nations of the world, that the production cuts made during the pandemic should be reversed as the global economy recovers, in order to lower prices for consumers. the child tax credit stepping in to address the supply chain challenges, my competition orders, the ftc investigation on price gouging, these are some of the immediate steps we are taking to put more money into the pockets and make that money go further. we also need to do more, bring down the costs squeezing families month after month and year after year. we need to make this economy work better for working families in the long run. these challenges were with us long before the pandemic and before i took office. as we recover from this crisis, now is the moment to put in place

so today, my director of the national economic council has asked the chair of the federal trade commission to use every available tool to monitor the u.s. gasoline market and address any illegal conduct that might be contributing to price increases at the pump while the cost of a barrel of oil is going down. we also made clear to opec, major oil exporting nations of the world, that the production cuts made during the pandemic should be reversed as the global economy recovers, in order to lower prices for consumers. the child tax credit stepping in to address the supply chain challenges, my competition orders, the ftc investigation on price gouging, these are some of the immediate steps we are taking to put more money into the pockets and make that money go further. we also need to do more, bring down the costs squeezing families month after month and year after year. we need to make this economy work better for working families in the long run. these challenges were with us long before the pandemic and before i took office. as we recover from this crisis, now is the moment to put in place

what's all this spending doing to the national debt we'll ask the head of the national economic council. he'lljoin us live from the white house north lawn in just a couple of minutes. >>> china-backed hackers reportedly compromised five major telecom companies taking control of their networks and stealing tons of data. we'll talk to a scybersecurity ceo who calls this the holy grail of espionage. >>> plus many employers requiring vaccinesor negative tests. we'll be joined by a company trying to make this new normal a little easier for all of us. we begin with the markets and dom chu has the numbers. how close are we to record territory? are we going to break some records this afternoon >> we could but it's going to take a big feat. we have markets currently at the highs of the session this 23-point gain is the high of the session in context, the lows of the session were down 14 points or handles for the s&p, just to g give you an idea of the trading range. but the dow and the s&p just about a half a percent away from the record highs each up about one-third or one-half of 1% in trading.

way of oil price declines leading to lower prices for consumers, so today, my director of the economic national tool to monitor the u.s. gasoline market and address any illegal conduct that might be contributing to price increases at the pump while the cost of a barrel of oil is going down. we also made clear to opec, a major oil exporting nations of the world, that the production cuts made during the pandemic should be reversed as the global economic, global economy recovers in order to lower prices for consumers. the child tax credit, stepping into address the supply chain challenges, my competition order s, the ftc investigation and the price gouging, these are some of the immediate steps we're taking to put more money in your pocket, and make that money go further. we also need to do more, to bring down the costs that are squeezing families month after month and year after year. we need to make this economy work better for working families in the long run. these challenges are with us long before the pandemic and before i took office, but as we recovered from this crisis, now is the moment

so today, my director of the economic national economic council has asked the chair of the federal tradelable tool to monitor the u.s. gasoline market. and address any illegal conduct that might be contributing to price increases at the pump. while the cost of a barrel of oil is going down. we also made clear to opec, a major oil exporting nation of the world that the production cuts made during that pandemic should be reversed as a global economic recoveries in order to lower prices for consumers. the child tax credit stepping in into address the supply chain challenges come up my competition orders, the ftc investigation and the price gouging. these are some of the immediate steps were taken to put more money in your pocket and make g. we also need to do more to bring down the cost of the squeezing month families month after month and year after year, we need to make this economy work better for working families in the long run. these challenges were with us long before the pandemic and before i took office. as we recover from this crisis, now is the moment to put in place a long-term

work of the energy and commerce committee has been doing to advance our national priorities and technological advancement, economic competitiveness and national security. i would like to thank our witnesses for virtually joining the committee and sharing your testimony addressing the challenges and areas of opportunity concerning the supply chain of our wireless infrastructure. as chair of the homeland cybersecurity infrastructure protection and innovation subcommittee under the jurisdiction of the house committee on homeland security, treating a secure 21st century digital infrastructure remains a critical priority. as we continue to chart the path toward recovery from the pandemic and seek to modernize our nations infrastructure, we must not forget the vital role infrastructure plays ensuring connectivity for all americans, equitable access and east central resources -- and a central resources in today's reality. my first question is for ms. rinaldo. covid-19 has proven that under resourced and marginalized communities depend heavily on wireless connectivity to remain connected and integrated in society. for man

