president of realty trac, a web site that publishes data on real estate and foreclosure trends; and mark zandionomist at moody's analytics. rich sharga, are these numbers proof of a double-dip recession, that term we've all feared? >> certainly not a double-dip recession. i mean in the overall economy. but you can make an argument about the double dip in the housing market. it depends upon your definition of a double dip. is a 5% drop compared to a 20% drop a couple years ago a double dip or is it just a continuation of a downward trend that the market is trying to correct? not good news however you want to define. >> ifill: in your opinion what are the driving factors, say the two or three big driving factors here. >> well, obviously 9% unemployment rate is a problem. tough job market makes it hard for people to go out and buy homes. i think the foreclosure crisis is a very serious weight on the housing market. we have millions of loans in the foreclosure process that will go through and are going through to... and the homes get sold at a big discount, at a price cut. that's driving prices do

mark zandy is chief economist with moody's analytics. first your reaction. as i understand it, this job growth is actually better than a lot of economists such as yourself expected. >> yeah. it's great news. i'm surprised at the strength. it's also good that the job gains are evident across lots of industries. in fact, the only major sector of the economy that laid off was government, state and local government. outside of that, good, solid job gains and there were revisions to the job gains in previous months. so you take it all together, ill's really excellent news and better than i expected, yes. >> it just bears repeating because i think when people see the unemployment rate ticking up, they think wait a minute, how is this good? explain how it is that you have that paradox when it comes to these unemployment numbers. >> yeah. good question. so there are a lot of people who stepped out of the workforce when times were tough, thinking that there were no job opportunities, or at least there was no job out there that would suit them. now as the economy impr

." >> reporter: economist mark zandi thinks the fed's structure has worked well. he says bringing the reserve bank presidents to washington helps reduce the risk of fed group-think. >> there are very few dissents, historically, but those who dissent are reserve bank presidents. they are the ones who sort of break up the consensus thinking that goes on. >> reporter: but frank argues his bill will make the fed more accountable. >> every time we have forced the federal reserve to comply more with the norms of democracy, they've benefited and the economy has benefited. >> reporter: with republicans controlling the house, frank's bill is unlikely to become law. but it is another reminder of how politically charged the fed's role has become in the wake of the financial crisis. darren gersh, "nightly business report," washington. >> tom: overseas, portugal has reached a deal on a bail-out from the european union and international monetary fund. the country will get $115 billion in aid. in exchange, portugal will have to slash its budget deficit to 3% of its gross domesti

tomorrow is already old news, because economic conditions are changing quickly, says economist mark zandi. >> assuming oil prices are near their peak and we're not going to get gas prices moving much higher from here, i think the economy will find its footing again, and we'll feel much better as we make our way into the summer. >> reporter: economists are not expecting to see a sharp reversal in hiring, but they are expecting job creation slowed last month. the consensus call is for april payroll growth of between 150,000 to 200,000 jobs. that's a significant drop from the 216,000 jobs created in march. economist heidi shierholz says that's nothing to cheer about. >> we are still in the very rocky, rocky part of the recovery. we're not yet to sustained, robust job growth, not even close. >> reporter: which means the number of workers who have been unemployed for a long time likely rose last month. bringing them back to the job market is getting harder and harder. in past recessions, workers could move around the country to find jobs. now, they aren't. >> it used to be if you lost your job

as the world's leading economy in less than a decade if it continues to grow at the current pace mark zandi from the reinventing committee explains what the new world order could mean. emerging as a mean you can be. exported he's been through i mean we're going to cost you more. but if it's for for the year for us for you for europe really to us we. explored greed with. in china we need to rely on more good basic good main modell so you we need to reverse would we have today we need training as exporting to get growth in the u.s. in school shooting to get growth there's a reverse you know to get a more balanced global economy. and that's the latest from now from the business desk we'll have more for you in less than an hour the news headlines are next here on our city. in this guide he. made him look forward to be helped and say. the pain and suffering will never be forgotten. as well as the joy of moderation. here a spring of nineteen forty five on our t.v. . a moment when the world has changed forever. thousands passed to nothingness. thousands wounded. man doomed to suffer to any man. th

the world's leading a con i mean less than a decade if it continues to grow at the current pace mark zandi from the reinventing bretton woods committee explains what the new world order could. china is emerging as a main you can be power to say no it's going to rely less on explode they think great i more on that i think the main we are going to cost you more to all which we have been if it's for for the forcing us for you for europe meaning don't see us we need to rely. more on next poll driven modell. and china we need to rely on more domestic demand in the modell so you we need to reverse what we have today meaning chinese exporting to good growth and the u.s. is course you're going to get growth there's a reverse in order to get more but in the global economy. that's the latest from now i'll be back in less than an hour with more stay with r.t. . the south. live. wealthy british style wholesome pastime that is. hard. and. hot. markets wine and scandal. find out what's really happening to the global economy in these kinds of reports on our t.v. they faced it this is not a provocation bu

. >> reporter: but you also did a line yourself with mark zandi. >> my take was let's stimulate business and look at tax cuts and payroll tax deductions. that's exactly what i said. >> reporter: no apologies for taking the stimulus funds and you might have wanted more stimulus but it would have been more tax cuts. >> a regret that it was not properly focused around that which would really stimulate the economy. >> reporter: no apologies for other positions that could be problems in a gop primary. civil unions for gay couples, some benefits from illegal immigrants. >> i don't change on my positions. >> reporter: he was squishier on cap and trade. >> today our focus whale care about the environment. today our number one priority is the economy and we should not be doing anything that stands in the way of economic growth. >> reporter: i just have two more questions. one comes from one of our viewers from joellen singly and says the recent comments by mr. huntsman have confused me as to his religious affiliation. is he a practicing mormon or not? >> i believe in god. i'm a good christian. i'