and jared wins this wrestling match. we spoke to jared and his father, phil.n this wrestling match. how did that feel? >> it was like i was finding wins. >> were you nervous for your son? >> we're fairly supportive of him. jared's healthy. he was nervous going out there. first time, right? >> yeah. the guy was not playing around. >> how did jared end up wrestling to begin with? >> at first i wanted to help. and then i thought maybe they would let me. >> he asked could he get on the mat. they look at me. i'm like, put him out there. >> phil, did you get to talk to justin, the other wrestler? >> i went over to tell him thank you. what's interesting is that first time they met when they shook hands on the mat. it's amazing. i went over there, asked the coach, tell me the player with the biggest heart. the coach picked him out. >> we wanted to find out more about justin. "right this minute" via skype we have justin and his father, craig. welcome to the show, guys. justin what was that like for you? >> well, i just went to wrestle him and i chose to do the right th

that is the question of the day, isn't it, jared. the ceiling debate, the u.s. set to hit that $16 trillion limit on borrowing in the next month if we haven't hit it yet. let's take a listen to what president obama had to say about the potential battle looming in congress. >> markets could go haywire, interest rates would spike for anybody who borrows money. every homeowner with a mortgage, every student with a college loan, every small business own whole wants to grow and hire. >> jared, how does this play out? >> well, we're beginning to hear lots of sounds from republicans that we're in a compromising mode than we heard, say, a week ago. right now they're talking about perhaps an increase in the debt ceiling that lasts for a couple of months, that is offering that to the president. frankly, and russ say agree with me here, i don't think markets would react to -- very approvingly to basically just another lurch from crisis to crisis. it wasn't too long ago that, maria, you and i were sitting in these chairs talking about the fiscal cliff. now the debt ceiling.

joining us now, jared bernstein and former chief economist to vice president biden. investment strategist with blackrock. thank you so much for joining us. >> thanks for inviting us. >> thank you. >> russ, let me kick it off with you. friday, a pretty good rally. is this rally for real? do you think it's sustainable going forward as we continue through this earnings period? >> i think in the short term it is. i think we're probably going to hit a road bump in february. the reason i say that is we've got a lot of flows coming into the market early in the year. people are nervous in december. they're coming back into stocks. that's a good thing over the longer term. we do have some issues coming up. the debt ceiling, obviously one of them. the second question is as we start to get january's economic data, how big of a hit do we have from the tax increases, the expiration, the payroll tax hold darks and what do those numbers, which may be a bit on the soft side, do to stocks? >> absolutely. that is the question of the day, isn't it, jared? the debt ceiling debate, the u

but secondly, the hypocrisy, and jared is right about this, is extraordinary.here did most of this debt come from? it came from bush's two unfunded wars, from an unfunded medicare prescription drug benefit, from the decision that -- the set of decisions that led to the bush economic collapse in 2008. if you put all that together, that's responsible for most of this debt. and by the way, the people who are now talking about spending cuts and we really have to reduce the size of government were the folks who brought us all that. >> but are you saying that as a political matter they're aware of the concern that exists among their constituents, people who call a talk radio program like mine, and they are using that as a subterfuge to get to what they really desire, which is to reduce the size of government? >> oh, sure, and, look, the reason that they talk about, quote, unquote, entitlement reform but the leadership itself at least will not put out specific proposals is because what they want to do is very unpopular even with constituents in very deep red districts

i would add to what jared said. the third goal of the republicans is privatizing these programs and putting that money back in the hands of the insurance companies in the case of medicare and investment companies in the case of social security. so they really have three goals here. and they play us all against each other to get those goals accomplished for their wealthy benefactors. but i'm thinking it may not work this time. >> we'll stay tuned to watch this one. thank you b both for your time tonight. >> you're welcome. >> thanks, reverend al. >>> ahead, president obama charges into his second term with a big agenda and surging confidence. so what can he get done? and we have a big announcement about his inauguration plans. >>> plus politicians who do unpopular things become unpopular. but speaker boehner is hitting records in this department. wait until you hear just how low boehner can go. the american people have a surprise for him. >>> taking control on the two-year anniversary of gabby giffords' shooting, the

