the economy may be stalling. tony gasparino says it's the economy she has to worry about. >> i think there are plenty of jobs out there and the economy is doing great. i heard that somewhere a couple weeks ago that the economy is doing great, there's so many jobs that you know -- >> you're an idiot. >> she wouldn't be right to worry about this. on some shows somewhere i heard that. >> your point is their biggest fear in the clinton camp is that this goes south. >> here is the point i made the last time i'll make it again and here is the point i want to make now. >> by the way there's a touch of vindictiveness to you i find unseeming. >> sarcasm. >> go ahead. >> listen this is an economy which gdp will probably be better next quarter. there were a lot of external factors like the weather and everything else but this is a -- >> it was up all of 0.2. in the first quarter. >> better than zero. >> understand that that's two-tenths. >> it's going to bounce back i believe but -- because it's never really gotten on track

economy.etty: it sounds as if you say that she is sticking with what she has noted before. she is takings questions that the speech that some of the questions might revolve around how this gradual pace of tightening is going to be executed. what is it going to look like? peter: i think she has made clear in the past and i think she will again in the speech that it will not be like previous tightening cycles, where we saw quarter-point moves every single meeting. we are going to look at what is happening with the economy and adjust as needed. we could take a couple meetings off. that is basically the message here. she has said this before, betty, and she has delivered messages to press conferences as well. public form it in at a time right now where she says, listen, we are going to start to raise rates, but we are not going to raise rates at a measured rate in the past. torealize there is risk tightening at this moment in time when there are questions still of the u.s. economy. betty: peter, s

the economy shrank y in the first quarter. is it cause for concern and what does it mean for the federal reserve and interest rate. >> curing cancer. the names to watch drug and biotech companies attempt to change the way the degrees is treated. >>> back in business. an iconic u.s. airline takes flight wednesday again nearly 25 years after its shut down. all of that and more tonight on "nightly busin" for friday may 29th. >>> good evening, everyone and welcome. i'm tyler mathisen. sue herera is off tonight. >>> well it is a triple-digit decline for the blue chip dowin tex to end the month. more on that in a moment. but we begin with the economy's ugly first quarter. the government reports that the economy shrank by a decent amount by the first three months of the year. gross domestic broadest which is the broadest measure across the country, contracted by a significant .7%. as we've been reporting there are a lot of questions surrounding the accuracy of first quarter gld data historically but regardless of whether the economy

economy. until they get that, they will not make any deal. they hope for a deal by sunday. it is clear that the process has to speed up here in >> -- the process has to speed up. >> time is running short. with all of our progress, there is still a way to go. there is still some more progress to be done and some substantial reforms that need to be delivered. it is absolutely necessary for a good agreement. vonnie: greece has not said how it will pay the imf $1.8 billion next month. the first payment is due next friday. support may be waning for soccer's international kingpin hours before his reelection did. longtime supporters have backed away from fifa's president, sepp blatter. the u.s. and canada have said today they are in favor of a jordanian candidate instead. still, sepp blatter has support in africa and asia. he needs 2/3 of the vote to win in the first round. dennis has to has been charged in a -- dennis hastert has been charged in a hush money scheme. he allegedly agreed to pay an unn

it's the economy, stupid. it's about the trend line on the economy. is it getting worse or getting better? and there's a long time between now and next november for people to feel like it's getting worse or it's getting better. >> but anecdotally, there's still a lot of money that is off on the sidelines. companies are still stockpiling cash. and while there is some churning going on it doesn't seem like it's taken off. >> well people are still not feeling confident about the economy. the trajectory and the economy, they are not feeling good personally. there's a sense that we are sort of stuck. i hear that over and over again when you talk to voters that we are stuck. but i think nina is exactly right. it's a good thing for democrats that it's happening this quarter, not in 2016. but, you know the other issue is too, we have an economy that really hasn't been growing at the pace that it was in the '80s and '90s. we have a 21st century economy that has a 21st century problem. growth has averaged 8.1% since 2001. >> so this is the new normal? >> this i

