economy and think about it, what is it, it's a service-based economy.services are not traded all that much. you think of the bigger sectors of the economy, starting with health care. growth? >> zero. education, how much is that affected by growth. zero. little. if you look at the big sectors, they have a lot of ties with the rest of the world. a real significant slowdown or downturn in the rest of the world will hurt. if all we talk about is slower global growth, it doesn't cause recession. >> this is the question that is so important. that is wages. we see an uptick in the last employment report. do you think this could be the year when u.s. workers see a meaningful increase in their paychecks? >> i think potentially it could. what is really important is not necessarily what you see in the pay check, it's purchasing power. what we believe we'll see is acceleration in nom nam wages, but in -- nominal wages, but inflation should be low. look at gasoline prices, down 40-50%, putting extra purchasing power in people's pockets. at the end of the day, that's

economy. all that and more tonight on nightly business report. i'm bill griffeth. tyler and sue are off tonight. ibm with better than expected earnings with a fast growing cloud computing business and security software and despite decreasing demand for its servers and storage products, here are the numbers that came out. adjusted earnings $5.70 a share, topping analysts forecast by 7 cents and fell from a year ago to $24 billion. that just missed wall street forecast. shares initially higher in late trade on the news but then turned negative on weaker than expected forecast guidance for the full year. bertha coombs joins us from the nasdaq with one big takeaway from ibm's report. >> reporter: bill the big takeaway that ibm getting smaller. the company went from over a billion shares at the end of 2013 and as of december 31st they had 991 million shares. people said as their year over year revenues declined for seven straight quarters over the watch right now, the thing that's helped them on th

the economy grew 8%. there is still a huge discrepancy between urban areas as well as income groups. a report also said that the income gap between rural and organ -- and urban households was further narrow. inflation remained low. consumer prices went up 2.1% in urban areas and 1.8% in rural areas. there also seems to be some bright spots. final consumption expenditure accounted for 51 for 2% -- 51.2% of gdp. the services industry accounted for 48.2% of gdp, again higher than the year before. that is the successful shift that the government wants to see. one potential area of concern. energy consumption is still falling lower. it is hard to tell from one figure but it may indicate lower consumption in some domestic sectors. overall, it is quite a good picture against the background of the managed slowdown and shift in growth model china wants to enact this year. it will be interesting to see what they do next after these numbers. >> we had other numbers as well. other data sets to go through pete how did

is not a real economy. it's a blue state knowledge economy innovation economy, which is our future. but it's expensive to live there and expensive to run the economy phases. >> play this out. if things go down the track they are going on. these blue states with knowledge economies, that are more dense and expensive to live in continue down the road. and red states within with the way they are going, where does that leaf us. >> the red stages - energy, pull it out of the ground, it's billed out in the suburban sprawl. they can do that and have a low tax of the the blue states and metros, the cities that are the centers of ippo vacks, the new york -- innovation, the boston are dead, not only housing. they have to pay for the state universities, they have growing inequality. they have to pay for transport system and rail systems to get people around. they are shrinking dream is a product of a more expensive economy. what i fear, and what worries me is in this fiction. old red state dream is captivating. i quot

economy is not a word. it means they wake up in the morning and have a purpose, hope for their future. their kid might eat going to the community college -- might be going to the community college. people know the are the presidents we know well upon that somehow expended social or economic justice. i don't think that it is just he is feeling the economy per se, he is feeling his sense of the future might be more engraved than it has seemed in these last couple of years. >> the greatest thing he can have four legacy is the implementation of obamacare successfully. what is good for him now is if the economy gets better, the republicans lose their strongest argument against the affordable care act which is it is ruining the economy. he is on the offense on tax issues. he is proposing things that favor 70-30 in favor. he is on offense and tax reform, pain for trinity college. -- paying for community college. it is harder for republicans to undermine the affordable care act. that is where his legacy will be. >>

