robert reich, you've been there.a good job of explaining where he is and where the country is and what he's done? >> i think the president has done a reasonably good job. the speech he gave in december in kansas about where the economy has been over the last 20, 30 years, where it needs to go, the structural changes in the economy i thought was a masterful speech. but he's also painted for americans a very, very high expectation of a quick recovery. that's what he did initially from the worst recession since the great depression of the 1930s and i think inevitably there's a sense of letdown. i would recommend very strong they the president now sketch in his second term for americans what he would do. kind of in bold strokes to get the economy moving as it should be moving again toward 4% or 5% unemployment. >> schieffer: john fund, what should mitt romney be doing? is he doing enough? >> this is the summer. a lot of people are focusing on side issues, bain capital. voters are going to wait, i think patiently, for the

robert reich, mr. bernstein, thank you. >>> there are a lot of people on the right who didn't like romney saying i told you so. this is "hardball." the place for politics. and while other sunscreens can feel greasy ultra sheer® is clean and dry. it's the best for your skin. ultra sheer®. neutrogena®. time out. sweet. [ female announcer ] with charmin ultra soft, you can get that cushiony feeling you love while still using less. charmin ultra soft is designed with extra cushions that are soft and more absorbent and you can use four times less versus the leading value brand. ♪ ah. [ female announcer ] we all go. why not enjoy the go with charmin ultra soft. >>> welcome back to "hardball." it began with a few tweets from rupert murdoch to shake up his staff. and also admonishing him over his play it safe campaign approach. yesterday, "the wall street journal" which is owned by murdoch, published a blistering editorial. it said that romney was quote slowly squandering an historic opportunity to unseat obam

robert reich was labor secretary during the clinton administration and jared bernstein served as chief economist to vice president biden. secretary, let me start with you before we get to the politics of it. explain to me the substance. what's going on? what does it mean in the big picture? >> essentially, michael, job growth has stalled. it's 8.2% unemployment, same as last month. but we also see that 80,000 jobs were created in june. that's nothing to crow about. the average monthly job growth of the last three months has been about 75,000 jobs. a substantial decline from the job numbers we saw in january, february and march. now, it's a similar slowdown to a slowdown we have seen in previous years. the hope, obviously, is that we get more job growth later in the year. that's a hope both economically and politically but it's very hard to make good news out of today's job numbers. >> mr. bernstein, where is it headed? i think we're aware of the statistic that says since world war ii no president has been re-elected when the unemployment rate was north of 7.4%. is it likely that 8.2 co

everything else we want is impossible to achieve. >> thank you, my friend, robert reich. >> thank yout back to clear the air. ♪ hello...rings ♪ what the... what the... what the... ♪ are you seein' this? ♪ ♪ uh-huh... uh-huh... uh-huh... ♪ ♪ it kinda makes me miss the days when we ♪ ♪ used to rock the microphone ♪ back when our credit score couldn't get us a micro-loan ♪ ♪ so light it up! ♪ even better than we did before ♪ ♪ yeah prep yourself america we're back for more ♪ ♪ our look is slacker chic and our sound is hardcore ♪ ♪ and we're here to drop a rhyme about free-credit-score ♪ ♪ i'm singing free-credit-score-dot-com ♪ ♪ dot-com narrator: offer applies with enrollment in freecreditscore.com. so what i'm saying is, people like options. when you take geico, you can call them anytime you feel like saving money. it don't matter, day or night. use your computer, your smartphone, your tablet, whatever. the point is, you have options. oh, how convenient. hey. crab cakes, what are you looking at? geico. fifteen minutes could save you fifteen percent or more on car insurance. >>> it's ti

>> robert reich, we're one day closer to going off the cliff.hank you very much for joining me tonight. >> thanks, lawrence. with friends like chris christie, mitt romney does not need republican enemies. is chris christie really hoping mitt romney loses? of course he is. and in the rewrite tonight, rush limbaugh talks about sex, socialism and drumsticks. and both asks and answers the question, when is a drumstick just a drumstick? those little things still get you. for you, life's about her. but your erectile dysfunction - that could be a question of blood flow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confident in your ability to be ready. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like needing to go frequently or urgently. tell your doctor about all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in bloo

