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mark zandy. coming up: >> is there a risk that the united states could lose its a.a.a.dit rating yes or no? >> no risk of that. >> no risk? >> no risk. >> so standard and poor's is wrong. the united states will keep its a.a.a. credit rating? >> absolutely. >> neil: that was then. tim geithner step down? michele bachmann, herman cain who says that guy has just got to go. the "mystery spot". not a mammal in this household isilling to lay claim to its origin. but now is not the time for blame. now is the time for action. ♪call 1-800-steemer.

look, i want to agree with mark zandi in terms of the long-term, over the ten years, it's good we got started on deficit reduction, but the problem is the conservatives have framed the issue right now as if deficit reduction creates jobs, as if the government, by shrinking the government, you generate a better economy and more jobs, and frankly nothing could be further from the truth. this is a giant lie and obama is going to have a difficult time, as are democrats, reversing this lie. >> mark, i see you nodding when mark was speaking. do you agree spending cuts do not create jobs? >> certainly not in the near term. i think this disconnect we're having in the debate, in the very near term, if you had spending cuts, you're going to weaken the economy. now, i do agree that in the long run we need to have spending cuts to get back to fiscal stainability, otherwise we're not going to have a good long run economic performance, but in the very near term, i would agree with bob that we need some additional help to the economy. so, for example, extending the payroll tax holiday for another ye

. >>> let's go behind the numbers with mark zandi, the chief economist at moody's analytics and chrystia freeland, the analyst from reuters. in a strong economy we'd look at the report and call it modest or tepid, but given what we've gone through the past week is there hope even though this is not huge job growth, is there hope here? >> it's really good news in the context of all the fear and angst out there. the economy isn't home free. it's still very weak, we're not creating enough jobs to bring down unemployment, but i think this strongly suggests we're going to skirt recession and clearly that a very positive thing and the best message we can take out of this data. >> is mark right, is the double-dip talk going to stop now? >> no, i don't think the double-dip talk will stop, because there's so many other signs of weakness. and i do think the shock to the stock market yesterday is really going to have people jittery. but i agree with mark in general. this was one piece in good news in an otherwise grim week. i think the thing that is interesting to me if you look sort of under the h

here with some ideas: mark zandi, chief economist of moody's analytics. hi, mark. nice to have you on the program. >> thank you, susie. >> susie: well, let's begin by talking about president obama'slatest housing proposal, which lets the private investors by a pool of foreclosed homes, then they rent them out and eventually flip them. what do you think of that plan? will that help the housing market at all? >> yeah, i think it's reasonably good idea. the key here is reducing the number of distressed properties, the number of properties that are in foreclosure or pretty close to foreclosure. that's key to stabilizing housing values and getting housing construction going. this is an effort to take properties that fannie mae, freddie mac and the fha have repossessed. instead of dumping them on the market, which would lower housing values and make construction markets weaker, turning them into rental properties. they have a number of different mechanisms for doing it. there is no magic bullet here. i don't think this is a magic bullet, but i think it will be helpful. >

proven time and time again to help the economy as this data from the chief economist at moody's mark zandi shows government spending does boost the economy every one dollar spent on rebuilding our infrastructure creates a dollar fifty nine in each increased economic activity a dollar spent on unemployment benefits or what fox news calls socialism generates a dollar sixty for increased economic activity and as for food stamps every dollar spent on them creates a whopping dollars seventy three in increased economic activity making at the mall is defective stimulus program at the government's disposal yet all of these programs are programs that republicans and their mouthpieces of so-called news rail on as an extension of the gurney state and government waste. so if stamps and unemployment benefits don't really stimulate the economy then tell me if i actually use what does. putting right just to being socialist the more you give the money stimulate no sorry it's got to come from the private private sector. it's got to come from the private sector that same private sector is sitting on two tri

