for analysis we spoke to ethan harris, head of north american economics at bank of america merrill lynch global research. >> i think the strength in the yen versus the dollar reflects three things. first, clearly u.s. data has weakened a lot, and i think that's causing investors to pull away from the dollar a bit. second, i think the fed seems much more than many thought so there's expectations that the interest rates could come down further in the u.s. that's also weakened the dollar. then finally i think there's a lot of talk about china redeploying some of its reserves into the yen and out of dollars. and that's probably helped support the yen and hurt the dollar. i don't think this is a big shock to the u.s. economy. i think on the margin a weakness in the dollar is good for the u.s. economy. but the movement we've seen from the u.s. perspective, you know, really doesn't change the outlook for the u.s. we are still in a very weak growth picture for the united states. >> that was ethan harris, head of north america economics at bank of america merrill lynch global research. >>> now, l

it was 2.35%, and then bankamerica merrill lynch bought the direct pay subsidy bonds under the recovery act. we will next be in the market for the waste water. we will be doing an energy von for the prize. congratulations. >> even though it is a market force, is there any way to communicate that to the general public? >> we have not concluded that. it has been discussed with our wholesale customers. >> these are important facts the public ought to know. we had this discussion about waste water. thank you for this. this is tremendous. >> we are taking this to heart with what was requested on measures of the effectiveness, so the popular report we have yet to see a draft copy of it, but we are getting closer. this is one thing to communicate about the next 30 years. that concludes my report unless you have questions. >> thank you. it takes a general manager. >> we have no speaker cards on the report, so the next item would be 19. >> good afternoon. sorry i missed your retreat. we had a chance -- a chance to chat about it. i am sorry to tell you i do not think we won. i finally got away. i

technical market analysis at bank of america, merrill lynch. nice to have you back on the program. >> thanks for having me, susie. >> susie: let's start off by getting your reaction to the market employment report. we saw a dramatic selloff and a dramatic rebound and a lot of action in the bond market. what does this tell you about the outlook? >> the equity market, i would have thought, given how bad the unemployment mark was, would have had a bigger selloff. we saw two-year treasury yields back to new lows of a half percent, and we have a confirmed break down of 3%, and we're not ruling out 2%. we still think bonds are going to outperform equities. >> susie: so bonds are the place to be for investor, near term or for how long? >> well, until it time to exit, and we don't see any time soon. we're very comfortable, especially with this volatility owning bonds. we like stocks for the long-term. we like the mega cap multi-nationals. many of those companies have solid balance sheets, great cash flow, and many of the companies have very high divide

technical and market analysis for bank of america, merrill lynch. >> suzanne: federal regulators are no longer trying to negotiate with cable and phone companies on a new policy for the internet. the federal communications commission said today it has called off meetings with at&t, verizon, google and skype on how the flow of broadband content is managed. the agency had been criticized for holding closed-door talks with those firms. that announcement comes amid rumors of a deal between verizon and google. but, the two powerhouses are denying reports they've agreed on new ground rules for internet traffic. >> jeff: fannie mae is asking for more taxpayer money, saying it needs an additional $1.5 billion to make ends meet after posting another quarterly loss. the mortgage giant lost $3 billion in the second quarter, or 55 cents a share. still, it's the best results fannie has seen since being put under federal control two years ago. so far, fannie and freddie mac have taken nearly $147 billion in taxpayer aid. >> jeff: investment scams always seem to heat up during a recession, as more

i asked about the outlook from evan checkerov, chief economist for russia at bank of america merrill lynch. >> because of the economic growth, there is 5.5% this year. this should be a very good performance relative to many economies, but as far as some emerging market economies like brazil, china, and india, it will not be as good. for example, for china, we expect around 10% growth. for india, 8%. and for brazil, 7%. so the 5.5 g.d.p. growth for russia for this year is relatively the worst, but, still, on a global basis, quite strong. >> susie: i understand that russia's unemployment rate has been coming down and it stands at 7%. and the inflation situation is also improving. so how would you describe the health of the russian economy? >> i think the russian economy is in very good shape at the moment. in particularly in compared to the very specific construction of the economy's experienced last year. >> susie: half of russia's growth comes from oil and gas. given that the oil prices are hovering around the $70 a gallon price, how could that impact the economic growth? >> indeed, russia

aluminum giant result has hired top banks merrill lynch credit suisse as consultants in the takeover battle for north nickel and billionaire vladimir put on its interests on blocking stakes in one of the world's largest miners but to accuse each other bad management and have both been for a controlling share in a statement reseller did the banks will advise on how to bring world class governance to north little. to all known companies of poor law and stakes in russia's top fertiliser producer sylvan it is being reported the buyers of friends of mine karim of owner of rival cali and will sell the shares on to him to create the world's second largest potash mine the government has called for consolidation of russian agriculture so they can compete globally. russia started an internet service for foreign investors to complain about their treatment in the country is part of a big drive to clean up business as you know reports. the public complain is gaining popularity in russia people are posting videos and youtube trying to overcome the very chaotic me him by addressing the president an

has hired top banks merrill lynch and credit suisse as consultants in the takeover battle for north mikel billionaire vladimir putin's intervals on blocking stakes in one of the world's largest miners but accuse each other of bad management and have bid for a controlling share in a statement result i did the banks will advise on quote how to bring world class governance to the legal. the degree of cretinous back the creation of a grain exchange to stop shops hiking prices and to binocular watchdog says the cost of a loaf of bread is going up as russia's drought continues despite sufficient reserves across the country head of the watchdog now wants at least fifteen percent of russian getting contracts to be traded through the public exchange and make pricing transparent. russia started an internet service for foreign investors to complain about their treatment in the country is part of a big drive to clean up business as you know it better reports. the public complain is gaining popularity in russia people are posting videos and youtube trying to overcome the barricade me him by addressing