is this the beginning of something bigger out there jared? > > you know angie, the past couple of days have really been more sideways than anything. markets are trying to figure out where they go from here, and the answer lies in earnings. we are going to talk about a couple of them in just a second, but i think, coming out of q3, q4 expectations have come down, but that is going to be the market's telltale signal, and to be honest, i just think that we are in sort of a muddle-through period here, until we start to see those earnings - or, until we see some more action from the fiscal cliff negotiations that still are lingering. > what happens at financial firms with these earnings could tell us a lot about the market as you indicate. what about wells fargo, which comes out with earnings on friday? that is a stock you were watching. > > tomorrow's earnings report from wells fargo is going to be key, not just because wells fargo is part of the financial sector, which is expected to lead this season, but more importantly, wells fargo is the lar

how many rounds did jared loughner fire off before he was tackled? >> what's your point? >> how many rounds had he fired off? >> i'm not sure. i don't remember. >> 31. >> okay. >> he was actually tackled because he was reloading. >> we should be trying to stop crazy people and criminals, martin, from shooting one person, not ten-plus one person which all is accomplished when you ban high capacity magazines. that's all that's accomplished. >> okay. thank you very much. good afternoon. it's tuesday, january the 15th, and the pressure is on the white house, congress, and the nation to take action and prevent another slaughter of innocent children. ♪ ♪ >> our hearts are broken. our spirit is not. this is our promise h the sandy hook promise. >> if there is a step we can take that will save even one child from what happened in newtown, we should take that step. >> my dad would always say ben is going to do amazing things, and i always say now i just didn't know it was going to be in his death. i thought it was going to be in his life. ♪ under pressure, pressure >> we begin as

jared, thanks for coming on the program. you know, as i just mentioned there, there are a lot of people who have different views on timothy geithner. some people say he was too easy on wall street. he wasn't tough enough on the banks. when the history books books are written, what do you think they're going to say about timothy geithner? >> well, look, it's often the case when you have people attacking from the left and right that you may have found a sweet spot in the middle. and i think the story is kind of one that's in the middle. i think when the history books are written, they're going to look at the measures that secretary geithner preside over as critical to inflating the financial sector when it was really poised to take down not just our economy but global economies. if you actually look at the money expended to do so it came in far far less than originally projected. geithner managed to replate the system on the cheap. the housing market is now finally crawling off the bottom. but it's getting better. but it took

jared, thanks for coming on the program. you know, as i just mentioned there, there are a lot of people who have different views on timothy geithner. some people say he was too easy on wall street. he wasn't tough enough on the banks. when the history book books are written, what do you think they're going to say about timothy geithner? >> well, look, it's often the case when you have people attacking from the left and right that you may have found a sweet spot in the middle. and i think the story is kind of one that's in the middle. i think when the history books are written, they're going to look at the measures that secretary geithner preside over as critical to inflating the financial sector when it was really poised to take down not just our economy but global economies. if you actually look at the money expended to do so it came in far, far less than originally projected. geithner managed to replate the system on the cheap. the housing market is now finally crawling off the bottom. but it's getting better. but it took

jared diamond, the book is "the world until yesterday." we'll Ê<

please welcome jared diamond. [cheers and applause] good to see you again. a geography profession error at ucla, a macarthur genius award winner, a pull lighter prize winner for your book "guns, germs and steel." your new book is called "the world until yesterday: what can we learn from traditional societies." what can we learn? by traditional do you mean a man married to a woman, 2 had the 4 kids, white picket fence in the suburbs as god intends? >> i mean something different by traditional society, i mean the societies that were all societies around the world until relatively recently when population grew. >> stephen: what do you mean recently? >> first state government was 5400 years ago in the fertile crescent and in large parts of united states, rural areas we're living largely traditional today. >> stephen: there are parts of united states that live as we lived 5,000 years? >> there are parts of the united states where some things. >> we went to montana we spend our vacation. if there's an argument between neighboring ranchers they don't call in lawyer