jenna: america's asking about the economy and back with us, we now have economist mark zandi, chief of moody's analytics. mark, we certainly have a lot of questions, first to the extension of the payroll tax credit and also the extension of unemployment. a lot of our viewers have the question about where we get the money to do that if we're also in a time where we're cutting so many programs. is the money actually available to do that? >> yeah, that's a great question. we'll have to borrow the money, so that would add to the decifit in the near term. but i think we could and should pay for it in the longer run. so what we would do is marry those cuts, an increase in the e.i. benefits, with future cuts in government spending and or tax increases. so i think we should pay for it but pay for it over a longer period of time, over the next decade. but it's a very good point. jenna: as you mentioned to us, you feel like it's worth it at this time to keep the economy from sliding further backwards, instead of forwards. you also were talking a little about our tax structure earlier, and susan

moody's economist mark zandi also looked into the stimulative effect of tax cuts and here's what he found out every one dollar spent getting corporations a tax cut creates only thirty cents any increased economic activity every dollar spent on giving billionaire hedge fund managers a capital gains tax cut creates only thirty seven cents in increased economic activity and what about the bush tax cuts every dollar spent in the bush tax cuts generates only twenty nine cents of economic activity just twenty nine cents probably because the other seventy one cents banished into some billionaire swiss bank account again your in total your own opinions about food stamps but not your own facts so why is it the tax cuts don't stimulate the economy like government spending does because supply side economics or what some call trickle down economics does not work it never has and never will the idea that if you just give billionaires a bunch more money and then the magically turn into a job or turn themselves in a job creating fairies is absurd. the idea that stocking shelves with stuff will entice pe

mark zandy is chief economist of moody's anl lit ticks and joins me now. the reaction is going to be some relief but it's still not enough job creation to even keep up with the pace of population growth. mark, what's your take? >> well, you're right. but i'll have to tell you, i feel relieved if it was a bad number in the context of what we've been seeing in the stock market, it would have been a pretty ugly day. this is a very good number in that context. you're right, andrea, that this isn't enough. i mean just to stabilize unemployment, we need consistent monthly job growth of 125 to 150 k, we're not there yet butoi re. that would be disastrous. >> i want to ask about that. a growing number of economists and commentators have been saying there is a risk of a double dip because of what's happening in europe, the way the markets reacted to it and the general psychology, the feeling of gridlock and despair, 82% in the latest new york times cbs poll expressing strong disapproval of congress. what is your belief? is this jobs number enough to avoid a double

mark zandy from moody's says he thinks we avert a downgrade if we get a deal.ensive. we've lost a lot of money in the stock markets last week because of this debate. we just need to get back to zero before we see whether markets are actually cheering this or we just make up the losses we've had. we've got our team around the world watching markets very closely so that our viewers know what they do with their own investments. >> ali, you're a smart guy. sometimes this may go over some people's heads but just let's bring it home for the people who are watching. what does this all mean now for the american public, the people who are watching us right now? >> well, there's the immediate effect. what this means to your 401(k), what this means to your interest rates here in the united states. there's all of that. more importantly this is not a monumentally leap ahead. this is less than the cuts that moody's and s&p said that we needed to make over the course of ten years. there are no substantial tax increases. in fact, no tax increases at all in this deal. this is -

mark zandy, a top economist and researcher of all things treasury over at moody's says that's fine whim. to me that doesn't look like big cuts. >> no, neil. i'm in agreement with you. did i not support this final agreement because i thought it was like, you know, if i'm overweight take away the full bag of cookies from me. don't just take away one cookie. i think that the speaker harry reid and the president should start renegotiating and do something along the lines of cut, cap, and balance, leaving the current agreement in place, and saying okay, we have bought a little time but during the month of august, why don't the three of us, without all the emotion and the urgency, why don't we sit and reassess what we did and see if we can come up with a better deal. in the meantime, i think the speaker should immediately appoint the super committee people. these are 12 members that aren't going to be appointed until september. they should immediately be appointed and then tasked to go to work during the month of august and say whatever recommendations you guys come um with, let's not. >> nei

. >> neil: mark zandi, thank you very much. coming up: >> is there a risk the united states to lose its aaa credit rating, yes or no? >> no risk. >> s&p an wrong the u.s. will keep its aaa rating? >> absolutely. >> neil: pressure mounting for tim geithner to step down. michelle bachmann, herman cain who says that guy has got to go. [ male announcer ] 95% of all americans aren't getting enough whole grain. but actually, it's never been easier to get the whole grain you want from your favorite big g cereals. from cheerios to lucky charms, there's whole grain in every box. make sure to look for the white check.