alum in your joint has hired top banks merrill lynch and credit suisse as consultants in the takeover battle from the rules nickel billionaire vladimir putin's interest on blocking stakes in one of the world's largest miners but accuse each other of bad management and bid for a controlling share in the statement did the banks will advise on how to bring world class governance to nor nickel. to well known companies to state seems russia's top fertilizer producer sylvan it is being reported the buyers are friends of silliman karim of rival kelly. i will sell the shares on to him to create the world's second largest potash mine a government called for consolidation emotion i have a culture so they can compete globally. well she started a website for foreign investors to complain about their treatment in the country is part of a big drive to clean up business as you know advent of reports. the public complain is gaining popularity in russia people are posting videos and youtube trying to overcome the barricade me him by addressing the president and prime minister directly now a new for an

morgan, there'll mensch -- merrill lynch. i did not have to tell the senate about this crisis. it was on the front page of the newspaper. >> i held housing fairs in my district -- and not subprime housing affairs. get the facts straight. >> you just took the end of the time. good job. we're going to take a quick break to thank our sponsors. we'll be right back. stay with us. >> you are watching the only statewide debate between the candidates for u.s. senate. let's continue now with the conversation. now we will ask questions of each candidate, not necessarily both of you. >> have a question from of the war. she mailed me this question. "how did the candidates plan to improve funding for education? how will you help teachers get a decent pay raise for all the work they do?" the stimulus money that saved teachers' jobs will eventually run out, so this is a long-term problem that people in congress will have to help fix. mr. meek? >> congress is moving to approve a senate measure that i have already voted for to help save teachers' jobs here in florida. many to meet -- many commm

merrill lynch, first republic. it is all wrapped up into that. these are far bigger things that the governnt has to control. this is a particular brand of creative construction that u.s. capitalism goes on. you've effectively have to have national champions, the government. this i not picking winners felt right, and designating firms that it will not allow to get too big to fail. in the past, this was not, fine, just left out there until we had a crisis big enough to contest that. host: if institutions are bigger still, what does this mean for the loss that would prevent the types of meltdown that we saw two years ago? >> all it does -- guest: all it does is to codify the federal reserve to intervene in provide for the orderly demolition of one of these hydrous. it is a potentially saying we think it is important right now that we are going to put it in this legislation. how that is done in the real time process, i think, a beggar lief. i do not know how they do it. host: next phone call. scott on the independent line. caller: when i was in gramm

merrill lynch, first republic. it is all wrapped up into that. these are far bigger things that the government has to control. this is a particular brand of creative construction that u.s. capitalism goes on. you've effectively have to have national champions, the government. this is not picking winners felt right, and designating firms that it will not allow to get too big to fail. in the past, this was not, fine, just left out there until we had a crisis big enough to contest that. host: if institutions are bigger still, what does this mean for the loss that would prevent the types of meltdown that we saw two years ago? >> all it does -- guest: all it does is to codify the federal reserve to intervene in provide for the orderly demolition of one of these hydrous. it is a potentially saying we think it is important right now that we are going to put it in this legislation. how that is done in the real time process, i think, a beggar belief. i do not know how they do it. host: next phone call. scott on the independent line. caller: when i was in

morgan, there'll mensch -- merrill lynch. i did not have to tell the senate about this crisis. it was on the front page of the newspaper. >> i held housing fairs in my district -- and not subprime housing affairs. get the facts straight. >> you just took the end of the time. good job. we're going to take a quick break to thank our sponsors. we'll be right back. stay with us. >> have a question from of the war. she mailed me this question. "how did the candidates plan to improve funding for education? how will you help teachers get a decent pay raise for all the work they do?" the stimulus money that saved teachers' jobs will eventually run out, so this is a long-term problem that people in congress will have to help fix. mr. meek? >> congress is moving to approve a senate measure that i have already voted for to help save teachers' jobs here in florida. many to meet -- many communities are going through tough times. we should not livent the abilities of teachers to reach students. not limit the abilities of teachers to reach students. i know what is mean -- what it means to be

my fourth child was on the way and i couldn't go back to graduate school so i went to work for merrill lyncho be a stoke broker because they had fabulous training. fast forward, i still keep in contact with some of my colleagues, and they say that they are -- the whole focus of the industry now is compliance, paperwork. and that's the same with banking. because of the backlash against what happened in the subprime, you know, the bureaucratic solution is more paperwork. and this, you know, this poor man's tale is just an example of the compliance to the extreme where you can't get approved because you didn't submit two blank pages. you know, somebody at the bank is cognizant of some new rule and they have to adhere to the letter of that rule or else they lose their job and the bank gets in trouble. so it slows down the lending process. and you have people in this unfortunate situation. host: this administration launched a program to help those with troubled mortgages and try to get them into more stable ones. reports of a lot of people dropping out of this program. what's its future or what d

they have their money in lehman and merrill lynch accounts. they're lucky if they lost half.ry day on the phone i am talking to people in their eighties who are frantically trying to downscale, in figuring out how they're going to survive and what they're going to do. i was born in 1958. apparently, that was the very height of the baby boom. there were more people born in this country in 1958. my mother is 23 years older than me. i have just spent the entire summer transitioning her to new mexico. host: what is your point this morning? caller: all of the money we're spending is creating debt. it is going to affect our age group, adults in their '40's and 50's. who knows if we'll have a social security benefits? now we will supplementing our parents. this is a very serious issue. host: illinois, roger on the line for democrats, good morning. caller: good morning. i hope you give me a chance to express three points. this last caller -- the stock market is a gamble. parents used to teach their children that you do not gamble anymore than you can afford to lose. there were years