of damage from the real-estate market, california is a very diverse economy, and you're beginning to see new signs of life, and for those wondering what about us, as i look at the national economy, i see lots of signs of life coming back into the economy, but i think what we are seeing is more signs of lifting california, so i am going to leave it at that, and i think we have a fairly good year ahead of us. thank you very much. [applause] >> thank you, jim. that was a great message not only for business leaders but our elected leaders around the room, so it sounds like there is a good reason to be optimistic, but we have to stay focused. as we look to the future, we do not have to look further than the technology industry to see what is driving san francisco's knowledge economy. goo mayor lee wants to make san francisco the technology capital of the world. as a result, not only did twitter the site tuesday in san francisco, a company acquired of market square property and is in the process of turning it into 1.2 million square feet of renovated office space that will include over 100,000 square feet of retail. someday soon up to 10,000 people could be working in markets

in the 90's as the national economy grew, young people started making investments in some baltimore communities in federal hill, canton, locust point and patterson park young professionals were rehabbing row homes, rooftop decks. the houses were inexpensive and these neighborhoods were close to the centers of business as well as great night life. but we had a problem. we couldn't keep them. unlike people in other parts of the city who were sticking with baltimore these young people got married, had kids and miveed way. they went to neighboring jurisdictions not for the lower cost of living but they left because baltimore's crime and poor schools pushed them away. the city has become focused on doing everything in making the financial promises that -- the city had become focused on doing everything promising everything and making financial promises that it could not keep. it could not do the most important things well. while the real estate boom helped generate historic revenues it only masked a serious problem. now, in 2012 there are signs that baltimore is headed in the right direction. our in

in the 1990's, as the national economy grew, young people started making investments in baltimore communities. in federal hill, canton, locust point, and patterson park, rooftop deck for popping up all over the place. the neighborhoods were close to centers of business as well as great night life. but we had a problem. we could not keep them. unlike people in other parts of that city who were sticking with baltimore the court then, these young people got married, had kids, and moved away. they went to neighboring in jurisdictions, not for the lower cost of living, they left because of crime and poor schools pushed them away. the city has become focused on -- had become focused on promising everything and making financial promises that it could not keep. it could not do the most important things well. while real-estate boom helped generate historic revenues for the city, it only mask the serious problems. in 2012, there are signs that baltimore is headed in the right direction. our investment will build on this progress by making baltimore better, safer, and stronger. we can make the argument

says voters are split 47% to 47% on who they think would do a better job of turning around the nation's economy. >>> today mark one year since a tornado devastated joplin, missouri and killed 161 people. high school students have been attending classes at a local mall because the school is still in shambles even today. president obama gave the commencement address to this year's graduating class yesterday. he praised the school and the community for being a source of inspiration. >> tribulation produces perseverance and perseverance, character and character, hope. >> somebody came and they put duct tape with the h and e and turned it into hope high school which i thought was really cool because, you know, it shows that there is still hope for the future. >> the new joplin high school is schedule to reopen in 2014. the storm caused about $2.8 billion in damages. >>> also making headlines, another prostitution scandal and this time, it is the dea under scrutiny. >> they reached the summit of mount everest but did not return to share that you are story. what led to four lives lost on a recent expe

the american economy is at risk and the nation is falling further behind on our infrastructure needs. the nation's economy is at a critical stage and this bill can be a major factor in insuring strength in the overall economy. and they say a few more things and then they conclude. again, this legislation must be passed before the june 30th deadline. and i'm going to now tell you who signed this letter. the american association of state highway and transportation officials. the national asphalt pavement association, the american trucking association. i just had a meeting with them in my office. they are so strongly behind this bill. the american society of civil engineers. the association of equipment manufacturers. the associated general contractors of america. the national stone sand and gravel association. american council of engineering companies. american road and transportation builder's association. transportation department of the aflcio. the labor s international union of north america. the national association of manufacturers. american public transportation association. amer

