you have a stronger push on the upside with regard to the general economy, but a stronger push to general inflation. liz: keith, i'll start with you. to the traders. the second before the statement is released with be i write down where the markets were. the report comes out. no rate hike. dow moves higher. we can show an intraday chart. same with the nasdaq and s&p. i'm hearing the word "solid," it sounded a lot stronger than expected. the market wants to know there's going to be quantitative easing, and i thought, that's not doveish. tell me what the traders were thinking. >> exactly the same thing as john is pointing out. i think most people, including myself, were thinking that september earliest for the rate hike. despite the noise of the statements made in earlier months. sure there was the word "solid" there was the word "strong" when you talk about job growth. but also patient. patient implies that it will be at least two more policy meetings before they would even contempt raising rates. that will take us to june for sure. we're juggling balls of confusion right now, it seems, an

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort. >> but his idea for fostering that economy is a political. big tax hikes over 10 years on

or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort? [ applause ] >> well, that sounded like

or will we commit ourselves to an economy that generates rising

or will we commit ourselves to an economy that generates rising incomes and chances for everyone who marks the effort? the list of economic proposals alone was long.

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort.

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates rising incomes and chances for everyone that

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates income and chances for everyone who makes

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort. (applause). >> americans have been hurting but when we demanded solutions

or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort. >> but the report that stunned

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates rising incomes and chances for everyone that makes the effort. >> now on foreign policy the president is vowing to continue

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generates rising incomes

accept an economy where only a few of us do spectacularly well or commit our receivers to an economy that generates rising in comes and chance for everyone who makes the effort? >> the president's trip to red states idaho and kansas only underscored the irony for a skeptical republican-led congress, which has repeatedly

where we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort.

or commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort? >> for the first time since 2001, the state of the union address included no mention of the worlds "al qaeda."

or commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort?

really the first time some elasticity in demand of health care related to the general economy.or to that time, health care grew at a pretty consistent rate of 4 or 5 or 6%. what we don't know is there's a lot of enemployed peopunemploye. they weren't insured. we're seeing some of those utilizations such as hospitalizations and primary care physicians come back some, but it still hasn't returned to the prerecession levels. >> there's more taxes now for you guys. what do you expect to happen with the device tax? >> we have been a support of health care reform from the very beginning, particularly when it comes to getting patients more access. the fact that today we have more than 10 million people likely that have insurance that didn't have it and are getting access to care we think is a great thing. but it's still early days. we know for certain now we're going to have to think about how are we going to ensure that we have not only high quality but also high value healthcare going forward. >> let's talk a little bit about the conference and the big themes you're seeing here. we'

or will we commit ourselves to an economy that generates rising

where we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort. [applause] >> obama said he wants to raise taxes on the wealthy raising the

or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort? [ applause ] >> well, that sounded like democratic applause coming from one half of the room there. the former secretary of state showed her support for the man

or will we commit ourselves to an economy that generates rising incomes and chances for everyone who makes the effort? [applause]

yes, the general economy is getting a bit better. thanks to the falling oil prices but that doesn't mean more money for workers. only business expansion where employers need labor need people will drive salaries higher. president obama doesn't seem to understand macroeconomics. and that's why when he says he's looking out for the folks it kind of rings hollow. the president's entitlement jihad if you will cannot replace upward moiblt driven by private sector good jobs. bottom line -- easy to give a speech saying things are great. all presidents do that. the truth is we are not defeating the islamic terrorists and america is not creating enough good-paying jobs to drive wages higher. that's the memo. now for the top story, reaction. former economic adviser now teaches at the university of chicago. i assume you saw the chart today in "wall street journal" showing income dropping under mr. obama's administration. what do you think about that? >> well, yeah. i saw that. thank you for having me back bill. >> sure. >> you know, i saw it wa

whatever happens with the general economy, we know that there are lots of jobs in the energy industry that are at stake and lots of jobs that could be created that will not be created unless the administration is a lot more supportive. neil: do you see them budging on this or holding this out at one less negotiating tact, and then it will accept keystone? >> there is some possibility of that, and we can certainly hope that that's the case. i think the indications have not been positive lately, and he seems to be staking out a perspective to allow him to veto it. and it's a time when oil prices are low, so it's not going to look at bad. >> you are right about that. that is the cover for them right now. gale norton, a pleasure thank you very much. >> thank you. neil: is there too much of a good thing back to the oil prices? when it comes to tumbling gas prices, most of us say no way. real estate pro rick says layoffs in the energy sector continue and all of the businesses that feed into the sector, that continues then the hope for housing boom? boom! that's pretty much your fear, right?

