the finance economy also paid for infrastructure programs communities rely on outside their highway trust fund. neighborly, secure real schools. payment lube taxes and the water conservation fund. this shorter bill is what we could afford. it buys time to discuss what americans want for the 21st century aened how to pay for it. significant reforms address national priorities, like program consolidation. data improvement. more safety funding and a national rate network. it ensures we don't leave construction jobs stuck with the old light waiting for center toy move forward. these are jobs that are needed. there are projects just like the bypass, every one of our districts and states that need a green light. soap i say, let's get to work and pass it. >> thank you, senator. we'll go to representative camp followed by senator hatch. >> thank you, chairman boxer. i think we can all agree that funding improvements to the nation's infrastructure is vitally important to spur economic growth and creating jobs. because of that i believe this is an issue that can and should be addressed in a biparti

economies those pictures you see are from spain so as the cracks within western societies and their economies grow larger and deeper the divide between the real economy and the what inhabited by the finance years grows equally with it last week let's bring it home we learned that j.p. morgan the largest wall street bank to have emerged from the crisis of two thousand and eight not only unscathed but enriched and bigger than ever before announced a hole of its own on its own balance sheet of more than two billion dollars expected to grow possibly to another billion dollars some say higher but not to worry because cracks on wall street can always be fixed with the glue of more easy money deregulation and of course monopoly privilege holes can be filled with the endless support of central banks who stand ready to. and rich our feudal banking all of gospelly at the expense of the systems of government and commerce that built the same wealth that is now being extracted with an ease and efficiency reminiscent of an industrial assembly line it's kind of the only thing reminiscent of that these days jamie dimon the c.e.o. of america's largest bank by assets again made an appearance on meet the p

a lot of people -- messages in the queen's speech but when we are tackling the the public finances or rebuilding the economy we are investing in infrastructure. >> back to you in a second. i will join norman again. >> probably poured over in those detail the proposal to reform the house of lords. seems to be ambiguous about how much detail and actual commitment there is in that proposal. let us consider that. there is a suspicion that lack of detail and lack of a deadline means the house of lords is destined for the long haul. >> that was inevitable. there was a huge rebellion in the house of commons. they realized this bill being proposed would have a devastating impact and create a competitive chamber and the fact that the speech did not say we have a related house of lords or introduce the bill the joint committee considered is difficult to understand about reforming the composition and suggest the government may go for something that is a little less to more about reform which sailed through the house of commons or the house of lords. >> very important to the liberal democrats. are you feeling a little

it is important to die people to the economy -- it is important to hire people to the economy -- tie people to the economy. >> tammy about michael. >> it is micro finance. micro's savings is really important because it teaches people to focus on saves. goo it is a lust country, but it is very poor. they have traditional customs, so when she leaves the property she has to get money from her husband. when they have to go to the marketplace, she carries a bag and throws with her husband to the marketplace. he pays, and she put a stop in her bag and carried it home. one day her mother in law said we have to get to the village because there is a micro savings program, so she asked for permission to leave the property. she ends up sneaking out. and what happens is everyone brings the equivalent of a dime. it took $2.50, and she invested in potatoes. the crop did really well, and she was able to make back $700. she paid off the loan, and she made some profit. she had to figure out what to invest in. bernard, there was one thing he really loves. he loved banana beer. he goes three times a week to drink with his friends, so she decided to make a banana beer. sh

we have probably to rethink about the financing of our pension system of some social benefits and we have to rethink the way we are financing our economy. but it's certainly wrong just to spend money which we don't have. it's about the money that is there that we have to spend in an intelligent way. for instance, to pay for infrastructure projects that create jobs. >> in terms of this, you say breaking down the barriers to business which is what you're so into, that's going to take a long time. what do you do in the interim then? to really engineer more growth? because that is crucial. you would accept that. >> that is crucial because it's about creating jobs. therefore, we have to think how can we make the environment more interesting for industries, strength that can create jobs. we have a problem of job use, job unemployment in europe. what is necessary is continue on the path of stable public finances. that doesn't mean that there would be no debt but the debt level is currently too high. we have to steadize some of the european country. they have to make some tough choices and at the same time, give some perspective and that goes

and then compare it to how the us economy is doing well here's a chart that goes back to eight hundred sixty and that shows the finance sector as a percentage of g.d.p. you can see that it peaked at six percent in one thousand twenty nine and then promptly the economy collapsed and then it peaked at eight percent in two thousand and seven two thousand and eight and as we know we have collapse but we've gone nowhere down to the mean of two percent as a percentage of g.d.p. because of the miracle of medicine and science station we now know that ninety nine percent of all tapeworms have jamie diamond's face. we know that we looked under the microscope of a tape worm comes out of a strange thing of somebody's house or somewhere into i know and there's jamie diamond face picking up from us i mean tape or i'm a parasite doing more money because i'm a greedy i was born to greedy peacher disagree my parents are greedy no good i live for the stealing of your money i'm ok i'm a pathological psychological tyrant. i steal therefore i. tape were donated and then max you mentioned stealing from simon johnson we have from one thousa

