i thought it made a difference that the "financial times" supported us. what was one of my things that i was trying to do? i was trying to move labor to a position where it said we are not going to give any special favors to trade unions. we're a pro business party as well as supporting individual rights for workers. when the "financial times," i think in '92 they didn't support the labor party or maybe they did, i can't remember. anyway, for me it was important to get them on board. so again, in that way i don't think there's anything wrong in that or surprising. if a major newspaper comes on side with you, particularly one that's been very hostile, it's going to make a difference. i don't think there's anything wrong in that, per se. >> well, the support of the "financial times," although no doubt important as a matter of set, is unlikely to impact at all on anybody's voting habits, to put it bluntly. but weren't you saying in relation to "the sun" because it might have impacted on -- >> of course. i think it -- you can't quantify this, but of course th

because i read "the financial times," too. and every statement that's come out from berlin since i read that article has been negative about euro bonds and stability. >> you want the answer? >> finish up and then we'll go to the next question. >> if they keep on saying no and they're not prepared to do anything, an extra 500 billion euro exposure has come on to the balance sheet of the german bunders bank. >> because they've agreed to it. they want it to be part of the solution. and that's what they're doing. >> that is not how it works and you know it. now hundreds of billions of euros will automatically run up under the terms of the monetary union. the germans didn't have to say yes or no. it happened automatically, and they're extremely worried about it, as you must know. >> i thought the germans could always say no. they could always say nine. they haven't said nine. they've said ya. >> no, peter. >> we're going to go to another question. this time i think it's important because this crisis, as niall mentioned, is affectin

the european debt crisis with joe nocera of the "new york times" and gillian tett of the "the financial times." >> it is fear that's driving the whole euro zone debate forward right now, and guesshat? fear can oen be a very powerful uniifying factor, but, frankly, in the absence of a-- about what u.n. is trying to achieve, other than apocalypse-- ie, if we let the whole thing fall apart it will be dreadly-- it's very hard to get people excited and start to build any meaningful economic recovery of the sort europe needs right now. >> you almost have to feel bad for president obama. there is nothing he can do, nothing, except wait and hope that the october surprise doesn't consist of, you know, italy, spain, and even france, you know, imploding and the euro zone bringing down the world economy. it's worth pointing out, as we have often pointed out n1931, the failure of an austrian bank helped bring about a conitagion of bank failures that brought about think about failures in the united states and caused franklin roosevelt to have a bank holiday. today, money moves so much faster, electronic bi

look, to give you an example, in 2005 i thought it possible the "financial times" would shift back to supporting the conservatives. now, i cared about that. so so far as i was able, i tried to make persuasive arguments as to why they should stick with us. now, i wouldn't for a minute suggest the "financial times" if they decided to support the conservatives would have gone all out in their news reporting against me. that wouldn't have happened. you know, so even if newspapers are behaving in a perfectly -- you know, within the bounds of separating news and comment and everything, these relationships matter, and it's important to say that. otherwise i think we'll get to a completely unrealistic point of view where we sort of ignore history and say politicians and media people will have nothing to do with each other. we're bound to have that close interaction. it's not the closeness that in my judgment is the actual problem, it's the kind of imbalance that comes into it because you know that at a certain point with certain elements of them, if you're in a position where you're pursuing

the financial times speech, piece, on the 13th of june, again, it's the point it's the wrong messenger. i'd just like you to comment on that. >> except that it would underline my point that for me to have taken this issue on would have been extremely difficult. i mean you can see -- this was a speech made shortly before i left office. you can imagine the reaction if i made the speech two years into being prime minister. >> move on to a slightly different topic. that probably is still related. paragraph 14 of your statement, mr. blair, 05576. >> yeah. >> you make the point and others have made the same pointing, it can be very hard to adopt a policy when it is likely to be the subject of an intense media campaign about it. can we explore the issue of democratic accountability? if the media writes and they do represent at least a majority of their readers' voices or views, why is there a problem here at all? >> there is absolutely no problem in the press being partisan for particular parties or particular political viewpoints. that's been part of our journalism for years and years and ye

