i'm jared bernstein. >> susie: tomorrow night, we'll get the conservative response. david keating of the club for growth joins us for a commentary on what the debt deal means to him. >> tom: that's "nightly business report" for monday, august 1. i'm tom hudson. the house has begun voting. good night everyone, and good night to you too, susie. >> susie: good night tom. i'm susie gharib. we'll see what happens on that vote tomorrow. good night everyone. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by contributions to your pbs station from viewers like you. captioning sponsored by wpbt captioned by media access group at wgbh access.wgbh.org

congressman chris van holland and jared bernstein, thanks you both for your time. let me say this, the preacher in me requires i make this statement. that is, you know, it is said that, that that a man sows, that shall he also reap. it is interesting to me that many on the right quote the bible but do they understand it? you cannot sow unemployment, a no jobs bill, no way for people to make money, and think you are going to reap a rebound in the economy. you have sown p and now we are all reaping what you have sown. we need to sow seeds in the american people. and provide jobs and income. then they will be consumers and it'll return the confidence of everybody. but people cannot have what you did not put there for them to be able to use consume and build. that a little advice to my friends on the right. >>> ahead, 2011 days since the gavel and not one job bill. whose gavel? speaker boehner's gavel. it's time to get serious. >>> plus, eric cantor makes a shocking admission. oi of your mone rtual wallet. it comes with a calendar that shows you all your finances at on

with me now, man who served in the obama white house, jared bernstein, former chief economist to viceresident biden. also joining me is christina friedman. before we go anywhere else, let's talk about standard and poor's. i've had questions, you know, this whole thing, they were going to downgrade early friday. then when they sent the release, we understand the treasury and the treasury said, wait a minute, you didn't factor in 2 trillion. they said okay and in a couple hours they went ahead with the same report. that just doesn't smell right to me. then they made flubbes about things in the past where they've been dead wrong about some things. let's talk about how they've been dead wrong, about mortgage backed securities. it overrated lehman brothers which had an a rating just before going out of business in 2006. it came iceland the same rating that u.s. now has and iceland almost went bankrupt. what credit worthiness do we have from an agency like this? i mean, are they worthy, as george will says of us giving them credit? i've never quoted george will in my life as i promise. >> i

howard fineman and jared bernstein. thank you. >>> coming up, rick perry is the not getting any love. i'm talking about the w. people out there. it seems to be more personal than business, the opposite of ross in the godfather 2. you're watching "hardball" only on msnbc. >> the biggest concern we have right now is not the launching of a major terrorist operation, though that risk is always there. the risk that we're especially concerned of right now is the lone wolf terrorist, somebody with a single weapon being able to carry out widescale massacres of the sort we saw in norway recently. >> wow, let's hope that doesn't happy. we'll be right back. ♪ [ male announcer ] an everyday moment can turn romantic anytime. ♪ and when it does, men with erectile dysfunction can be more confident in their ability to be ready with cialis for daily use. cialis for daily use is a clinically proven low-dose tablet you take every day, so you can be ready anytime the moment's right. [ man ] tell your doctor about all your medical condition

jared bernstein is a msnbc contributor.r joining us. >> my pleasure, alex. >> i'm glad you're here. what are we in for tomorrow? >> the thing we want to look at starting when the asian markets open are the interest rates or economists call them yields on government debt, on treasury bills. if borrowers of the u.s. government in this case have to pay a higher rate, what's called a risk premium on the interest rates we could see it happening quickly. those who lend to us insist that they have a slightly higher payback rate, interest rate to account for the debt downgrade. i personally think that's probably not likely. remember, there are three rating agencies. only one of them took our debt rating down a notch. typically when this happens -- it's never happened here before but when it's happened in other advanced economies you don't necessarily see much reaction. we better watch for it. >> if you look between standard & poor's, fitch, moody's, if they look at what the other one is doing because standard and poor's is getting

