. >> we do have a focaled china. >> let's me bring in my friend bob rice. welcome back.et me ask you. i think romney adopted the message or tried to a strong world leadership foreign policy requires a strong foreign policy flt . do you think mr. romney made the sale? >> i heard that. the president made the same point before mitt romney made that point. room know did win the first debate but he lost the second debate. the president seemed in command. he seemed to be the one who ran the debate last night. >> he makes an interesting point. >> for me, i don't pretend to be a foreign policy expert. most of what i heard they sounded alike. mr. romney turned the other cheek. why did they sound so much alike. i think they had different world views. >> that was not the barack obama who ran in 2008 who wanted to close gitmo. i think there are clear differences and those did come out. the president has not moved yet along the sequestration. they had a big fight about building the navy. they had a disagreement about what they wanted to do. >> we have no impact what this debate was.

focal points. the u.s., europe and especially china. china has four issues right now.hey have a growth model that i think is being called into question. they have macro and financial imbalances that have only been intensifying and are a direct result of, you know, the growth model that is no longer sustainable. they have an increasing probability as a result of financial crisis where i think the risks are -- are rising significantly. and then, finally, they have endemmic corruption and income disparities which will ultimately be a long-term drag on growth. when you put that all together, i think we're at a very important crossroads for china. it's really reform and place the economy on a long-term sustainable path and albeit lower growth rate, 7% or lower, or without reform, i think the risks of an increasingly -- >> hard landing? >> hard landing or increasing costly financial crisis that will take many years to clean up. >> so those are huge, huge issues. you've described them so well. what do you do ultimately if you're thinking do i buy copper? because i think the e

the economic momentum, whether china is -- which is a very good thing, whether the new approach to europe is working, continues to work. i think those will be more of the focalan -- the election will come and go. whoever is in the seat, i think it will be dictated more by private market acts than the government. >> brian, jim mentioned the trajectory of the economy. we'll get a jobs numb on friday. a lot of people will look ahead through it. but your expectations for it, and does it set some kind of tone, if not for the next 30 days, through year end? >> the pace of the job growth has been very low relative to other historical recoveries. jim did a great job building the mosaic, but i think what most investors are missing, carl, if you look at the u.s. as an asociety, and you apply two words -- consistency and stability -- u.s. earnings, u.s. balance sheets, u.s. cash flow among the strongest and most stable in the world. we actually believe the way the u.s. has conducted business the last four or five years in particular is a model and template for the rest of the economies around the world to follow suit. that's why we believe the u.s. is set up to continu