it's not g.d.p. growth and then it got saturated there's only so much from aldehyde that you can pump into this corpse before it starts to stink to high heaven and then you've got to say oh it's a dead duck and we can't stuff no more debt there no more well the remarkable thing about that two thousand to two thousand and nine so incomes of people who work who have a job in america fell by four point eight percent yet that years two thousand to two thousand and nine what does one think one thinks of a massive spending binge the shopping binge to end all shopping binge as americans went on a crazy consumer binge buying houses buying all sorts of things cars vacations i pads ok and that income did not come from wages it came from borrowing against our house that was being pumped up artificially by fannie mae and freddie macin wall street then the party ended the house prices collapsed and you're just left there with the falling wage no west no network and no country. i mean that's that's that's that's one of t

it up before it before you even finish it and point all that to your balance sheet and call it g.d.p. growth i want to point out this building in particular is in building a one jew city and it was only six years old it was built in two thousand and four and it was never put to use because a soon as it was built it was considered so unsafe to enter that it was known as the local corruption building because something like forty three suspects were sentenced for basically corrupt building practices but one of the statements at this site says that the solving all of the building safety problems would demand more than the cost of building a new one so the authorities blew it up i thought that's a great way this is exactly what ben bernanke or hank paulson. bush obama all these people should have done it was so expensive to fix this corrupt banking and financial system they should have just blown the whole thing up well i mean that's what a lot of people proposed another words put all those bad banks ringfence them essentially nationalize them which is the same thing as blowing it all up and then

i should say that mean there's no way to export your way into g.d.p. growth the only way to do it is through currency devaluations so it's like shooting yourself in the head it's a suicide banker maneuver as i've been talking about on the show for months the country is run by suicide bankers they follow an outdated ideology of free market capitalism which is the misinterpretation of the works of adam smith and they're basically banking jihadi blowing themselves up for who knows what nobody can tell maybe for beef jerky but he's also pointing out the thing their reality is that he's says that the problem with the dollar falling in value tumbling in value again is that the u.s. economy is a black hole of debt and disaster he said there's nothing we can't print money we can't buy more dollars then the dollar is that the economy of the united states is crashing yes remarkable the past couple interstates you heard you've seen this unwinding of. different currencies as part of the unwinding of the carry trade whether it's the japanese yen the reason it's so strong

g.d.p. growth. and. i. progress naturally that would be. said. and of course. for the peace world peace. twenty twenty. wrote a book saying. a very different nation a much stronger nation by that time tell me a little bit more about it. people. to be reduced. said back. we had yet to pick up. good definitely. good good what about specifically countries. to battle the problem of poverty. because. as a nation. in . africa. and. that. new enterprises joined enterprises. and. you mentioned the copper ration between russia and india and of course it's not only. also within the format of the bric brazil russia india and china what is your opinion. do you think that they have a strong position as emerging economies. india and china. i. did. g eight. and. natural. people are prosperous. that the. product of that. that would benefit the people of the region. of course regional cooperation and. yours is a country that knows of course a lot unfortunately about regional instability just like russia there are problems . do you think that region has a chance to be peaceful t

. >> chris: but over the summer, the economy lost 283,000 jobs, g.d.p. growthust 1.6% in the last quarter, and existing home sales fell 27% in july. question: wasn't recovery summer an economic and political bust? >> chris, they are still challenges out there. too many people are hurting and we have a long way to go. let me throw a couple other facts on there. after nearly 20 months in a row of private sector job lost we have gained jobs in the private sector eight months in a row. there were some net losses over the summer because the census phased out. the private sector is growing again. my hometown paper "richmond times dispatch" has an article this morning about manufacturering being up. the g.d.p. which was shrinking is now growing. not growing fast enough. >> chris: the rate of growth slowed considerably from 5% at the last quarter of 2009 to 1.6% in the second quarter of this year. >> it is -- we got some ways to go. but remember we werehrinking at 6% a year when president obama took office in g.d.p. so there has been a turn-around from negative to posi

are rising chinese manufacturing has given a small to investor sentiment better than expected g.d.p. growth in australia. china has also had a house of effect in the region. and for trade head. so father myself a few minutes close in the red on energy stocks. and ross telecom continue to twenty three from monday to. three percent. russia second largest oil producer has announced net income for the second quarter fell sixteen percent to two billion dollars that's despite a strong rise in revenues the company says it was hit by taxes and costs which rise faster than the price of crude oil separately the company says it does not intend to buy back the entire six percent of it shuts from current philips speaking exclusively to. vice president biden explained why. we think that the purchase of almost eight percent of shares is enough to reduce the tension on the market and to assure that. if the company is interested in increasing its free flow. on the market. we are also looking at listing on one of the asian markets in the future i think it's enough to ensure future stable and reliable company

