at the lower end of the for example we see more of the diversified economy but in the middle, the economies that were more reliant on manufacturing including the automobile industry and we know again that is one of the areas significantly affected. >> host: let's look at the charge from the bea. chart from the bea. nevada the spending for the categories during what is known as the great recession. you can see in this chart the blue area of the timeframe that we are talking about the dark blue number here the drop was motor vehicle spending as you were just talking about gasoline and other energy to is this red line here furnishing and durable household equipment also dropping though not as sharply and food services and accommodations also dropping a bit but not as sharply. we specifically want to hear from the viewers this morning on your spending habits and how they changed during the recession and postrecession. postrecession. for minds are open to do that. we will go to joe calling from new jersey first on the line for him to pen this. good morning. turn down your tv and go ahead with yo

the uk's economy is powering forward and could take over as europe's strongest economy. we'll look at what britain is doing right. >>> also, reading, writing and red ink, a step that a school system is taking to open the school for the kids. >>> living in a box - going inside what could be the apartments of the future to see how they stack up - literally - i'm ali velshi, and this is "real money". >>> this is "real money," you are the most important part of the show. tell me what's on your mind by: >>> europe's economies are stumbling. we care, because the european union is the united states biggest trading partner. the u.s. exported, sold, $262 billion worth of goods and services to the e.u. bloc. we imported more - $385 billion in goods and services. any economic stall in europe gets felt by americans. there is a bright spot. and that is the u.k. the british economy is growing faster than its continental neighbours. germany, the biggest economy in europe, has been the engine of growth. many wonder if the u.k. will one day overshadow it. >> reporter: it's gone from lage

the improvement in the economy, once the economy gets back to a sustainable level of output, then the economy will grow at a lower, more sustainable pace beyond that. thatecovery of revenues one sees now, we will see those kinds of growth rate going forward every year. >> your projections do not account for a possibility of another deep recession coming up. is it fair to say the government has leslie way to simulate the economy due to its already high leewayrden -- has less to stimulate the economy due to its already high debt burden you are >> if that were to happen, there would be less ability to respond to economic challenges. that could be economic downturns, a natural crisis, international events. the more debt we have, the less ability congress has to do what it did in 2008 and 2009 and 2010, which was probably just to allow revenues to fall with the .eclining economy but beyond that, to make specific changes in policy that cuts taxes a little further and raise spending to provide a short-term boost for goods and services. we started in 2007 with debt at 77% of gdp. ability -- i

economy. capacitysurvey was on utilization. how much are you using up? are they all going out? that is the utilization. cranking themt is down. it comes down to carney highlighting more divergent views with slack and capacity. you have heard them talk about economy.% in the it has been that way for three quarters in a row. look, three quarters of reports , we are cranking out gas. everything is moving and is much. can you still stick with that amount of slack? >> it is the wages where you are not seeing the pickup. what say you? that.t focusing on he talked about how they should be informed. you look at all the indicators to flash red and you are left behind. we are going to get wage and unemployment data. >> you will get those at 9:30 and what you are looking at is wages under pressure. is that going to hold? .terling have a look at the dollar-sterling. it is a fantastic story. he raised volatilities to a whole new level. he said that they are not assessing risk properly. bang. up she went. t

our economy is changed. and it is mostly creating low-wage service jobs. 80% of the jobs the economy is creatings todaying those jobs. so we have a problem in our economy that extends far beyond the challenges of teenagers, to, frankly, americans in their 20s and 30s, who are trying to get by and raise families. and we have to find a way to make sure that the jobs they get pay them enough so that you and i, sir, don't have to make up the difference in food stamps and medicaid and rent assistance and other things. with respect to your second question, do i expect the wage increases to ripple up, absolutely do. and they will. and that's good for everyone. we want wages for everyone in the country to go up, with the exception of people like me, who make tens or hundreds of millions of dollars a year who don't need our wages to go up. we have to find a way to more successfully balance the income of all americans so that we end up with a thriving economy. >> host: from cedar park, texas, kim. >> caller: hi, nick,

