this morning on "squawk box," jim o'neill said the u.s.nomy should be the bigger concern for investors. >> the market -- a lot of concerns about issues. just as importantly to the dashes personfully my opinion and what's going on with weekly job claims and the -- growing evidence that some in the u.s. that's a function that concern meese more than the european stock. >> well, as jim owe -- was jim o'neill right? tim leach, chief investment officer with u.s. bank wealth managementme manageme management. >> first of all, the united states is the -- is its biggest consumer market still in the world. therefore, the looming depression level of unemployment in america is vitally important. and secondly, the -- he said that the -- european union does not run the world. in that case totally correct. politicians and central banks that do. most importantly, bis, central bankers, central banks, said yesterday that politicians and central bankers have created the illusion that they can put -- finance growth and redress imbalances and that means coming

that was jim o'neill from goldman sachs speaking of the idea of changing the oil price formula and that's of the latest from the business desk this hour i'll be back with an update in about fifteen minutes i'll see about. a speech again soon thank you and stay with us for an interview with a former egyptian presidential candidate. before that i'll be back with the headlines. there hasn't been anything good on t.v. . it is to get the maximum political impact. before source material is what helps keep journalism honest we thought. we wanted to present. something else. download the official ante up location to your i phone or i pod touch from the top stories. which are life on the go. video on demand ati's mine gold costs and r.s.s. feeds now in the palm of your. questions on the dot com. world of the. science technology innovation hall the list of elements from around russia we've gone to the huge earth covered. more news today violence is once again flared up. these are the images cobol has been seeing from the streets of canada. giant corporations are on the day.

that was jim o'neill of goldman sachs speaking of russia's dependence on oil revenues and that's all the latest from the business desk this hour i'll be back in about fifteen minutes i'll see that it's actually thank you and stay with us for an interview with the former egyptian the presidential candidate. for that is back with headlines. they've been living this way since the seventeenth century. their rituals are strict. their communities are isolated. the clearly distinguish between their own and the alien. and guard their family and thing as a treasure. wealthy british style. that's what i'd like. markets why not this scandal why not what's really happening to the global economy with max kaiser for a no holds barred look at the global financial headlines tune into kinds a report on our.

well of revenues for the russian budget and help ease its dependence on oil and these revenues jim o'neill from goldman sachs thinks that's actually a good idea. this year it's going to grow between four. and a developed country and if it carries on growing it will be more to the world than the whole of your put together i think it would be good for the process because the news just really needs to not be so dependent on the drug of rising oil prices you know. russia's got a lot of challenges. but you know so does everybody else. and that's all the latest from the business desk i'll be back and about fifty minutes i'll see about. ok attach a thanks indeed for that. well stay with the say the headlines are next. wealthy british style. that's not on my mind. markets why not. come to. find out what's really happening to the global economy with max cause or there are no holds barred look at the global financial headlines tune into kaiser report on our. world with. science technology innovation all the latest developments from around russia we've got the future covered.

fund not to mention the a long standing idea of developing non oil related sectors of the economy jim o'neill from goldman sachs things that's a good idea. this year is going to grow between four and five percent which is much higher than the need to develop country and if it carries on growing it will contribute more to the world this decade than the whole of your put together i think it would be good for the. process one because the news just really needs to not be so dependent on the drug of rising oil prices you know russia's got lots of challenges. you know so does everybody else. and that's it for me this hour i'll be back with all the latest from the business desk in about fifteen minutes time. thank you. and stay with this latest special report in just a couple minutes but before that i'll be back with the headlines. there hasn't been anything yet on t.v. . it is to get the maximum political impact. before source material is what helps keep journalism honest we talk. we want to present. something else. just give me can i speak we use here let me then use plain my son died in the run d

plus jim o'neill, goldman sachs' rock star telling us how he's playing the global markets and his name running the bank of england. that cloud is in the network, so it can deliver all the power of the network itself. bringing people together to develop the best ideas -- and providing the apps and computing power to make new ideas real. it's the cloud from at&t. with new ways to work together, business works better. ♪ last season was the gulf's best, tourism season in years. in florida we had more suntans... in alabama we had more beautiful blooms... in mississippi we had more good times... in louisiana we had more fun on the water. last season we broke all kinds of records on the gulf. this year we are out to do even better... and now is a great time to start. our beatches are even more relaxing... the fishing's great. so pick your favorite spot on the gulf... and come on down. brought to you by bp and all of us who call the gulf home. this is new york state. we built the first railway, the first trade route to the west, the greatest empires. then, some said, we lost our edge. well tod

economies for quite a few years now we've been talking about at the bric nations even was a coin by jim o'neill from goldman sachs so now cameron comes of this brilliant idea where people have already ben for years and years and years and in fact those guys are kind of getting out of china saying get out of china get out of brazil the reality is like at all time ha yeah the french for this is topic to topic davy so he's coming in at the top you know it would be like buying facebook on the i.p.o. for example you top tip top ticking this stock before it plummets or buy groupon or at the open this is the topic you know after that it's a twenty thirty fifty percent drop so yeah there. cameron is stumbling into these markets one of the horses bolted you know there's no more bones no more meat on the bones of the bric economies dave cameron you're not going to salvation yourself using you know he didn't wouldn't marry throw britain out of these countries before you know they're not there have a welcome sign that i want you back your even throw it out they stay out go away and he doesn't want you reme