the nation's largest bank. americans appear to be souring on the president's handling of the economy. ashley morrison is here in new york with that and more. good morning, ashley. >> good morning to you, danielle. jpmorgan chase makes a stunning announcement, admitting it lost $2 billion in a matter of weeks. the money was in a derivative portfolio actually dined to help control jpmorgan's risk. in a conference call ceo jamie dimon characterized the losses as a result of losses and bad judgment. the bank expected to make a $200 million profit for this quarter. it's now saying it will lose $800 million. stock fell 7% in after-hour trading. other bank stocks dropped as well. >>> slow growth in china sent overseas stocks tumbling. >>> on wall street blue chips broke a six day losing streak. dow was up 19 points while the nasdaq was down 1. >>> fewer american applied for unemployment benefits last week. the weekly applications fell by 1,000 for the weekending may 5 lt, suggesting job growth could be picking up. however, long-term unemployment runs out in eight states meaning about 200,000

the country. hinge on the economy. the nationalmy and those are local races and more referendum on the way that the congressman performed. i disagree this is anti-incumbent we have a. there are 15 incumbents defeated in primary races. historically, the highest is 20. 20 years ago. but of the 15, 11 were in districts that pitted incumbent against incumbent, restriking event. where the districts were collapsed in one. so preordained. the incumbent would win and one would lose. 11 out of 15 and you are left with four. two districts were changed in redistricting so you have a relatively small number. in 19 # 2 when you had 20 who were tossed out, 17 were in district. where it was not incumbent against the incumbent. it was against a challenger. that was anti-incumbent weigh. this is ideological. on the right and continuation of what steve talked about in 2010. the tea party against establishment. we saw it in texas. >> bret: are things getting more partisan by result of election? more of a separation? loss of moderate on democrat and r

four years after the nation's economy was brought to its knees, in part by losses and risky investmentse by the major wall street banks, jp more began chase announced it lost $2 million from similar investments in the conference call after the market closed. jp morgan chairman said there were many errors, sloppiness and bad judgment. >> the bank wasn't trading. >> reporter: peter agrees. >> the culture of jp morgan breeds this kind of nonsense. >> reporter: he compared jp morgan's chairman to a local bookie. >> the difference between diamond and the guy making book on the coroner on the horses is jamie wears a good suit and he's not interested in making loans. he's interested in taking your deposits and gambling with it. he just gambled and lost. >> reporter: the $2 billion in losses were not just bad but embarrassing for jp morgan whose chairman is an outspoken critic of the voga rule which aims from making bank's risky movement with their own money. >> it's going to be really tough for mr. diamond to argue against it now. >> reporter: as difficult as the $2 billion loss will be for jp

and see for all our economy and so we have always had to make a trade and investment that argue they directly affecting the interests of our economies and a well being of our nations and we are satisfied that it was not the droid by thirty percent last year notes but he has exceeded twenty one billion dollars and also british investment in the russian economies give that to go it has reached a level of twenty seven billion dollars that we could with the new world as far as russian investment in the british economy is concerned i think you're stuck with what modest and i doing sod four billion dollars and we hope that it will grow in the future in the national economy and that will be with us to our economic woes and players so we'll you're distilled these figures up. and that it's our investment and those rules in the future will go up of course we also expect on the machine and there will be no discrimination against our companies on the british market but at the moment so we have agreed to provide further into. this is the for business contacts between russian great. until you look into the answer contacts and we're all interested in that other news there's of c

the threat from al qaeda remains very real and active. >> brian, thank you. >>> now we turn from national security to the national economy. and another tough day on wall street. the sixth straight day of losses. the dow down nearly 100 points, making it the longest losing streak since august of last year, fueled by more signs of economic trouble out of europe. >>> and once again, there was a drama on folding in that north carolina courtroom where former president rnl candidate john edwards is on trial. today, one of elizabeth edwards' friends took the stand about how the drama affected elizabeth before her death. >> reporter: the most emotional point of the day was when jennifer palmieri, a friend of edwards, described her last days before he died of cancer. she was worried when she died, there would no be a man around who loved her. she testified of private meetings about hunter. she said she was in a meeting with edwards and his wife and benefactor lisa blue who admitted flying rielle hunter to los angeles to go shopping in. was new to elizabeth. she was really upset. she didn't understand why they would be helping hunt