there was .2% negative contraction in the economy. economy is barely limping along. it is not necessarily going to pull the rest of europe out. there will be a lot of pressure on burkle to do something to increase the mess to demand and spending on things that means running a deficit. there will be a lot of pressure. anna? >> thank you. we will bring up to speed on with the top corporate stories. the purchase gives the swiss drugmaker access to the first treatment and unit states for a fatal lung disease. we caught up with a coo to find out how this fits in with the broader strategy. example ofa perfect our strategy at rush. it fits all the trichet and look for. as a strategic fit from the standpoint of addressing a real medical need with significant efficacy for this particular medicine. it is a portfolio fit because we have a portfolio on the market. is also a development pipeline issue. it is a commercial fit. because of our strengths in the united states and outside the world. $74 a share for the california-based company intermune. we asked about the valuation. >

we are still a dynamic and massive economy, definitely the most innovative economy on the planet, butany people who are working do not feel the benefit of that. this is something the policymakers are grappling with, whether the leaders on capitol hill are able to come up with any near-term solution, i would say i do not think the outlook is positive for that. it is something that the american people are feeling, and i think wilma expressed to that very well. b.e.a. ian mead come if people like wilma want to find information about wage growth by state committed us on the they can go to the? -- guest: yes. we have very detailed data on that. the focus of the new report today, it is summing that has been around for a while that we do provide to policymakers and people in businesses make decision. .gov if you want to check out their work. michael is in grand rapids, michigan. good morning. things.two the effect of the economy in the area, which rips me, those 50-year-olds find it very difficult to find jobs. the other question is what has been the effect of the tax cuts to business? in mi

economy. look at the new normal and it means tonight. >> deepak chopra, from improving your health >> i had an intuition, that human beings could heal themselves. >> to solving conflict... >> the best way to get rid of your enemy, is is to increase their happiness >> and living a more mindful life... >> the number one cause of hostility in the world is lack of respect >> every saturday join us for exclusive, revealing, and surprising talks with the most interesting people of our time. ah, got it. these wifi hotspots we get with our xfinity internet service are all over the place. hey you can stop looking. i found one. see? what do you think a wifi hotspot smells like? i'm thinking roast beef. want to get lunch? get the fastest wifi hotspots and more coverage on the go than any other provider. xfinity, the future of awesome. could help your business didavoid hours of delaynd test caused by slow internet from the phone company? that's enough time to record a memo. idea for sales giveaway. return

the economy -- full of regulation, but it is not a very easy economy to move, and that is very difficultaccording to your previous this is a great way -- >> you had a great time collecting all of those. but what he is doing is trying to garner more international goodwill, trading, politically, whatever. it looks to me like this is a by china on apt number of sources, especially in the islands and in the east china sea, and this is another policy,of the foreign which is to really be quite aggressive, to create bridges around the world, and maybe that is it. >> very, very quickly. 20 or 30 seconds. how are you with the macro risk? headlines from around the world. >> they are shocking. big players behind their. u.s., the u.s. on the side and there are many big forces working here. and then there is global economics. global series. >> and that is when the storm brews. richard, our ceo, thank you so much for joining us today. all right, coming up next, the desire for gary. i look at the growing liking of milk by asians. this is "asia edge." stay right there. ♪ ♪ >> gary products, in general,

the port is very important for the regional economy but also for german economy.the possibility to bring the raw materials in for the german economy and bringing and delivering the end product to all over the world. >> you see those raw materials in. we can't see it behind you but there is a coal island here where coal is brought in for making steel. the largest steel plant is in the region. is germany still producing enough? 22%? going to stay at 21%, >> we're discussing that. the chamber of commerce says we should concentrate on production. this is one of the strengths of the german economy. we have a discussion with the politics and society because this is a special kind of production and too many people think services could help better. we are convinced industry is quite a strong factor for the german economy. >> an industry-based, not a service-based economy. >> yes. the success of the german economy at the moment in comparison to other nations. >> give me a sense of how -- you said there is concern here. try to quantify that for me. there is a great deal of

