of that 1.25 percent, what is available to the project is 87 percent and 7.5 percent in the first year and then it declines to 82.5 percent by 2023 and through the term of the district. the city is proposing and we have been working with the city administrator's office, the mayor's office and the budget office and of course the travel as well as the convention bureau. and it is that the city will continue its annual contribution of $8.2 million starting in 2009. prior to 2009, the general fund particularly appropriated as high as ten million a year. and in agreement to the tid one that was put in place the city agreed to come in to pay the 8.2 million but instead to pay the improvements to moscone. what we are proposing is as soon as it is paid down by 2018. in 2019 would stack the 8.2 for the expansion, and so what you would see here is a cpi adjustment every year for the first ten years. for 2028, and then stay flat through the term of the debt of the cop. >> in addition to that, as we will negotiate as you know the interest rate environment is pretty low when it is low, and we know

48 percent. >>> the president winning almost all of the battle ground states let's take a look at those numbers florida, obama, 50 percent romney 49. to virginia swing state 51 percent romney 48 percent. >> colorado, obama taking 51 percent to romney's 47. >> to iowa where obama garnered 52 percent of the vote. romney 46 percent. >> ohio perhaps the most pivotal state of all. >> north carolina my home state obama 48 percent. romney winning this one with 51 percent. president obama 52. >> on to pennsylvania president obama 52 percent romney 47. we have team coverage of all of these election results and more. we have more on the president's victory. >> we also have heather nauert with a look at the exit polls and ainsley earhardt breaking down the balance of power in congress. we start with kelly wright. >> heather, patti ann good morning to you. after his election victory president obama is sounding a con sill tory tone. he has learned from those who supported him as well as those who opposed him.

and 3.9 percent. i suspect that it will get to 6 percent. >> and then for the prior year you have the three buckets and the flexibility to deposit in those buckets. we could as a city decide that we want to refund. >> we could do that. >> that seems like it would be a good idea to us to fund for the deficit then. stablization, than sinking fund. >> you have a 6 percent assumption at the moment. >> in order for a negative to go away, where does the rate have to come in? >> i haven't done that but when we ran the numbers at 3.79 percent, it was gone. aly there were positives and i don't have it with me. >> okay, thank you. >> so, my last slide before i take additional questions, is just focused on what are the next steps with this proposal assessment district? and the next steps would be that if this is forwarded to the full board would be november 20th, the full board would consider the resolution of amendment of the whole that is in front of you, and if that is approved on the 20th, then the departmen

as compared to 6 percent last year and 9 percent the year before and 16 percent in the 2008 year. but because of that experience, we definitely worked to reduce the expenses where we could. we had salary savings from a vacant position on someone out on an extended family leave and we are able to spend less on what it takes to run the board. so the sfgovernment television costs or the neighborhood notification went down slightly. we decreased the utlyization of the studio work order which saves us a significant amount of money and allowed us to reduce expenditures by 20 percent. >> so we did end the year with a significant surplus for us of $180,000. and i am optimistic that the next budget year will also the one that we are in will also prove to be a relatively calm one for us. the money that we spent goes primarily to salary and fringe benefit and 13 percent goes to paying the salary and benefits of other employees in the city, other work orders that we have, city attorney costs, the sfgtv and other it personnel that provide support to the website. >> and you just pay contributio

percent interest rates around the world record low gilt wecker low yield under. treasury bonds is super we can go to the fed's discount window and borrow a zero percent well actually you can unless you're a bank stairs credit line and still jim crow laws using interest rates to discriminate yes if you are you know in the big house so to speak you can borrow money at close to zero percent if you're on the field work and then your rate of interest is going to be twenty five thirty percent your rates are going to be jacked up you're shopping at the company's store whether it's tesco or wal-mart. now demand for rental properties is growing because first time buyers in the city typically need down payments of about twenty five percent the average deposit is fifty seven thousand one hundred seventy five pounds now consider that that's almost twice what the average salary annual salary here in london is so of course i mean we had this from the beginning and we never had that financialization on the boom in the lowering of credit standards of course we would never have p