you are seeing little it's of than many -- many economy seeing -- mini-economy seeing growth.ll, wage growth is slightly below gdp. only 6.8% rather than 7.4% for gdp. you are not seeing -- consumption will be struggling to rise higher than gdp because you are not seeing income growth as well. >> thank you for joining us today great to get your insight, aranda -- miranda carr. coming up we speak exclusively to the eu digital commissioner. what can tech firms do to become more competitive? ♪ >> welcome back to "on the move ." i am anna edwards in london. the market shock from the swiss bank is felt in denmark. they're trying to assure they are not about to copy switzerland. the swiss bank says it has the necessary tools to defend the euro peg. a strong offensive being put up by the danes. >> you cannot find anyone in the research or analyst community or hedge fund community who thinks they are not serious about defending the peg. that makes me nervous. a one-way bet like that you if the market smells like, a can remain solvent longer than you can remain rational or irrational.

what is expected to happen, not only to the greek economy but also the global economy? >> well, if the opposition side get in which now looks like a real possibility, i mean, a real possibility of a greek exit out of the eurozone becomes a prospect to be seriously concerned which i think is very considered, rather which i think is a very interesting situation, indeed. it comes as no surprise to me that this situation is arising. but it's interesting to observe the attitude of the germans. i mean it looks as though they are starting to prepare the ground for a greek exit, which is rather interesting. >> if the certain countries, euro zone countries do exit, the repercussions not only for the economy of germany but the banking system and the banks which hold so much of the bonds. >> i think there are the financial risks, if you like, the largest risks involved here but it's it is a very -- if you like -- inconsistent situation for the germans. i think, in a sense, the germans are sort of sighing a sigh of relief that at last they may be able to get rid of the greeks from

economy and plunge in crude oil prices. officials expect the global economy will expand 3%.t's 0.4 of a percentage point lower than the bank's forecast released last june. the lender estimates the world economy in 2014 grew 2.6%. officials say the u.s. economy will grow this year by 3.2%. that is up 0.2 of a point from the june forecast. the economists expect the u.s. will play a leading role in the world economy. but they calculate eurozone growth at 1.1% down 0.7 point and they revised down japan's growth to 1.2%. japan's recovery has been sluggish since it hiked its consumption tax. and the lender projects china's growth at 7.1%, which is down 0.4 point. analysts at the bank note the steeply lower crude prices will be a big help for oil importing nations. they say the effects will lift global growth about half a percentage point for the next two years. but they warn that the trend could hurt oil producing nations. they say the lower crude oil prices could destabilize the economies and financial markets. they predict, russia for example, will contract this year by 2.9%. >>

a slowing global economy. that too. so you haven't gotten the fundamental support behind aggressively rising asset prices. who knows what they will do? they'll stimulate less than the bullish people expect. so i expect them to at least slow down and not stall out. i wouldn't be chasing them at the current price. >> at the end of the day should markets be moving on central bank policies. should fundamentals move and drive the market higher or lower. >> certainly the last five or six years central banks trying to intervene to influence asset prices and china hasn't been immune to that and that narrative begins to be challenged after switzerland's move last week. you believe you put on trades and have the backing of the central bank behind you. that's going to be as we know quite a big loss. they'll be questioning other trades which i have on purely with the support of a central bank so this is a new chapter where support from central banks are the seoul reason or main reason to invest in certain assets. >> putting more on

that has helped the european economy. it helps all the european economies. any time germany is among the company -- among the countries that profits most. this helps europe as a whole to rebound. >> what it does also highlight is the difficulties europe has had in the last few years trying to get out of this quagmire that it finds itself in. that is also through the prism of this bifurcated interest rate environment with the u.s. and the u.k. going in one direction and the europeans and japanese going in the opposite. >> that would assume -- and i think every time we talked about in the past, we have been wrong -- it would assume there is a long-term sustainable recovery of the u.s. and the u.k. from the rest of the world economy. you can see that europe will continue to have low interest rates, expand the balance sheet, the same in japan. here in china, there is discussion of monetary easing. there is a likely development of interest rate reductions here. it is merely a differential that is there at the moment. i don't think the fed can continue on the anno