nation goes forward. these united states are confronted with a economic affliction of great proportions. st and one of the worst sustained inflations in our national history. it distorts our economic decisions. penalizes thrift and crushes the struggling young and fixed income of elderly alike. it threatens to shatter the lives of millions of our people. idle industries cast workers into unemployment, human misery and personal indignity. those who do work hard tonight affair returned by a tax system which penalizes successful achievement and keeps us from maintaining full productivity. but great as our tax burden is, it has not kept pace with public spending. for decades we have piled deficit upon deficit, mortgaging our future and our children's future for the temporary convenience of the president. to continue this long trends is to guarantee tremendous social, political and economic upheavals. you and i, as individuals, can buy burrowing, live beyond our means. but that is only for a limited period of time. why then should we think that collectively, as a nation, we are not bound by th

interests are impacted, national security, economic security, the granular things like the development of standards in the technology space and so on. of course this buildout will happen whether we are there or not, over the u.s., it is necessary to maintain leadership , maintain positioning in the world, and if we are to maintain a world conducive to u.s. interests, it is very critical that the uspa player -- that the u.s. be a player in this. we can't replicate what china does. we shouldn't, but we need to be a player in this. the question is, how do we play and with whom? with whom was answered by the g7 initiative, which is interesting, a positive initiative. there is no question about that. it will focus on climate health, digital and gender equity, which i hope means education, because the u.s. has a comparative advantage in education, as does western europe, and we ought to be deploying that effectively. but how we do this is come to my mind, a good question. it is good to see the g7 working constructively together. there is very little detail here. it is unclear if there is muc

it is an important problem because i truly believe that economic security is national security and what is truly challenging is that some of these technology areas, as we continue to learn and mature, we have to be vigilant that we in the united states have the ability to protect it and we do that by working very closely with the department of energy office of science and ensuring that the work we do is both advancing the science and innovation while protect the outcomes of that work. >> is there more the office of science can do to build research capacities? you have heard the importance of it today. >> yes, senator. thank you for the question. the short answer is yes. we can devote more funding to the program, per se, but i think also, the other attack we are taking now is whenever we have a funding opportunity announcement, one of the items that we track very carefully is whether or not we are getting principal investigators from states to submit proposals to those funding opportunity announcements, and then we are also strengthening our communication with universities to make them a

expansion and more recently american global economic world war ii is another federal book global cities like houston, corporations and others but nonetheless, the nationalle is important political economics and that is the best answer i can give. american capitalism, capitalism in america, a provocative question and i think capitalism in america would be just as good. >> we are coming to the end of our time but john said before and that nobody would say anything in it, it's a fantastic discussion in the chat and there is your next book outline and discussed and the other thing i want to say in this expectation, something i do want to say very clearly to people reading the book and find the book is the book seemed extremely serious and large questions about the future of humanity, actually it is really fun to read in full of stories and people but also movies and music and poems and a lot of architecture. ... if there's anything you would like to add to that. >> i guess my career potentially moves in the opposite direction but one of the goals that i had in the book and one of the reasons why the center that emma directs which is such a hostile place to

the economic recovery in the united kingdom could be flowing as the nation of faith, the labor shortage and supply chain disruptions due to the cobra. 1900 pandemic and fall out from breakfast. back in july. job openings in britain cross the 1000000 mark for the 1st time since records have been kept despite many workers coming off of furlough and unemployment numbers continuing to fall. there have recently been supply shortages throughout the food industry, including restaurants, and supermarkets with industry groups, blaming, breaks it as you nationals working in truck driving, farming, and food processing left the nation. meanwhile, a recent quarterly surveyed by the confederation of british industry shows optimism and consumer facing business fell to minus 17 percent for august, down from a positive 47 percent in may, the worst reading for the height of the pandemic. so what does all of this mean for the future of the u. k. economy, while the discuss, let's bring it forward. his board member of the british american business association and president of straw mark business development