chinese manufacturing data has given us move to invent investor sentiment and better than expected g.d.p. growth in australia the biggest supply of oil into china has also had a positive effect and the. european stocks are mixed in early trading weakness in technology stocks is dragging on the foot but basic materials are on the rise. of russian markets a fact of positive on the first trading day of september here in moscow marshall gains on the my sex being led by energy named after but it's tracking the south down around a third of a percent look russia's second largest oil producer has announced net income for the second quarter fell sixteen percent to two billion dollars despite a strong rise in revenues the company says it was hit by taxes and costs which rise faster than the price of crude oil separately the company says it does not intend to buy back the entire eleven point six percent of its shares from conto conoco phillips speaking exclusively to business r.t. vice president you need explained why. if we think that the purchase of almost eight percent of. the tension on the market and

chinese manufacturing data has given us more clues to invest a sentiment better than expected g.d.p. growth in australia at the biggest supply of volume to china has also had a positive effect in the region. the russian markets finished tuesday fashion in the red but energy stocks have fallen into the close and telecom continued its winning streak from monday the only view chip gaining more than three and a half percent. russia's second largest oil producer has announced net income for the second quarter fell sixteen percent to two billion dollars that's just quite a strong rise in revenues the company says it was hit by taxes and costs which rise faster than the price of crude oil separately the company says it does not intend to buy back the entire eleven point six percent of its shares from current owner conoco phillips speaking exclusively to business r.t. vice president need for dune explains why. if we think that the purchase of eight percent of. the tension on the market and. the company is interested in increasing its free flow. on the market. we're also looking at listing the asian

states i'm just not seeing it what i'm seeing is that we've had three quarters in a row of positive g.d.p. growth where we're forecasting very slow economic growth about one to one point four percent for the rest of the year in the bond market and the real problem here is that we've lost eight point four million jobs since december two thousand and seven and what we're not getting is enough new jobs heat about three hundred thousand jobs a month in order to revive the economy and my basic theme is that america has a great fundamental strength which is the ability to commercialize ideas intellectual property and we saw that really created lots of jobs in the sixty's seventy's eighty's and ninety's we had a las decade under george w. bush and now we have an opportunity to revive that innovation engine and i here if i didn't play here i think it's. gone days are gone in the united states everything has been outsourced mentioned at the beginning to asia and to other countries even that the jobs that are being created in the united states are call center jobs because the wages in india have become too

almost one-fifth of our total animals and animal husbandry and we do still have about almost 8% of g.d.p. growth for this year we are anticipating. and the estimates for next five years we are going to have... we are expected to have growth about 10% per annum. >> rose: so double digits next year? >> yes, double digits for next year. >> rose: give us a sense of where the market is for the minerals you have in mongolia. >> we have a lot of mineral resources and we are already number four exporter of coal to china. number four. we are with existing copper plant producer, we are quite serious exporter of copper to china and another major project, the copper gold project, we would easily double and triple this export to china so i think there are huge potentials and there is a big project, a big coal deposit, and if that comes true, i think we will be probably one of the serious exporters of copper and coal and gold to china. on top of that we have new commodities to export to china. iron other. and we do have some prospects to oil and gas and quite serious reserves of uranium. the important thing i

were they allowed to expire would have a very significant detrimental effect on employment and g.d.p. growthhe report, if the tax cuts expire. so this is not about rich or poor. but what do we want to do now in the recovery which is hesitant where we have risk of a double dip. there are arguments of fairness, arguments of fiscal responsibility. those are good arguments. >>neil: now is not the time, right? >>guest: right, not the time to roll the dice on 770,000 jobs lost. >>neil: on this issue, do you believe congress will take action on the bush tax cuts before the midterm elections and 22 percent think you will; but 74 percent say you will not. so, what do you make of that? >>guest: well, one way or another we will take a decision. either do nothing, and all the tax cuts expire which is economically devastating to this country because then the middle class tax cuts expire. or we will act to allow some to expire or extend them all. the point is the economics are clear on this. whether it happens before or after the election the key is something happen to extend this so we do not lose out. >

we recovered 70% of our g.d.p. growth, germany 60, japan 50, the u.k. 30. but that's not enough to get people back to work. and everybody is still spooked. banks have $1.8 trillion in cash now. the financial system was saved. that cash is uncommitted to loans and then it takes a long time to start these new jobs. the stimulus bill did not fail, but only a third of the stimulus was devoted to creating new jobs and she it's going to have a big impact but there's a long lag time. then the final problem is we haven't-- we went, in the last decade, we dropped from first to 12th in the world in the percent annual of our people with college degrees at the time where the difference between people with a college education and without it got bigger-- that is, the unemployment rate, the chart in all the press yesterday, the unemployment rate among noncollege graduate is at 11 exprs it's right at 4 for those who have degrees. for the first time now, we've got posted job openings in america going up twice as fast as new hires. if we were just filling those jobs with ski