economy.ost: are there any bright spots within all that? guest: no. there are. the technology sector continues to out produce. also, if you're a consumer, gas prices are down. if you were spending $50 on gas before, now you're spending 30. what we have seen is that people are saving that money, not spending it. goldman sachs put out a note saying that they thought people would spend that money. right now, people seem to be holding onto their money. host: we will put the phone numbers on the bottom of the screen. our guest is a washington reporter talking about figur es. we will get your calls and just a couple of minutes. guest: you should have lines on the screen for bulls and bears not democrats and republicans. host: that is an interesting thought. stock market, how is it doing? guest: the numbers are up this morning. we have been floating up to 18,000 for the dow. we seem to be in a holding pattern in the u.s. stock market. really what is happening is we see an entire group on wall street

, thetory conventionally economy has been weaker than expected. pushing backeen the date of the first, throwing that into question. i have to say that i am skeptical of the whole story. early this morning, we got the job list claims. it is the lowest it has been since the economic crisis. i find it hard to square that with the idea that the wheels are coming off the economy. alix: we will debate this in a second. applied materials earnings are out. they make the big machines that produce conductors. their net sale is up 4%. $2.44 billion up from the year before. and net profits are up. 4% every year, 6% increase in profits, that means they're operating margins are getting better. that is a good thing for the company, as they grow the profits and margins get better. the direction for the next quarter indicate to be pretty well expected, things will continue to move forward for applied materials and in line with what the analysts are looking for. a little bit better across the line, that revenue line is 4%, 6% better in profits, margins getting bett

economy. an important economic point that we can talk more about another time but said recent productivity is disappointing and that's something they watch at the federal reserve. back to you. >> thank you very much. along with mandy drury, welcome to power lunch. more breaking news with david. david? >> thanks very much tyler. a great deal of noise with sales first.com given reports about potential talks involving the company or non-talks. we wanted to come back to people and given the sense as to what toopz. microsoft and sales force.com did have talks earlier this spring about a purchase of sales force by microsoft according to a number of people familiar with the situation. while the two did fail to reach a deal and have not reengaged, the talks advanced to a level of detail that indicates they were serious. they remain far apart on price. my sources told me microsoft was said to be willing to offer $55 billion while the founter said to have kept raising expectations and may have gotten as

economy. fed should stop the five-year trend of zero interest rate policy, start to take some of the excess liquidity back and do a better allocation of capital into the capital markets of the united states. >> let me put it differently. are the risks greater if the fed waits to hike rates than if they raise them now? >> i would say the risks are asymmetric going in the other direction. the risks to the economy from an early preemptive rate hike are greater than inflationary threats if the fed is to delay. look, this is a very data-driven fed. all the data coming in have if anything pushed them out further. the minutes today make that case. in fact i think larry lindsey was talking yesterday. he might revise his views if he looked at some of the news out today. you have a majority of participants saying we should push off later than june because the economy, gdp, exports which have been hurt by a strong dollar which would be hurt further by a june rate hike have actually been a real drag on th

omalley: you see, our economy is not money. it is people.ll of our people we measure success by the security of our people. all of our people a stronger middle class is because of economic growth. a strong goal -- stronger middle class is the cause of economic growth. together as one people, we must will and american economy that works again for all of us. this means good jobs and wages policies. wage policies that allow families to earn more as they work harder and harder. that means a higher minimum wage, overtime pay for overtime work, and may get you -- may get easier, rather than harder for workers to organize and bargain collectively for wages. and if together we take these actions, the american dream will live again. climate change is real, and it also happens to be the greatest business opportunity to come to our country in 100 years. so we must create an american jobs agenda for america's renewable energy future. [applause] gov. omalley: and we must also launch a new agenda to rebuild american cities as places of hope, opportunity,