no is ahead with 53 percent of the vote. 47 percent are saying yes but this is with just 14 percent of the precinct reporting. >> now this is an issue that governor brown campaigned very hard for. lee ann is live in sacramento she's following this at the yes on 30 headquarters. >>reporter: that's right. this is a proposition that i think everyone in california is watching at the moment. supporters of proposition 30 gathered here at the sheraton hotel in sacramento. waiting for those final results. the mood i have to say is very festive so far. governor brown is not expected to arrive i'm told for at least another hour. i heard one volunteer say we believe we are finally here. it's over. it has been a long costly campaign. a lot of hard work by a lot of volunteers and supporters. prop 30 again is of referred to as governor rescue plan which of course raises taxes to avoid those so-called trigger cuts and it has been slipping or had been slipping in the polls in the last several weeks but again you had the undecided voters and when i talked to the governor last night he said he wasn't at

>> under the tourism improvement district, zone one is one percent, and zone two is 1.5 percent. but the moscone renovation portion of tho will sunset at the end of 2013. so it will go down to 1 percent in zone one, and 0.75 percent in zone two, and those funds will fund the san francisco travel related marketing of the city for tourism industry, hotel bookings, and services of that nature. it won't go towards a capital improvement any more for moscone, the portion would sunset. >> just a clarification, you had indicated that the petition vote already came through, i think that is what we see before us. >> today we submitted additional four petitions that brought us. we originally submitted them to the board in september, but they have gone up to more of a trickled in so now it is at 53.97 percent and support. >> is there a period when you stop counting? >> yes, now. >> now, okay. >> right, because if this resolution is approved by the full board, then the ballots will be made out and the hotels will have a second chance to weigh in, a second time through the formal ballot proces

course we would never have prices at this level if from the beginning we always had a twenty five percent deposit but now people are being forced out excluded and it's bankers who are able to borrow a zero percent like a k r and they go over a whole list of other bankers who have buying properties and renting them out right well the flip side of zero percent interest rates are bond prices at three hundred year highs and so when the bond price bubble pops and interest rates go to ten fifteen percent on the ten year twenty or thirty year bond in the u.k. and around the world the real estate market will crash so k k r but because they live in the big house k k r o b belt out of ghana by the state and everyone else of being suffering through another round of austerity exactly so let's look at another ad line here because you know our economies have also been wiped out as they even know here even bankers are losing their jobs there are fewer fewer jobs available but do you want to be one of these sort of ranty a's this want to join the k k r class well they've got just the product for you k k

one percent over. investable assets around the world are in precious metals personal struggle so with money still now any bump in that number at all would seem to take this summer market which is only a billion ounces above ground that's a what the thirty to thirty three billion dollar mark and we're talking about portfolios that are if half a trillion in size if they just go from one percent to two percent that's the relative what happens when you get a role the show would move in in the process which is historically see if you are a precious so the if you look at fundamentals for a second we think the biggest fundamental drive in movies bull markets in precious metals is money printing money or central banks led by ben bernanke with the bank of england the japanese central bank going to the chinese central banks all the major central banks in the world who rule affectively right. on the money printing machine now if you're an investor in precious metals any precious metal this is the best bet we can

our scheme is going to lose seventy five eighty ninety percent of their investment take a r. won't be insulated because they dump their risk into this vehicle that they're now pushing on to the public the regulators are of course implicated in this they let this go through because they're corrupt and they take huge bribes whether it's gary gensler of the city of d.c. the as you see the epicenter of the matter they're all corrupt they take huge profits and let this trash get into the marketplace j.k.r. offloads their risk the public they are exposed to austerity and then what pennies they have left they get raped by k.k. our henry travis you are a true patriot. so investors such as public pension funds and wealthy families have cut severely their investments in private equity they were primarily the big investor in these private equity firms they're cutting back so now kerry needs some new you know you're always looking for the next chunk to sell your your investment too so this is how scott not sold the fruits global head of capital and asset management says individual invest

