gifting so much money to israel at a time when the american economy as i've just been saying is on the verge of taking a nosedive what's the reasoning here. we'll go over there and i'm not an expert on american politics more an expert on the israelis. on the israeli side the question should be why should we. country with a high growth rate with excessive tax revenues beyond what the treasury had expected this year should be taking money from a country who is in the middle of a crisis as you suggest a good point so answer that one for me then why. when there are many. industries that benefit on both sides but on the home i would argue that american aid is a net loss to israel as it is tied to the american economy seventy five percent of the granted by congress to israel must be spent in the us thereby supporting the us arms industry and that's. as you well know is a strong lobby within the us and damages the israeli arms industry. and other damage to their industry is the restrictions on exports that come from our own with the usa congress requires that israeli exports through third thi

dollars mean for the american economy. i think it's more than an economic question and i think it really is the end of an era you could really divide american history into central banking preterm and control banking and post government controlled banking prejudgment control banking it was largely republican a government designed to protect persons and property afterwards you have a bribe ocracy where in governments can borrow and print money to buy votes from the populace that whole gravy train that whole scam that whole ponzi scheme is currently coming to an end when people start buying u.s. securities the government can no longer bribe people through future debts and bright people through printing money and so really the whole era of this pillaging this uncivil war of economics between the peoples of the united states is going to come to an end and it's going to be a fundamental reshaping of society so what's changed recently is there's some new phenomenon that explains this or is this sort of the the inevitable consequen

if you focus on verbs, then you engage in what has been the greatness of the american economy. but when you channel that energy, great things will happen. and i think it applies. >> unfortunately, we've only scratched the surface on these issues. you will have to come back soon. >> aw. >> cecilia kang, thank you. >>

bringing down the american economy to its knees. to the greatest recession since the great depression. now, those policies added up to this rather massive red zone here. $11357b9 trillion. $11 trillion -- $11.5 trillion. estimated by the congressional budget office, nonpartisan congressional budget office that would, that projected in the next 10 year, the same policies continued, an $11.5 trillion deficit. president obama came to office in january of 2009. the day he arrived in office, the budget he had to put in had ap $1,300 billion hole in it. he didn't create it. but he had to deal with it. $1,300 billion. deficit. handed to him by george w. bush and his policies. that's the history. now we're trying to dig ourselves out of that hole. now, properly said, when you're in a hole, stop digging. wise policy. the president couldn't do that and this congress couldn't do that in the face of the most serious financial and economic crisis this state -- this nation had faced since the great depression. so the stimulus bill was enacted. som

but they cannot form the basis of a sustained expansion of american of the american economy or sustained recovery of american jobs so the belief that they could the belief that the president articulated that the purpose of the policy was to get the banks lending again was profoundly you lose to read from the very story the it's like a saddle cian a new normal when the old normal was highly abnormal and not only don't we want to go back there and buy their i'm talking the last fifteen or twenty years maybe thirty years we can't and we shouldn't go back there. well you know what is normal and what is not. unregulated or inadequately regulated capitalist systems tend to be unstable financially they tend to have brooms and busts we have a period of thirty years or so in which we had we avoided that and that clearly is what we should be aspiring to but it's impossible to get there if the government is not prepared to do its job of supervision and regulation in a serious and independent right yeah and in fact i've. correct me if i'm wrong but i believe the from the founding of the republican t

but i think that's just all bluster bluff and bluster i mean they're not going to blow up the american economy because the people who are really in charge of the republican party are the wall street c.e.o. crowd and they may want to work hard to you know cut or cut taxes for themselves and get more wealth they sure as heck don't want to blow the american economy to smithereens you know they'd be so you know a bunch of bonds it worth separately have to be a disaster i think it's all bluff i you know i think you're right the you said that this was just a c.r. a continuing resolution that was passed although there were a bunch of holes drilled into it from last year's budget and for people who don't know what a continuing resolution is it's where we basically say we're going take last year's budget and just call it this year's budget with maybe a few changes and the biggest problem with that is that if you've got three percent inflation really it's a three percent cut assuming that you haven't ever seen the extra for inflation but the question my question is will this. you know now president obam