china is a big economy.ontinue growing. they want the renminbi to play a bigger role, and the markets wanted to. brendan: so it is fair to say that this is a ratification of -- dr. prasad: it is a very nice symbol to have and the chinese understand that. tom: professor, thank you so much for coming. ambassador, thank you for joining us from the council on foreign relations. socgen out with a smart nuanced program note, saying this is all euro-based, much less dollar dynamics and much more urodynamics. 1.1106. you see it with euro-yen as well. stay with us. another hour of "bloomberg surveillance." ♪ tom: ubs barclays, jpmorgan and citigroup combined. emmanuel will plead guilty to criminal charges. say what you will, the stock surges ever higher. india faces the fault lines of a new capitalism, can the model work? good morning everyone, this is "bloomberg surveillance," i am tom keene. joining me is brendan greeley and 10:00 a.m. is when we will get some kind of department of justice announcement. this is dif

economy they thought, the economy will accelerate and the fed will hike.hen we had a real not great first quarter. you had people do very well. oil prices were plunging and this is very concerning for a lot of able to they thought, if we will see inflation, how will it possible if oil prices keep going down? all of these things were coming together to have people back away from treasuries. now suddenly it is about oil prices rebounding. you have the potential of reflation in europe. suddenly, the bond bears in the market are coming back to some degree and you're seeing positions filled and people are saying, there is no reason to own these stocks at low rates. >> i see it a little differently. you have a dollar that, since june of last year, it has come off a little bit but what is the effect of that? we basically took strong u.s. growth anywhere else in the europe -- in the world and shifted overseas for you see a pickup in economic activity in europe really at the expense of the united states. you have seen the u.s. import, so import prices have come dow

and it is the economy, obviously, but why is the economy in the position that it's an. >> looking atp, the policies being put forth, the growing regulation that is strangling companies, you look at the inabilities. >> when companies make money overseas and they bring it back and they repeatedly that, no other civilized nation punmpanie the only ones the tax companies for making a profit out of side of this country and bringing it back. so what are companies doing? they are keeping it overseas. does anyone in the audience like to pay taxes twice? [cheers] [applause] >> the only way that i think that this is going to get fixed, maybe you we start in philadelphia, he brings life to the idea that we have serious infrastructure issues, even if it was caused by a man-made situation. a train going 100 miles per hour on a 50-mile track. two weeks ago they were running trains in japan almost 300 miles per hour. so just the idea that we can't even take a train at that speed should scare you guys, we invented it as well. the great revolution of the economy. the trains and planes. and i think th

treasury secretary's predictions about the global economy. the atlantic council looks at the politics of saudi arabia and the kingdom's recently announced changes to its line of succession. and the u.s. commission on civil rights hosted a conference on minority participation in higher education. >> now, three former treasury's discuss the long-term economic outlook and the global economy. robert rubin, henry paulson, and tim geithner took part in this to global conference in beverly hills, moderated by facebook operations officer sheryl sandberg, who worked in the clinton administration era treasury department. this is an hour. >> let's start our luncheon panel on the global economy. and we are delighted and honored to have a truly exceptional moderator for this wonderful group of former u.s. treasury secretaries. sheryl sandberg, the chief operating officer of facebook, founder of leanin.org, a global community empowering women to achieve their ambitions, the author of the bestseller "lean in: women, work, and the will to lead." she was pres

another -- potential growth of the economy. another level of real gdp which is about 25% similar number below the precrisis peak. so i think when the greek government talks about a humanitarian crisis and is essentially appealing to the rest of the euro zone to cut them a bit of slack, i think they have a bit of a point here. i think the best solution is some sort of compromise where greece commits to the longer term reforms but gets a little bit of a help in the short term, to get growth back into the system. growth would be a great tail wind and healer for the economy. >> i'll keep covering this this week, cutting into the corruption in greece that threatsens the euro zone. and the man trying to root out that corruption. >>> seven so far with at least 11 more expected to join, how many of them actuallyity they can win? i tell you how -- actually think they can win? the losers end up doing well financially. stay with us. >> sunday on "hard earned". losing control. >> 50 and broke. i live with the consequences every day. >> har