despite democrats adding almost $3 trillion to on the the national debt the last two years, g.d.p. growth the record and it's better than we inherited. we inherited four quarters of declining growth, about 12% declining growth over the previous four quarters, including the first quarter of 2009, which i think is correct to attribute to the bush administration. we've brought it out and we're gaining jobs. almost 700,000 jobs year alone. clearly, the deficit is a terrific problem that we've got to face. why did we have that deficit? about 90% of it comes from the economic recession. bush policies that were not paid for. the two wars -- >> chris: unemployment has gone up since you came in office by 3 million people and unemployment is 9.6%. >> we lost 3.8 million the year before we got into office. so we were in a deep hole. and in fact, of course, jobs went, unemployment went up 83% under the bush administration. and has gone up 26% under the obama administration. so, yes, but we've gone in positive numbers -- >> chris: 15 million people are out of work, sir. >> absolutely. it's a real prob

g.d.p. goes by five percent it means the growth of cargo traffic will be twelve to thirteen percent next year. which is major gas producer gas from the start the construction of a new gas pipeline to china next year gas problems deputy c.e.o. said the two sides move closer to agreement on the basic price of president believes we said state visit to china they also agreed on the new terms for gas shipments to china including the road gas quality and the bio points of the pipeline earlier this week gas from agreed to supply thirty billion cubic meters of gas annually to china over thirty years starting from two thousand and fifteen. that they're in love the only valid reason for gazprom to provide a small volume with a large discount is to claim its share of the local market leader of the company and we hope to decrease the discovery and through a change in the pricing mechanism if need for russian gas rises in china in general a long term sale of thirty billion cubic meters of gas for a price that may turn out to be lower than in the domestic market lukes on reasonable. that's all the years we

and went to work to try to turn that around so that we have positive g.d.p. growth, so that we have grown about 800,000 jobs. that means we are at a nearly three million job turnaround. is that good enough for those looking for a job in our country and want to have the dignity that a job brings? no. there's a lot more to do, but are we moving in the right direction from what we inherited? absolutely. >> it wouldn't have been necessary to spend 18 months on health care if we had a genuine bipartisan outreach by the white house. rinstead, we saw with 60 votes they thought they could pass their own bill without negotiating without any sort of compromise. and what we got in the process is not a health care bill which actually bends the cost curve down but rather one that makes it worse and creates new financial burdens for employers. one reason why they're uncertain about hiring people and expanding their business. one that took a half a trillion dollars out of medicare, which is already another currently fiscally unsustainable program, one that actually raises premiums

growth expectations for this sector? are there any? >> it is not going to be a sector that grows the top line at g.d.p. or above for the foreseeable future. but this is a company that can -- an industry that can generate a fair amount of earnings growth in the low-growth economic environment. so with 1% revenue growth, telecom companies can generally knock out 3 3 plus percent earnings growth. >> tom: one of your top picks in sprint, which doesn't necessarily feed into the dividend play because it doesn't play shareholders, but it is a turnaround story, up 17%. what's the next catalyst? >> i think we've got a couple of catalysts ahead of us. it is our top pick and the sector. despite the fact that you're right, it doesn't fit in with our macro view of the economy. the catalyst coming up, we've just seen subscriber growth for the first time in three and a half years. it will generate into revenue growth, which will translate into very significant ebida growth. and as you go from a declining business to a growing business, we think the business starts to get an appreciably different multiple than it has g

g.d.p. . zero deficit judging by the changes that happened this year it could happen quickly first of all to balance the budget we're counting on economic growth it's quality but we need not just the revenues from material it's. time now to have a look at the markets and here in moscow the forces the close the day session and narrow range follows lost his earlier in the day along with trends on the global markets as worries and grew over the pace of economic recovery energy majors were the main driver. bucking the trend though with bad banks close up nine percent. now the world bank's private sector lending international finance corporation is to buy a fifteen percent stake in a creative financial one hundred million dollars ahead of its i.p.o. accreting is an emerging its commercial and investment banks into a single lender for a potential i.p.o. thousand and twelve for a. courage plans to raise three hundred seventy five million dollars to fund expansion and acquisitions i.f.c. already owns a quarter of one of a creek major shareholders patrolled skate and also invested two point four billion dollars in russia its second biggest investment w