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

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,

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

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

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

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. the recovery of revenues that 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 debt burden -- has less leeway 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 declining 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 gd

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 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

rather than stimulating the economy. in terms of money it's very basic. it makes transactions buying and selling which is how we proved our standard of living which is how we exist it makes buying and selling much easier. now in the old days we had the barber that was very inefficient so let's say that i sold an ad in forbes, how would i get paid? perhaps with a herd of goats. i'm being a little facetious but let's say i wanted to buy ipad for the writers so i went to the apple store 3,000 years ago with a herd of goats and they said i don't want to go to i want a sheep. so i have to figure out how to swap the goats for sheep and have to hire a sheepherder because you don't want the bolts to eaboysto eat the sheep. the sheepherder wants to be paid with wine. i have red wine and he wants white wine. imagine if we still had barker today trying to deposit a cow and atm it just becomes very inefficient. so in essence what money does most of the time it doesn't have intrinsic value unless you have gold coins and the like but

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

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

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,

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

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

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

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

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 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

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. 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

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

the economy have been very well.pite the fact that the economy has been out of expectations. it has been underperforming to its potential. the economy could been going much faster had it not been for the sanctions. of it not been for a number structural impediments that are sitting on the economy. >> good morning, ivan. it is manus. banbigger issue is the food . the nearest issue we have had raised is the food ban imposed by routine. what impact you see that having on prices and ultimately on inflation? >> in our view, the impacts will be moderate. we don't anticipate drastic impact. addition to the food price over the course of the next one and a half years will be somewhere between one and one and a half percent. is that a major impact. menu ofct on the options at the consumers in russia will have, i think it will be relatively moderate impact. these well-to-do russians will need to do away with consuming australian beef or even their sushi with norwegian salmon. the vast majority of the population will not the imp

especially when we have an economy leaving people behind, a debt bigger than the size of our economy, a humanitarian crisis at our southern border, the irs targeting americans for their political beliefs, the rolling disaster that is obamacare. and the president denies his failures instead of learning from them. he's disengaged when he should be leading. the president is so unwilling to challenge or even manage the big bureaucracies that our government cannot provide basic services to our veterans. these are the problems he promised to solve, but instead he's become a part of them. we all hope things will get better -- but in 94 days, we get to do more than just hope. we have the chance to deliver the accountability that cannot come soon enough. it's an opportunity -- and an obligation -- that we take seriously. our candidates for the house or people just as frustrated as you are played they are leaders who are ready to serve. we have mary nick fallon, the first female fighter pilot to fight in combat. she will fight in congress, just like she did in uniform grid will heard is a succe

the state of the nation's economy, not people's personal finances, but the state of the nation's economy does play a fundamental role. if he did not know anything else and he had the bed which party was hard to win a presidential election in the united states and you could know the change in the growth rate in the six months prior to the election he could do pretty well at predicting. he would be like 75 percent of the time. i fully admit that a monkey flipping a coin could be right 50 percent of the time. the we're going to do better than that. we will be right 75 percent of the time. the economy is always important problem. in 2008 challengers who are not responsible for global financial crises will do very well. it does not always happen. there are some cases where the people who are not predicted to win, round and win the elections. but those elections are always very, very close, the closest and our nation's history. and that is actually quite hard to do. romney had his work cut out for him from the start. >> host: how do we view our president when we go into the booth? >> guest: ok

the economy is in good shape. you're right, the market now is going to kind of take out the timing of the fed moving sooner. but we get a stronger employment report next month. then it changes again. >> you said the fed's offside, you agree with fisher, it should be raising rates faster than -- >> yeah. the monetary policy is miscalibrated. they've taken the responsibility away from the fiscal sector by keeping rates low. you can't get structurally unemployed people back into the workforce by putting policy low. i'm a minority voice. richard fisher is a minority fisher. if inflation continues to rise, even yellen will be forced to do something. >> why not take the numbers for what it is? they does it have to be about what the fed is going to do next? >> it doesn't have to be. you hit the nail on the head in the prior segment when you talked about going forward. the train's left the station when it comes to u.s. economic growth and job growth. we have to worry about six and 12 months down the line. not today, not t

principles apply them to the problems of the day to show the country better solutions to have a healthy economy that creates more opportunity and better jobs keeps america's standing in the world so we stay safe and give hard working taxpayers the kind of government that they deserve but are not getting i think there's a better way to go we can do so much more as a country that's why i decided to write this book to get it done does it have to be a cooperation between the executive and the congress i think it does but you also have to win an argument and the argument is which way should we go. point a great contrast to the different kinds of governing philosophies that are being deployed i would argue that the president is you know a very left of center president i talk about liberal progressivism how his governing philosophy in the policies that come from it are the wrong way to go and how the founding principles applied to the problems of the day are the right way to go which will lead to more freedom more opportunity stronger communities in a more vibrant civil society and so i do believe we