i don't know who this audience in "the financial times" was as opposed to your audience tonight, but you finished the article with a great flourish quoting the spanish philosopher. you said europe is the solution, not the problem. now, who is the true niall ferguson, may i ask? >> so peter, can i have a second? since that article -- >> may the 2nd, 2012. >> and since that article -- >> three weeks ago. three weeks ago. >> since that article -- since that article has been published, have you heard anything from the german government to suggest that any of those things have happened? >> i've heard a lot from you tonight. exactly the opposite of what you were arguing three weeks ago. >> we've all agreed that you want to hear from the audience. so i'm going to try to -- >> not a single thing -- not a single thing. >> ladies and gentlemen, help me here. applaud. let's move on to the questions. well done. this is certainly a lively debate. the first question is going to come from a good friend. she's well known to a lot of us. she's cnbc's senior business correspondent reporter, on-air per

in these dire financial times government must identify what works and what doesn't even when it comes to sex education for kids many lawmakers insists that when it comes to sex education abstinence is the only way to go we've seen a troubling sixteen to one funding disparity between contraceptive centered education and sexual risk avoidance education which is why despite these dire financial times congress is still pumping millions into abstinence only education republicans think funding into the affordable care act fifty million dollars a year through two thousand and fourteen and they pushed through five million dollars to preach abstinence in the two thousand and twelve budget so how does the average taxpayer feel about this trying to get to do something that they want to not to do some they want to do is a waste of time and kind of reductive and it's not going to work with think that should this spend more money about sex education and not because he says i don't think it's a solution that think it needs to be balanced i think you know all the funding should be based on one way of

financial times and islamist win. >> good day to have richard on. down. the head of the muslim brotherhood is set to take over. it was met by widespread celebrations in cairo's tahrir square. he was trained as an emergency and becomes the first elected in islamic head of state. he took in 52% of the vote and the transition faces significant hurdles between long standing tensions between the muslim brotherhood and new rulers. they seize new control and limited the breech of presidential power. >> what's the import of this. >> the military and egypt decided they couldn't have a confrontation. they department want to be faced with the choice of backing down or killing people. as mik adjust said, there is no constitution and no parliament and stripped the presidency of the power. >> how much power by the end of the day? >> by the end of the day, they have a lot. this sets the stage between the military and the muslim brotherhood. overtime i would put my bet with the muslim brotherhood. this is a long way to play out and there is a showdown between the b

for the police department for civilian hiring during that time, which has been a challenging financial time, so the department budgeted civilian positions, and that has grown to 340 for the current year, so there has been growth of approximately 10 positions, but the majority of the growth was in time before that before times got hard in 2008. those are budgeted and not an actual, so they are growing by 275 positions. we have seen growth during that time in the reports you are referencing. we have typically noted opportunities for civilian as asian -- civilian is asian -- civilianization. it is a long-term goal we are talking about that cannot be accomplished in a single year, and it is true some of the hiring i am referencing tend not to hire civilian allows the department to push a folder the officer into the street. we have new functions of required new officers to meet new needs that have not been met by officers. >> a good example would bee it. they do a tremendous job and save us a ton of money in time spent. >> i know the comptroller > directs, and some physicians may be eliminated.

joining me are joe nocera of the "new york times," gillian tett of the "the financial times." i am pleased to have them here. i want this to be a kind of primmer. you just said to me a very interesting thing. you know, the idea, if there was a commitment to save the world, what would they be doing? so where are we and what would they be doing? >> it's a very interesting question to ask, because the save the world tag line emerged during the asian financial crisis, and it was people like alan greenspan, larry srnlings people like that. back then there was a sense that american fors and american power could not only offer sensible solution but actually coral everyone to sulactually implement them and it was a pretty effective way of dealing with the asian financial crisis in many ways. today, if you imagined that commitment to save the world in america, it is not clear that america, or indeed, anybody else, could actually fix the your own zones problems. what we're seeing is not simply an economic problem. it is a political problem, and the real absence of leadership and the rea