if there had been somebody with a gun there in that parking lot with jared loughner -- >> there was. there was somebody with a gun, other than jared loughner. >> he says there was a man nearby who had a gun in his pocket. but almost accidentally shot the hero. >> nearly shot the man who took down jared loughner, by a good guy with a gun. >> and two years after jared loughner opened fire, it is still a kind of miracle that congresswoman giffords survived. a bullet had torn a tunnel through her brain. >> yeah, that's it. that's a thumb. >> we saw her incredible spirit, her indestructible will and the recovery, moving so fast, doctors were amazed at the pace. today, she says she is still making gains, but every one is hard-fought. it's been a long two years? >> oh -- so slowly. so slowly. >> tell me the happiest part of your lives these days. >> family. >> and the hardest part? >> every day, i don't like it all. i don't like it all. i'm sad. light, awful. >> she is trying to say because of her injury, she has trouble seeing on the right side. she only has peripheral vision on her left.

jared, stop. we have not cut anything.he record, there is a promise -- budget control act says we promise honest really like never before that in 2018 we'll spend less. it will never happen. it's not a cut. it hasn't happened. >> it's a cut relative -- >> be honest about that. >> let me hear from my libertarian friend. peter, what would you have us do? >> the biggest worry about the sequester is it won't take effect. if you can get spending cuts you can get some spending cuts. i say let's do it. they may not be the ideal spending cuts, but let's take them and focus on policies to get the private sector -- >> absolutely. >> the reason -- >> larry, please. >> tutor doug and jared. what you just said is so spot-on, peter. i'm so proud. you have definitely already won the nobel prize tonight. go ahead, jerry. >> the reason the economy contracted in the fourth quarter of last year was because defense spending went down so far. the reason everybody was wound up about the fiscal cliff was too quickly cuts in deficit jam us into r

welcome to both of you. >> thanks, karen. >> okay, jared.w i like to come to you with these kinds of things. say what? it's good but it's bad? explain that one to me. >> well, sure. i mean, i already knew we were growing slowly. in fact, i'd say too slowly. i didn't think the economy was actually contracting before yesterday's report for the fourth quarter of last year. and i still don't think it's contracting. i think there were anomalies in this report. you mentioned the defense spending. there may have -- that may have something to do with looming sequestration if defense department officials decide we're not going to take on a new investment because we may be facing another $45 billion in cuts this year. the inventory accumulation, i don't want our listeners to start changing channels. >> i was going to say watch out. >> sorry. that's very volatile. my point is this, if you look at the year-over-year measure of gdp growth which is good to do in a situation like this, 1.5%. now, that's below trend and it's too slow to really knock the une

then jared and jim will respond. i'm not thrilled with the deal, but next up i'll tell you why. [ male announcer ] where do you turn for legal matters? at legalzoom, we've created a better place to handle your legal needs. maybe you have questions about incorporating a business you'd like to start. or questions about protecting your family with a will or living trust. and you'd like to find the right attorney to help guide you along, answer any questions and offer advice. with an "a" rating from the better business bureau legalzoom helps you get personalized and affordable legal protection. in most states, a legal plan attorney is available with every personalized document to answer any questions. get started at legalzoom.com today. and now you're protected. [ female announcer ] today, jason is here to volunteer to help those in need. when a twinge of back pain surprises him. morning starts in high spirits, but there's a growing pain in his lower back. as lines grow longer, his pain continues to linger. but after a l

you will only find these styles at jared. diamonds, they're anything...but vanilla. that's why he went to jared... the galleria of jewelry. so will bounty select-a-size. it's the smaller powerful sheet. look! one select-a-size sheet of bounty is 50% more absorbent than a full size sheet of the leading ordinary brand. use less, with bounty select-a-size. she can't always move the way she wants. now you can. with stayfree ultra thins. flexible layers move with your body while thermocontrol wicks moisture away. keep moving. stayfree. >>> updating the top stories. defense secretary nominee, chuck hagel, faces some tough questions today before a senate committee. a handful of republican senators have already come out against his nomination. >>> in alabama, prayers for a 5-year-old boy being held by an elderly man in an underground bunker. they've been there since tuesday afternoon, after the man allegedly killed the boy's bus driver. >>> the east coast is getting battered this morning as wet and windy weather moves in from the car