so it's a boon for the general economies, too, when the prices go back up, those states will be muchter put. they'll have to put much less money from the public coffers into subsidies. >> let's take a look at losers, of course. we look at countries that rely very, very heavily on export hef news from oil. we have russia, which was counting on $100 a barrel of oil next year and iran needs $140 a barrel, and venezuela is another big loser. when you look at those countries that depend so heavily on oil exports, which one do you think is poised to be the biggest loser in 2015? >> venezuela. so it's not -- it has to double or triple-wham krimytriple-whammy. it's not just that oil prices are low and that the market is so glutted that there's a lot less nand for venezuelan oil, but it's by far the worst run petro state in the world. so, you know, a lot of people believe that venezuela is headed for a default next year. the market, the bond market puts the chance of a venezuelan default at over 90%. the other states, russia is in a really bad situation, so it's got its companies and banks th

economy for decades to come. i want to talk to you about how for two generations connecticut fell short on transportation. we know that transportation and economic growth are bound together. states that make long-term investments in their infrastructure can have vibrant economies regeneration is. states that don't will struggle. it is that simple. transportation connects as literally a community to community, state to state and nation to nation. it connects us to economic opportunity and connects us to one another. first the good news. thanks to the efforts of so many in this chamber, we have increased support for transportation dramatically. funding is up 65% during the last four years. during this period, more revenue to the transportation fund than ever before. $4.2 billion. and it goes towards supporting transportation. we have long overdue products like waterbury, or placing the walk bridge, and adding new tracks and signals systems between newhaven and hartford. we invested more on transportation than at any time dating back to governor o'neill. it was more progress than connecticut has made in decad

for decades to, what to talk about two generations of transportation we know they are bound together states that make long-term investment can have a vibrant economies for generations it is that simple. of transportation can access to community to community and state to state and nation to nation with economic opportunities into one another. the good news thanks to the efforts of so many here in this chamber we have increased support of jews rotation dramatically. it is up 60% with that special to is rotation fund than ever before with 1.2 billion dollars to make sure the receipt tax goes to transportation and on long overdue process to replace the bridge and have to do systems between new haven. to invest more in his rotation it is more progress that it has made in decades but it is still not enough. we have so much more to do we have more to do because traffic congestion has an extra 42 hours away from your family each year so it is the equivalent of $97 million of lost time is wasted fuel each and every day. all told rode him bridges that our deficient or over the congested cost $2 billion annually. with the additional air pollution and smog our

mid-size companies, we think, will do a lot bet e and they are going to grow faster than the general economy, earnings estimates continue to come down, and we have guidance coming down, and, you know, this dollar is not fully been felt yet, the strengthening dollar. stay in the u.s. lower interest rates, lower energy prices are going to become are a trail. >> it's not the only game in town. it's been the only game in town for a long time, but i like the fact you go surgical right now. the fact the fed is moving out of the picture and stepping to the sidelines is going to make it a lot easier place and easier place to manage money for stock pickers like myself. >> i don't think that'll happen. i think the fed is not going to be out of the picture. they can't -- >> but the stimulus is already stopped. >> the rest of the world is way too sick and -- >> they may not be raising interesting rates, but quantitative easing is over. >> it is. >> that is gone. that is gone. they don't have a reason to raise rates. >> talk about qe35, i mean, the -- >> can we -- >> i never read the book, but we're basi

she talked about the economy. >> reunification is unlikely to happen in the near future. more near-term concerns are that the economic generatingty of south korea, to keep its economy moving forward. it is asia's third-largest economy. in her address, president park made a point to say reforms need to be taken within the government, within the structural side of the economy. policy framework will focus on the public sector labor, finance, industry, and education. she said there need to the new drivers of growth. we are seeing the won move today. >> thank you very much indeed zeb eckert. >> search and rescue teams have found the black box flight recorder from the crashed air asia plane and brought it to the surface. now, the hunt is on for the voice recorder which should reveal what was happening in the cockpit as the plane went down. live now to jakarta. we have been looking for answers for weeks now. we are finally a step closer. >> yes, we are. search and rescue agency has confirmed to have found the black box. it was around five kilometers from where they found the tale of the plane. the search is now focusing on operations