it's the economy, stupid. it's about the trend line on the economy.r getting better? and there's a long time between now and next november for people to feel like it's getting worse or it's getting better. >> but anecdotally, there's still a lot of money that is off on the sidelines. companies are still stockpiling cash. and while there is some churning going on it doesn't seem like it's taken off. >> well people are still not feeling confident about the economy. the trajectory and the economy, they are not feeling good personally. there's a sense that we are sort of stuck. i hear that over and over again when you talk to voters that we are stuck. but i think nina is exactly right. it's a good thing for democrats that it's happening this quarter, not in 2016. but, you know the other issue is too, we have an economy that really hasn't been growing at the pace that it was in the '80s and '90s. we have a 21st century economy that has a 21st century problem. growth has averaged 8.1% since 2001. >> so this is the new normal? >> this is the new normal and w

the economy as well. >> absolutely, doug. if you follow the news on south africa, you will have seen in recent weeks attacks on black foreign workers out of africa. and these are nothing new. we estimated that between 350 and 500 foreign workers have been killed in terrible circumstances, machete wielding mobs over the past decade. it's a function of rhetoric directed out of parts of the south african government at times, and people closely -- people in the pay as marian would say with south african government, in this case the sue lou household who portray foreigners as stealing our jobs, in some cases stealing our women, which raises all manner of questions. it's part of something broader though, doug. it is an attempt to divert attention away from the root causes of south africa's problems, to offer the seductive idea that someone else is stood in the way of you and a better life, if you can take that someone else out of the picture, then your life will improve. you delay the inevitable turn of focus on to the south africa

my perspective policy is right for the economy to promote our economy we talk about the possibility to support the undocumented to the was working in the white house and i believe it was not possible. we couldn't but even if we could do would be devastating to certain industries of better approach is that is talked about with my co-author to find those that are qualified to put them into a legal status to stay here and work and produce and i think by working here and being productive will enhance our economy and create additional jobs for citizens. it is something very important for our economy and national security it is no way to go and i have no problems walking into a government office to say i need a driver's license so i think that's a legal status they should be entitled to the privileges and we can talk of that means if they become a citizen wishes in issue that is very politicized but i think it can be dealt with in a respectful way and agreeable to most americans. . . is not just a story of a life it's a story of modern american history. did you set out to tell the story in t

fred: china's economy works a bit differently than the western economy.hey work on the aggregate to the economy. in the western world it is more about interest rate changes and bond markets, et cetera. that's why this transparancy doesn't matter quite as much in china as elsewhere. obviously as economists we like to see more prickability. it makes our jobs easier. angie: it certainly does, especially on a sunday night. rishaad: fred, we'll see you in a group discussion in about 20 minutes or so. we'll tell you what we have coming up. angie: we look at the prime minister of india's asian tour. ♪ rishaad: india's influence on the next leg of his asia tour. let's find out more and get over to mumbai where our reporter is ensconsed. what's on the agenda here? >> the prime minister will be arriving in the last leg of his three-city tour. he will discuss cooperation between the countries. he will address with about 1,800 members of the indian summit expected to attend. india will also be addressing -- we'll depol that up with -- and he'll follow that up with so

economy. we have seen signs of a slowdown in the economy already. businesses had been falling, and trade stated have not been a great. of the biggest problems in the u.k. are wage growth and productivity. they are 20% less productive than workers in the other g7 countries. when you look at the product to cap, it is at its widest than more than two decades. who seems happy about how things to out -- turned out? the banking sector. when you look at sectors that are not performing well in the united kingdom, manufacturing, construction, these are not back to where they were before the recession. before the election, they surveyed cfos of the largest companies doing business in the u.k., and ask what they were most worried about. postelection policy change was number one. in other words, they were worried about political uncertainty. averted, we have smiles all around. but number two was the eu and the uk's membership in the eu. this is not to say that uncertainty has completely vanished. he promised that there would be a referendum on eu membership by