you will only find these styles at jared. diamonds, they're anything...but vanilla. that's why he went to jared... the galleria of jewelry. so will bounty select-a-size. it's the smaller powerful sheet. look! one select-a-size sheet of bounty is 50% more absorbent than a full size sheet of the leading ordinary brand. use less, with bounty select-a-size. she can't always move the way she wants. now you can. with stayfree ultra thins. flexible layers move with your body while thermocontrol wicks moisture away. keep moving. stayfree. >> live from the kgo-tv broadcast center this is abc7 news this. we have the bay lights display being tested again this morning, so off to a gorgeous start. i am kristen sze. >> i am eric thomas. >> that is the gorgeous part of the commute but no so pretty in south bay. >> sig-alert in sunnyvale. sue? >> good morning, everyone. fuel spilled on the road beyond fair oaks northbound wrote we only one lane, the right lane is getting by. c.h.p. may have to close that off. a big rig hit the median. there

joining us is jonathan alter and jared bernstein. welcome to you both.n, we've seen speaker boehner's power getting weaker and weaker. is paul ryan now the de facto head of the gop? >> well, you know, actually, martin, i think he has been much more influential than people realize -- >> because he's been quite quiet publicly. >> going back to 2011. he has so much respect within that republican caucus. he's the guy who killed simpson/bowl simpson/bowles. he was on the simpson/bowles commission and wasn't willing to have any revenue increases. his fingerprints were not on it. and then when it came to the grand bargain, he told john boehner wait until the election. don't do this deal. so this is more of the same from him in his own relatively quiet way because he is much more intelligent than a lot of the other members. he does wield a lot of influence. what he's trying to do here is not just kick the can down the road but to kind of institution institutionalize basically a water torture for the country where we would be going through this potentially month

but the reality is, jared, they're not insurance funds.ance funds are geared to pay for themselves through premium adjustments and other means. we're going to have to put tens of trillions of dollars to fix medicare and some of that to do social security. and that means it's not insurance, it's a transfer payment. it's just another government dependency transfer payment. that's what bothers me about this. >> i understand but you're painting with much too broad a stroke. you're right about private insurance but these are social programs. today's generation pays for the retirement benefits of the generation that preceded it. where eberstadt's numbers are completely -- as my grandmother would say, he completely lumps in the national cost problem. it's worse in the private sector than the public. social security costs are manageable. if we don't manage the medicare pressures, we'll -- >> that's a perfect example. we're going to have a health care system where we're going to be sending checks to buy health care insurance for families making alm

jared bernstein worked with him in the white house as the economic adviser to vice president biden. juliana goldman has long reported on his role as white house reporter for "bloomberg news." juliana, you describe jack lew as the president's consummate aide. what did you mean by that? >> he's one of the president's most trugsed advisors, he encapsulates the idea of no drama obama. he's a tough negotiator, he's pragmatic and he's been around washington, as we've just heard, for the last 40 some years. he's one of the preeminent budget experts in this town and has had a street at the table for some of the biggest budget fights over the last three decades. so the president wanted to have somebody at the treasury who he was very close to and who was going to be armed for the fiscal fights ahead. >> woodruff: you at one point in your profile today, you quote david plouffe, the senior advisor to the president saying lew has a quiet ferocity to him. and you cite an incident during the 2011 debt limit fight with the republicans. >> that's right. it was sort of the 11th hour of negotiations