the etsy economy that we see is really about cathying an economy -- creating an economy where everyone wins. the way etsy works, we're obviously an internet platform. but when you sell something on etsy, etsy's cut is 3.5%. the artist's cut is 96.5%. all the money is going back to communities everywhere. there's not like a great sucking sound to bentonville, arkansas for example, not to name names. [laughter] and we really see this, you know -- our 3.5% as etsy has become more successful we haven't -- that fee has not been raised. really since the company started. so the etsy economy is a really fair economy. it's also getting into offline retail. i mentioned milk and honey luxuries. we've also built a wholesale program. boutiques are now buying from etsy sellers. again, 3.5%. the etsy economy is really about, instead of looking at the economy in sort of a zero sum way, like how can i win? how can etsy win? it's how can etsy do well, how can ourly our suppliers do well, and how can everyone do well? >> it's a different view. >> you've also written about how the virtual connections with

china is an economy that is almost the size of the u.s. economy.hich is a bigger population in the united states could those opportunities be better than they are now? absolutely. it is not the top opportunity for our business. >> are you more positive than you were in 2014 quarter desk in 2014? >> betty liu, we will send it back to you. >> thank you. "in the loop" returns and two minutes. ♪ >> let's count down to the open. alix steel, you are doing double duty. number five, seemingly the tale of two food giants. starbucks reporting and 83% surge in their profits. mcdonald's not helped by their food. about an hour ago, they say it has been a challenging year for mcdonald's. >> starbucks was helped by the transactions coming from mobile. it is about mobile. you get in there and out there. you hear them trying to pare it down. >> starbucks has done such a good job on mobile. it is not just going to be mcdonald's, but other restaurants. wendy's has done well, too. >> starbucks is trying -- is toying with the idea of putting in alcohol and more substan

federal spending will continue to be an asset to our economy. but there's no question that the foolish sequestration policies born out of the dysfunctional congress is doing real damage to our economy and to many virginians quality of life. what remains to be seen as however spohn to this new reality, that the days when virginia could simply rely on federal spending to buoy our you federal spending to buoy our economy in both good times and bad are over. if we are going to preserve virginia's position as a global economic leader we must open up new avenues for growth that are not dependent on federal government spending. we must grow, we must strengthen and we must diversify. to sum it up, we must build a new virginia economy. folks, this is our time. [applause] if you look at the policy actions that my administration has taken, and the proposals that i've said before the general assembly this year, you will find that every one of them comes back to creating new economic opportunity for all virginians. i know many of you will agree that the firs

economy is on sound footing. while some other economies are struggling. so what's the role of the u.s. from a global perspective? steve liesman looked for some answers at the american economic association's annual conference today in boston. >> reporter: policymakers and leading economists at the american economic association's annual meeting in boston the profession's biggest gathering, generally gave the u.s. economy a good diagnosis, believing it can avoid the ailments afflicting weak economies overseas is like europe and japan. >> we have had an uneven global recovery to be sure. despite the sometimes sour attitudes in this country, the u.s. continues to dominate industrial economy success. even with the downside risks faced by the american economy over the last year it's still likely to be the relative winner of the party. >> reporter: san francisco fed president john williams said he's factoring that into his decision on whether to raise interest rates, but he says the u.s. is still on track for a midyear consideration of those rate hikes. >> the u.

when he looks at the economy, he sees an economy that's at its strongest of his presidency. so, you're gouge to see a little bit of an i told you so theme here. republicans predicted dire consequences, result of his policies, especially on obamacare. he's going to say, the verdict is in. my policies worked. >> and abc political analyst, matthew dowd, everyone gathered there, waiting for the sergeant-at-arms to announce the president, that is really the president's big job tonight. to own the recovery, convince people he should get some credit for it. >> his main imperative is to sell the rise, to sell the movement that's happened in the last two months. he's seen the american public to go to some what unhappy to some what happy. he needs for them to know the economy is doing well. that's what he has to get out of this speech. he convinces the american public is economy is really on the move. >> we see senator lynn see graham, who just announced he might want to run for president himself coming up in 2016. a few possible candidates in the chamber. snowstorm senators ted cruz