joining me now is msnbc contributor jared bernstein, the former chief economist to vice president bidennd senior fellow at the center of policies. and bob greene sds stein. thank you for joining me tonight. bob, i'm waiting for your analysis of this bill. i know this is a hard assignment for you because it came out so quickly. it's the most rushed giant package especially in deficit reduction territory. give me your take on what we're looking at here. >> you pointed out our take an hour or two ago. lawrence, i'm reminded of the sitcom "the life of riley" where the main character says what a revolting development this is. the tea party, i think, did very well here. this is a package are large spending cuts and no revenues. now, to be sure, the joint special committee, which is charged with coming up with $1.5 trillion in savings by thanksgiving, could raise revenue, but speaker boehner has already said he will not name a single republican to the committee who would vote to raise any revenue. i think it's pretty much a foregone conclusion that the joint committee will fail. there's no way

howard fineman and jared bernstein. thank you. >>> coming up, rick perry is the not getting any love. it seems to be more personal than business, the opposite of ross in the godfather 2. you're watching "hardball" only on msnbc. mio. a revolutionary water enhancer. add a little...or a lot. for a drink that's just the way you like it. make it yours. make it mio. two of the most important are energy security and economic growth. north america actually has one of the largest oil reserves in the world. a large part of that is oil sands. this resource has the ability to create hundreds of thousands of jobs. at our kearl project in canada, we'll be able to produce these oil sands with the same emissions as many other oils and that's a huge breakthrough. that's good for our country's energy security and our economy. he needs some gellin'. yeahhhhhhh. gellin' is like having a teeny tiny foot masseuse in your shoe. you like ? nice ! dr. scholl's massaging gel insoles. outrageous comfort, all-day long. >>> for the tenth anniversa

howard fineman and jared bernstein. thank you. >>> coming up, rick perry is the not getting any love. i'm talking about the w. people out there. it seems to be more personal than business, the opposite of ross in the godfather 2. you're watching "hardball" only on msnbc. >> the biggest concern we have right now is not the launching of a major terrorist operation, though that risk is always there. the risk that we're especially concerned of right now is the lone wolf terrorist, somebody with a single weapon being able to carry out widescale massacres of the sort we saw in norway recently. >> wow, let's hope that doesn't happy. we'll be right back. >>> rick perry was campaigning today, but it was controversial comments earlier in the week. he said the fed chairman could be treasonous if he decided to print more money before the election. today he joked about the reaction. let's listen. >> i got in trouble talking about the federal reserve. [ laughter ] >> i got lectured about that yesterday. >> well, he made light of it,

>> well, i think what's really important is what jared bernstein was talking about whether or not allhree ratings agencies take us down. at that point it would very quickly show up in interest rates and it would affect everybody's borrowing costs, and it would be, you know -- it would be staggering affect on this country because only one rating agency has done that. we don't expect the kinds of dramatic effects that the three ratings downgrades would bring. i think that president obama logical take the blame for this. i think republicans will share many some blame. you saw mitt romney put out a statement last night saying that this is a troubling indicator of the decline of the country under president obama and speaker boehner also released a statement blaming democrats and the president for out of control spending and saying that republicans reminding everyone that republicans refuse to give the president's request for a clean debt ceiling increase back in april. so they are quick to place blame on the president, and this will be another struggle for a very tough economy. >> what mic

i do think that one thing jared bernstein told you reflects a sentiment among democrats time to fighth congress. if they're going to block you anyway, might as well go at them hard and take advantage of that 82% disapproval of congress. republicans may be overestimating their political strength right now that's what democrats think. >> thank you for staying on top of it. >>> decision day in wisconsin. the polls are open in a recall election that might be a sign of what's to come nationwide in 2012. remember all those protests, the anger, the outrage over wisconsin republicans' plan to curb union rights? that's six months ago. today there are six republican state senators on the ballot in a recall election. and this has the potential to swing the balance of power back to democrats. by the way, three democrats are also up in recall elections as well. joining me state senator luther olsen, a republican who's on the ballot on this recall election day. senator, good to see you. >> good to be with you, contessa. >> do you think people are voting today based on these collective bargaining ri