economy. look at the new normal and it means tonight. >> deepak chopra, from improving your health >> i had an intuition, that human beings could heal themselves. >> to solving conflict... >> the best way to get rid of your enemy, is is to increase their happiness >> and living a more mindful life... >> the number one cause of hostility in the world is lack of respect >> every saturday join us for exclusive, revealing, and surprising talks with the most interesting people of our time. so we're all set? yyyup. with xfinity internet your family can use all their devices at once. works anywhere in the house. even in the garage. max what's going on? we're doing a tech startup. we're streamlining an algorithm. what's grandpa doing? hi... sssh, grandpa you don't want to be an intern forever. sorry dad, we have to get back to work, we have a deadline. we're going public! [cheering] the fastest in-home wifi for your entire family. the x-1 entertainment operating system. only from xfinity. >>> okay. i

that's not the way a market economy is supposed to operate. there's so many aspects that are so central to our economy that seem out of sync with that theory of perfect markets. and the evidence is so overwhelming that our markets don't work perfectly, that markets can and are an important force. but we have to shape markets. come back to our theme of taxes, taxes are one of the ways we shape markets. if our tax system says speculation is going to be taxed at a lower rate, you're going to get more speculation. if our tax system says if you keep your money abroad, you don't have to pay taxes, you're going to get more money abroad and you're going to get less job creation inside america. if your taxes say we want to encourage real investments in america, then you can get more investment in america. so i'm an economist who believes that incentives matter. but i also believe that you have to shape incentives and that markets on their own don't necessarily shape them the right way. and that when we have a distorted tax system, distorted by a distor

but americans should feel confident about the economy, he says. first, you have heard him four years on the radio. to know the full story about the diamond d in the rough who becae a is missed gem? tovis creditsts his history facing down any obstacles. this week, we go one-on-one with ronnie mervis to talk about how he makes his business shine. welcome to washington business report, thank you for joining us. you come from an iconic voice in the washington market. tell us by your family background. >> i family has been in the jewelry business in south africa since the early 1930's. as kids, we grew up in the business. knowing all about it. somehow, this was in our blood. there is one thing that every rvis child knows about and that is damaged. i think it comes out to the mother's milk candidates in their somehow. it is a natural sequiturs that somehow you will be in the tenantnt business. >> who stard the family business? >> the original was my father, who has passed on. he started it in 1975. father was in north -- an orphan. his parents had died

and later, why the new post recession american economy doesn't feel like the old precrisis economy. look at the new normal and it means tonight. ah, got it. these wifi hotspots we get with our xfinity internet service are all over the place. hey you can stop looking. i found one. see? what do you think a wifi hotspot smells like? i'm thinking roast beef. want to get lunch? get the fastest wifi hotspots and more coverage on the go than any other provider. xfinity, the future of awesome. could help your business didavoid hours of delaynd test caused by slow internet from the phone company? that's enough time to record a memo. idea for sales giveaway. return a call. sign a contract. pick a tie. take a break with mr. duck. practice up for the business trip. fly to florida. win an award. close a deal. hire an intern. and still have time to spare. go to comcastbusiness.com/ checkyourspeed if we can't offer faster speeds - or save you money - we'll give you $150. comcast business. built for business. >>> okay. i want to continue the discussion on today's u.s./africa summit. nearly 50 afric

had experts in the economy a higher forecast for our growth.ve been very careful and we were not so optimistic. targets and economic targets. >> germany is a big customer of russian oil. >> we want common persistence by ll europe. angela merkel is working again and again and i think we have been rather successful in finding a common european position together with the united states. what we have decided in the financial markets and i think what we are trying to find is the right balance, not to work for escalation. and to help russia to correct its own policy but to make clear to russia, russia has paid a rice. it is not really acceptable for russia. >> the german finance minister. she also asked him about the political turmoil in france, this after the government's reshuffle earlier this week. >> i think it was a good decision and we are fine with it. i have met my french colleague, who used to be the finance minister. i am happy that he will ontinue. >> do you think that the french economic policy is in the right direction? >> it is it is wha