almost 100 billion euros has been pulled out of spain as the financial times is saying, this is before the banking crisis. europe's economic woes have been exposed. invulnerable poor people -- vulnerable poor people are selling their organs on the black market. >> aware headlines -- our headlines. >> the burmese opposition leader has addressed business leaders in tbangkok. >> the euro is in danger of disintegrating. . >> floods are likely again in just a matter of weeks. because of a lack of prevention members, millions of pakistanis were affected last year. it prompted huge international aid effort. we report. >> pakistan still bears the scars of last year's floods. vast areas of crops were destroyed. tens of thousands of livestock drowned. over 8 million people were affected. one town, people are trying to move on. the horrors of what happened last year are hard to forget. the place was inundated with several meters of flood water. the heaviest rains ever recorded. on a rescue mission, we found this family, stranded. they had lost their home, their animals, they had only managed to s

back to twitter -- in the financial times this morning there's a column with the headline -- krugman,ing about paul the times columnist. here is what he writes -- that is the heart of what we are talking about this morning with you. is the prescription for the economy something the central bank has to do or do you want more action from congress, or is it healing itself on its own time? now to an republican caller, good morning. caller: your previous caller said it's a patriotic duty to hire. if somebody else can make something cheaper, that is where they are going to go. we have the highest corporate rate in the world. we have to have tort reform. medical costs are twice as much as canada. school systems going through the roof. $11,000 to educate a child. it is because of the extracurricular activities. host: next is a call from athens, georgia, and independents. -- independent. caller: i found out some stuff and i was able to follow the mathematics behind it. walmart. fairly admitted to walmart the boxed macaroni and cheese that used to cause $1.25 in georgia in 2009 cost only $4.50

the financial times, fear rises over e.u. handling of the debt crisis. and of course the timing with the banking committee hearings today as well. and you going to the g-20. we wanted to give you an opportunity to talk about the crisis in the euro zone, the fact that we see rates rising dramatically today in italy which certainly signals that there is some fear in the markets about contagion spreading from greece to spain to italy and italy of course would be the big concern. we've got an election in greece on sunday and you're going to the g-20 meeting which is not called obviously to discuss this, but a lot of the major players will be there and it is an unavoidable fact. your perspective on the european crisis. the possibility of con stay onand how well capitalized our system is only today we learn that there's a lot that even the best bankers don't know about risks in their banks. so for all of the assurances that the u.s. now is immune are we really? >> good questions. so obviously it's still a very challenging moment for the global economy. for our

and our guest host is gillian tett, managing editor the "financial times."teresting session yesterday, after all said and done, it wasn't too bad. >> down 25 at the end. >> jpmorgan ceo jamie dimon -- >> go ahead. >> where is he going to be? >> you know where he's going to be? >> from front of the real quality dudes the house. i love when they ask -- >> last week the senate banking committee. people were surprised -- >> when they show off their financial acumen, everyone blown away at home when those guys get going. >> we'll be watching this very closely. jamie will be back on capitol hill again. jamie dimon going to be testifying as joe said before the house financial services committee on his firm's failed hedging strategy and trading losses that resulted. we'll see what kind of questions we get this time around. if it will be a little more fiery than last time. in our global headlines this morning, another key spanish debt auction that took place this morning. the country actually saw strong demand for its 12 and 18-month bills. but the yield soared, the

well you know you see this in wartime all the time and you see this now during the financial war the aid comes but you know ten cents of the dollar or five cents the dollar actually makes it to the ground the rest is stolen by the gate keepers there who are negotiating these horrific aid packages that benefit only the insiders and the bankers you know this was going on in egypt for years right the pentagon would give aid to egypt as long as they bought toys from the pentagon the money hitting the ground nothing same thing in europe the central banks give aid to countries like greece but it all cycles back to their buddies the banks on wall street a few pennies end up in the pockets of the poor schlub on the street but not enough to keep the economy growing in any sustainable way that would be commensurate with a thriving economy and they're losing their sovereignty and then finally max irish taxpayer sacrifice to prop up euro zone banks this is from order order dot com and this is from april and again i want to point out you know the tanks of cash the this is the equivalent of the ta