national debt explained the debt would be powerful cement of our union. by that, hamilton meant that one of the debt's blessings would be political rather than economic. it made the federal government the creditor of people throughout the nation. it would create political sentiment in favor of the union as bondholders protected their vested interest in the health of the national government. debt pessimists including many historians with anti-hamiltonian views assumed and claimed that hamilton's bonds were owned only by a small number of rich urban elites. i showed otherwise by using extant federal bond registers to show that tens of thousands of americans owned federal bonds at some point throughout the union. i devoted an entire chapter to bond holders in virginia, the home state of debt pessimists like thomas jefferson. many owned plantations and slaves, others were doctors and lawyers, others were urban artisans and retailers. and some were women. abigail adams wasn't the only female trading government securities, woody. oh, woody is not here, okay. some bondholders lived in nova. what would become the nation's capital. some lived in the valley. oth

according to data from statistics, south africa and again, the nation's treasury said economic damage from riots in july could cost between point 7 and point 9 percent in economic growth for 2021. now let's check in with rachel for europe and the american. thanks brent. here we start in the u. k, where the, the is up the energy mining in health care sectors. fuel gains for the index this week with b, p oil and gas up nearly 3.5 percent and anglo american mining up nearly 7 percent for the weak. this as a growing labor shortage threatens the countries recovery will take a more in depth look at that coming up and nearby the german dax and french kac are both in the read. the same labor shortages are hitting europe, as germany says, it needs more than $400000.00 additional foreign workers to fill its labor market. and while france has faced weeks of protest over the requirement of a health path for indoor activities report show, consumer confidence only took a slight hit this month. and the continued increase in spending caused countries finance minister to describe the french economy as

and we lead the nation in economic justice with our reform.e have managed every emergency mother nature could throw at us. fires, floods, hurricanes, super's, and pandemics. we balanced the state budget and we got it done on time more than any other administration. government should work and perform. free college tuition for working families. no one will be denied their college dream because of their income. we built new airports. rail, transit, roads across the state, faster and better than ever before. more than any state in the nation, the most effective economy in the nation. we did more for black and latino families than for any -- then any other administration. we did more for our union brothers and sisters, more to better racism and anti-summit is today so much of the politics is just noise, just static. that is why people tune it out. what matters is actually improving people's lives. and that's what you did to. you made this state a better state for the generations that followed. and that is undeniable, inarguable, and true. even in t

not 9% of our national debt, 9% of our annual economic out put.fact is there is a pretty strong historical correlation between debt-to-gdp ratio and birthrates. if you look at japan they have an entitlement system no longer works because you have young people, one-to-one ratio of worker to entitlement recipient. charles: yeah. >> we're approaching that too. it is an untenable situation. if we do want to allow people to have families, if we want to allow people to have strong communities. charles: yeah. something i think we got to pound the table on. i couldn't have asked for two better guests to do that. by the way, tiana, i heard they would update the movie wedding crashers, heard they were getting the script from you, any truth to that? >> the original wedding crashers is pretty good. i like the sequel, make journalists violating their own indoor mask order. charles: that was good stuff. that was good stuff. thank you both very much. who do we listen to, folks? mixed messages from everyone from the cdc to the federal reserve. we got mark tepper

economic damage. new south wales state, of which sydney is the capital city, represents around a third of the nation'sa significant hit to australia's economic growth in the current quarter. phil mercer reports from sydney. cheer is hard to find in sydney's lockdown, but businesses are doing what they can to keep going. although this bar has been forced to close, it has been converted into a temporary covid safe drive—through. into a temporary covid safe drive-through.— into a temporary covid safe drive-through. normally we would have _ drive-through. normally we would have 120 _ drive-through. normally we would have 120 people - drive-through. normally we would have 120 people in i drive-through. normally we i would have 120 people in here all drinking paints, having lunch and dinner. they would be a big line at the bar. we might have five cars lined up on the street. it looks amazing, but thatis street. it looks amazing, but that is five people rather than 120 people. we are down 65% on revenue. industrial estates are mostly empty. many shops are shut and construction suspended. there are disaster s