>> robert reich, we're one day closer to going off the cliff.hank you very much for joining me tonight. >> thanks, lawrence. with friends like chris christie, mitt romney does not need republican enemies. is chris christie really hoping mitt romney loses? of course he is. and in the rewrite tonight, rush limbaugh talks about sex, socialism and drumsticks. and both asks and answers the question, when is a drumstick just a drumstick? [ male announcer ] before you take it on your road trip... we take it on ours. this summer put your family in an exceptionally engineered mercedes-benz now for an exceptional price during the summer event. but hurry, this offer ends july 31st. but hurry, one is for a clean, wedomestic energy future that puts us in control. our abundant natural gas is already saving us money, producing cleaner electricity, putting us to work here in america and supporting wind and solar. though all energy development comes with some risk, we're committed to safely and responsibly producing natural gas. it's not a dream. america's natur

the former labor secretary robert reich had an interesting column.flection. four years ago, we paid $12 million for his fourth home in la jolla, california, a pool, a jacuzzi and unobstructed views from the pacific. he has filed plans to tear it down and replace it with a home five times bigger. romney's a opposite. he wants to do everything he can to make the super wealthy even wealthier, the poor even poorer and justifies it all with a thinthi thinly veiled social darwinis measurin. >> i think he can get himself into trouble with not just the house, but saying things for example, going to nevada and saying that you know, they should slow down the foreclosure process. that the market should be allowed to work because then the real estate developers would come in and get things going again, which works out well if you're a real estate developer and not the person who lost your home.ç on the backdrop of the labor stuff, romney embraced that. it was overturned by a referendum by a 2-1 margin. i think that could come back to haunt him as well. there wa

robert reich was the secretary during the clinton administration and jared bernstein served with vice president biden. explain to me the substance cht what's going on? >> it's actually job growth has stalled. 8.2% unemployment. same as last month, but we also would see that 80,000 jobs were created in june. the average monthly job growth of the last three months has been about 75,000 jobs. a substantial decline from the job numbers we saw in january, february and march. now, it's a similar to a slowdown we have seen in previous years. the hope obviously is that we get more job growth ler in the year. it's hard to make good news out of today's job numbers. >> mr. bernstein, where is it headed? i think we're aware of the statistics that since world war ii, no president's been re-elected when the rate has been north of 7.4%. is it likely that 8.2 could get under 7.4 between now and november? >> absolutely not. you never know, but that is way outside anyone's forecast. the most optimistic forecast i've seen to have the unemployment rate trending down a bit below 8% by the end of the ye ye

at first we heard a number that was significantly lower but i think it was yesterday robert reich guessed something like $5 billion, he's obviously very close. is this more than people thought, less than people thought? >> it's not the worst case scenario but much more than they originally said. when this first het the headlines it was a $2 billion loss and that was a very big, bad failure of risk management. now it's almost $5 billion. so quite frankly, that shows you just how big this thing is. last year the company made $19 billion in the whole year and now it's lost almost $5 billion, $4.4 billion in this quarter because of the loss. that shows you -- we'll continue to go through and i'll give you other headlines as well to keep you up to speed. outrage and shame at penn state this morning after a scathing report by the former director of the fbi. the school's reputation stained and legacy of its late beloved football coach shattered. investigators concluding joe paterno and top university officials empowered a child predator. the outreach spreading so quickly there are calls to tear

also joining us robert reich, he's a professor at the university of california berkeley and the author "beyond outrage." gentlemen, thank you to you both. secretary rice, we're going to put up a chart that shows gdp from the first quarter of last year to now. and it is a roller coaster. it went from .1 to 2.5 back to 4.1 down to 2 -- what is going on here? >> candy, it is a roller coaster ride. in a way things are not nearly as bad as they could be if we didn't have europe and the european debt crisis to worry about. china's growth, we're not slowing. but this is bad. i mean, there's no way of dressing it up. there are some silver linings here, housing prices seem to have rebounded somewhat. but there is a big drag on the economy. one of the biggest drags on the economy and i would love newt gingrich to comment about this which is government spending which is way, way down particularly at the state and local levels. >> see, i don't have to ask the questions. go ahead, mr. speaker. >> as usual, secretary reich has launched straight into the differences i guess. look, i think that the at