right now, the economy is a bit soft before the reforms command. generallyaking, this is a good time for mexico and the president should be talking about how we make nafta stronger , how do we integrate the supply chains better and how do we cut -- how do we become her competitive? >> what about cuba? >> what about cuba? in terms of getting competitive, i think they've got a lot of things to do before they can even talk about competitiveness. marxism and leninism and competitive is an do not go together. >> thank you so much for joining us. the former secretary chair of commerce. here is more on the snow in washington -- the national weather service is updating the forecast for washington predicting 2-4 inches. many schools are delayed or canceled. it looks more than 2-4 inches. much more ahead -- as congress is getting back to work we will hear from the longtime supporter of the president that the chairman and ceo jim reynolds will be joining me as the next guest host. once deemed a crybaby by his longtime rival carl icahn, bill ackman is no cry baby anymor

for how we're doing as an economy trying to approach some type of escape velocity isn't about doing good relative to history or a run of series of numbers. it's about generally the entire economy benefiting in ways to meet the demand of the economy and we're far from that escape velocity and the real issue is are there better medicines to try to help the growth and the wages and, of course if those two things fall in line i don't think we'll have to worry about what price pressures although the weak currencies abroad it's definitely a dynamic whether you see it in the trade deficit numbers or inventory numbers. you need to pay attention to. >> nicole sinclair what do you make of the market response to this? i don't know if it's a snap back from yesterday or a response to the jobs number but, you know you're the senior stock analyst there. analyze this market that we have had incredible volatility first five, six trading days of the year. >> i think today everyone wants to point to the jobs report. you cited the tragic events in france, of course. we have low oil prices also affecting the market. it was a very strong jobs report and even those areas of slack,

generally speaking, the economy continues to improve. we saw the foc minutes that the fed will be patient. oil looks like it's stabilizing which is you absolutely critical. we've talked about this here, charles. generally speaking, i think the first half of the year is looking pretty good just like we've been saying. >> jerry, i want to talk to you about oil. that was the gift that helped a lot of people out. i call it backward prosperity. you have more money to spend, not the same as wage growth. what is your feel, is this permeating with regular people? >> i think that to some degree it's been very helpful to the small businessman, to the person on the street. i don't know that the price of oil has been low long enough for it to really set into their psyche to say this is something that will be continuing for the rest of the year so things will be great. but when they start getting their heating bills and they're coming in lower, when they start having to go to the gas stations two, three times and the price of gas and lower and lower,

generally speaking nominal stock prices goes up. i think it will be good for european stocks. the european economy, we'll have to see. >> we saw that here in our own stock market in the last few years. mark let's talk to investors for a moment then. where do you see some possible growth here or are you looking for value? would you look to energy yet at this point? >> yeah i think to tee it off on the last point a from a multiasset diversified portfolio, i think europe could be the surprise story, not because the economies are getting better but qe has worked here it's worked in japan from a stock market effect, i think with the currency coming down that's the first place to look. i think energy gets interesting. you move to $55 a barrel that's a 20% move up from here. i got to believe some hedge funds. and it's interesting how speculators got the blame when oil went up so high. they don't get talked about as much as probably being the reasons it's come down so low. i have to believe they're going to start engaging in that trade. that would be a nice move for the year. >> don't you think -- >> peop

or will we commit ourselves to an economy that generates rising incomes and chances for everyone whol also say, quote -- that's what middle-class economics is the idea that this country does best when everyone gets their fair shot everyone does their fair share and everyone plays by the came set of rules. how is that as a political message? >> i think it's important last year i think the president told the congress the theme send me a bill and i'll sign it. this year he's giving them the tactics for do that. these are the prescriptions of the bill i expect to see. these are the ways i expect for us to work together for a common goal and that is to see the whole of america do much better. >> let me ask you this -- and how important is it to set an agenda. >> especially baas we're facing wsh know they are some serious roadblocks ahead so the president needs to be crystal clear. and he also needs to be forceful. i think he also needs to send 9 message to congress if you don't need to -- to the hilt because we cannot sit around and just let congress say no no no. we have two more years l