so much to do with the economy.s the first time barack obama has been able to stand up at a state of the union and genuinely say the state of the economy is strong. it still has problems the wage growth is too slow and there's income ineconomic but the gdp growth is up. corporate profits all of those things soaring right now. he's able to come with the wind toes his back no one could have anticipated in november. you and i charlie talk about narrative and power of narrative. i saw more than anything here a guy, people wanted to write a story about barack obama in november and december. and he has moved with great alacrity and force to try to say i may not be the only author of my story, but i am still the author of my story and i'm going to try to write this thing in a way i want to see it ridden and i'm not going to become irrelevant or completely controlled by republicans in congress or by the larger forces around me. i'm still here to play. >> rose: all right. let me just all of you this. i mean how does this set

economy. there is new language about inflation running too low, but they expected to eventually rise toward the 2% target and they are factoring and international circumstances. let me walk you through the statement -- first of all, the new language on the economy. information received since the federal open market committee met in december suggests economic activity has expanded at a solid pace. labor market conditions have improved further. some of the new language on inflation -- inflation has the longer run objective, large a -- largely reflecting declines energy prices. inflation compensation measures have declined. survey-based measures of long-term inflation expectations have remained stable. like a lot to say inflation is anticipated to decline further in the near term. the committee expects inflation to rise gradually toward 2% over the medium-term as the labor market moves forward and transitory affect dissipate. the committee continues to monitor inflation of elements closely. as a

so with those economies, not. the middle eastern economies, russia kazakhstan and others. >> there's one trick ponies classic mineral resource boom bust economies when the prices do end bust and revolution we don't have the track to particularly favor u.s. interest or western interest anymore. so i think that's a worry. but you're right, tyler. that's another thing too about this. i think the worry about the job loss in the u.s. drilling sector and it's overblown as well. the job numbers i have are only several hundred thousand good paying jobs don't get me wrong but not enough to take us down there. there's too many service jobs, jobs that have been part of this recovery that have gotten us to where we are with the gdp numbers. it's going to hurt with a mark but not taking us down. >> we'll have you back later in the program with acquisition in the sector. thank you very much. >>> still ahead from deep in the heart of texas, all the way up to north dakota some of the cities in the heart of america's energy boom a

economy, you think about it what is it? it's largely a service-based economy. services just aren't traded all that very much. so you think of some of the bigger sectors in the economy. start with health care. how much is that affected by growth in the rest of the world? zero. education. how much is that affected by growth in the rest of the world? zero. >> construction, very little. if you look at the big sectors in the u.s. economy, they don't have a lot of ties with the rest of the world. so a real significant slowdown or downturn in the rest of the world would certainly hurt but if we're talking about slower global growth it doesn't cause the u.s. economy to go back into recession. >> final question, jay and, of course, this is the one so important to many viewers, and that is wages. we've seen a slight uptick in the last employment report. do you think this could be the year when u.s. workers start to see meaningful increase in their paychecks? >> i think it potentially could. keep in mind what's important at the end of the day is not necessarily, you know,

japan is a huge economy. if japan weren't in recession, it would be a huge economy plus 3%. so the returns aren't that different no matter what's going on with japan's business cycle or any of our trading partners. the second is i think to the extent the world is becoming more chaotic, what does this mean about the returns to trade? i think arg automobilely that raises the returns to trade. we are a world with greater shared interest and this is where formal trade becomes a policy as well. there is greater trade with our neighbors when we have deeper linkages with them, and putting it more bluntly in terms of foreign policy, we had a huge effect in russia because we used to trade in russia and sanctions have been quite effective. i think there have been foreign policy issues on the table as well. >> those are reassuring answers. we hope these numbers are correct. we hope this can be a very essential element of helping drive economic growth in the united states. i just wanted to get your thoughts relative to potential instabilities and sluggish trade partners' impact on that.