let's bring in msnbc contributor jared bernstein, former chief economist and advisor to vice presidentwhat's behind the fall today, and how much longer is this whiplash going to last? >> well, i think if you think about the economy as kind of a sick patient right now and dr. ben bernanke as the doctor, the big question yesterday was will the doctor prescribe the medicine -- will the doctor prescribe the medicine we need in the long term, and yesterday the feds said they would. they said they would keep interest rates low for another couple of years. and the market was elated. then, you wake up the next day, and the patient says oh, my god, i'm going to need medicine for another two years, so it -- yesterday you had a 400-plus point gain and today folks are reflecting back again at the underlying economic weakness, of course, both here and particularly in the banks of europe where there's worries about contagion to larger countries. >> we saw a new poll today showing almost half of americans think the worst is yet to come for this economy. how much is consumer confidence or the lack of

let's be clear about that. >> and that was jared bernstein on the rachel maddow show last night.ee her weeknights at 9:00 eastern right here. the credit downgrade is becoming a hot button issue on the campaign trail. the republican candidates for president are not holding back. >> this is a real blow to the american economy, to our status in the world, and the president has to be held accountable for it. he did not provide leadership. >> the congress first job and the president's first job is to focus on the economy because unless we start growing again and start employing people again, we can't solve these problems. >> mitt romney has released a statement saying standard an & poor's downgrade is a deeply troubling indicator of our country's decline under president obama. what worries you most about the credit downgrade? i'm on twitter, my handle is @alex witt. what worries you most about the credit downgrade? it's been a midsummer's nightmare for so many americans trying to cope with record heat. just how hot has it been? we'll open the record books to find out next on msnbc sat

jared bernstein is a senior fellow at the center on budget and policy priorities. bernstein, thank you for being here. did i fairly characterize the idea behind the fast infrastructure investment proposal? >> absolutely, and you heard mr. rubio talking about roads and bridges, one of the things that recommends fast, and i was there during the recovery act. i traveled around the country with the vice president and went going to work sites, and we saw lots of great roads and bridge projects, but one of the things we saw there is that work has become considerably more capital intensive. we want to make sure we're creating jobs for people, not for machines. fast, fix america's schools today, which would repair the country's schools, that work is labor intensive, insulation, boilers, windows, maybe even greening up these schools with solar panels. that kind of work puts a lot of folks back on the job. don't tell mark rubio about that part, but it does work. >> the idea this is a scalable problem that you can do this on a small level as one school or a big level as all th

former economic advisor to the vice president, jared bernstein posted this chart today. in addition to making your jaw drop, it points out -- the big red mass there, points out that high unemployment is so high, not necessarily because of continuing layoffs, because they're not helping, unemployment is so high and staying so high because people who are already unemployed can't get jobs. individuals continuing unemployment. people who are unemployed are staying unemployed. the average amount of time people stay unemployed in america is at the highest level since ever, since the labor department started counting. the economy is stuck. people are not getting hired and fired in the economic circle of life. people are unemployed and staying that way. that's not just a tragedy for them, their families, and for their immediate communities, that's the tragedy of the spire economy. there are not enough working people to work and spending money to get us near moving again. whether or not we can solve this problem, the unemployment problem is the key to our recovery which we need a

we'll get jared bernstein's help understanding this. we'll get reaction over the controversy and what surrounds it. after the markets closed, an abc news report about the possibility of a downgrade set several million stomachs lurches into several million throats. abc's white house correspondent reported that the u.s. government was bracing for a downgrade by standard and poor's. citing two u.s. government officials. then what started off as an alarming story became a weird story when a third government official told abc the s&p made a serious mistakes based on flawed math and assumptions, and the administration was fighting back. was it ever fighting back. john harwood telling us after the s&p notified the administration at 1:30 eastern time they were going to downgrade, the treasury department argued their math was wrong. there were errors in the computation of their data. calculations that were off by trillions of dollars. john harwood will join us for more on that. since the downgrade, the white house is denouncing standard and poor