get the right engine of innovation flowing so as we project five years out and beyond, it is the american economy that will produce the products, the services, the infrastructure that would export to the world what we think is that next wave of economic growth. >> host: this is c-span's "communicators" program. our guest this week is the u.s. chief technology officer aneesh chopra. joining us is cecilia kang of "the washington post," she is the technology reporter for that newspaper. very quickly, we've referred obliquely to this meeting at the white house this week, what was this meeting? >> guest: yes. earlier today a group of economists from all ends of the political spectrum, if i may use the term, those that served in the bush administration, in clinton administration, those that are in all walks of life, if you will, in terms of their political leanings came together and wrote a shared letter calling on congress to promote this notion of voluntary incentive auctions to insure that that policy lever is in place because fundamentally our economy is a market-based economy where you have assets

an oligarchy and it's the rule oligarchy skin their interests you can if you look at the performance of american economy over the last one two decades all the income gains have been for the very very rich the top one or two percent there's been no growth and income not the average american for ten twenty years and so we have an economy that works for the rich and it's your own by the rich has no relationships really out of the markers so dr roberts a question that comes to my mind than as has the experiment in a free market capitalism failed or is it that we've mismanaged that somehow i mean is there still hope for a free market capitalism could it be done in full sort of responsible way or do with live past us well it may work in china and russia. but i think in the united states it's it's been captured and taken over by wall street and who oligarchy interested if you look at what really runs the country and it's not in any sense a liberal democracy that that is the propaganda that's what we hide behind while we oppress others in the name brain them. well at the end of the day it seems like we're the o

>>reporter: let's not a sign of total recovery, both parties agree the numbers go well for the american economy with a possible government shut down next week, they should offer new political capital for the fight ahead. in washington, kron 4 news. >>pam: another beautiful day today, video from four. a right under the golden gate bridge. look to the beautiful sky. what a wonderful day jacqueline, we love this kind of weather on friday. >>jacqueline: it's not going to be with us for much longer, the same picture you were showing right now clouding up. your gun is the clouds push in over night. much cooler temperatures into the overnight hours and also especially into tomorrow afternoon. right now sitting pretty warm in a number of places. temperatures in half moon bay indication of what's to come. 71 san francisco, fisher temperatures will start to drop off pretty soon. our inland valleys, and south bay this evening. you can see the clouds are starting to of bush into the bay. it to see breeze winds will kick back and and no mean cooler weather as we head into tomorrow. increasing five cover ton

not to the american economy where president obama said today there were signs of real strength after the unemployment figures dropped again for the month of march. now at 8.8%, the figure has gone down a full percentage point in four months. despite the promising years, wages did not grow and some worry about the quality of those jobs being created. from new york, we have this. >> at last, what americans have wanted to hear. >> we do have good news to report. >> the unemployment dropped to its lowest level in two years, and employers continue to create jobs. the man in charge of counting america's jobless told lawmakers the unemployment situation may have turned the corner. >> we've had pretty steady job growth for more than a month. it has been around 135,000 a month, and it looks like we may get an acceleration in job growth. which would be a good sign. >> the u.s. economy is growing faster than other countries like the united kingdom. but most of that growth is still in part-time work and lower- paying jobs and it is not working for many americans. a shampoo and a massage. carolyn

not to the american economy where president obama said there were signs of real strength after unemployment figures dropped again. now at 8.8%, the figure has gone down a full percentage point in just four months. but at last, what americans have wanted to hear. >> we do have good news. >> the unemployment rate has dropped to its lowest level in two years as employers continue to create jobs. the man in charge of counting the jobless into the employment situation may have turned a corner. >> for more than two months, we've had pretty steady job earth. it has been around 140,000 a month. the last two months, the it looks like we may have been getting an acceleration in job growth, which would be a good sign. >> the u.s. economy is growing faster than other countries like, say, the united kingdom. but much of that growth is still lower paying jobs and part-time work. it is not working for many americans. carolyn is an assistant at a hair salon. it is a far cry from her old job as a deejay and music director at any york radio station. -- at a new york radio station. she lost her job in 2008. s

the u.s. needs to have growth you need to get growth from somewhere and the economy itself is not generating the private sector the american economy is not generating fiscal policy i'm not afraid policy fiscal policy is getting more and more difficult because of that with us so that really just leaves the fed the fed has very little choice right now to continue with very very historic investments and also we see some critics saying that the feds are not doing enough to support the dollar but the dollar continues to devalue it's not what why is this happening and what could that mean for russia that relies on the dollar as well you know if you print six hundred billion dollars and you go out there and spend it and you can see new saving are going to have a very loose monetary policy when the rest of the world is already going through a tightening cycle beginning of tightening cycle then you're going to have a weak currency. for a long time so you know the dollar will continue to be something we can it's just a race against the border between your of the dollar quite frankly right now what does it mean for russia you know wh