more room to add more expansion in the short term. >> i just want to bring up this story in "the financial times" about chinese officials forced to sell luxury cars across many of their local governments they had previously these fleets of cars, many audis and other things at a time of more stringent finances they're turning around having to sell. i think it should just temper a little bit of the enthusiasm that china is successfully engineering, you know, slowdown. it really is coming home to roost. >> i think they probably want to make an example also with this measure to the whole scheme in china. it may temper the exports. this is a symbolic measure. as always in china, any measure has a symbolic dimension. so it hides a real phenomenon. maybe we should expect in years it to come. >> we'll see how the automakers react it to that. didier stays with us. >>> meanwhile, millions of customers in the uk are suffering from a computer glitch that has left them frozen out of their bank accounts. natalie westaway, a 22-year-old who has the twitter handl handle @natwest which she has had for years. the

financial times this morning is reporting that jpmorgan is expected to announce losses of about $5 billion related to those trades, the controversial trades that went bad. they are expected to announce earnings in the next couple of weeks, it's nearly double the initial estimated loss, the ceo jamie dimon had said that they could get worse so clearly they have. apple's senior vice president of hardware engineering is going to retire. bob mansfield who has been with the company will be replaced by apple's current vice president of ipad hardware engineering. and taking a look at markets, we've got the futures pointing to a higher open thanks in part to positive headlines out of europe, that summit in brussels ending, leaders there agreeing on a deal to stabilize debt markets and recapitalize banks. world markets have been rallying, the euro is higher this morning. we did come off after loss yesterday after the supreme court ruling, the dow was down as much as 176 points, but closed down 24 points on the day to 12,602. the s&p almost made it back but ended down 2 at 1329 and the nasdaq down a

also in the financial times is a report that the european commission president. has called on nations to go further than the of the measures proposed last week to go beyond these measures and submit to a single cross borders supervisor. now also in the news cyprus may be the next country poised for an international bailout after speight on monday as finance minister hinted that the cash strapped country may apply for financial aid before the end of this month that's in case the economy finds it difficult to support banks which are exposed to the greek banks of course. over in asia in japan the nikkei has been feeling the pressure going down one percent as the international monetary fund is calling on japan's central bank to go ahead with monetary easing saying that the yen is pretty much overvalued. and in a rush hour there's no trading because of a public holiday that will be trading tomorrow though they'll have to be playing catch up and on saturday there was trading long story here the r.t. has it was up one percent going to one of the best trading weeks so fa

board with that poll you're cautious about about one point i do want to bring up about it the financial times reported on it it showed that if there were a referendum on the euro on membership to the euro in germany today forty three percent would vote to keep it while forty one percent very close would favor a return to the mark and similarly a very small majority would vote to stay in the e.u. while twenty eight percent would vote to leave and if fifty one percent would vote to stay is that a piece of evidence though that supports something that you've been saying all along and in this interview that that support for the eurozone is fracturing even at the core where this of poor is most required. yeah i mean look in a sense the euro is the embodiment of the whole european project the criticisms that people like me have had for the euro actually are the same arguments as the bigger criticisms of the attempt without the consent of the peoples of europe to form a new state with a new flag and a new anthem and a new police force and a new army of herman van room ploy because all of it and what

the lusty lady fell on tough financial times and thinking of calling it curtains.ut the dancer who is own the club may try to make the establishment into a historic museum that also has live entertainment. the lusty lady hopes to become a tourist attraction and be added to the list of city landmarks. they are trying to survive. thanks for joining us tonight. >> see you tomorrow. >> announcer: it's "the tonight show with jay leno," featuring rickey minor and "the tonight show" band. tonight, jay welcomes katy perry. the man who travelled around the world for free, michael wigge. and the music of needtobreathe. and now, jay leno!

time. tracking more of the world's financial woes in the latest edition of the kaiser report. i am ask out of this is the kaiser report first a bit of an editorial you know i was watching c n b c the other day and becky and andrew and joe were talking to chris whalen banking analyst guest on the show about j.p. morgan and jamie diamond it whether or not jamie diamond's transgressions were really all that bad considering it was just two billion or ten billion or fifteen billion of them got such a huge balance sheet and why are we making such a big fuss over this never did these so-called journalist oversee n.b.c. mention the fact that they are in fact embedded that's right they're there to defend the interest of the bankers not to challenge the interest of the bankers now this is a report not only are we here to challenge the interest of the bankers but we add another spin and it goes like this jamie diamond is an inveterate loser he's a compulsive gambler holic it's not a question of how much penalty should suffer for the crimes just committed but how do we trade the crimes he