rock not by and about that. former black rock investment executive brian dease leads biden's national economic council effectively serving of his top adviser on the economy. but i also tapped wally out emo, a former chief of staff to black rock, chief executive larry think, who serves as a top official at the treasury department. meanwhile, michel pile black rocks. former a global chief investment strategist, serves as chief nomic adviser to vice president. common le harris. so to sum up black rock owens, a ton of single family homes, the type of families that are likely facing eviction right now. and black rock also and president by, you know, it is good to have a president in your portfolio and really i have always said that you want some good blue chip stocks and the president and then maybe a few senators just to diversify. oh yeah. and as a side note, there are also 17000000 homes in apartments sitting empty in america. right? our house should be our children, right. and squatting to not only not be illegal, it should be a sport. you'll find a house no one using that your house, congratul

both in terms of national security and economically. >> the trade agreement was an alternative to china prc. is that where we should be heading? >> yes. we need more trade agreements. either multilateral or bilateral. let us revise bilateral agreements with friends and allies we have in the region. thailand, singapore, places that are declared friends of the u.s.. let us work on countries like indonesia and vietnam and have trade with them. my three biggest products in illinois are pork, corn, and soybeans. who do you think buys the most corn, pork, and soybeans? it is asia. it is in the benefit of american farmers to have this trait as well. >> the intertwining of economics and trade. it is the threat to taiwan. the threat from the prc has risen so that the chair of the world's most important ship maker felt compelled to address the prospects of an invasion by china in a recent earnings call. he declared that no one wants to disrupt the semiconductor supply chain in taiwan. ascended like a message to beijing. -- it sounded like a message to beijing. >> they are doing everything they ca

with increased visitation comes increased jobs and economic impact for local communities. according to the national park service, in 2019, park visitors supported nearly 10,000 jobs in montana, spent an estimated $640 million in gateway communities and contributed nearly $900 million in economic output to montana. if you look at that chart behind me, that is a 70% increase in economic impact since 2012. based on what i heard from my montana superintendents, we will see major increases in the economic impact of our national parks when we tally up what is going on in 2021. this is a good thing. while there are challenges because of increased visitation, we also need to ensure we are not closing off our parks to the world and continue to grow visitation, jobs, and the economic benefits they provide. with that, mr. chairman, i turn it back to you. i look forward to a robust discussion and the testimony from our witnesses. sen. king: let's put up the pictures of yosemite and acadia to emphasize what we are talking about. this is yosemite. yosemite is one of the most spectacular places in the world. i ca

awareness to long-term threats can impact their businesses and industries, as well as the economic and national security of america. from a cybersecurity perspective, china possesses persistent and unending resources to ask for trait our data. or plant malware on a critical infrastructure for future hostilities and at the same time it originated as something that's nothing short of devastating to the united states corporate world. additionally they continue to construct a blind influence campaigns at the state and local level in the united states with precision. these efforts must be exposed and mitigated. to effectively work against china we must put the same effort into the threat that we did to combat terrorism. i would suggest that the threat posed by china is much more dangerous to the economic and military viability that we have as a nation. in conclusion i would like to state for the nation -- for the record that the significant national security threat that we face is not a threat posed by the chinese people or individuals. they are not a threat and should not be racially targeted whats

national guard members are supporting our response nationwide. from caring for patients to administering vaccines to running testing sites, to distributing supplies. as the states continue to recover from the economicl by covid-19, the full reimbursement of national guard services during this pandemic will be another tool that will help them shore up their budgets , meet the needs of their communities, and continue our economic recovery. these are the latest steps we are taking to get more people vaccinated. next, i want to speak to you all -- all of vaccinated. how should you be thinking about the moment we are in? first, note that you are highly protected against severe illness or death from covid-19. only a small fraction of people going to the hospital today are those who have been vaccinated. we have a responsibility to give the maximum amount of protection. earlier today, our medical experts announced a plan for booster shots to every fully vaccinated american. this will boost your immune response, increase your protection from covid-19. that is the best way to protect ourselves from new variants that could arise. the plan is for every adult to get a booster shot eight months after you got yo