-- overheated economy.e bank mark gilbert -- francine: mark gilbert and joseph stiglitz thank you. after the break, we will be joined by a ceo. ♪ >> it would change our relationship with the europe. in britain, at the time 50% of the exports and trade and that's was then. tremendous resilience for the businesses. francine: that was stephen kelly share his thoughts on how u.k. businesses might call. let's keep the conversation on small businesses. we are joined by the ceo of hamilton bradshaw, james caan. james, great to have you. inflation for the first time since the 19th is, inflation is below zero. down 0% -- down 0.1%. james caan: i am bullish because we are growing better than any european nation. written is experiencing a fantastic growth. if we could've seen this four years ago, we would've been ecstatic. -- we are experiencing fantastic growth. francine: would you not want the benchmark to go to the u.s.? james caan: we have a population of 70 million and they have a population of nearly 30 minute -

they'll say the economy is better. look how clinton is positioning herself, this say gender based campaign in 2008 she was running away from the fact she's a woman. now she's saying time for a woman in the white house. the polling data says that will work. so they're not going to run on this recovery, they're going to say gee, wasn't this better than the bush recovery. if president bush, george w. bush is the standard against every american president is measured going forward, they all win. he didn't have a successful presidency. but bill clinton was much more successful than barack obama. his growth rate was in the threes. neil: interesting, peter good seeing you my friend, thank you very much. >> take care. neil: in the meantime sometimes things are based on a snapshot but the trouble with snapshots is one snap that it shot, it's over. this is a snapshot that worries a lot of folks, mortgage rates now ticking up to six month highs and the reason why that bothers a lot of folks is that they think that all of a sudden

rishaad: the chairman of hanergy. -- made a bet against his economy.his happened on monday. 47% decline took place on wednesday the. last month he bought 24.6 million on hanergy. the shares issued from 5.18%. a few days later the stock falls. so far many questions right now. but also on monday last week many -- rishaad: questions about how the company has -- managed to keep it going. where the revenue has been coming to make the stock increase sod much to raise the value of the company so much and more questions raised about the increasing of the short position where other sellers were already closing -- closing out their holdings and the company all along has denied that there's been any sort of manipulation and also said that there hasn't been any suggestion of anything going on. rishaad: with the energy there's a lot of partnerships have these been jeopardized right now? >> ikea and this company work together for solar panels. hanergy is working with ikea to roll it out. it has 35 stores across the u.k. switzerland and the netherlands. ikea has told

and it is the economy, obviously, but why is the economy in the position that it's an. >> looking atpolicies being put forth, the growing regulation that is strangling companies, you look at the inabilities. >> when companies make money overseas and they bring it back and they repeatedly that, no other civilized nation punishes companies for doing that we are the only ones the tax companies for making a profit out of side of this country and bringing it back. so what are companies doing? they are keeping it overseas. does anyone in the audience like to pay taxes twice? [cheers] [applause] >> the only way that i think that this is going to get fixed maybe you we start in philadelphia, he brings life to the idea that we have serious infrastructure issues even if it was caused by a man-made situation. a train going 100 miles per hour on a 50-mile track. two weeks ago they were running trains in japan almost 300 miles per hour. so just the idea that we can't even take a train at that speed should scare you guys we invented it as well. the great revolution of the economy. the trains and p

the economy is growing faster than any major economy in the western world. i think what this election is about is do we build on that foundation and build a really strong country where you can get a job you can keep more of your own money to spend as you choose, you get that apprenticeship? we can build houses for people to buy and own. do we go right back to the start with ed milliband potentially propped up by the snp, who want even more borrowing, even more spending, even more debt, all the things that landed us in that mess in the first place? i never want us to go back there again. [ applause ] >> clearly there are some people who are worried you have a plan to cut child credit and tax credits. are you saying absolutely as a guarantee -- >> first of all, child tax credit we increased by -- >> it's not going to fall? >> not going to. child benefit to me is one of the most important benefits there is. it goes directly to the family formally to the mother. 20 pounds for the first child, 14 for the second. it is the key part of families' budgets in this cou