the financial times does. they charge for people. i don't know. i think that i wouldn't say that we're necessarily going to end up in an app world. microsoft and big companies think that's the direction we're going, but i don't know. >> i think the battle is the platform battle. it's not an app battle. apps are within the platforms. it used to be that the powerful platform was cable. and broadcasters and others had had to go through them. well increasingly if you think about it, facebook is a platform. youtube, google, amazon, they are all platforms. netflix is a platform. and these platform companies are competing and diminishing the power of cable. and increasingly, traditional media wants to be on that platform and what kind of money will facebook offer me to run my shows. and that increasingly is a battle, i think, that's taking place. >> so the last of the great gate keepers, in a way, are the cable companies. they have some control of what gets from the curb side into your living room, you know. they own some of that pie. do you they that di

germany has to become less competitive friend i guess that germany does want to help and that the financial times this is happening i mean job and wage increases are quite substantial at the moment and you're seeing significant labor market reforms in spain and italy and liberalization of some of the closed shops that you have on the product side taxi drivers and so on so that all moves afoot but these are quite slow moving changes the whole market remember in the nineteen nineties when. the summit voice of james carville wanted to come back as the bond markets in his next life because everybody is scared of the bomb well i think that's what's happening in europe now now that we're seeing these bones the first spanish and italian government that were rising up to levels that all sustainable over the you know this but this was really very specific to finance and i'm thing about people in the destiny of this currency here dmitri if i can ask you. if more integration is the only solution to this because you the status quo is not tenable obviously you can't win that no one really wants to go back. bu

i thought it made a difference that the "financial times supported us. one of the things i was trying to do was move labour to the position where it said we are not going to give any favors to trade unions and we are supporting individual rights for workers. when the "financial times" in 1992, for me it was important to get them on board. in that way, i don't think there's anything wrong or surprising. if a newspaper comes on site, particularly one that has been hostile, it's going to make a difference. i don't think there's anything wrong with that. >> [unintelligible] when you say in relation to the sun it may have made a difference -- >> i can't quantify this but of course their support would make a difference. one of my constant strategic discussions was i think it did make a difference to us. business, a significant part of the business was on the side. i was the first labor leader to go to the launch of a manifesto and have a lot of people sitting with us and i believe people sitting on my side of the political fence, if you don't have substantial

to you know banker all of this and we're seeing analysis from the financial times and from crew members from people like that saying well this is what needs to happen well you know what would it do to the euro you know what would it do to germany you know i think it's time lori for a sensible debate on what the best way to break up the euro zone is it's inevitable in my opinion the euro zone is going to break up so rather than every month rolling over these fantasy euro bonds scenarios that are not going to happen because germany cannot approve them without a poder referendum and. right all right mission we lost your audio again we're going to we're going to toss to a quick break we'll have more with miche after the break also still ahead jock's aren't the only group of students being lured out of college for their skills anymore the tech sector is trading lucrative contact tracks for up and coming engineers and software developers to we'll give you our three cents on the revenge of the nerds you could call it first so your closing market numbers. technology innovation all the developme

to take full control of the firm otherwise the joint venture would be paralyzed meanwhile the financial times says b.p. has received a buy offer from one of the russian state companies and analysts estimate that the fifty percent stake in russia's third biggest oil producer will be around thirty billion dollars and while there are no guarantees that any transaction will take place alex a call came from says other possibilities quite high. this being disagreed. and apparently between b.p. and their russian partners. over how to use the money the steady cash flow generated by by the russian operation to take care would be holding and apparently big pay you would like to get it all as cash as dividends or as the russian side would like to use the car for global expansion and if if this disagreement goes on that it's perfectly conceivable that b.p. might want to sell out if this were all the successful russian operation of the interesting question here is whether they would want to and will try to outbid. potential and get a no good whether it would seek to control the whole company one hundred p