the main thing for you will be what today? >> it will be building on the economy, and fix public finances.lso, as nick says, bringing forward measures that will really make a difference to people if their everyday lives, around flexible parental leafs. adoption which is particularly important. support for families with children with special needs. things for a long time that have needed reform, but haven't had them, pushing them back, and of course reforms to things like the criminal justice system, they actually really work in not just providing a punishment, but informing the offender. >> unless i missed it, there was no mention of the house of lords there? >> it's been in every party's manifesto in the last general election. >> it should go through like a breeze. >> i think there will be a debate on it, as tim rightly says -- the choice we face is pretty straight forwards in many respects. do we have the house of lords that's essentially been put there by party leaders or do we want a house of lords that is put in by the public? i think that's what it boils down to. i think the latter i

black before we go to break i do you see anything on the table that could get banking back to its original purpose of lending money to finance the economy unfortunately we know how to do this we had glass steagall for sixty five years of one nine hundred thirty three and one thousand nine hundred ninety or sixty six years and it worked extremely well why the congress in ninety nine i thought they were smarter than the old congress i have no idea but we do have models that work but they're not the models in place today and i don't see any change for the for the better doesn't seem to be the political well even the volcker rule which is supposed to be the essence of last evil is gone far from it and the rule that is not even firm yet we're going to come back after the break and have much more with you this is james records we're talking to author and senior managing director at tangent capital partners also still ahead farmland bringing new meaning to black gold we'll give you our three cents though on the so-called emerging farmland bubble first though your closing market numbers. show is that so much. a lot of people are hearing. is thi

president mubarak several years ago did bring a certain stability to the gyptian economy but since their evolution the country's finances are in ruins their currency is in jeopardy the people are jobless and angry and the only way out seems to be in boring enormous loans from the likes of the i.m.f. it's just over three billion dollars that the interim government is asking for but critics of the idea say boring from the i.m.f. means being in debt is not just financially but politically as well we do not like the interventions of the i.m.f. and institutions are like they have their orders and they have their own agenda that are controlled by. superpowers we're not a super power we had a very small power but we can act on our own we have money we'll need to know who the presidential elections just around the corner many of egypt's fifty million voters being closer attention to the candidates speaking on the programs after all for many of them it's a make or break moment in the country's history and in their lives i mean you have the good life from. me and my family with a lot of money and. a lot of other things and i was

one of the big questions is with finance and economy driving the election, where does the president'sd? >> the administration and certainly the campaign has tried to put this on mitt romney, saying he would not even light of reforms they implemented with the dodd-frank law, but it will be tough because presidential elections are referendum on the president's record and so far obama -- there is nobody in jail no poster child to say they have taken a tax on this issue. >> jamie dimon do-goodism that the president at all? >> they have been close in the past but both said the relationship has cooled. it is not clear if there is a backlash about how dimon and sell the democrat or not. >> see you soon. >> 7 is on your side now. the obama administration plan to adopt a landmark national strategy aimed at fighting alzheimer's. the white house cindy -- setting a deadline of 2025 to find effective ways to treat or install the disease. the national institutes of health giving a green light to major therapies -- one involving a form of insolence work it into the nose. more americans having proble

the reach of regulators. >> we now somehow believe that finance sort of drives everything. the crisis was an opportunity to change that. to ask questions like, "what is the role of finance in our economy what is the role of banks?" but i suspect it's very hard. change gods. very difficult to and in the modern age, our god is finance. except it's turned out to be a very cruel and destructive god. >> next timfrontline, rupert murdoch. >> an incredibly powerful force. >> a very aggressive news organization which targets people who get in its way. >> people who are unsuccessful dislike him intensely. >> the government was so scared of rupert, he could do anything. >> they hacked my phone. >> they hacked my messages. >> a 13-year-old girl killed, and this newsper tried to profit from that. >> who the hell's going to trust him now? bye-bye, murdoch. >> "murdoch's scandal." watch frontline. >> "money, power and wall street" continues online with a dynamic oral history. >> rotting in the system... >> 20 original interviews, including seven to watch at length. >> incredibly new stuff. >> first-hand testimony from deep inside the crisis. >> to the president's credit... >> navigate by theme or p

the facebook economy. all this week we will report on the website's impact from farm fields to state finances. what started in a college dorm room has grown to reach almost one billion people in a new form of media. it adds up to a huge business opportunity. darren gersh begins our series. >> reporter: you'd expect a company that busts myths and seeks out danger to like living on the cutting edge. which is why discovery communications is not just embracing social media, it is building facebook into its products. >> instead of just layering social on top of existing products, we're actually threading social into how products are being created, in our case entertainment. >> reporter: just look at "what not to wear", a tlc hit. >> we're very heavy on facebook because that's where our fans are. >> reporter: the makeover recipient in next month's season premiere was introduced on facebook in march. fans voted on outfits and hairstyles, too. did i mention that "what not to wear" has one million facebook fans? and those fans are connected to a potential audience of 155 million people. that's good for

the. markets finance scandal. find out what's really happening to the global economy in these kinds of reports on our.