. >> joining us now is jared bernstein, senior fellow at the center on budget and policy priorities andcome, sir. >> thank you. >> mr. ryan's original 30-year plan, as you know, jared, was balanced on the backs of the poor and the jobless. are you able to estimate for our viewers how catastrophic his new ten-year budget is likely to be for low-income workers, the disabled, the poor, and those currently unemployed? >> i think i can, and i think we start exactly where you did. the budget that the house now supports, the paul ryan budget, is a budget that doesn't balance until 2040, but it's a budget that takes trillions of dollars from low-income programs and funnels them to wealthy people along the way kicking tens of millions off the public insurance rolls, raising the eligibility age of medicare, bloc granting medicaid food assistance, cutting educational programs. that's the one that balances in 2040. so what do you think a budget that balances in ten years from now is going to look like compared to that? obviously much worse. we're talking about cuts of up to 37% in government servic

jared, why not? does it oversimplify is it t? why wouldn't that work? >> yeah, i found that to be oversimplifying and misleading. well, first of all, families and the government are different in a very important and actually keynesian way. when families are tightening their belts because of recession, the government needs to loosen its belt with fiscal stimulus to offset the demand contraction, but it has to be temporary. it has to go back the other way around. when families are doing bert and loosening the belt, the government has to tighten its belt so that deficits are declining when the economy is truly expanding. now, we didn't see enough of that in the bush years, actually saw it in the clinton years. i'm very much against what's called a structural budget deficit, a budget deficit that grows when the economy is at full employment, but i'm very much a cyclical budget deficit that grows when the economy needs that kind of temporary fiscal stimulus. >> katherine, what's your criticism of that analysis? >> listen, of course, it's an oversimplificatio

jared bernstein worked with him in the white house as the economic adviser to vice president biden.uliana goldman has long reported on his role as white house reporter for "bloomberg news." juliana, you describe jack lew as the president's consummate aide. what did you mean by that? >> he's one of the president's most trugsed advisors, he encapsulates the idea of no drama obama. he's a tough negotiator he's pragmatic and he's been around washington, as we've just heard for the last 40 some years. he's one of the preeminent budget experts in this town and has had a street at the table for some of the biggest budget fights over the last three decades. so the president wanted to have somebody at the treasury who he was very close to and who was going to be armed for the fiscal fights ahead. >> woodruff: you at one point in your profile today, you quote david plouffe, the senior advisor to the president saying lew has a quiet ferocity to him. and you cite an incident during the 2011 debt limit fight with the republicans. >> that's right. it was sort of the 11th hour of negotiations and

you will only find these styles at jared.... the galleria of jewelry. that's why he went to jared... ♪ until the sun comes up ♪ over santa monica boulevard and we're back! [ cheers and applause ] thank you. i am the opposite of jimmy kimmel, matt damon. and that was my band leader, sheryl crow, who sounds great. [ cheers and applause ] damon: now, do you have any new music coming out? yeah, i'm working on something -- a new single coming out pretty soon. really? yeah, yeah. has anyone heard it yet? no, i'm still working on it, but i think i'm gonna have it done by the end of the show. so, then, maybe you'd consider doing the world premiere here on the show tonight? yeah, well, under normal circumstances, no. but since you're hosting, yeah, yeah. perfect. that's fantastic. now i'm excited. okay, great. um, and speaking of me being excited, i'm very excited to talk to my next guest. she dated jimmy kimmel for five years and made love to me for two incredible minutes. please say hello to sarah silverman. [ cheers and applause ]

jared bernstein is with us. do don baer is with us. ideal and how, where, and why government fits into that ideal, making an aggressive case here, touching everything from entitlements to obliquely security issues, climate change. >> income inequality. >> i think you're exactly right when you talk about the role of government, and it reminded me of the debate rehad in the election, in the campaign where one side, the victors in this case, argued for a much more pronounced role for government. and the president hit back on this theme of we're in this together, you can't go it alone, which he's actually highlighted back since 2008. >> but, don, do you think that the way that the president ticked off his own priorities and cast them as the will of the american people, how do you think republicans are likely to receive that and are they going to see that as another in-your-face challenge by this president? >> i think they're going to see it as a refutation or an attempted refutation of their philosophy. i heard three things in this speech.