economy postcrisis performance.at keynote -- between 2009 and 2013 when the economy had a feeble recovery and week productivity and a exchangeo rebalance on rights and persistently high inflation, we argued that all of those and a lot of that underperforms is due to the oflure of credit, the lack allocation within the economy. it is no coincidence that the turnaround of the u.k. economy but dan and early -- began in early 2013 two improve credit provision and the economy. has improved and productivity slowly. unimpressive as yet but slow to pick up. the trade balances and that is why understanding what is happening we think is absolutely key. >> we have seen it to loosen up. mortgage credit. cost have come down a lot. .ot as much for corporate do you think that is about to challenge? >> we do. significant incentives to increase lending. it is a reversal of doing post crisis where there was a significant incentive to contract landing. baynes will continue to fall and the margins on their lending continue to rise. you

how do you keep an economy growing when the economy is shrinking and the population declined last yearis is a long-term game and he is weighing into this discussion to see if you can bring more foreign workers, if you consider that as a means to do this. comments making those dst theson hole ami theme of labor. he has got close to full employment. what does the japanese government think about this? immigration is still a very controversial issue there. >> that is right. it is controversial. the foreign population here is still quite small, under 1%. you have this consciousness in japan as a very homogeneous nation. you have to accept the economy is declining at a rapid rate and the government, even shinzo abe, has accepted the fact that you have to bring in foreign workers. you could increase productivity by more women working, more elderly working. foreign workers are one of the ways of keeping the economy going. >> is this part of abenomics? >> it is in a sense. alreadysee that construction is beginning around the tokyo army base. a lot of these workers are skilled workers. there are

economy is growing at a faster pace than expected. the second quarter gross domestic product rose by 4% on an annualized basis. that's better than economists had predicted. it's also a strong bounceback from the first quarter when the economy shrank by 2.4%. the gdp is the broadest measure of the size and strength of the economy. the marketed tumbled most of the week in part over concerns that the federal reserve would be raising interest rates faster than expected because the economy is strengthening. stacks had their worst day since april on thursday the dow falling more than 300 points dropping to a two-month low. stocks continued to fall on friday. earnings were mixed this week. u.p.s. beat expectations but they lowered it's outlook because they said they would be spending more on some of its infrastructure. american express came in ahead as did exxonmobil. twitter beat by a landslide. linked in and electric carmaker tesla came in ahead of expectations as well. >>> volatility returns to the market with a vengeance. the economy see

economy. you know because i love what you teach. we saw the zero marginal cost phenomenon. first yen people began to find ways to create software to share music files, bypassing the capitalist market and the recording industry. and it brought the recording industry to its knees. then the zero marginal cost phenomenon started to infect the newspaper and book publishing industry. millions of consumers began to produce and share their own knowledge and animation, expedia, knowledge together, news blocks, ms. together. the newspapers went out of business, the book publishing industry has been devastated we now have six or 7 million students a better taking these free online courses that operate near zero marginal costs and are receiving credit. this is now forcing the universities to rethink their business model. so over the last ten years this zero marginal cost phenomenon has not been academic. but economists thought there would be a fire wall here. they thought, okay, the zero marginal cost wou

the economy has seen no growth yet this year. some socialist politicians are blaming austerity measures demanded by the eu and championed by germany for making the situation worse. any economies argue france has dug itself into an economical. >> that is what economists say. we got this report from the frankfurt stock exchange. >> france is the most serious problem in the eurozone. that is the concern here. france has to become more competitive and productive and cut back the part the state lays in the nation's economy. whether a new government will be able to do that anytime soon while people are quite pessimistic on the frankfurt floor that that will happen. still, the share prices in frankfurt went up quite clearly. they hope the european central bank will act to prop up the european economy. remarks by mario draghi are being interpreted to that respect. >> in frankfurt, we can stay there for a closer look at the numbers. the dax finished the day up as did the euro stoxx, gaining more than 2%. in new york, traders are still on