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

the crisis caused by russia economy.ndneed to be clear arguments and you have to take this into account to stabilize the political situation, to make clear and sure that we will not fall back. go on by violence. we want to have partners. partnerswants to have as close as possible. of course, everyone has to stick to the rules that have been agreed to. we cannot accept that the rules will be violated. do you think you need to revise or growth target for this year? >> we have been very careful. a month ago, most experts in the economy had higher forecasts for our growth. the german government has been very careful. we are not so optimistic and therefore we are still with our fiscal targets, economic targets . we have some movement and we have been careful. big customer of russian oil. is this one of the reasons we are not seeing more sanctions on russia? , and persistence by all europeans. that is what the german government wants. it is what we are working for again and again. we are finding a common european decision toge

economy. you're talking about the fact that the economy would do better if there was less of an income gap, and why. >> i want to be clear, in terms of income inequality. keep in mind, the distribution of income across levels is a natural part of the market economy, and we need that in aence to encourage us to invest in ourselves and that's a good thing. but the problem is when it goes to extreme levels which i think that the u.s. is actually approaching. why is that? because when it reaches extreme levels it excludes a lot of participants from the economy. people not getting paid enough, who aren't able to get the income and put the money back into the economy, and what they end up doing, how did they get by before? loadinloading up on a lot of de. >> if your income does not allow you to buy the things that weakier people can buy, you catch up on detect and our economy and the banks kind of encourage this, and you get yourself into a problem where this recession comes along, and you're too in

the money economy is the symbol economy, symbol of products and services. keynes reversed that and said money is the real driver of the economy and it is the production of products and services that respond to the moon. so we reverse it, put the cart before the horse. so they got up with the idea that if you print of money that can stimulate the economy. it will certainly stimulate activity but all it does is go into activities that normally would not happen, like the oil boom we've had in the last 10 years. the oil from the had in the '70s. a housing bubble that we had. we had a housing surge in the '70s. that the catastrophism because the government wasn't quite as involved in it. but it's like putting the virus in the computer. you get activity but it's false activity. in the 1980s you had energy go through a depression, agriculture went through depression, commercial real estate went through a huge hit. we grew in the '80s but a lot of activities that thrive under false in funny money had to be liquidated in the '80s. you saw it in housing today. and wh

what is doing is taking the traditional exchange economy and moving to the shareable economy so that means less business. interestingly enough it throws off the whole way we measure economic prosperity. we measured gdp as a mound of the output of goods and services and it doesn't differentiate between negative and positive. building prisons or building aircraft for the military are cleaning up toxic waste dumps. that all goes to gdp. here when people move to the collaborative come their economic well-being is increasing but it doesn't count for gdp. if you are prosumer consuming your own products or if you are sharing a car or a home at near zero marginal cost that's a reduction of gdp. so it's a completely different measure of economic wealth. part of the recent gdp is going down a small part is this collaborative commons is coming up and people are moving beyond the market economy. it's not measured in gdp. >> host: you bring us all these big ideas, zero marginal cost, the internet of things, the collaborative commons and a general sense of abundance and economy driven by abundance

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

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things like immigration reform and how they affect the economy and wages in that economy. and we plan on getting that out to about a million people before the election. 3 million over the next year. so that we can actually start mobilizing around them. it has been successful. we have been trading traders with our strategic partners, they are taking it back to their roots. we have modules that are two hours long, one hour long, 15 minutes, five minutes. we have an international -- it has been a great thing. we also have a working america that has been out. working america has been the states that we focus on in the last month and a half. it has gained 7500 members in the last month alone. >> have you included the 20 meetings you had with corporate -- the story last week was they held the 20 meetings with various corporate tracts? >> yes, we have had significant meetings with the white house on immigration. >> we are going to go next to ben, bloomberg. >> i heard you talk quite a bit about the need for unions to get back some of the power they have lost. how do you see that

economy is helped by the staff members of the oil companies.ings cash and business to the area. its -- many off the cranes stand still. when they come to attack the kurdish area, it makes people worry about construction. some people start to not invest. in 2012, the most expensive property sold for $600,000. local kurds, including government ministers, were hoping to rent to families of oil workers -- oil companies. less -- left the area on sellable. happened, and the last months everything has been slowed down. currently caters to fewer customers. leaving developers to debate kurdistan's future. run, aeed stability to rack should be stable. -- iraq should be stable. stability may not return for some time. >> for more on the latest out of willem marx is standing by. how bad is business in northern iraq. any sectors that are not struggling? i would say that the ones doing very well are the local refineries. iraq isest refinery in off-line, because of isis. the local refineries are therefore making a killing. even the small refineries are much mo

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