i have work experience with the federal reserve bank of san francisco. i am most proud of the work i have done for myself. i started a business called power forward, a social media and public policy consulting firm. >> why did you choose to return and live in san francisco? what motivated you to run? >> what motivated me was my love of san francisco. i see the changes that are happening. i see people picking cans out of the garbage. i see that there is no neighborhood grocery store. i see that small businesses are coming and going. they have not been able to sustain themselves. from my work experience in working for the city come in the mayor's office and in the nonprofit, i had a good sense of what the challenges were. as i looked on the horizon, i see more challenges coming. i thought i had a set of experiences and a passion and desire to serve. it started at 1 point when i was 8 years old. i took a tour here with my third grade class of city hall. coming into the rotunda, seeing the staircase, it is very mesmerizing, very memorable, and powerful. it w

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves. a brief look now at some other international headlines this hour the former japanese finance minister has been appointed as the country's new prime year after a parliamentary vote day earlier. was elected to head the ruling democratic party of japan having won the runoff he has now become the country's sixth premier in five years replacing. his administration came under fire over its response to the earthquake and tsunami earlier this year and the nuclear crisis which followed. the american states of new jersey and vermont are struggling with their worst flooding in decades that followed a massive storm which turned up the u.s. east coast killing at least thirty eight over the weekend hurricane irene later downgraded to a tropical storm power outage cause power outages outages i should say in over five million homes and businesses total economic damage from the disaster could reach twen

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves. a well it's the guts of world news in brief this hour hundreds of protesters have clashed with police in south africa ahead of a disciplinary hearing of the ruling party's youth league leader. is accused of sowing divisions in the party and embarrassing the president by calling for botswana's regime to be ousted police is trying to break up the stone throwing demonstrators with water cannons rubber bullets and stun grenades live or face as expulsion from the sea at a closed door hearing. twenty two chinese workers have been pulled from an illegal coal mine after spending a week trapped underground they got into difficulties last tuesday after drilling through a neighboring pit that was flooded one man died in the incident while three others were reportedly rescued on saturday china as mine sort of tore his sleeve dead leave though the country has been trying to make recent safety improv

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves. nearly a billion people in the world are going to. the united states even our trash cans or food the food you just have to go get it all of these perfectly good eggs because one was cracked didn't even get over the other ones just threw them away and she's from the german oh. we really like. the dumpster at one am this morning three pm this afternoon on the grill a cake is made from one dozen. egg white. delicious breakfast for the family ate some toast for about a week every year in america we throw away ninety six billion pounds of. coming up to eighteen minutes past the hour here with our team a look now at some of the global headlines for you this hour the former japanese finance minister has been appointed as the country's new premier after a parliamentary vote a day earlier you're serpico noto both elected head to head i should say the ruling democratic party of japan having won t

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves that should be the whole purpose of the occupation not to sit in front of the stock exchange and have that high falutin. certains about a laundry list of demands that never works well ok so they're demanding barack obama ordain a presidential commission so let's look at this next headline max obama goes all out for dirty banker deal new york attorney general eric schneiderman has been removed from his leadership role in negotiating a nationwide foreclosure settlement with the banks so all forty nine states attorney generals are on or in the pocket of obama there saying yes we'll sign on to this agreement whereby the banks collectively will pay twenty billion dollars to and that any foreclosure cases against them and it seems like what schneiderman is rejecting in terms of this deal is that he's against the fact that it will basically give them immunity from all other securitization lawsu

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves that should be the whole purpose of the occupation not to sit in front of the it stock exchange and other high falutin for cock to run on sentence about a laundry list of demands that never works. mission free credit taishan free comes for charges free. range month free. free. free. download free broadcast quality video for your media projects cabo john darche dot com. their calendars child was overshadowed by this tragedy. they still feel here they. can remember every second of the site and. it will remain in their memories and heart. and soul. into. a link. welcome back why i cried big city that's what inspires most young russians to me the villages in search of employment and excitement but as autism is kind of discovered they will exit it as leaving many russian communities fighting for survival no hot water or stable electricity supplies and then years pharmacy post office and groce