not to the american economy where president obama said there were signs of real strength after unemployment figures dropped again. now at 8.8%, the figure has gone down a full percentage point in just four months. but at last, what americans have wanted to hear. >> we do have good news. >> the unemployment rate has dropped to its lowest level in two years as employers continue to create jobs. the man in charge of counting the jobless into the employment situation may have turned a corner. >> for more than two months, we've had pretty steady job earth. it has been around 140,000 a month. the last two months, the it looks like we may have been getting an acceleration in job growth, which would be a good sign. >> the u.s. economy is growing faster than other countries like, say, the united kingdom. but much of that growth is still lower paying jobs and part-time work. it is not working for many americans. carolyn is an assistant at a hair salon. it is a far cry from her old job as a deejay and music director at any york radio station. -- at a new york radio station. she lost her job in 2008. s

>> well, loork the american economy is a ticking time bomb. let's face it. you have this deficit commission of senator simpson and erskine bowles and you look at the detail and this is not partisan. this is raw economics and numbers. we're entering the danger zone and he's going to have to manage that and if that goes off the rails where, you know, the republicans -- chris: but -- >> no, it's management, it's survival politics as it always is. >> chris, i'll tell you what else he's going to do, both because it's good politics and because he actually believes it's true. he's going to campaign as the last bull wark against the extreme republican party. the only way to protect my accomplishments of the first four years is to keep the white house out of the hands of these people and he's going to have things to point at where he's -- chris: you say here, bob, if the republicans go red-dog like in football, right after him and him being the bad guy, got to get rid of him, can he then come out and sort of say i can inspire this country even under track -- attack? >

and the american people, they can reach an agreement that is good for the american economy and good for the american people. these things build on themselves, we hope. we hope that the bipartisan tax cut that the president signed into law in december, which no one in this room would have predicted in the wake of the midterm elections as the possible outcome, has predicated the bipartisan cooperation that we have had has also had a positive impact on the economy. independent from the white house and from economists, it will tell you that has added to our abilities so far. all of this stuff is hard. all of these negotiations will be difficult. but what i think the american people should take away from what they have seen happen in recent days is that there is hope and reason that we can work together and get done what the american people expect us to get done. but >> is that -- you have a comment on the latest from libya? also, the latest from the ivory coast. >> we are glad to see that mr. badmadow -- gbagbo has been arrested because we made clear that he is no longer the leader

small businesses are the heart of the american economy, they are responsible for half of all private-sector jobs and create roughly 70% of new jobs in the past decade. small-business this are not only job generators but are at the heart of the american dream. how does the u.s. government treat small businesses when it comes to immigrants and non- immigrants setting up businesses? i can only speak to my own to tradition on this but i have heard countless episodes of others in the same predicament. eight years ago, i was in scotland running my production company which provides video production and graphic designs for a wide range of clients, both corporate and non- corporate, from start up to the united nations. in 2007, we started a u.s. office to start a u.s. presence. my company only has two full employees but we use a lot of contract employees or events and projects. our total payable has amounted to over $1 million and all profits have been reinvested in the u.s., nothing sent back to the uk. here is my experience with emigrations -- immigration's. 2002, they issued a visa. 2003, success

the united states and. so fastest growing economy and in the history of the world. an economy that has lifted three hundred million chinese out of poverty while the number of americans living in poverty increased from thirty one point one million to forty three point six million in just the last ten years so would fukuyama revise this theory it's hard to say i still will bet on a system of checks and balances over you know even a good quality of oratory and system healing for an artsy washington d.c. all right so we will talk about this issue a little more of a first we want to get to a story about this magazine time magazine they ranks of the world's most one hundred most influential people and we decided to take a look on what it all means work. top one hundred influential people in the world time magazine annually mixes matches and puts together an eclectic group of folk and anoints them with award influence this year's group has been announced with great fanfare but how prominent are these figures and what is this list for anyway it's. so stupid it meanwhile real news interesting news you say would actually sell more magazines it's not getting sold. the ground l