the. market finance scandal find out what's really happening to the global economy for a no holds barred look at the global financial headlines to name two kinds of reports on our team. was stuck. we had to get the spades up. because axel is sitting on the snow. and then the wall metal causes it to melt. and the more the so melts. the deeper the vehicle sinks. so we need to dig some of it out. don't worry that happens all the time. before they ended up stuck in the snow romance of guinea have been traveling for almost thirteen hours nonstop more than an hour has been wasted here. not a single vehicle has passed by them in that time remembers thoughts of focused on the ailing reindeer in the village of how to steal. his nerves are strained to the minute and this setback has not helped c'mon get rid of some of the snow from still messing around with you ah. ah . this is the hay for the horses yes the hay will last for three days make sure you don't believe matches behind i hope you got em initially with you yes but not much . use something to the dogs. good ninety ivanov expected a package to a

but let's not forget that whilst we're tackling the public finances that we enhaired from labor while we're rebuilding the economy, we're also investing in infrastructure for the future. >> okay, tim and rachel, back with you in a second. i'm going to join norman again. >> huw, one of the bits of the queen's speech which i think will probably be poured over in the most detail is the proposal to reform the house of law. it seems to be a little ambition about how much detail and how much commitment there is in that particular proposal. well, let us consider that. there is a suspicion that the lack of a detail, the lack of a deadline means that the reform of the house of lords is destined for the long grass once again. >> well, i think that was inevitable. there has been a huge rebellion in the house of commons as the house of commons realized that this bill that had been proposed would actually have a devastating effect on the powers of the house of commons and create a competitive chamber up the corridor. and i think the fact that the speech did not actually say we're going to have an elected house of lords or we'

take structural measures in order to keep to increase the growth potential of the spanish economy and to make public finances more sound in spain but the short term and even medium term result of these kinds of policies just as we have seen in greece is that the recession gets worse and that employment problems and budget problems also get worse so this is a kind of catch twenty two situation spain is the euro zone's fourth largest economy is it too big to die out. it is too big to bail out in the way that greece is and to a certain extent also portugal and ireland been bailed out so i think one tries to do everything now to get spain back up and running through support for the banks organized by the european central bank and then through the banks helping the government to keep its finances sound and solid ahead of the european central bank has recently called for a growth compact in the eurozone but given the austerity and the cuts that have been made well the e.c.b. has really been dishing it out has never is such growth or stimulus actually possible with all these cuts well it depends on what we define b

this will be the first full-scale direct trade between the yuan and a major economy's currency other than the dollar. japanese finance minister jun azumi made the announcement on tuesday. >> translator: transactions without a third currency will help reduce trading costs and foreign exchange risks, which should not only improve convenience but also help reinvigorate the tokyo market. >> by establishing the direct trade using the yuan, japan aims to strengthen the competitiveness of the tokyo currency market ahead of britain or singapore. japan also expects to accelerate trade and financial transactions with china. bilateral trade has grown by two and a half times in value in the past decade and today china is japan's largest trade partner. china expects to speed up the use of the yuan as a currency for trade settlements, that's a major step towards the establishment of the yuan as a global currency. the chinese government has been restricting the yuan's fluctuations against other major currencies, but under the latest arrangements, yen/yuan trades could be made outside these chinese restrictions. >>> the tokyo stock

this was supposed to be a day that you don't have to work i think it's just the idea that we have this ponzi finance economy now and it's not just in the u.s. it's a global phenomenon but it has affected her the worker labor and then it's moved to the saver it's true all right good progression and we'll leave you on it because that's all we have time for thanks for tuning in don't forget to follow me on twitter lauren lyster give us feedback a you tube dot com slash capital account and for everyone here thanks for watching have a great night. keep . it. quiet. the top stories from moscow at ten pm clashes leave twenty killed by unknown attackers during a protest against egypt's military rulers while neighboring israel strengthens its borders. to tell about falling kill seven in kabul in retaliation to break a bomb a surprise visit which saw him commit americans in afghanistan for at least another ten years. plus the e.u. reaches for the red card as countries move to boycott football's prestigious euro treaty twelve new crane over the handling of its jailed former prime minister. well that's it for me the ne