second largest trading protesting against market speculation they demanded the introduction of the financial times on every transaction carried out in the money markets the e.u. is set to decide on the much discussed tax while many disagree on how effective it's likely to be. five palestinian civilians were injured when an overnight israeli airstrike hit a small factory in the south of the strip of gaza second attack was carried out in the city of gaza targeting a hamas military training center earlier in the day border skirmish broke out between israeli and palestinian soldiers but there were no injuries. now the u.s. ramps up the strikes against suspected militants in pakistan with seven killed in two recent incidents america's campaign of drone attacks continues despite his lama bods claims that it violates international law and kills innocent civilians and hears artie's government. reports about u.s. drone strikes in pakistan coming more and more often we're getting used to hearing in the media such and such number of terrorists was killed with no way to verify really there are no names attach

certainly early days as you can see both relatively flat reading just now there's been reports in the financial times that the european commission president jose manual but also said that the banks need to go beyond measures proposed last week and submit to a single cross border supervisor now he spoke about the need to go further in terms of integration so this deeper problems that is still there and investors as i say not convinced by the spanish they want to know the exact details of how the sovereign debt crisis is going to be kids let's have a look at the asian markets nikkei is actually closed now so that's how it closed up today are speaking about the year actually the currency for japan. have come out officially that they want the currency to appreciate they say that it's overvalued and that's largely because investors in times of uncertainty they had to save the havens or one of those is again along with the greenback as well and scandinavian currencies and swiss franc. look at that time out. still up and running and they too are dropping around seven tenths of a if you look at the u.s. mark

of greece was deprived from it yeah i just read an editorial i guess you could call it in the financial times from the leader of. a left wing party talking about an end and need to improve growth but not once did he mention and the military spending which is completely out of control because i guess months after a point is that you still have to be a populist in the sense that you need to appeal to the voters base and staying instead of their economic interests the voters are basically economically illiterate not so much in tunisia a month into an easy. they figured out that economically they were not doing well they staged a revolution and telson how are things doing in tunisia now months well do you need here is like a boat that has left a bank river where there has been corruption in the data ship there were as you have said very rightly sick and tired because a couple of families were grasping the wealth of the country so they made the revolution the boat has left the bank and once you reach the other one is the other bank is the bank of real democracy what the people really want in the b

so this is interesting to be i as reported on by the financial times f.t. alphaville did a really interesting story breaking down how the scientific sectors in a country with a financial system boom grow one point nine to two point nine percent slower in a year is not so interesting well this makes perfect sense that this is happening though because that's why you know we're seeing more blue collar financial crime now that's why j.p. morgan literally had to to reach into m.f. global and steal their money right they couldn't cope with these complex derivatives and steal it so this is now we're reversed the blue collar crime because the engineers were sophisticated white collar criminals are now going back into the tech industry and the other sectors of the real wealth and selves are finding innovative ways to steal it on wall street so i applaud this this reverse engineering of reverse engineering well now none of these other countries that are seeing a financial boom watch out for the broad shock of the flaws of engineer our country are right that's all we h

according to financial times it's experiences like so far e and also yachts and spas that are beating out other luxury items like high and clothing so what is this say people are worried that you can't take it with you in the apocalypse is coming so we better do everything there we've ever wanted to do and some are cashing taken away the first thing that came to our mind just now hearing this story is it kind of the bunch of us matter splits argument that there's only so much wealth that individual can accumulate there's only codes that you can where before you kill over but he didn't factor in this new kind of says no we could live in this global all authority where you have these bank executives that have a pipeline to central banks and they become really guber wealthy when they do they spend on these experiences ok there you go safaris who knows like they could go build igloos have some credibility i mean there's there's an infinite amount of. possibilities as far as like with the service sector for these you know pretty soon that you always are they could go to space i mean really

. >> the financial times. mr. chairman, one critique of the fed's accommodative actions over the past few years has been that it's helped those with the least propensity to spend and the large businesses and corporations while the fed's impact on those with the most propensity to spend and the cash-strapped and middle-income households has been muted and i would like for you to focus on access to credit. >> access to credit is a major issue, no question about it. mortgage access is much tighter than it's been for a long time given credit card access is more restricted than it has been in the past and what that does to some extent is it mutes the impact of the fed's actions. that being said, i don't think it's at all accurate to say that the federal reserve policy is not helping the broad public. first of all, many americans are able to take advantage of lower interest rates. many people have refinanced or bought homes. others have taken out loans to buy cars, auto loans are cheap and broadly available. so there ha