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. >> jared bernstein, senior fellow, and msnbc contributor, good to see you. thanks for joining us. >> my pleasure. >>> today i sent an e-mail to two of the producers on this show, to cory and to bill wonderful. i was asked cory and bill together a question. you send an e-mail, cc, or put them both in the "to" line but the answer came back from cory. his reply, and i quote, at the moment bill is playing the part of a mflamingo. he really was. it's actually a news-worthy story coming up. well, sort of. [ female announcer ] we always try to save you even more money when you switch your car insurance to esurance. i could save 'em 522 smackers. you talkin' dough? bread. benjamins? scratch. greenbacks. moolah. cheddar... simoleons! don't try to out-save me. [ female announcer ] any way you say it, $522 is the average amount saved by people who switched to esurance. 522 bucks! [ female announcer ] to find out how much you'll save, call 1-800-esurance or visit esurance.com right now. that's 1-800-esurance or go to esurance.com. candidates like rick scott were elected

first of all jared bernstein is a senior fellow at the center on budget and policy priorities from 2009o 2000 -- 2011. dr. bernstein served as chief economist and economic adviser to vice president joe biden. he was also executive director of the white house task force on -- and a member of president obama said mommy team. prior to joining the obama administration dr. bernstein was a senior economist at the economic policy institute here in washington and during the administration of clinton he held the post of deputy chief economist at the u.s. department of labor. dr. bernstein is the author and co-author of numerous books which i will point out for popular and academic audiences. he has been published extensively in various venues, "the new york times," the post in the financial times and others. he is also a commentator for cnbc and msnbc and he anti-host the popular economics blog jerry bernstein blog.com. earns dean, dr. bernstein holds a ph.d. from columbia university. i give you jared bernstein. [applause] >> thank you very much. it is. it is great to be here to talk about one o

and jared bernstein worked in the white house's economic advisory position, and ron bloom, he's the manufacturingzar to advise the president on manufacturing policy. the administration announced he was leaving his position today. at least as of now, no replacement announced. larry summers was a top white house economic adviser early on in the administration, he left as well. gene spurling who was a counselor to tim geithner, moving over to the white house. and you have jack liu, gene spurling and secretary geithner announced he'll stay through the presidential election, this is a smaller team than those there at the beginning of the administration. jack liu as the president plans his next move on the economy, issue number one to you. >>> when we come back, the president left washington today for dover, delaware, a very sober day for him as commander in chief and the country, the president traveling there to welcome home the remains of those 30 americans killed in the deadliest day in the ten-year afghan war. >>> welcome back. if you're just joining us, here's the latest news you need to know righ

peter morici and the former right-hand man on the economy, and jared bernstein, pleasure to see the both of you. before we get into the whole, all the rest of it, look at the actual number, peter. what stands out to you from today's report? >> well, 117,000 jobs, as you said, about one-third may be less of what we really need to get, and i don't know how we get much higher then in the months ahead. you know, the economy appears to be in a little better than neutral. it's moving forward. it's growing, but it's like a plan on a bicycle moving slowly. it would be easy for it to fall off. it's either got to speed up or fall off. i don't see in the end what will speed it up. >> jared, we did a series of reporting this week, jobs wanted series. we talk and trade policy. we talk about bank policy, tax policy. regardless of what you think those policies should or should not be, is it possible for any nation, america or any other nation, to have a robust economy if its policies don't incentivize investment in the country? >> i don't think so. especially at a time like now. if we were percolating