upheaval abroad, after last friday's government jobs report, many are convinced wall street and the american economyare finally turning a corner. employment recorded a second straight month of solid gains in march, and the jobless rate fell to a two-year low. as a result, the dow hit its highest trading level friday since june 2008. this week the s&p 500 stands poised to hit its highest mark in nearly three years. another reason to be optimistic? since 1950, the dow has averaged a 2% gain every april. elsewhere, customers of companies, including citigroup, walgreens, tivo, capital one, and thousands of college students had their names and e-mails exposed after a hacker penetrated on-line marketer epsilon. >>> the "wall street journal" reports the senate probe into the mortgage meltdown will soon point the finger, particularly, at goldman sachs and deutsche bank. both have been criticized for misleading investors in the housing market. >>> the "new york times" reports almost a year after the nation's worst environmental disaster. bp is asking u.s. regulators to let it resume drilling in the gulf, and

as the american economy continues to struggle, this may be the most important facet of the current regulatory process. i think it must not be overlooked. thank you, mr. chairman. >> i'd like to welcome and introduce the witnesses on our first panel. the honorable mary schapiro is chairman of the u.s. securities and exchange commission. previously, she was ceo. she also served as commissioner of the sec from 1988-1994. and chairman of the commodity futures trading commission from 1994-1996. our honorable gary gensler is chairman of the committee futures trading commission. mr. gensler previously served in the treasury departm

the united states and. so first is a growing economy and in the history of the world. an economy that has lifted three hundred million chinese out of poverty well the number of americans living in poverty increased from thirty one point one million to forty three point six million and just the last ten years it would fukuyama revise this theory it's hard to say i still will bet on a system of checks and balances over you know you don't get all of your for trade system killing for an artsy washington d.c. . oh i thought the same would you bank on a system of checks and balances or a good quality authoritarian system for some answers i spoke to asia times correspondent pepe escobar. this is not about the knockers the chinese the have the nerve to barely speak used it was susan rice ation five thousand year coach or of course what happened but post-imperial will think then and what official eyes that's the me have a bit of traffic system for say two thousand and thirty new a guy off the street own troops what the chinese society should do their bit of the fillip meant we in the west may say ok this is not problem and through western democracy of course not but if we look

and the american people, they can reach an agreement that is good for the american economy andfor the american people. these things build on themselves. we believe that the bipartisan tax cut that the president signed into law in december, which no one in this room, i dare say, would have predicted in the wake of the midterm election as a possible outcome laid the predicate for that kind of bipartisan cooperation we need in divided government, and has had a great deal of positive impact on the economy. independent economists will tell you that it has added significantly to our growth so far. the agreement the president reached on friday laid a predicate. all of this stuff is hard. all of these negotiations will be difficult, but what the american people should take away from what they've seen happen in recent days is that there is reason to hope that we can work together and get the work done that the american people expect us to get done. >> does the white house have any comment on the latest from libya, the negotiations with colonel gaddafi and from the ivory coast? >> we are

here, the great american story has been new groups, usually of a different ethnic background or religious background coming. they came for the same reason hispanics came to -- very different economy when the irish and italians and pols and jews came it was economy was looking for people who could do something with a strong back. now, unless we educate these hispanic, these latino children it's not that they will be doing their own family's harm, that's clear. they will be doing the entire country harm. you better find some way to quickly bring these young people, they are the majority of young people now quickly becoming in to the educational system and particularly the higher educational system or the whole country is going to sit back very, very quickly. and cuts are certainly not the answer. >> i think it's also benefit to our foreign policy. the world is changing, having a different face to our foreign policy is really important and can go a long way. >> different face, how? >> think about the foreign service. the foreign service is majority white male. when you send all of your emissaries around the world to asia, south america, all around, africa, you see the same face. how

besides spewing hate speech against muslims appears west is also interested in destroying the american economy in an interview over the weekend wes was asked about the dangers of not raising the debt ceiling and he made it known the republicans should risk it to bargain for more tax cuts. but i think also males are great so we can cut our corporate business tax rate in half bring it from thirty five percent to twenty to twenty or twenty to twenty two percent because as of right now is the time to risk crashing our economy so the transnational corporations that pretty much already pays zero in taxes can somehow pay less than zero. and the very very ugly steve doocy gang of pox and friends got the memo this morning it's. and to legitimize donald trump and the earth words. he could simply just show it joy to deal with your ticket thank you very much steve i appreciate that. the president has shown us the birth certificate they just do see completed his training at fox news that requires all anchors to ignore evidence if it comes from a democrat i always knew a fox with so called news would give a