mark zandi, top economist at moody's says that is find with him. to me that doesn't look like big cuts. >> neil i'm in agreement with you. i did not support this final agreement. if i'm overweight take the full bag of cookies don't just take one cook i think the speaker, harry reid and the president should start renegotiating and do something along the lines of cut, cap and balance. leaving the current agreement in place and saying we bought a little time, during the machine of august, why den the three of -- during the month of august, why don't the three of us sit and reassess what we did and see if we can come up with a better deal. i think the speaker should immediately appoint the super committee people. these are 12 members that aren't going to be appointed until september. they should immediately be appointed and have to go to work during the month of august and say whatever recommendations you guys come up with let's not -- >> neil: wait, you want them to work in the month of august? that's worse than my diet analogy, but i'll play along. r

with the same marcello would find the net minutes later with number three arriving after the hour mark zandi alone so the man . from outside the area i live by the timer although i'd never his second on the rails fourth it was much too easy for the visitors cock out this time taking photos of acres of space afforded in front of the store and off the go but i know the trick would truly arrive for an easy as the toppings for the world's most expensive for a six the final score we all search for first the try for years to. to form no one with the odds of shortened on suggestion fettle retaining his driver's title the german tightening his grasp of the top of the standings after leading from start to finish to claim victory number seven of twelve this season is red bull team taking the top two podium spots on the spot for my rubber finish up in second place while the collins jenson button proved from a starting grid position of thirteen to third along so. this team it was healthy crashed out early on he had started from first tell you probably nothing that's a lot of leads where by ninety six po

economist mark zandi. >> they are having more legacy problems than other major financial institutions. they're trying to work through a lot of the troubled mortgage loans and other problems in their mortgage business that many of the other banks just don't have. >> reporter: c.e.o. brian moynihan has had to hand out more than 6,000 pink slips so far. he's sold off the bank's canadian credit card business and he's looking to cut billions more in expenses, but analyst paul miller isn't satisfied. >> we don't have a liquidity problem at bank of america, what we have is a confidence problem in the management team. >> reporter: b. of a. is in no danger of needing a bailout, but losses and cutbacks at america's biggest bank and its biggest lender are another drag on an already anemic economy. >> banks are going to be quite reluctant to extend more credit, to make loans to businesspeople and to consumers and, of course, credit is key to economic activity and without flee- flowing credit, the economy is going to have more difficulty to really get going. >> reporter: already this year, the wor

minutes in marcello would find the net minutes later with number three arriving after the hour mark zandi alonzo them on funding from outside the area. by the time to run now though had netted his second on reality fourth it was much too easy for the visitors. this time taking full advantage of the space afforded in front of the store across the bow i will. preclude judy arrive for the easiest of toppings for the world's most expensive for six no the final score reel search for first week funding for years to fly i david platt has named his final russian squad for the twenty eleven european basketball championships the team leisure taking on a number to select in moscow before they headed off for whedon's to tournaments start in lithuania n.b.a. stars to a famous go off on the regular olenka are expected to run in the team but will have some new teammates nizhny novgorod small forward semi on until it wasn't even on an old roll call feeney over on off is surprisingly absent b.c.'s his shooting guard left i picked up despite having a solid i think twenty ten world championships the side ai

joining us is mark zandi, chief analyst for moody's. the question on everyone's mind is are we heading into the double dip recession? >> no, i don't think so. i think the economy has its troubles, no doubt. the stock market decline is disconcerting to watch but we are in a much better place than a year ago, two years ago, three years ago. >> on main street it doesn't necessarily feel like we have made that progress and that has really weighed on confidence. even if we are not technically in the recession does it matter if people in the real world feel like we are? >> yeah, absolutely. confidence is key and that is why we have to maintain our confidence in this current environment. we can't panic because if we panic, then we pull back, consumers stop spending and businesses stop investing and hiring and that is a prescription for a recession. i don't think there is any reason for that panic. i think we should remain calm and if we do, i think those better fundamentals will ultimately come through and the economy will improve. >> stock ma