an side russia's troubled economy. largest bank said he wants to see what will happen to the roble, you have to see what will happen with oil prices. >> the forecast for the rub and the oil price. le and the oil price [indiscernible] >> breaking this hour. we are watching the world's largest jewelry maker. the latest trading figures. ♪ >> welcome to "countdown." i am mark barton. >> i am anna edwards. >> i am manus cranny. >> the start of the program and our top story. in an exclusive russia's finance minister says the country is heading that way didn't recession if oil stays at around $45 a barrel. -- the rush is headed into a recession if oil stays at around $45 a barrel in >> the current situation and talking about $45 per barrel and expected activity for all year long -- and expect that to be for all year long. >> is $45 a barrel what you're working on now? >> is one of the possible scenarios. a possible scenario that generally that should be a little bit higher. in case it would be the price the decline would be b

economy and a weakening global economy. and let's not forget also the geopolitical factor i still think hike in the summer they'll go very slowly. >> what's clear is the majority of the fed had plan to raise interest rates this year that could still happen. but the data to support a hike stable to rising inflation and rising wages is so far failing to cooperate. for "nightly business report," i'm steve liesman. >> so let's turn now to our two experts for more on the fed, the markets and the economy. john man li, chief equity strategist with wells fargo funds joins us and chief economist at fact and opinion economics. welcome gentlemen. pleasure to have you here. >> thank you, sue. >> john let me start with you. the market sold off sharply today. we finished off our worst levels certainly, but seems though the dollar and oil prices are affecting earnings not to mention data. how worried are you about both oil and the strengthening dollar? >> well i'm worried tonight, but i don't think i'm going to be worried in a couple week

will we accept an economy where only a few of us do spectacularly well? or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort? (applause) will we approach the world fearful and reactive, dragged into costly conflicts that strain our military and set back our standing? or will we lead wisely using all elements of our power to defeat new threats and protect our planet? will we allow ourselves to be sorted into factions and turn against one another or will we recapture the sense of common purpose that has always propelled america forward? in two weeks i will send this congress a budget filled with ideas that are practical not partisan and in the months ahead i'll criss-cross the country making a case for those ideas. so tonight i want to focus less on a checklist of proposals and focus more on the values at stake and the choices before us. it begins with our economy. seven years ago rebekah and ben erler of minneapolis were newlyweds. (laughter) she waited tables. he worked construction. their f

will we accept an economy where only a few of us do spectacularly well? or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort? [applause] will we approach the world fearful and reactive, dragged into costly conflicts that strain our military and set back our standing? or will we lead wisely, using all elements of our power to defeat new threats and protect our planet? will we allow ourselves to be sorted into factions and turned against one another, or will we recapture the sense of common purpose that has always propelled america forward? in two weeks, i will send this congress a budget filled with ideas that are practical, not partisan. and in the months ahead, i'll crisscross the country making a case for those ideas. so tonight, i want to focus less on a checklist of proposals, and focus more on the values at stake in the choices before us. it begins with our economy. seven years ago, rebekah and ben erler of minneapolis were newlyweds. [applause] [laughter] she waited tables. he worked c

i cannot see how we can separate those economies. it is absurd.lay, iticians try to do not understand. it is too late, russia got so .uch integrated into the world how can you know punish russia economically without punishing yourself. ? >> do you think things will get better? everything we have seen, in terms of the relationship between russia and the west? >> i am optimistic. i was negative on the economy and the oil price, i am positive . a lot of my colleagues in russia are pessimistic about russia. we have to go to london. i do not share this opinion. russia is a huge market. 140 million people is a great place to make money. it is unpredictable. it is bumpy. maybe not thement most sophisticated element in the world, but i do not see any crazy things going on. >> what is it that the west does not understand about vladimir putin? think russians want to go to baltic countries or to poland. this is a myth. it is impossible. you talk to anybody in russia, we do not think about it. we would not go to your crane -- ukraine. that is a myth that russ

economy from the american economy into the european economy. currency is a great regulator. it tends to keep things even over a longer period of time. i don't get too upset about currency problems. i think they're limited in local nature. >> perhaps it was needed it was expensive to maintain the 120 peg by national bank. was the strategy announced to it so unexpectedly. there are companies that are dealing with the ramifications of that move. >> all is fair to a certain degree when it comes to this. they had to do it somehow. >> couldn't they have warned investors and said in the next four weeks. >> i'm not sure it could have been an enormous difference. i think it could have been more gently done. it had to be done and it's going to cause problems. >> any gentle announcement would have caused the same thing we've seen. so many people were just banking on it therefore, would have immediately gotten out. i don't think that would have changed a lot. that's the conclusion they came to. they lost control of their monetary policy. they had to regain