we have two economies. code writers and then we have everybody else. >> code writers are creating services and products that are displacing routine work. that is the challenger people with mid-level skills. >> is the unemployment rate really 6%? >> i think it's more like nine. when you add these people that are hidden, the tech sector is not the problem. the news story this year is california was lagging in the national economy. now they are starting to run ahead of it. part of that is because of all of the activity. boston is seeing the same thing. >> part of it is what they wear. hoodie?ean a >> we are doing men who do not know they have become a meme. j.crew stills a gingham shirt. these are our photos today. so many men have bought this and so may men wearing it in so many different ways that it now has an instagram profile. that j.crew gingham shirt. we're looking at this at the beach. then see myself buying shirt. you go to the store with your wife and she says you need more color. a shirt that has bl

there was a slowdown in the economy.ndia was a concern as well. >> the sales merger with on the con has fallback. that was evident. during the whole merger negotiation between the two companies. many wanted to see what was going to happen after the deal unraveled suddenly. may be all-consuming with it on your doorstep, you are less consumed about what will be going on you use a little bit of focus. we will have to pore over these numbers and look what many are feeling the second half of the year will be like for wpp because they're expecting sales to fall. four of thes one in buys's -- it creats or one in four of the world's ads. >> thank you. we will have those numbers in about nine minutes. >> and not even the rain could deter partiers from attending notting hill carnival. i didn't get any sleep. that is next. ♪ >> welcome back. from stockaway trading. we have caroline hide here. >> i was there yesterday. the guardian had this wonderful picture on the front cover of notting hill. they celebrated -- there is even a bett

it's weakening our economy. but the point i make in this paper is it would be easy for us to raise the requisite revenue. this is not a problem. this is not as if it's going to oppress our economy. we could actually raise the money and make our economy stronger. for instance, we're talking about the taxation of capital. if we just tax capital in the same way we tax ordinary americans, people who work for a job, who pay taxes we pay on wages. if we eliminate the special provisions of capital gains, if we eliminated the special provisions for dividends we could get, over the next ten years, over, you know, approximately $2 trillion. and those are numbers according to the cbo. and so, we're talking about lots of money. >> the figures make sense to me. but the politics doesn't. because these are the people, once again, who dominate our system with their contributions to the politicians who then have no interest in changing a system that rewards their donors. >> we have this vicious cycle where economic inequality ge

how do you define the economy?> local, hand made, there is a craft orientation, a lawsuit of autonomy, and the ability to create their own product, to create their own businesses, to follow their interests and passions, it's all about different relationship with the people who buy their products, more about appreciation than consumption. if you look back at the industrial economy you're looking at things that need to be schools but when you look at the artisan economy these products they're producing are things that you appreciate, you have a narrative with them, the narrative between patron or what i call the consumer. the work life is changing this idea that we separate the social and the production part of the economy. that's changing a great deal the idea of -- >> in other words there's less separation in the artisan economy between production and life? >> yeah, the connection between your work life and your social life, is becoming the very blurred boundaries now. and then you pointed out the socially consciou

economy?has done well but we are looking to reenter. >> let's talk about japan. we had the biggest gdp contraction in three years. since 1994.decline what happens next? does the bank of japan -- will they be forced to do more or do they look through the state at and say the third quarter will rally through? post-hike will be important. that will be important to look out for, not just the gdp numbers. what is going on in the consumer sector in japan. sticking out, but with wages we, we need to see the earnings power, the wages kick higher to boost the economy. until then, we will see the yen trade on the back foot. >> we will leave it there. thank you very much. 6:26.e in london is market been bad for germany's biggest utility company? ♪ welcome back. i am manus cranny. let's have a foreign exchange check. we were talking about the yen before the break. it is going to be a tough call. the gdp contracts the most in three years. the and holds its losses. dollar rising. virtually flat. somethingp