>>neil: not when 47 percent are not paying. >>guest: you are hung up on 47 percent. >>neil: you are the education association president but i am a slave to the numbers. the numbers tell me we cannot continue to support the government that you want to see and the programs you want to continue just hanging it on that fraction, that small group of folks wealthy or not who pay all the freight. you cannot sustain that. >>guest: one of the other thin i talked to the president is the conversation about medicaid. there is a talk about whether those should be cut or not and some want to shift the cost to the state. >>neil: are you open to cut inning? >>guest: obviously we need to look at the whole country. >>neil: you want to leave medicaid aloning you don't want to cut medicare what are you going do give up? >>guest: the important i am making about medicaid right now in states that is the largest portion of their budget and it pushed out k12 education, the third area is prisons and they will not cut prison. if you shift the cost to state --. >>neil: give me one thing you wou

one hundred twenty percent to twenty two percent of g.d.p. doesn't really matter everybody knows that if your debt to g.d.p. is higher than ninety you have a huge future checks on your growth and you have negative downside for years to come but if you were one of the finance ministers what would you suggest as the solution i will start negotiating who should take the losses here because we need to reduce greek debt to g.d.p. below ninety percent if we really want greece to have a future on his own but also certainly in part of the euro zone in europe so you need someone to take the loss of course the consequence of losses will be that countries like germany fail and then the netherlands will have to take these losses and have sold them into their fiscal deficit something which is politically impossible to facilitate certainly twenty thirteen is an election year in germany so whatever is the most rational whatever is the best solution for greece is and remains out of reach in terms of being a political solution. let's not check out the markets

white, 5 percent black, 11 percent hispanic.ng temselves as republicans. democrats 26 percent white, 69 percent black and 32% hispanics. there seems to be some over representation, don't you think? but the most popular affiliation, at least among whites and hispanics is independent. 38 percent are white, 22 percent black, and get ready for this, 46 percent hispanic. hispanics identify themsels 46% as independent. how about that. when it comes to aids, pretty evenly split between the parties, among the generation born before 1945, 34 percent identify as epublican, 34 percent as democrats. get that, newsweek? 27 percent independent. baby boomers have just about the same amount of republicans and democrats. 34 percent, 27 percent independent, and among generation x24 percent republican, 29 percent democrat, and here we go again, most self identify as independent, 42%. among the millenniums, along under the age of 31, 18 percent republican, 31 percent democrat, 35 percent independent. notice the trend? elections have consequences, a

percent management consultants are down by around six percent but the most important thing to remember is that none of these things represent real terms rise in wages in order to beat inflation in your wage cap you've had to have seen it go up by nineteen percent so this is a job that does not pay well. with a lot of the economic downturn is not only ravaged greek wallets pretty shaken up the country's political scene greece or some unexpected names turn up on the parliament polls when his list in june including the ultra nationalist golden dawn party. investigates the side effects of crisis. hunger joblessness and the feeling europe is ripping the country apart greeks are seeking answers today crisis in increasingly extreme news the main form but this has been expressed is the rise of the greek left but also a warning development in the. months has been the rise of the new. to be more precise than nazis or not the numbers don't lie at the last election in june golden dawn entered parliament with seven percent of the vote current opinion polls suggest an election today would see them t

ninety percent private debt to g.d.p. ratio and that point on you had more and more debt claims on the saudi more and more speculative debt turning up there and you began to get more gambling being the usage of debt rather than productive investment the knowledge in fifty years industrial capitalist america was being wiped out by the knowledge in the sixties seventies growth of financial capital have ciphered realty began in sixty six we had the. bankruptcy at that stage and that actually not in sixty six when you deflate the dow jones via the consumer price index you find that was the biggest peak in the stock market product of the two thousand paper so it was downhill from there from sixty six to eighty three it went down then the bubble began in ninety three were totally financially driven society so. that pretty fragility has been rising and we now are carrying a level of debt six and seven times what the profits are they had back in the fifty's. certainly for three to four times what it was in sixty six when fragilit