. >> jim o'neill from goldman earlier on "squawk" talking about how europe is a very convenient excusee more cautious going into the third quarter. >> we've seen that throughout the year, in fact, the unwillingness of so many executives to make the big decisions whether it be hiring or opening plants. not to say they haven't to a certain extent. m and a, exacerbates worries about growth. as we move closer to election, end of the year and budget woes, you're just not going to see those key decisions made. >> can i just make one point about that. when they blame what's happening in europe, actually the way in which that impacts a lot of their products, you see that with p and gs through emerging markets. those bricks where you had growth before, because their currencies have been so badly affected with surging dollar, you're kind of erasing growth, you fundamental growth is not going to come into the earnings the way it would have done because of currency moves, which is jim o'neill's starting point. >> all right. financials, energy, technology all leading the way lower here. much more o

let's bring in jim o'neil. welcome to the program. do you think the fed pulls the trigger here?ry? >> do you think the fed will pull the trigger on the question that was just posed? >> i am assuming they will do something. yeah. i think you look at the things that the guys believe in. the conditions. to try a bit more. i don't think you will get anything too ambitious, though. there are some doubts as to why the economy slowed. what's your view of the broader landscape? >> the problem is it is sandwiched in the middle of some very high profile repeated meetings to do with this european mess. and you know, coming up at the end of the month, you have the world cup final. it's tough to see a big rally, famous last words. we need to at least get that out of the way. that's probably why we have seen the subdued functions of the greek news. >> you do tend to look, i'm told, the soccer tournament. and draw some comparisons there to how nations might play out through the crisis. i am alarmed to see the germans are now taking on the grooeks. i'm not quite sure what that is for. >> i thin

we had jim o'neill of goldman sachs on yesterday and he said that a number of multinational companies are using europe as an excuse. that actually the problems in europe aren't as bad as they're being made out to but the multinationals, you see procter & gamble, a number of other companies take down some of the earnings forecasts and point to europe. he says they're pointing in the wrong direction. what do you make of that, joe? >> i don't know about the companies which have been nam named -- the fact of the matter is that we feel good about it, we are doing business. this is about the united states. so the ones who are only in europe, obviously do have some challenges to face and that's what they need to get over with to run the company well and in general i wouldn't be that negative about europe. they have a challenge to find the way they want to be at as a unified europe, as a powerful europe. after all this economy is the second biggest economy in the world after the united states. so they have a job to do to solve it. >> joe, when you look at your own business, and i imagine that

if somebody didn't vote with the party or, you know, didn't go with tip o'neill or didn't go with jim wright, they might have lost their parking place or their locks were changed in their office or they lost their telephone or -- you know, things like that, little subtle differences and disciplines that they had, saying that, you know, that's a time past, that's a generation past. and probably, they could get away with that. we can't get away with that. i mean, we have such a tight margin that -- you know, sometimes when i first started, it was a 5-vote margin. today we're close to a 10-vote margin. depends on who's here and who's sick. but you have to deal with your own party all the time and keep people on board. you know, they call me a speaker, but i really -- they ought to call me the listener because i spend so much time listening to people's problems, trying to work through those problems, trying to make change possible for these people. and you have to pull your -- we're so closely divided that you have to pull your team together all the time to get something done. and you jus

o'neill joined the ford children to receive this honor for his father, and basically he said that his father loved gerry ford and you also saw dick cheney and jimht. >> i heard our own chris matthews speak at a lunchon honoring one of my colleagues, scott wilson, who won a gerald ford award for journalism, and he talked about the relationship between tip and jerry ford. that they were both men of the house, people who revered the institution, and that was their common thread, not -- they weren't separated by their po partisanship. >> they did love each other and it was good to see. that does it for us for this edition. "news nation" with tamron hall is up next. and win fifty thousand dollars. congratulations you are our one millionth customer. people don't like to miss out on money that should have been theirs. that's why at ally we have the raise your rate 2-year cd. you can get a one-time rate increase if our two-year rate goes up. if your bank makes you miss out, you need an ally. ally bank. no nonsense. just people sense. [ male announcer ] they were born to climb... born to leap, born to stalk, and born to pounce. to understand why, we jou