economy. good think of the rail raise.re buying more things, the railways will be shipping it. you have a lot of housing related businesses, a brick company, a paid company, you have real estate brokerage companies. when you look at berkshire in ty, it has a lot of leverage in the u.s. economy. >> there was a joke that warren the datacquired company just so he could have his own numbers. >> the one thing you keep hearing when i speak with berkshire investors is that this company has a lot of leverage on the u.s. economy. not just what happens in one quarter, because they tend to have long horizons. make is thatt they as the u.s. economy improves, business should improve as well. bottom-line is that warren buffett continues to add businesses. a year ago at this time they had just purchased half of heinz . electric utilities in nevada, that will be in this for for this year. it is likely we will see some progress. >> what will be the underperformers in the portfolio? >> that is an interesting question. bnsf had some problems

economy and forming their own independent judgment.the judgment is that we should start raising interest rates, i would hope that those members will vote in that direction. what you have is a lot of turnover on the committee and some people coming in not estimate with the u.k. economy, coming from overseas. -- they wantrhaps to play themselves in and get the hang of the committee before they start making strong judgments. >> do you think that means that first ascent that is probably push off further down the road? there has been so much talk about martin wales being the first guy to put his hand up and say, it is time. what are your thoughts? >> i did not get into individuals, but there are some members who have been there quite a while. i think we will find a little bit more out in the inflation report press conference today. the minutes that come out next week may be more revealing. in the past when the bank has been close to changing policy, there has always been a minority of people pushing in that direction. we have not seen that

urged in a different economy for europe. they object with fiscal position with a softer stance on austerity. mpl >>> and a cash deal that both sides have agreed on. they are warning they are making no solution to the prime minist minister's position until later this week. angela amerimerkel is there thi week. >>> good morning. welcome to "worldwide exchange." we have two hours together. right now on the wires, we are just looking at the ecodata hitting. and just a note from my producer, my wire has just gone down, so we are looking at the german business climate falling for the month of august. revisions to july indices are seen as well, but the expectations index coming in at 101.7 for the month of august. the consensus forecast was for 102. so the expectations index a little bit light. they are stating no revisions to the july indices. and again, the expectations index coming in just slightly light. current conditions, 111.1. which means that we're also looking at that particular reading being a bit light as well. not by m

this project is critically important to the future of transportation therefore the future of our economy and city and making great progress we've completed the tuning $255 million contract the project got done ahead of schedule and created jobs behind us the mucus station which will connect to the muscone conference center that will be expanding but most critically making the corrections this central subway for the light rail the first phase in completed in 2007 that resorted san francisco after a 50 year hiatus the central subway will be 50 blocks south of here connecting southeast of the city to the most illegally populated neighborhoods in the united states the day the subway opens for obispo that will be a busy day with the right planning and the right leadership what we can make investments that help our cities and our economy but in the meantime, we're going to put people to work that will inspire fire chief generation i want to acknowledge my board they make the budget and contracts we've got a great chairman tom nolan and others that have joined us they're working hard everyday e

in the city and it's only one piece to deregulate and dismantle the economy we've known for decades. it's reilly rail that people raise needed income but donate not the issue the issue is how is this going to be regulated and protect our residential housing now i'll say when i listen to the story and i've said much which them sounded repeating real i heard back when prom u prop marathon was the only way in which seniors would be allowed to be in their homes i'm a beneficiary but that was really the little people put up front while the big real estate interests and the owners of huge commercial property were the real winners and the state of california was denied it's infrastructure funded for over 36 years how does this relate there's a definition that should have been made between the residential and commercial and the corporate industries and the mom and pop that own the single-family dwellings and that distinction isn't made then much more work needs to be done. thank you. good evening. i'm jena i speak as an individual of san francisco and as a citizen of san francisco for telegr