zero percent of them for the first three years and it is that one percent has that's the problem it's zero percent of them for the first three years which is a very short term thinking and over the long term and then it's ten percent of the additional cost at a time when states are so cash strapped and they're sitting there trying to consider you know whether they should cut education which i don't know the pain or i don't know i'm on a fifty fifty right now currently i think the way that it's set up is that if you if you don't have a certain number of people on your rolls then they take away the federal government's compensation part of it and there were a lot of states before obamacare that was passed that had said no we might just literally cut the rolls and then say the heck with the government funding portion of it because we can't afford to keep so many people on medicaid so they would just throw all the poor people off and say sorry no health care just wait until the tumor wraps through the skin and show up at the that's not exactly how it is but all that you mark well first of

the wealth of thirty percent of american families one percent of the wealth of ninety five percent of americans so now that we've identified the problem broadly speaking what do you think the solution is raise your hand if you think the way our representative democracy currently functions bought and sold as it is by wall street and super pacs offers a bright ray of hope forward for anyone to the very same problem anyone politicians know if they step out spend their competitors when the election ninety four percent of the time of the. so. they have no fear of the american people they fear the people who are going to fund their campaigns right so that means that you me and just about everyone we know has very little say over who represents us and little to no influence over them once they get into all this for a process is rigged to throw an enormous amount of money behind candidates in the two major parties and consequently choosing the lesser of two evils is something americans have done with a fatalistic shrug of the shoulders for far too long to say the us government currently funct

ninety percent occupancy for the prisons therefore inducing the unlawful incarceration of millions of americans for the benefit of the private equity groups like corporations like actions core of america out of a philosophical agenda which many call market fundamentalism max is an end of empire they've got their jackasses in the senate and their lunatic in the white house it's the same thing that happened in rome let's move back to the vomitorium let's talk about what no prince here is saying about zero interest rate policy this is part of the collusion the racket whichever team wins is going to continue with the zero interest rate policy because this is what the banks want this is what jamie dimon wants this is what lloyd blankfein wants this is what brian moynihan once so she in particular talks about zero interest rate policy this is a big issue for you you had a big issue against this out policy against the savers in order to appease the speculators so between two thousand and five and two thousand and seven u.s. commercial banks held approximately six point nine seven trillion do

morgan chase's ratio of interest paid to deposit of point two seven percent is the lowest of the big four banks that on average pay less than smaller banks anyway so there you have these are numbers assigned to how much has been stolen this was never addressed and any of the debates by either of the candidates and you know there are only two that you're allowed to vote for and so here we have a situation of end of empire where we have vomitorium is on wall street oh don't mind jamie dimon do don't write here bill ball at your local voodoo it's got all you need to flick massive to do pain there's possessed devil of finance on wall street and you can activate it various locations here and cause serious general told discomfort so it's right there oh damn that's gotta hurt buddy let's try it again one for each going to there you go buddy that's the world speaking to you you can feel it down there in your minds because people hate you you with a vengeance when they see you they want to vomit on your face because you stole hundreds of billions of dollars you're a crook and a horse and a st

this is making permanent 80 percent of the bush tax cuts for 90 percent of the american people, that is a victory and we are free to continue to pursue it because their policy is the president's policy is bad policy. he will raise rates, it will hurt the economy, it will cause less investment and fewer jobs. we can win that. if we make it while most americans suspect we might be complicity in raising their taxes, we are more likely to loss. that is just -- we don't have a debate over political theology but over political tactics. >>neil: congressman, a pleasure. thank you very much. >>guest: thank you. >>neil: no one knows this debate better than folks in california where it is happening, a proposition that was overwhelmingly approved for hiking taxes on those earning more than $250,000. reagan saysm cold and democrats want to do is not the way to fix the who. and california is living proof. >>guest: it is living proof. when the republicans are defending not defining, they ares thering. right now, they are defending. they are not defining the issue. they allowed the president to defi

give small money and the one percent are restricted from all of this big money. president obama has received millions of dollars but his it is the case that he and his party the democratic party have now said that if elected they will implement reforms like overturning citizens united or clean money so you reduce the big money in the system whereas the republican party has obstructed and blocked any reform of such kind they want to keep big money in the system so there is a difference and i would say that the recovery program that president obama implemented had the largest share of antipoverty money since the great society of one nine hundred sixty five which was when the war on poverty in america was at its height do you think obama was able to capitalize on occupy wall street movement i think occupy wall street had a great impact on the american political scene and on the president did he capitalize on it i think the reverse i think occupy wall street pushed president obama to speak in new ways that he didn't before about inequality about fairness about the re