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves. nearly a billion people in the world were going from greece every day. in the united states even our trash cans are full of the food you just have to go get it all of these perfectly good eggs because one was crap didn't even get all over the other ones just threw them all the way up and choose from the german know if we really like. a profile. from the dumpster at one am this morning three pm this afternoon on the grill take just made from one dozen times. delicious breakfast for the family make some toast for about a week every year in america we throw away ninety six billion pounds of. welcome back a rick a brief look at some other international news headlines right now a former tripoli's finance minister has been appointed as the country's new premier after upon him in truth both a day early a nordo was elected to head the routing democratic party of japan having won the runoff has

surround the new york fed which is only a few blocks away and demand the head of the new york federal reserve bank to leave and they're not going to leave until the head of the new york federal reserve bank leaves. now american oil giant exxon mobil and russia has signed a historic cooperation deal paving the way for a joint oil exploration and development from the gulf of mexico to russia's vast arctic shelf i'm now joined by our live here in moscow for more you cord so could you tell us more of the deal and what it means. this is surely quite an impressive deal which should open new opportunities both for russia's biggest oil company at all and for a u.s. energy giant exxon mobil first of all the two companies will jointly develop the oil fields on russia's arctic shelf there's something about some really impressive figures this new companies are fighting to invest three point two billion dollars in oil exploration according to russia's prime minister vladimir putin who was also there with the signing of the strategic cooperation agreement. on the size of direct investment into this project in t

i have experience with the federal reserve bank of san francisco. when i look around my neighborhood and see the changes that are happening, i so there is no neighborhood grocery store. i see that small businesses in particular are coming and going, and they haven't been able to really sustain themselves. from my work experience in working for the city in the mayor's office as well as in the non-profit, i had a good sense as to what some of the challenges were. when i look in the future, i could see more challenges coming. i thought i had a set of experiences and more importantly a passion and desire to serve. >> i understand that no one wants to have their programs cut. of course not. i also want everyone here to understand that no one up here wants to cut programs because they don't care about the population being served. there are no value ains here. we are all on the same team. it is a tough situation, as we are here so that we can begin the work together. >> i am actually more forward thinking. for me it is less about being left or right, or in

they will want reassurance that the federal reserve bank will have no more easing in the way that it lowers the value of their debt. after all, they are the creditors and we are the debtors. and this large, and the debtors hold most of cards. >> has it caused a big outcry in china, the credit downgrade? >> i don't think so. those that handle the investment, i think they are confident that the u.s. is still a strong economy, capable of meeting its financial obligations. i think they want to use this partly as a means to enhance their own status and prestige at the u.s. expense. >> you were ambassador to china. how easy is it for an american politician to persuade the chinese to do what america wants and needs? >> i of fink and a u.s. politician can persuade the chinese to do anything that they don't want end of a gutsy and their vital interests. the u.s. can influence chinese policies somewhat, but the chinese themselves want to formulate their policy and what they perceive to be a vital interest to china. china is so absorbent in its own economic problems, its own domestic and social

the federal reserve bank of dallas found that since june 2009, texas added 265,000 net jobs out of 722,000 nationwide. that's 37% of all new u.s. jobs in the last 25 months. >> there is still a place where opportunity looms large, in this country, and that place is called texas! [cheering] texas! texas! >> this weekend, governor perry travels to three states with critical early primary contests -- slina, new hampshire, iowa. question, who has a stronger political base, mitt romney or rick perry? mort? >> we don't know whether perly will pass the normal reviews of a national press corps, butly say this -- he has done the best job and that state has done the best job in creating an environment attractive to business and jobs in the economic development. i think he's -- it's not just a last couple years where -- he created something like 40% of all the jobs in america for the last five years, in texas. so that is going to be appealing at a time when we have a huge unpromise in the country and in that sense in terms of the country being interested in economic development, they see this as anot