that is good for the global economy. the whole economy is about exports. in england, the bank of england officials are split on the interest rate increases. i would also argue that is wrong, given there are several members of the board of governors. on airplanes today. michael mckee is on an airplane today. jackson hole -- they will argue about all of that there. >> it looks like not a lot will change out of jackson hole, but everybody is talking about the future of monetary policy. we get the weekly mortgage numbers. up down, up down, up down. the fed releases minutes from the june meeting. >> several. some. [laughter] >> words, syllables. we will try to glean what they are going to do. >> we suggest it. >> we suggest. [laughter] it will be an intellectual exercise for all of us. fed watchers. of any come out? -- have any come out? >> $5.2 billion for the second girders -- quarter. the other one that has just come out is lowe's. the second-biggest home-improvement retailer. profit beat analyst estimates. forecast isr sales up 4.5% versus the consensus of

economy, and a better u.s.my is going to increase global funding costs. >> markets are still in positive territory in terms of expectations. expecting mr. draghi to make a move and it's expecting what we've seen on the sort of loosening of credit standards and on sort of the pmi side. it's expecting that to move into higher earnings, and therefore, at some stage, the equity markets stage a recovery that we're waiting for. >>> now, in big deal news, u.s. oil pipeline giant kinder morgan is consolidating its vast empire in the largest deal in the energy sector since exxon bought mobil for $74 billion back in 1999. seema mody's at the headquarters of cnbc with the details on this. we forget how big a deal it really is, seema. >> louisa, it is definitely a mega deal. kinder morgan, which operates 80,000 miles of oil and gas pipelines and 180 storage terminals in north america through three separately traded units, now the company will spend $44 billion to buy out the outside investors in both units. kinder morgan e

affordable and in some ways when with yes, ma'am succeeds america succeeds a version of growing the economy by this each week this week is make that on america where we say we want american made companies invest in good paying jobs here in america by removing tax credits to send jobs overseas what is what the law is now, it's ridiculous we want to over turn that with the savings we want to invest in building america and building the infrastructure and that means roads and brigades and cr=certainly mass transit and water supply and broad band the infrastructure of the future so this the the job the parlor we're sthifls all over the country what better place to start where the innovation has begun it's begun with the consensus over time with the community involvement i've said to the city i want to give you every option but if we allocate the sources we need the dirt to underlie this consensus building over time has been very, very central to our success and, of course, the recovery act that president obama took the lead on made a difference in getting hundreds and hundreds of million dollars

president obama recognition this buildings infrastructure of america is essential to growing our economy with that, i'm pleased to give this podium oh, by the way, did i introduce thomas and paling their construction is they're game they know about machinery i don't know about their teaching me and wanted to see how it's going my grandchildren from new york. they've ridden on the subway they wanted to see how one is built in california had a they're my special vip pits i've said his role as mayor and the chevy administration officer knows how to get the job done an operational manager it's not mystery i continued the great work of the previous mayors but he was effective working with the mayors before so thank you that mayor for honoring us with your leadership i yield to the that distinguished mayor >> (clapping) >> thank you leader pelosi and it's a delight to have you here also with those young kids michael i think we can get him a my own card right-of-way. i'm delighted i know leader pelosi is absolutely right and chosen one of the most exemplar projects certainly our city has seen h

we will also talk about the spanish economy.kel is delivering a press conference from spain, from the north of spain. that is due this morning. some further analysis of the jackson hole conference. michael o'sullivan will be joining us to talk about assets in the wake of that conference. you can follow me on twitter. ♪ >> con acquits. the french government resigns after a rift over economic policy. we are live in paris. a second aid mission. another convoy of trucks is going to ukraine this week. you're looking at live pictures. taking the temperature of germany's economy. good morning to our viewers in europe. welcome to those just waking up in the unist