so-called entitlement programs people who see money over many decades who created the backbone for the american economy who actually are the capital to create the capitalism that is america those people are being disenfranchised by bond speculators who are laundering their losses and laundering money through the u.s. government treasury bond market as it appears in these pension accounts they transfer losses guaranteed. losses that's the problem with the u.s. government treasury bond market is that we are buying these bonds today you're locking in a guaranteed loss of capital but of course nobody is telling the pension holders of the pension funds the stark fact and they're going to wake up one day find out they're down forty percent and everyone in wall street in the city of london and in washington will say we never saw it coming it was a huge accident we're just going to have to try better next time when it was a planned demolition oh golf confiscations game more money laundering and more financial terrorism from the folks in washington and wall street colluding together once again to destroy everyt

understandable given the difficulties you might say of the american economy or you know our performance was not a us dollar dollar reserve currency system contributes to inequality it actually contributes to a weak global economy because the countries are setting aside literally hundreds of billions of dollars but saved a cautionary savings you know naming names but it seems obvious that brics is not happy with the way the world's financial system has been run by the usual powerhouses the u.s. and europe so should they see the organization as a threat it seems to be quite the contrary i mean today you know the brics are extremely important for the survival of the united states commercially it's actually very interesting and i would say a positive thing that the bric countries are talking about no protectionism open up let's have more trade. and the the u.s. has been. this willingness to be aggressive in that arena the u.s. in europe may still be struggling with the economic crisis and pumping their funds into questionable military campaigns and though they try to hold on to the reins as

helps boost the american economy but it also creates excess liquidity on the financial markets and togreat speculative capital in emerging markets weak and she capital inflows by the end of the year but this will be speaking if you can't do the tricky part on all prices and the stronger ruble but it will not be the quality capital we are seeking in the way it will mean our investment climate has improved . so i have for this hour but i do long to logon to our web site r.t. dot com slash business for more business. if. the. russians would be so much brighter if you knew about some from first impressions some. of these for instance on t.v. dot com.

is it hurting the american economy? one american politician says yes. >>> the east bay nimitz freeway is getting crowded. 580 and high way 4 issy. i' ho busy. i'llllhow you what's up for the >>> good morning, everybody. time is 5:52. a live look at the shark tank in san jose, south bay. talking about the sharkies. we want to take a look at what's going on closer to home with mike inouye. >> talk about stepping it up, the traffic stepped up. we have slowing earlier that we have seen for a couple weeks. we are looking at slowing coming into livermore. 17 minute drive holding steady for ten minutes. the 52 is cropping up. keep that in mind. a slower drive popping up early for livermore. in brentwood, an issue for an overturned truck. this is 8157. this is near second. there's a dealership there, a car dealership there. you may be diverted there to get around the scene. it sounds like it's a milk truck and there's milk spewing out all over the place. it's dark. we'll see what they can see. it's the cut through getting to 580

barack obama i wouldn't bet a lot of money on it right now that i think what happens with the american economy in the next eighteen months is going to be what decides that if they're if if they can stay if the fed can sort of squeeze out one more little mini bubble to keep their ridiculous game afloat for another year then undoubtedly obama probably will win if what ron paul's been saying appears more and more manifestly true twenty twelve could grow because you know i think the candidates this time around that are running for two thousand and twelve are definitely going to have a lot more tough questions thrown their way in terms of the economy i'm sure they're going to be asked about the federal reserve and ben bernanke and the roles they think that they play in the role of the u.s. dollar internationally it's going to be tough and what they think of quantitative easing to some out there even speculated that perhaps the ron paul family with add rand paul the other brother they might be the next kennedy dynasty except for from the libertarian wing all three how it all plays out brian i want t

the difference is the american companies did not going to japan and germany and takeover the economy. we let them build their own economies. it is different with latin america. american companies go in and take over the economy's. the free-trade agreements, we need to call our congresspersons and tell them not to sign the agreements. we know they are bad for the working people over there, the labor unions. it is not just mexico and central america. this is what other countries do not like us much. we do not use our technology to help them. we just want to take over their economies. this is wrong. part of the free trade agreements is that we send american jobs overseas, as we know. in addition to attacking immigrants with the conservatives have done in this country, now they are going after teachers. we saw what is going on in wisconsin. they're going after the pension plans of public servants. when you are of the table and negotiating for your workers and negotiate a medical or pension plan, the workers are giving up wages. that money they're giving up for future security is part of t