million dollars sixty seven percent oppose raising taxes excuse me and there was a raise raising the medicare the retirement age for medicare so you know he's out on there sure as you could have but it is easily said of them so i could go outside this studio and i could pull one hundred people and seventy percent of them would say would you support raising taxes on someone else seventy percent would say yes i mean this these polls are kind of silly why are they selling that's the issue that's at hand right here is the raising taxes on the top two percent of course or it's a way way way way above forty percent are somehow captivated by the two again you are failing to appreciate that there is a. real difference of opinion on these issues and those guy people when they come to these me go i know i think it's i think it's just tragic it's that forty percent of americans roughly have come to believe this fantasy that if they have their way to get that number to sixty rich people richer even better comes welfare off the table and all i'm sometimes. i always proud you an aspirational figur

declined in the first quarter by point one percent second quarter will decline a point two percent two quarters in a row there's a recession and the ruble was not moving significantly against both currencies and the day mixed now on the russian markets after a few days of pretty sharply trade the r.t.s. my six managed to recover around one percent each now on the. up to the oil price now it's back down again below eighty five dollars. same with energy gazprom has completed the last stage of negotiations to build the south stream which is a direct natural gas pipeline to central and southern europe the gas major c.e.o. aleksey miller are sealed the twenty billion dollars deal with bulgaria today katie goes from headquarters with the details well gary was the last prodigy to sign the south stream pipeline contract and now all is set for construction to commence on december the seventh a bit about the pipeline itself that is the second one of the north stream to actually send to read not true russian gas to europe and it ok about after the price of gas was which the last of which happened

percent france is one thousand and a half percent and it's eighteen percent i mean most of the countries that china is sixteen percent most of the countries in the world that are successful are using a vat tax as a form of tariff to protect their domestic industry i grew with them on the fact that i think that you have low what you need is lower taxes on a bigger pie that's what you need to do the lower the tax rate with a bigger pie i think what you get is you stifle the growth or reagan raise more of it from the people and then they're working for the government longer and longer and longer each year but i think we need a recipe for a new pot what i see in politics right now is this idea that we've got this finite pie we're going to fight over who pays for the spending that we've gotten ourselves into mostly because of these different complexes that we you know it's like the american complex military industrial complex the war on drugs the prison industrial complex the big spending items are things that i don't believe the majority of americans agree with anymore i think we've got ours

of americans letting them expire for the top two for two percent so neil you had breakfast today with grover norquist who's a small kid i have i have a little test kid here to measure whether you've been poisoned or not but you didn't tell him you were coming on the program or no i didn't know ok then we probably don't yes you seem you seem healthy. and his point i did do was everybody still kissing his ring or other parts of him the place was packed today and in fact a representative from boners office is off the record so i'm going to be violence for confidence but. a representative from baiters office was there to express their support and he also mentioned that congressman cole had been shut down face to face by boehner himself and told this is not moving forward i predict chambliss of course called as i wrote in on human events dot com chambliss called grover norquist to apologize and say he was confused chambliss terrified now that erick erickson was talking about taking him i got a flash burns reading eric's column this morning. but so i think that what's going to happen is peo

percent and the u.k.'s north sea supplies have continued to do window it's a mature markets as you can see you could tell that on your screen deals with most of british gas as you can see that look at where this gas would be traveling from them with say that the pipeline would be running from veba in russia to germany under the baltic sea bypassing ukraine altogether so not to do with all those are price gas wars that we've had in the polls and britain reported today i want to extend the same threat to norfolk you can see there on the red just on your screen as far as coast is concerned we're talking four hundred eighty million dollars of initial investment to get this off the ground now as far as i'm concerned as far as vest as a concerned we've got some interesting comments actually made about this because this is logical and that was going to be penn state of gas to go around so let's hear from others on the nuts at all of his from gas from banks. it is a really it would be really logical thing to do. a