we have jared bernstein, chief economist and rona faruhar. the latest issue is taking a closer look at the fallout from the debt crisis and america's position in the global economy. let's look at the jobs report numbers. 9.1% unemployment, 117,000 jobs added. the biggest number, 154,000 private sector jobs and 37,000 government jobs lost. jared, let me start with you. will these numbers helplessen fears about what people are talking about with double dip recession? >> perhaps a little bit. they won't lessen fears about whether the job market is giving enough work to give american families, the jobs and earnings tubltszs they need. the unemployment rate ticked down one point. it wasn't because there were a lot more people working. it was because there were fewer people looking for work. there was a big drop in the labor force. imbedded in this report is a similar kind of weakness than we've seen in recent months. certainly the better than expected, the three words you keep hearing today. that's true. that should help to dampen tom volatility.

joining me with clashing view what's we need to do now, jared bernstein on budget policy priority asden biden aide and the president of american action forum and former mccain adviser, douglas eagan. welcome, gentlemen. super fast analysis because we got a hurricane to track. jared, let me start with you. very depressing gdp numbers. bernanke sounding like he's going to sort of watch and wait. what do we need to do? >> actually, bernanke had a great paragraph in there, matt. i pulled it out on my blog. he talked about how actually right now what would help is some short-term fiscal measures targeted jobs measures to help bring down that high unemployment rate, he particularly mentioned high long-term unemployed folks and alluded to things like, not by name but i think between the lines, extending the payroll tax holiday. getting something quickly up and running on the infrastructure side. maybe school repair, something i've been talking about. so he actually tipped his hat as much as i've heard a fed chair do at the need for fiscal policy help for the economy. >> douglas, i actually

to compare and contrast we begin with msnbc contributor jared bernstein a senior foley oh at senator of budget priorities and former chief economist and economic adviser to vice president biden and rodney, covering the rights for the "new york times" london bureau. welcome, gentlemen. jared, start with you. unbelievable week in the stock market, jared. this is the first time in history, we're told, that the market has gone up or down more than 400 points four times, you know, in such rapid succession. what should people make of this? >> true whiplash conditions out there. i think your point earlier is the right one. largely you've seen a sell-off that has maybe been overdone a couple of days so bounce back. i thought was interesting the other day when the fed reserve came out and said, you know what? we're going to keep interest rates row for another two year. the market were elated. oh, we got the medicine we need. the next day they woke up said, low interest rates for two years? that means the economy must be really sick. so a psychological whiplash, basically the underlying proble

now, jared bernstein who's the former economic adviser to vice president biden, this is something he has talked about for a long time. but, again, many in the market, the big money investors, have been doing this for a long time. there's also a little bit of a moral hazard for taxpayers. the fannie mae and freddie mac gses, remember, we own these guys now be. does a taxpayer want to take the risk of being, basically, a landlord? that's going to be the question because, of course, it's going to have to go through washington, it's going to have to be debated, discussed and vetted. treasury secretary geithner has come out and said we need to do something -- he's right on that one, megyn -- we need to do something to fix the housing market. so it's certainly a debatable idea, but again, the u.s. government, megyn, may be a little late to the party on this one because it's already been happening in the private market for the last three years. megyn: maybe fashionably late. you know, cheryl, just want to point out to the viewers, i'm feeling happy and that's because i see a big plus sign a

[applause] >> i want to thank everybody and thank or panelists and i want to ask jared bernstein if he'd care to respond to that. then we're going to entertain any questions that you may have from the audience. we have a microphone that will be passed around so we want to you state your name and to direct your question to one of the panelists but first dr. bernstein probably wants to respond. >> just very briefly, i thought doug framed things well and set them up -- set us up for a good q&a. there are two points that doug made that, one i want to clarify, one i want to very strenuously disagree with with deep respect for my buddy. the first is, doug distinguished -- made a very important distinguishing comment about the difference between means testing benefits, means testing social security benefits as a way to make the system actuarialy whole. as one of the contributors. and changing the benefit formula at the high end of the way we calculate these things so that people who had very high earnings throughout their life would have lower social security benefits than they would under the