face a national bankruptcy and on that note i would also say maybe as you said before the federal reserve bank may not actually be anymore as over the most powerful central bank that maybe china now the i.m.f. predicts that china may be the number one economy in two thousand and sixteen the i.m.f. is always cautious in real economic output on this probably that might happen early as already the number one car producer number one car market number one commodity consumer and so on so far saw rethink the u.s. and western countries. china is rising and more of a crisis is coming down the road particularly in the west and one market in the currency market because money printing is what they have to do to get out of this debt forever if there anything. in washington what is the role of the fed right now i mean again we look at quantitative easing part one part two maybe it will be three out there but it doesn't seem to have an impact on the economy except for maybe and i guess you could make the case some people have it kept the economy from going into free fall but can't seem to grow the economy re

already massive cash reserves both outside of the us on a corporate level as well as at the federal reserve bank. and their own balance sheet when they bought up all of the mortgages and everything else back in two thousand and eight so no matter what they do they're really sort of a rock and a hard place if economic activity picks up in the u.s. then velocity picks up money starts moving more and more and there's a lot more money than there was three years ago that's inflationary if the economic commie doesn't pick up then they go to print more and more money to cover the the budget deficit shortfalls they have which again is inflationary so they really don't have much choice the only thing they can do is raise rates but if they do that they're going to kill all the homeowners in the u.s. who are underwater on their mortgages so there's really not much more bernanke you can say frankly on friday than what's already been so. right with investors and dissipating ben bernanke is. a look at those figures oil prices a flat despite fears that harken i renewed could just drop to find our production on

one of our leading manufacturing indexes out of philadelphia, the federal reserve bank there came in startling lower. we have never seen that level unless we were in a recession. manufacturing data and fears about the financial system obviously triggered a huge sell-off. it was underwater all day and finished low. >> the fed said it would keep interest rates low for the next couple of years. does the government have many more tools in its bag to help this economy? >> the fed might suggest something differently. almost everyone who watches the federal reserve is convinced that they really do not have much left. they could go in and buy more assets. they could pump money into the economy. the real problem is that here in the u.s. for all of the cash increases, it is not being put to work in the economy by companies or consumers. it is what we call a liquidity crunch. and without action from congress, from the political side of the spectrum, from lawmakers with stimulus and jobs programs, there is a growing sense in the marketplace that we are heading for a recession and there is really

actions of the federal reserve meant hundreds of billions of dollars for the big banks on wall street i mean they got actual payoffs from the government so one of the ways they benefit is the federal reserve principle go in the ships and on pallets in effect over to the big banks and the and the big wall street firms so it's a direct payoff to them through printing i mean a screw counterfeiting it's what's called in the private sector counterfeiting and it's a crime where the government does it and it's exactly the same thing this kind of thing or for more damaging than private conduct they call it q.e. and you think counterfeiting the fed says this is what the economy needs in order for banks to have cas to lend but my question to you is if the fed really wanted banks to lend why would they do you pay in banks not to lend by paying them interest on their reserves. well they're trying to prevent hyper inflation by doing that but you know we actually don't want banks lending there's too much debt in this society too much government there is too much private that people have accumulated

i have experience with the federal reserve bank of san francisco. when i look around my neighborhood and see the changes that are happening, i so there is no neighborhood grocery store. i see that small businesses in particular are coming and going, and they haven't been able to really sustain themselves. from my work experience in working for the city in the mayor's office as well as in the non-profit, i had a good sense as to what some of the challenges were. when i look in the future, i could see more challenges coming. i thought i had a set of experiences and more