if our economy had grown at the pace of the average post-war economy gross domestic product per person would be about $5 700 more. paychecks haven't budged and more people have given up looking for work. in fact there have never been more people out of the labor force than today. over 92 million people. as one person in a recent focus group told nbc news if you want to make $9 an hour you can get a job. but if you want to make a wage that can support your family good luck. in other words, this latest report is the nicest car in the junk war. this administration's policy has pushed people off the field. what we need to do is take team off the sidelines and get them back into the economy working, learning, building creating and we will expand opportunity for all-americans. and that is the second reason for this hearing. we want to start laying out solutions. this committee is already doing a lot of work on that front and this year we are going to build on the gains. the fact is we know what it will take to turn things around. we need to put those ideas to work. for instance it is clear t

economy. we'll see how it pans out. >> right. but overnight -- not great. >> right in the middle of the ski season, etc. >> a lot of people make last-minute plants. for hotel like this when skiing is important, it is a big meeting space. for corporations who plan to head, i doubt it would change it. really come it will decide people's decisions if it stays more expensive. >> people canceling hotel bookings? >> we haven't seen that. if you have a security event, a couple things happen you then you see cancellations. the destructive market like hong kong we saw a lot of cancellations. >> last night there was a big party. the russians are here. they didn't think twice about coming. there is a big party in the farm. you were there. -- in the forum. you were there. >> i was there. how much money did they spend? it gives you a nice pulse on what countries or companies think need to be seen. we had an amazing concert. it is great. the crowd he spoke to loved loved -- they are both from tuscany, but d

economy. a beat for amazon, and a miss for google. jeff bezos showing he can pull out a profit following two straight periods of shocking losses in the third quarter. a very different story at google. the search giant missed as the advertising business faces more competition on mobile devices. revenue climbed almost 7% to 14.5 billion dollars. analysts were looking for $14.7 billion. alibaba looking to advance on it public offering as soon as next year. the chinese company's affiliate is valued at $50 billion. i want to get more on the market reaction behind russia's rate cut. chief markets correspondent scarlet fu is at the breaking news desk with much more. the ruble slid on this news. >> it slid in value, but if you look at the chart, it actually moved up. this was a surprise to economy because the central bank -- economists because the central bank had raised rates six times in the past year. the government is signaling that they are willing to sacrifice some of the ruble's value to stabil

it begins with our economy. seven years ago, rebekah and ben erler of minneapolis were newlyweds. ( laughter ) she waited tables, he worked construction. their first child, jack, was on the way. they were young and in love in america, and it doesn't get much better than that." if only we had known," rebekah wrote to me last spring, "what was about to happen to the housing and construction market." as the crisis worsened, ben's business dried up, so he took what jobs he could find, even if they kept him on the road for long stretches of time. rebekah took out student loans, enrolled in community college, and retrained for a new career. they sacrificed for each other. and slowly, it paid off. they bought their first home. they had a second son, henry. rebekah got a better job, and then a raise. ben is back in construction, and home for dinner every nigh"" it is amazing," rebekah wrote," what you can bounce back from when you have to. we are a strong, tight-knit family who has made it through some very, very hard t

of this on the economy. is there a sense of the breakdown at the white house and how much this speech will be divided? >> they say it will definitely be more domestic. presidents in both parties want to talk about their agenda, international policy, national security is not always the top bid. unless you're building the case to war. we certainly saw that in the bush administration, various states of the unions. they say there will be a lot more about the economy, taxes, domestic issues and national security. they'll be talking about gitmo as well. he will reiterate his call to shut it down. specifically in isis, i think it's also interesting the president tonight will specifically call on congress to give him a new authorization of the use of military force against isis. one year ago in this same venue, he told congress that we were getting off a war footing. tonight he's doing just the opposite, bret. >> ed henry at the blouse as we look live at the house chamber. we just saw the first lady, michelle obama,