economy. and unfortunately, it's been very uneven. of course, we did see a much better second quarter gdp. raising that up 0.2 to 2.4%. but that comes against the backdrop of a very steep decline at the start of the year. so investors right now are trying to figure out which one really tells the story, the health of the labor market and the economy in general. now, going forward, we've already seen that declining trend in consumption carries forward into the third quarter. and so i think a lot of investors are really trying to glean exactly where the improvement is going to come from if we do continue to gain ground in the second half. >> let me ask you this, paul. you probably heard president obama late this afternoon talking about the whole situation in russia. he was asked a question about whether he was going to take any more actions in terms of sanctions against russia. and he didn't really answer that question. but let's say come september that there is a step up in u.s. sanction against russia, or from europe. would you be chan

economy and that's what they're trying to do. they're trying to reach potential without going beyond it. >> i'd like to just switch our gears a little bit here and talk about this disconnect between what's going on in europe's economy and what's going on here and the two very different presentations at the meeting today in jackson hole between mario draghi and janet yellen, to what extent do europe's problems maybe change the timetable for raising interest rates, or doing other economic moves here in the u.s.? is there any impact at all? >> well, we are trading partners with them, and extreme weakness in europe would have an effect on this economy. i wouldn't expect it to be extreme. but they appear to be doing into a triple dip recession. i mean they've already had sort of a double dip, and now they seem to be going back the ecb is way behind the curve relative to the fed. the fed was aggressive very early on, and they dawdled around for a couple of years before they got very serious. they were even raising rates at i think in 2

so the decisions that we made to rescue our economy, to rescue the auto industry, to rebuild the economy on a new foundation, invest in research and infrastructure, education, all of those things are starting to pay off. the world's number one oil and gas producer is not saudi arabia. it's not russia. it's the united states of america. [applause] we tripled the amount of electricity we get from wind. [applause] we have increased by 10 times the amount of electricity we get from the sun. and all of that is greeting tens of thousands of jobs across the country. our high school graduation rate is at a record high. more young people are earning their college degrees than ever before. [applause] 401k's have recovered their value. home prices are rising. and, yes, millions of families now have the peace of mind, just like victor's family does, of getting quality affordable health care when you need it. it makes a difference in people's lives. [applause] kansas city, none of this is an accident. it is a result of the resilience of people. it is also thanks to some of the decisions we made early

what we need to do is use proven ways to grow our economy, because our economy is lagging behind our surrounding states and the rest of the country. kbo governor brownback's approach which is trickle-down economics has been tried before and it just isn't working and it's not going to work. >> i'm going to stop you there. you say proven ways. what are they? i understand you're running against brownback saying it ain't working and that's what a challenger does to an incumbent. what are these proven ways. you're not for raising the minimum wage. what are you for? >> the proven ways are partnering with communities. the folks in russell, kansas, know a lot more about how to grow their local economy than folks in the state capitol. we have to understand that a one size fits all approach simply isn't going to work. i'm sure senator dole, who is probably watching, will note you made the reference as well. thank you for coming on this morning. >> good to be with you, chuck. >>> trivia time. three tennessee congressman served as speaker of the hours. john bell, james polk, and joseph burns. co

lead by someone that is building and breathing and figuring out how to get more production into our economy and get more people working i'm happy to welcome up our director of sf made (clapping.) >> good morning. so i want to talk about san francisco as a national model for a maker city i thought about standing here talking about manufacturing and building is really all kindred spirit claiming the potential for the urban areas of this country to house this industry of the innovation and the creative class that isn't that true san francisco has brought together that's the power in what we see happening today when i look at the project like the central subway project i see the section are these and jobs and a transformation of the city accident take place h escape but it's a commitment to the manufacturing sector our siktsd in the city we have 5 hundred and 40 active manufacturers that has doubt the administrators we've had since sf was launched in the heart of the recession i want to say when we talk about national prongz programs like make ♪ america the first program that baend was the orig