reasons to fear this way that the new science was changing and you also had einstein and you had mark zandi led freud. everything was mixed up. you had women cutting their hair and wearing short skirts. so the 1920s were a very rambunctious time and on the mentalism reacted with the idea that what we are going to do is ban the teaching of evolution in the classroom. they never really got down to debating the science and in fact, in dayton tennessee where the trial took place the judge refused to let darrow put any of the scientific experts on the stand. and that is why to salvage his case, heap called williams william jennings bryan to the stand as an expert on the bible. the judge was afraid the war was going to collapse on the second story program. you can still go there to see a frequent if they still a child in that courtroom. so they all went outside to five and it was built under the maple trees in the courtyard and that is where would all the single rate is confrontation, legal confrontation in american history to lace with darrow questioning brian about -- very little about science.

joining me now from new york msnbc political analyst johnthon alter and mark zandy. chuck, let me ask you about what you saw in waterloo last night. the match up of perry versus bachmann. her hometown, her birthplace in waterloo, iowa. it was noticeable to many that she didn't work the crowd. she didn't talk to people. she got right back on her bus. she seems to not be quite with the iowa vibe of retail politics. rick perry came. he stayed. he ate dinner. he stayed through her speech. he seems to be mixing it up with people more than she is. >> reporter: that was very noticeable and there was this back and forth on lighting. you love this behind the scenes stuff sometimes that campaigns have these fights over the lighting. so perry had brought their own lighting people and bachmann had their own lighting. one was a very soft version of lights. one was tongue sten. neither one wanted to light the other. bachmann wouldn't even enter the room until the lights had been fully changed until her announcer had been there to announce her entrance then she didn't come through

we spoke to mark zandy earlier today from moody's economy, he said yes, this deal is big aenough thatross from pimco, largest bond dealer in the world said probably not. but remember what ben bernanke said -- a long time ago. he said you don't actually have to have a bond rating agency. all you have to do is read a newspaper to know that the u.s. has got debt problems. so it is not clear whether the downgrade is going to be as important as the u.s.' ability to show the rest of the world that it will not use this as a bargaining chip for obligations it's already made. i think that's the bigger problem here. the second thing, wolf, that's very important to consider is that the most important thing to the recovery of the u.s. economy right now is jobs. this doesn't do anything to help job creation. it probably does something to hurt job creation. that in the long run might be more economically dangerous than not having made this deal in the first place. smart economists will say, you know what? on balance out three years and five years, this may not have been the right thing to do right

durbin: first, during the course of your presidency campaign, mark zandi, your economist, helped you formulate some positions. his opinion of president obama's stimulus is that it stopped a precipitous decline in our economy, that it a -- did it achieve all we hoped for? no. mr. mccain: can i interrupt on that particular point. mr. zandi was one of many advisors to my campaign. the key advisor was douglas holtz-eakin, former head of the c.b.o., who had no brief whatsoever for that proposal. please go ahead. mr. durbin: the second point i'd like to ask the senator from arizona, i think one of the real bedrock beliefs among republicans is that if you cut taxes particularly on the healthiest -- wealthiest people in america the economy will pros puss. didn't the debt of the united states double under the president and he left a shambles behind him? 2.3 million jobs lost in the first three months of president obama administration because of this failed economic policy which you continue to espouse, that if we cut taxes on the rich, america is going to get wealthier. haven't we tried it? w

create them, who has a plan for it, if you can even get a real plan in this political environment, mark zandiy's live in orlando and kris fen fellow senior at the center for american progress. welcome to both of you. >> mark, let me start with you first, the president has talked about trying to create jobs. recently started talking about maybe extending the payroll tax holiday, trying to get more incentives, hiring incentives for small business, doing other things to try to get job creation through. is that a credible plan, will it work? >> yeah. i think those are good ideas. i think there's a plethora of things we can do, but if we want to create jobs quickly the next 12, 18 months, i think most people do, the most obvious thing would be to extend the current payroll tax holiday. it expires at the end of the year. we should extend that another year. emergency unemployment insurance benefits, they also expire at the end of the year. they should be extended. i think we may also want to think about helping state governments. we know they've been laying off quite aggressively and if we can give