generally the economies of europe are in trouble on top of which you are muslim you are facing discriminationtalking about enough is that the lack of opportunity allows for this. >> allows for anger and resentment. it is felt in a lot of communities only in some small pockets you have radical clerics or radical clerks that are ready to pounce on that dissatisfaction and sense of angst and turn that into rage and turn that rage into action. on top of everything else and now you have syria and iraq. and you can drive it pretty much through europe and get into syria and get into iraq and train to be a jihadi. >> very very quickly. the number one thing that can be done in the short term. communications. a lot more communications. between mainstream france for instance and the muslim population and there's got to be much much more communication and much less sense of us and them and greater acceptance that they're here they're going to stay and they're part of our community. >> part of us. >> yes. good to have you on. appreciate you joining me this evening. we'll take a quick break. back in a mome

. >> the housing start, the economy in general, consumer confidence and jobs. so if jobs continue to pick up. especially full time employment continues to pick up i t we could get to 17 million in the industry. but remember only about two-thirds of people have full-time jobs. we've turned into kind of a temporary economy. so those are the places you have to look. are people getting hired and are they getting hired into full-time jobs. >> as you pointed out the big emphasis at the detroit auto show was ab electric vehicle. all coming at a time when gas prices are drouping dro p dramatically. is this just another case of bad timing. >> look, thach make these plans months if not years in advance in terms of the vehicles they have in the planning process and they are going to roll out here. so you can't just hit the brakes once you see gas prices plunge. but it is there are becky, as much as we saw about the discussion of the electric vehicles a outshow because of the bolt and the bolt. we also saw the return of power cars. muscle cars. look at the ford gf, the acu

economy. so this is a sign that things may be slowing down not only in europe but generally. >> caterpillar and other companies that do a lot of their business outside the united states are finding their products more expensive to sell. if earnings suffer well you know what happens to stock prices. likewise for big retailers selling not only overseas but to tourists who are suddenly finding it more expensive to buy here. think macy's abercrombie & fitch, and tiffany, which noted back in november that foreign tourist spending in the third quarter of 2014 was flat compared to the year before. so what happens next? if as most people think, the fed begins to raise interest rates later this year the dollar may get more expensive, but there may be a bright side. cheaper imports here in the united s falling oil is holding down prices at the gas pump and other cheap imports could mean low inflation numbers. if that in turn becomes a stimulus for exporters like china, japan and especially europe it could be a good thing for the global economy. >> where does the global economy need demand? it needs deman

an economy where only a few of us do spectacularly well or will we commit ourselves to an economy that generatess the effort. >> but his idea for fostering that economy is a political. big tax hikes over 10 years on capital gains estates and corporations. $320 billion in all. for his newly empowered opposition it's a bridge too far. iowa freshman senator joni ernst delivered the republican response. >> we'll propose ideas that aim to cut wasteful spending and balance the budget. with many reforms not higher taxes like the president has proposed. >> while most topics the president touched on tuesday night will be hashed out in the congress, others will be determined outside of washington. most notably the state of race relations and the growing tension between law enforcement and citizens. >> we may have different takes on the events of ferguson and new york but surely we can understand a father who fears his son can't walk home without being harassed and surely we can understand the wife who won't rest until the police officer she married walks through the front door at the end of his shift. tha

>> the three elements that go into car sales, housing starts, the economy in general, consumer confidence and jobs. if jobs continue to pick up, especially full-time employment continues to pick up, i thnk we could get to 17 million in the industry but you have to remember that only about two thirds of people have full-time jobs. we've turned into kind of a temporary economy. those are the places you have to look. are people getting hired and are they getting hired into full-time jobs? >> as you pointed out in the package. the big emphasis was on electric vehicles all coming at a time when gas prices are dropping dramatically. do you think it's another case of bad timing by detroit? >> they make these plans months, if not years in advance in terms of the vehicles they are having the planning process and roll out at these auto shows. you can't just hit the brakes once you see gas prices plunge. but it is also interesting, becky, as much as we saw discussion about electric vehicles at the show, primary because of the volt and bolt, we saw the return of power cars, muscle cars. you look at t