to the formal economy and growing their role in the formal economy? >> yes. thank you. i'm very pleased to be here today to share the experiences from developing country and a policymaker's viewpoint, and to transform yourself from thinking about it and having to actually implement policy has been quite an interesting journey for me in the last ten years in government, and i have to -- i was just reflecting yesterday on where does the switch come from, but the switch came before i became minister when i was working with jeffrey sachs on the u.n. millennium goals on poverty alleviation and we were in africa, and we were talking about village empowerment and how important it was to have decisionmaking done by the village as to what the money would be used for to help the village, and it turned out that when you have the men decide what they wanted the money to be used for they wanted it to be used for a parabol so they could watch football. the women wanted the money to be used spend three hours a day getting water. that was kind of the light switch in

the economy 32 work 57 times. judy, he did mention debt and deficit five times, just a quick count there at the end as you were mentioning that. these are all president obama's words clustered together from 2009 to 2014. last time around you can see economy, jobs and work really stand out, and that's a big difference from president george w. bush who, in his speeches, you see much more foreign policy dominating. we have iraq, terrorists, must, fight, weapons, all stand out much more in that cluster. president clinton before them, people, work, children, new, all of these stood out. that was in a peacetime when president clinton talking about domestic issues and much more known for "i feel your pain." >> ifill: i want to ask you to pick up on that because i'm curious to the degree a wartime president has a different state of the union speech. starting with you, mark. >> absolutely to domenico's point. bill clinton said sort of wistfully the tragedy of his president was he didn't have a crisis or a foreign challenge

so the etsy economy is a really fair economy. it's also getting into offline retail. so i mentioned sarah from milk and honey luxuries. we've also built a wholesale program. so boutiques and retailers are now buying from etsy sellers. we're brokering the wholesale deal, again 3.5%. the etsy economy is really about, instead of looking at the economy in sort of a zero sum way, like how can i win, how can etsy win it's how can etsy do well, how can our suppliers do well, how can the retailers do well and everybody take a fair cut. then everyone does well. it's just a different view. >> you've also written about the ways in which the virtual communications of internet age can facility real human connections between people. tell us about how you think that can work. >> i mentioned briefly etsy teams. the thing to understand about etsy is it's real people on the ground, you know. in new york there are dozens of these etsy teams who meet. to give you a visual sense of kind of how pervasive etsy sellers are, there are actually more etsy sellers in the five boroughs in new yor

if he keeps raising those the economy is going to get weaker and weaker. he'll have to defend, try to defend the ruble with reserve. less than $400 billion now and he will try to use increased repression against -- >> briefly, back to isis, do you think this is the year we're going to see iraq and the kurds with the u.s. help mount an offensive to retake the major cities, including mosul. >> i think they will they are planning one for the spring. the big question about iraq can you defeat isis with a failed state next door syria. otherwise the disorder might continue to spill over and we haven't seen a strategy for dealing with the assad regime. >> that's right. thanks. much more to come as we look at the stories to watch in 2015. will this be a breakout year for the u.s. economy? or do new threats loom? [ narrator ] mama sherman and the legion of super fans. wow! [ narrator ] on a mission to get richard to his campbell's chunky soup. it's new chunky beer-n-cheese with beef and bacon soup. i love it. and mama loves you. ♪ ♪ crest presents 3d white whitestr

is our economy perfect? no, no economy is. ironically, i do not see the republican_led congress stepping up and fighting for workers anytime soon. they could cosponsored a bill to raise our minimum wage. in fact, most of our economic recovery has come in this country despite strong republican opposition. this is a party that has strained to default on our economic obligations, and shut our government down, at the cost of our taxpayers. they live in a bubble in which they think history will stop repeating itself, and that things will work this time. let's talk about another piece __ healthcare __ pprobably one of the most important issues for american families. the republican leadership on healthcare has been nonexistent as well. healthcare should not be just a privilege that in tiled phuket to have and can afford. before the aca was enacted, being a woman was considered being a pre_existing condition. most women's health issues, including pregnancy, were routinely treated like the existing conditions. now, thanks to the aca, w