we're talking about how globalization affect the american economy and manufacturing base. us a call, the numbers are on the screen. you can also send us a message by email and twitter. you wrote an op-ed in "the washington times" on march 22 about obama not getting trade finance critic president says he wants to double u.s. exports over the next few years. to win kris' u.s. jobs. can the u.s. export its way out of this trade deficit? guest: not in the way the president has been telling us. there are two reasons -- one is that increasing exports alone does absolutely nothing to increase production like a gross domestic product or employment. you have to increase exports enough relative to imports to improve the trade balance. since we have been running such massive deficits for such a long time, it means that you have to export orders of magnitude more than you import to narrow the trade deficit. that is the only way in which trade flows can or change in trade flows can be used to strengthen the economy on balance. it is fine if we promote exports pri it is great if exports

wisdom that is wrong and there's also this wisdom out there that the world needs to prop up the american economy so we can keep consuming what they make but that is why the global economy is so weak that is the source of these imbalances we can't afford all of the products of the world's best selling us the world would be better off consuming those products themselves rather than vendor financing americans who are too broke to pay them back in our government is spending a tremendous amount of money and we're spending money and it is depriving the rest of the world of the money that they need to grow their own economy. explain for our viewers again a very concrete terms of what would be the consequences of printing yet again of going to this quantitative easing around three what can americans expect to see in their own life change what will be some of the actual on the ground consequences well the cost of living is going to rise the reason or oil is a hundred twelve dollars a barrel today the reason commodity prices the are being hit a new fifty two week high the reason prices are rising and the

bill gross has taken the position of taking a huge ax he's an axe murderer when it comes to the american economy by shorting us treasuries to the tune of hundreds of billions of dollars the u.s. treasury bond market is it's toast it's meaningless it's a gag i wouldn't have my dog on a u.s. treasury but they're going to collapse and they're yeah but it's i you know the american consumer is now desperate and in pain but at the time they were laughing at jimmy mcmillan last year during the elections let's take a clip of him i represent the richest to get him home party if you don't get rid of your kind of puerto rico you're being laid off right now would just be there could be problems go to. someone stomach through charleston but just rock and you hear the chuckles there max people were laughing and what did they do they voted for andrew cuomo who what did he do as soon as he came into office this year he gave a tax break to the very bankers that have caused the economic chaos which is distressing them peace the terrorists again i'm into why are they so up the shrank for. of the financial terroris

man: infrastructure is vital to the american economy. water, after all, is an essential ingredient in hundreds of thousands of everyday products. narrator: agriculture and industry use roughly 80% of the water consumed in the united states. water is the basis for manufacturing many goods and provides the ability to clean and sterilize everything from computer chips to the surgical instruments used in hospitals. kelly: the minute that there's not enough water for businesses, industry, and individuals, they have to go elsewhere. and when they go elsewhere, jobs go elsewhere. your entire economy begins to suffer with the lack of clean water. narrator: while the water infrastructure provides for our health, safety, and economy, a growing concern is that the value society derives from water has not traditionally been reflected in the price we pay for water. man: when you take a look at how much people pay for water, as a percentage of median household income, it's usually less than 1%. and when you compare that to how much we pay for electrici

because today, for the first time in history, standard & poor's slapped the american economy with an unprecedented warning label. changing their view of our prospects from stable to negative. what does this mean, george? >> well, it was taken as a warning shot in the stock market. you saw it drop about 140 points today. now, standard & poor's also said that the united states economy has exceptional strength but here's what they're worried about -- they look at the republican budget in the house, obama's budget he came out with last week and say, there's no way you'll get those two together before the 2012 campaign, and that's what they're worried about. now, this could have a positive effect in the short term. we've talked about this need to extend the u.s. debt limit. that warning shot, seeing those markets drop, the stock market drop today, i think all but guarantees, and i've spoken with both republicans in the congress, democrats in the white house, that that debt limit agreement does come to pass because no one wants to see the consequences if it fails. the prospects of getting a

my name is nathan krause and that was my dad gary, i have heard complaints about the american economy am going to be legally allowed to vote, this time i understand exactly what has been going on. it has been for years as the united states entered the worst economic crisis since the 1930's. and the national public debt was an 5.7 trip -- $5.70 trillion in 2001, that amounts bite. it was fueled by rising levels of unemployment and has had a profound impact on american people. >> but two years ago, we talked about some on wall street were to carry -- reckless risks, coming corners to turn huge profits, and then two weeks later after i spoke here, the bottom fell out of the economy. middle-class families suddenly found themselves swept up in the worst recession of our lifetimes. >> the federal reserve had loose monetary policies. this caused people to go into a lot of debt. people defaulted on their debts eventually and this causes banks to have problems. when the people default on them, the banks cannot pay their debts to other people and that's why lehman brothers went out of business.