it would be great if the economy was better. it does not look to be quite as good as people thought. but if you tally up all of the initial claims -- alix: but that is firing, not hiring. joe: but even the hiring is not too bad. hard for me to believe this story that the economy is in a stall when the simple measures we have continued to look pretty good. alix: i will flip it for you and dig the initial jobless claims denver and flip it and compare it to gdp. that line shows it going up because we flipped the chart. versus b -- versus gdp, barely above 2%. underitial jobless claims 300,000 is traditionally followed by a run-up in the pace of claims, especially when gdp growth is at 2% to 2.5%. that is exactly where we are now. my concern would be a down draft. say, gdp is i would complicated and there are seasonal things. alix: let's talk to someone who is smarter than both of us, peter tcheir. what do you think? peter: i think the economy has slowed down. jobs, but not good jobs. they are not the jobs we really wanted. the shal

> ready or not, the chair of the federal reserve makes it clear that rate hikes are coming if the economy continues to improve. >> sky's the limit, not with interest rates, but with the drone company that wants to help other companies make money. >> double digit returns, our market monitor has a list of stocks he says could pay off big for investors. >> all that and more tonight on "nightly businay >> good evening, everyone thanks for joining us. the message for the market is this federal reserve chair janet yellen made a clear and direct statement on the one thing virtually all investors are focused on the timing and speed of rate hikes. central banks benchmark short-term rate which affects everything from mortgage rate to auto loans has been near zero since december 2008 and since they've been so low for so long a lot of anticipation aboutn liftoff might occur. yellin's comments come weeks before the next meeting and despite the concerns the economy might be slowing. steve leishman has the details. >> janet yellen saying today she believes the rate hike will be appropriate this year if

, it's important to ensure all economies, have access to the economy that is emerging in california today, we have over -- working in energy solar power and related fields we have people of color, representing 60% of california how do we make sure this is representative of the diversity here in california? supplier diversity and inclusive hiring are very important touch points, that green lining focuses on. what this slide represents is the strategies around increasing diversity in sectors, such as the clean energy economy, ensuring it's representative of california diversity, also of course competition and transparency, we want more people applying for these jobs, and trained in these new technology, so there is increased competition, so there is a robust and diverse hiring pool for this new economy, the supplier diversity which is really, what businesses are getting the contracts? we're making sure minority owned, women owned and lgbt and veterans programs those are under served, to have access to these types of contracts, once company, are contracting to do this work, who are they hiri

it's the second largest economy in the world. unless something goes terribly wrong, it's an economy that's on track to replace the u.s. as the largest economy in the not-too-distant future. but china, as you said in your introduction has got some serious issues. because the policies that got them where they are today need to be changed. they have an economic model that's running out of steam. growth has slowed way down. i don't think that should concern or surprise anyone. if china could grow, you know somewhere between 6% and 7% on a sustainable basis with a model that works, that's a very good thing for china and for the rest of the world. they've been overly reliant not just on exports, but they been overly reliant on -- at the municipal level, which mayors are using to fund growth drive growth investing in infrastructure. they need to adjust their economic policies and be less reliant on investment and infrastructure and open up the economy to more competition from the private sector. and their leaders, you know, the new pres

economy. if so, that would be the first upgrade since the summer of 2013. we are on a five-day run for the nikkei to achieve a high. been falling. fourth day now. the japan affect, panasonic for example. doing well in japan. it has not been a good market across the region. what else do we have? australia. we talked about the currency. up 0.75 percent. it has gone the other way of markets in the region. basically snapping that decline. as we mentioned, some headwinds for that economy. iron ore or, we talk about this. it is coming back now. copper is on the way up. will prices static at this point. anchor: the latest check on the factory shows manufacturing remains sluggish. does this pmi change the picture chinese economy? >> another soft pmi index. it is continuing to slow. we saw positive signs in the real estate sector. huget the same time, the inventory overhang. not many signs of green shoots in the chinese economy. more policy to see action by the authorities. to keep pushing banks to len