and it is not, as jared said, an ideal deal. look, i'm more in your camp here, lawrence, i think the deal was actually pretty good. i think the key point about this deal is they pocketed about $36 billion of revenue and didn't really give up a dollar in spending. they didn't give up a dollar in anything. what is going to ultimately decide whether or not they got a good deal though is what comes next. here is what republicans believe will happen, we'll hit the debt ceiling, the republicans will threaten to push the country into debt ceiling, unless the republicans allow enormous cuts. and no tax increases. so in the end you will have enormous spending cuts and increases in taxes. the republicans say no way, they will not be held hostage on the debt ceiling. and if republicans want cuts coming up, they have to off set it with tax increases. and if the white house is right about it, then i think we'll look back, add up all the numbers and it will look like a pretty good deal. with one exception, we're losing the stimulus and not re

you will only find these styles at jared.galleria of jewelry. that's why♪ e went to jared... ♪ if loving you is wrong ♪ i don't wanna be right [ record scratch ] what?! it's not bad for you. it just tastes that way. [ female announcer ] honey nut cheerios cereal -- heart-healthy, whole grain oats. you can't go wrong loving it. bee happy. bee healthy. with clusters of flakes and o's. oh, ho ho... it's the honey sweetness. i...i mean, you...love. ♪ until the sun comes up ♪ over santa monica boulevard and we're back! [ cheers and applause ] thank you. i am the opposite of jimmy kimmel, matt damon. and that was my band leader, sheryl crow, who sounds great. [ cheers and applause ] damon: now, do you have any new music coming out? yeah, i'm working on something -- a new single coming out pretty soon. really? yeah, yeah. has anyone heard it yet? no, i'm still working on it, but i think i'm gonna have it done by the end of the show. so, then, maybe you'd consider doing the world premiere here on the show tonight? yeah, well, under n

. >> reporter: i'm joined now live by senior nfl writer for usa today jared bell.wis thing kind of interesting and really no surprise something like this comes up during super bowl when all the media is here, but what's your take on it? >> reporter: it's always something. it's kind of ironic because when you think of ray lewis' legacy there's this shroud of mystery around him and i think a lot of that goes to that murder scene in atlanta a few years ago. it's kind of eerie in that he's going out right now and then there's something else to deal with, but hey, this deer antler extract thing has ever -- >> reporter: have you ever heard of it? >> reporter: not until yesterday. >> reporter: i hadn't either. >> reporter: supposedly it  promotes healing. there's an entire underworld out there with people doing things we don't know that are illegal, but the one thing i would like to add is i don't think it's something that he actually tests for. so he hasn't failed a drug test for that per se, but it is on the banned substance list. there are things on that list they ju

and so that need to reload after seven bullets, if jared loughner had to do that in tucson, arizona, fewer people would have been shot and killed there. >> right, and i think there is a provision if there is somebody in your home who has mental illness, you would have to have the gun locked up. look, there are a number of provisions that governor cuomo and the legislature put in place, that is a model. the nra wouldn't like that, they have a different motto, the stand your ground laws. i think there are a lot of th g things -- i want to say two things, on this fake argument over the assault weapons ban, what is an assault weapon? i mean, i talked to somebody who is a special forces officer who is deploying to afghanistan. this is a guy in iraq, afghanistan, like knows a thing or two about this. and he said no, that is the kind of gun, a civilian version of the kind of gun we carry in war. you had general stanley mcchrystal, i think i'll take their words over rush limbaugh and crazy people on line who don't actually know what they're talking about. >> now, joy reid to this very sick t

jonathan alter and jared bernstein, i wish we had more time.hank you. >>> coming up, a memo to mitt romney. the car guy. >> i drive a mustang and a chevy pickup truck. ann drives a couple of cadillacs actually. with the spark cash card from capital one, olaf gets great rewards for his small business! pizza! [ garth ] olaf's small business earns 2% cash back on every purchase, every day! helium delivery. jonathan alter and jared [ pop! ] [ garth ] why settle for less? great businesses deserve great rewards! awesome!!! [ male announcer ] the spark business card from capital one. choose unlimited rewards with 2% cash back or double miles on every purchase, every day! what's in your wallet? >>> i saw a story today that one of the great manufacturers in this state, jeep now owned by the italians, is had thinking of moving all production to china. >> now, here is an interesting coda to one of the most interesting moments to the 2012 battle for the presidency. in the dying days of his desperate campaign, mitt romney started airing an ad which claimed