economists at the federal reserve bank of san francisco compared the price to earnings ratio to the stock market with the ratio of middle age to older people in the united states. the results, as the market has fallen, so has the ratio of 40 somethings buying stocks to 60 somethings selling stocks. that golden boomer selloff may be bad ns for the younger port foul yoeps. timing is everything. that will do it for the show for today. thank you for being with us. next week, join me. a best look at the top american cities where you can get the biggest bang for your buck. each week, keep it right here, where wall street meets main street. have a great weekend, everybody. i'll see you next week. restingf the biggest names in american finance. stay with us. but i was still taking a risk with my cholesterol. anyone with high cholesterol may be at increased risk of heart attack. diet and exercise weren't enough for me. i stopped kidding myself. i've been eating healthier, exercising more, and now i'm also taking lipitor. if you've been kidding yourself about high cholesterol, stop. along with diet

already massive cash reserves both outside of the us on a corporate level as well as at the federal reserve bank. and their own balance sheet and they bought up all of the mortgages and everything else and i can confound their name so no matter what they do they're really sort of a rock and a hard place if economic activity picks up in the us then velocity picks up money starts moving more and more and there's a lot more money than there was three years ago that's inflationary if the economic economy doesn't pick up and they go to print more more money to cover the the budget surplus if they have which again it's inflationary so they really don't have much choice the only thing they can do is raise rates but if they do that they're going to kill all the homeowners in the u.s. who are underwater on their mortgages so there's really not much more bernanke you can say frankly i'm frightened what's already been so. there's all eyes on been bernanke a speech where he's making in less than three hours slots to look at the markets or prices down just by peers that hurricane irene could just drop refine

john: karen, this guy in that case was ben bernanke, the chairman of the federal reserve bank. i was talking to one of the voters there by the pool and he said, you know, he sounds a lot like bush. you're from texas. how are they similar? how are they different >> well, very -- yeah, they have the same accent and cowboy boots and same bearing. but when you think back to the way george bush ran in 1999 and 2000 it was very much a softening of the edges of partisanship. he ran as, now a cliche, the compassionate conservative. he talked about education. he took on tom delay over, you know, he accused him of balancing the budget on the backs of the poor. it was a conservativism borne very much of hope and affirmation. rick perry is sharpening the partisan edges, and this is a conservativism that is borne very much of anger. the accent may sound the same, but the words are very, very different the john: who would obama choose to run against? would he prefer perry to romney? >> probably. he would probably prefer sarah palin over either of them. but i think it's going to be, again, if

really loses that reserve currency status and foreign central banks no longer supported that's what i think hyperinflation will really take hold and less of course the government the federal reserve does a complete about face dramatically increases interest rates and allows the economy to restructure including the u.s. government to restructure instead because of interest rates rise to a market level there's no way the u.s. government to pay the interest let alone the principle on the amount that it's far right and takes away from everything else that spends money on right now but i'm wondering if you think that we're getting to that point maybe with china if you see this is a sign china has announced that they're getting a break on income tax to most of the people and the population aside from just very rich ones sixty million more pad at all they're doing it to try to boost spending do you think i sign you know china i think i think behind the scenes they understand the problem with they're still reluctant to admit it it's hard to admit that you've made a mistake in order for china to do the right. being now they have acknowledged that for years they've they've done the

according to the federal reserve bank of new york, student loan debt has increased 25% just since 2008. steve, look at this chart here. you can compare student loan debt with all other debt and you can see, look at that top line, that's student loan debt. everything else we're either cutting back on or can't get any more of. we are piling on to the student loan debt. it seems as though you just can't win, steve. >> the colleges are working to create a more compelling academic experience, academic and social experience. they're constantly building. if you've been to your alma mater they're constantly building. they don't have the money to do so, so they're passing those expenses on to the children. and the children who are most in need, cannot afford it. >> el zi, talk about community colleges, talk about maybe getting preparation at community colleges for some things you're weaker in before you go to a state school or private school. people have to be strategic about getting that degree and remind me, we love the degree, the degree will mean a 4% unemployment rate as opposed to a 9 % u