economy. leadership.uld have sat here six and a half years ago and could have said the same thing. you're sitting outside the stock market because of that. you're spiting yourself. corporations are making more money than they ever have. you're sitting out of the sidelines because you don't like obama, meanwhile, you'll work an extra five years because of that. you need to be in the stock market long-term. charles: believe me, you'll hear a lot of stats over the next year and a half in the next election. a lot of them will be factually correct. to matt's point, corporate profits are an all-time high. wages are at an all-time low. profits aren't coming from america. apple, 70% of those phones were sold outside of our country. listen, i have no problem with the rest of the world nipping at our heels. competition is great. competition is what makes you great. but we're fighting this fight with one or two arms tied behind our backs. this is where you guys have a legitimate reason for being frustrated. so do i.

we are 60% of the economy of south america. we are likely going to become 65 and 70% in the next ten years. now, the challenge is to make our... to share our prosperity so we can help countries like bolivia, about ten million people, paraguay, about five million people. those are countries that are completely dependent on the brazilian economy. also, argentina and peru and colombia and all the countries in the amazon, we have to be wise, to share this prosperity. how we'll do this? integrate our economies. build more infrastructure, more roads, more contacts. we can benefit from that, and they can benefit from our development. >> hinojosa: okay. but at the same time, you're talking about brazil now geopolitically. it's not just its relationship in terms of latin america. but you're also talking about brazil making relationships now with the bric, which is the brazil russia india china coalition. you have brazil having lots of conversations with iran. you have brazil having conversations with chavez in venezuela. so, you know, w

omalley: you see, our economy is not money. it is people. all of our people we measure success by the security of our people. all of our people a stronger middle class is because of economic growth. together as one people, we must will and american economy that works again for all of us. this means good jobs and wages policies. wage policies that allow families to earn more as they work harder and harder. that means a higher minimum wage, overtime pay for overtime work, and may get you -- may get easier, rather than harder for workers to organize and bargain collectively for wages. if we take these actions, the american dream will live again. climate change israel -- is real, and it also happens to be the greatest business opportunity to come to our country in 100 years. we must create an american jobs agenda for america's renewable energy future. [applause] gov. omalley: and we must also launch a new agenda to rebuild american cities as places of hope, opportunity, and justice for all. [applause] gov. omalley: if we take these actions, the

>> there was no managed plan for addressing the economy and how to make sure you have an inclusive economy. how do you make sure you transition from one economy that left the globalization where the manufacturing jobs have gone abroad to the next economy? what you have is benign neglect on behalf of all levels of government, by the way - federal, state and local. au lace is suffering, my friend -- a population is left suffering >>> poor people who were mobile left. it's people who can't go anywhere else are left behind. >> if you found an opportunity to get out of the city, many moved to the country, you left. what you left behind was ageing housing stock and declining tax base. it had implications for the economy and the schools, and certainly for the welfare and wellbeing of the people left behind in the segregated neighbourhoods.. >> what happens to the quality of life. >> we live five blocks away. this is a city and neighbourhood that we know well. the quality of life is people who are desperate. homeless people, looking for any way to met it. he had economy asking for opportunities. y

the greek economy shrunk by a quarter since the melt down. it's not hard to understand why many greeks resent that germany and others nist they make further -- insist they make further sacrifices to get the country in order. and greeks themselves played a major roll - i'm talking about tax evague not paying the -- evasion, not paying the government money it needs to pave roads, pay police et cetera. it's a huge problem whose roots in greece are widespread and run deep. the ancient greek ruins a magnet for tourists and a bargain. after decades of terribly mismanaged funds, corruption scandal and bribery the greek economy itself is a catastrophic ruin. much comes from a longstanding culture of pervasive tax evasion. i spoke to many greeks some do not want to be identified. >> this is not just now, this is 30 years old. it is a legacy. left from our parents. >> to be honest with you, we don't have the mentality to pay taxes. the most important is if you pay taxes, you expect to have something back. here, what do you take back? >> you pay taxes f