. >> centre mccarren hazmat click mark zandy was one of his advisers. -- senator john mccain has made it clear that z markandy was one of his advisers. he said we have to move from cutting to creating jobs. i am trying to figure out if we continue to go at the rate we are going, in other words, if we don't have -- if we don't come up with methodology to create jobs, we will find ourselves in real difficulty and we will only slide downward. i don't want to see that happen. i know the numbers are not great but what would you tell the president today if the call the right now -- if he called you right now? what would you say? >> i would say it is welcome news that the job growth has accelerated. over last two months. that is good news but it is not yet strong. this is pretty tepid job growth. we will have to do better in job growth in order to start to really recover in the labou market. >> the african american numbers are pretty stubborn, aren't they? >> yes, they are. >> what about the hist hispanic numbers? >> the unemployment rates to some degree underestimate the problem. the labor

also mark zandy makes an appearance. the five network tv talk shows are brought to you as a public service by the networks and c-span. again, the reairs begin at noon eastern time with meet the press, 1:00, this week, and 2:00 fox news sunday, 3:00 state of the union. and 4:00 face the nation from cbs. you can listen to them all on c-span radio on 90.1 fm in the washington, d.c. area. nationwide on xm satellite radio. channel 119. download the station as an i phone ap, listen on your blackberry or go on line to c-span radio.org. >> notice the color of the bourbon, that amber color that you see is all coming from the char on the inside of the barrel. this char is where bourbon gets all of its color and a lot of its flavor. currently, they've discovered over 200 chemical flavors just in the oak and the char from the barrel. >> this weekend we highlight frankfurt, kentucky on book tv and american history tv. throughout the weekend look at the history life of the state capital. vice, violence, corruption and urban renewal. f

. >> centre mccarren hazmat click mark zandy was one of his advisers. -- senator john mccain has madeear that z markandy was one of his advisers. he said we have to move from cutting to creating jobs. i am trying to figure out if we continue to go at the rate we are going, in other words, if we don't have -- if we don't come up with methodology to create jobs, we will find ourselves in real difficulty and we will only slide downward. i don't want to see that happen. i know the numbers are not great but what would you tell the president today if the call the right now -- if he called you right now? what would you say? >> i would say it is welcome news that the job growth has accelerated. over last two months. that is good news but it is not yet strong. this is pretty tepid job growth. we will have to do better in job growth in order to start to really recover in the labour market. >> the african american numbers are pretty stubborn, aren't they? >> yes, they are. >> what about the hist hispanic numbers? >> the unemployment rates to some degree underestimate the problem. the labor force

durbin: first, during the course of your presidency campaign, mark zandi, your economist, helped you formulate some pitions. his opinion of president obama's stimulus is that it stopped a precipitous decline in our economy, that it a -- did it achieve all we hoped for? no. mr. mccai can i interrupt on that particular point. mr. zandi was one of many advisors to my campaign. the key advisor was douglas holtz-eakin, former head of the c.b.o., who had no brief atsoever for that proposal. please go ahead. mr. durbin: the second point i'd like to ask the senator from arizona, i think one of the real bedrock beliefs among republicans is that if you cut taxes particularly on the healthiest -- wealthiest people in america the economy will pros puss. didn't the debt of the united states double under the president d he left a shambles behind him? 2.3 million jobs lost in the first three months of president obama administration because of this failed economic policy which you continue to espouse, that if we cut taxes on the rich, america is going to get wealthier. haven't we tried it? where are

and then begin to look long term as mark sdemrandy has indicated, -- zandi has indicated, many economists have said cuts will be damaging to this economy. but i rise to speak of the vulnerable persons who really can't speak for themselves. many think seniors have lobbyists and one of the major, largest, if you will, lobbying groups for seniors and they do a great job. but i know seniors who really are huddled in small apartments and old, old homes left to them by their deceased spouse, something they paid for but has deteriorated over the years and because we are not helping seniors with their rehab any more and many of them got reversed mortgages that really took them to the cleaners and left them with nonperforming contractors that did a poor job on their homes, these are the seniors who don't have voices. or many the vulnerable families in latino and african-american communities where the wealth distinction is showed, where the majority of americans, white americans have a wealth fact of $113,000 and respectively african-americans have $5,000 and hispanics or latinos at $6,000. now, th