they were the ones who turned our economy upside down in the first place.are the only ones who are benefiting from that. we need to read -- prosecute sheets -- cheats, we need to reinstate glass-steagall, and if a bank is too big to fail, we need to break it up because -- before it breaks us again. [applause] gov. omalley: true story. goldman sachs. goldman sachs is one of the biggest repeat investment banks in america. recently, the ceo of goldman sachs let his employees know that he would be just fine with either bush or clinton. i bet he would. i have news for the bullies of wall street. the presidency is not a crown to be passed back and forth by you between two royal families. it is a sacred trust to be earned by the american people and exercise on behalf of the people of these united states. [applause] omalley: the only way that we are going to rebuild the american dream is if we retake control of our own american government. the poet laureate of the american dream, bruce springsteen -- [laughter] gov. omalley: once asked, is the dream a lie if it don

economy. so what have we sort of seen? one thing we know about innovation, at least from what we see in the data, i'm someone who looks a lot at the data, is innovation and productivity growth a very noisy and complex process. it's not just here's some new idea come along and we can talk about it. it takes maybe many years to figure out how to use it. and that noisiness, that complexity at least historically from the united states has been when we have booming times and booming sectors we see a very high pace of entrepreneurship and lots of volatility. and also what's kind of stliking about the nature of that volatility, you know, it began in the 1990s. it's only a small fraction of businesses that make it, so again, a striking feature of the united states economy is we have the surge in good times, surge of entrepreneurship and only a small portion make it. and then talking about the dynamism is the flexibility part. well, what this means is that there's lots of restructuring going on in the united states economy as a res

two economies of roughly equal size means that the international involvement of those economies withh other and with the rt of the world are roughly on the same scale. so the international importance of the euro for private business is likely to be of roughly the same order of magnitude as the international importance of the dollar for private businesses. the creation of the euro was really a political event more than an economic event. of course it has economic consequences, but the reason the europeans did this was to accelerate their move to a european federation to a united states of europe. schoumacher: having a common currency in which to do business, having increased the integration of european business enterprises and other activities across borders is more likely to create a single european market rather than a fragmented market. what the euro means is that member countries will no longer be able to have their own monetary policies. what that means is that the interest rate in france and spain and germany and ireland must be the same that there cnot be different interest rat

they have included the rise of the korean economy the world economy after the financial crisis and the future of the international monetary system and is a senior adviser to the imf he have particular insight into that in a previous financial crisis, the asian financial crisis of the 1990s. his interest in history is also evident. he's a past president of the economic history association. although i'm sure professor eichengreen he would be the first to warn us against the dangers of reaching to easy answers for the study of the crisis that we have just been through in his latest book he quotes george bernard shaw is saying if you laid all the economists in the world and to and they still wouldn't reach a conclusion. [laughter] and indeed all economists and politicians are still arguing over exactly the right responses to that last financial crisis we have just been through and perhaps more importantly what to do to prevent the next one. professor eichengreen's book has been hailed as the scholarly and significant contribution to that debate not the least in the financial times words de

let's join the economy expert james. seem o be grounds for optimism here? . james: good morning, yeah. we saw the trade deficit in april was 95% up more than a year ago. that's definitely an improvement. you're seeing definite signs of flurens in exports to the u.s. there's an expansion of exports to the u.s. an to the european union also in china and other marks. all in all while there was a deficit, it was a small deficit and it was a good result for japan's economy especially compared to the trade deficits which have been massive. >> let's talk about whether this is something which is going to be the norm now. does it look like we're going to see a gain this year? >> well, some economists are saying that in 2015 for the whole year there's going to be a trade surplus. other economists are saying that's not going to happen. it's going to depend on oil prices and what happens with the yen. i think it's 4.3 trillion yen. it's going to be some very large serious and large surpluses for there to be a surplus for the whole y