all comes back to the economy where romney is pledging to cut the nation's unemployment rate to 6% ife becomes president. he also -- he is also pushing back against criticism about his record at bain capital. telling "time" magazine's mark halperin that having business experience is critical to getting the nation's economy back on track. >> the fact is that i spent 25 years in the private sector. and that, obviously, teaches you something that you don't learn if you haven't spent any time in the private sector. if you would say, tell me what you learn from your schooling that would help you be a president, it's like, well, how do i begin going through a list like that? you learn through life's experiences. the president's experience has been exclusively in politics and as a community organizer. both of those are fine areas of endeavor. but right now, we have an economy in trouble. and someone who spent their career in the economy is more suited to help fix the economy than someone who spent his life in politics and as a community organizer. >> president obama is out west today. after

. >>> and now, an unexpected sign of life from the nation's economy. a sharp dropoff in the number of americans timing for unemployment, down by 27,000 last week, and that is the biggest one-week drop in nearly a year. now, everyone is awaiting the jobs report tomorrow morning for the clearest measure of jobs and growth. >>> and something else everyone's watching, facebook. it's official. when facebook goes public soon, its stock will be priced between $28 and $35 a share, which means facebook will be with worth nearly $100 billion, making it the biggest internet ipo since google eight years ago. and mark seconder berg, now 27 years old, will be worth nearly $19 billion. >>> up next, our consumer watchdog report tonight. millions of modern american families sitting down to plane vacations. and today, one airline threw a wrench into the budget. spirit airline announcing it will charge as much as $100 for some carry-on bags. and airports across the country are also about to get much more expensive. abc's steve osunsami tells us which ones and how to save

more than $385 billion to the national economy. oil and gas royalties on public lands are a significant revenue source for the federal government, the state of utah and to the counties from where it comes. in 2008 there were over $200 million of mineral released money collected from my county alone. shell gas and hydraulic fraction hab single-handedly turned the united states from a nation of declining gas production to one of rising production. if i could just, let me add one, and i will complete with this. i was approached by tribal attorneys, an issue they have as well. oil and gas producing indian tribe, very much against the proposed rule as some members of this subcommittee may be aware, the new indian tribe represents within the boundaries of the count any utah. the tribe is one of the nation's largest oil and gas, natural gas producing indian tribes. the proposal would steerly impact the development of tribal minerals in the county, yet despite this fact, they failed to comply with its legal obligation and duchlt toy consult

. >> president obama and mitt romney are carefully crafting their message on the nation's economy. at an event in virginia, mitt romney claimed the president had accomplished little. >> a guy who promised he would make things better, and now we have 23 million americans out of work. or stopped looking for work. >> at the white house, a different spin. >> we need policies that will move us forward and continue us in the direction we have been going, which has led to 25 straight months of private- sector job creation. >> but the growth has been slow. >> we are not slipping into a recession, but it will not be strong enough to generate the kind of job growth that will bring the unemployment rate down. >> no matter how the numbers fall, president obama will likely get the credit or the blame. >> if unemployment is high, he is in deep trouble. if unemployment is down, it doesn't matter what he tries to make them remember. >> both candidates are hitting the campaign trail. mitt romney will be in pennsylvania, and president obama kicks off his campaign rallies this weekend. >> what to econ

. >> president obama and mitt romney are carefully crafted their message on the nation's economy. in virginia, mitt romney claimed the president had accomplished little. >> a guy who promised would make things better and now we have 23 million americans out of work. >> at the white house, a different spin. >> we need policies that will move us forward and continuous in the direction we have been going which is led to 25 straight months of private sector job creation. >> but the growth has been slow. >> we are not slipping into a recession but it will not be strong enough to generate the kind of job growth that will bring the unemployment rate down. >> the matter how the numbers fall, president obama will likely get the credit or the blame. >> if unemployment is high, he is in deep trouble. if unemployment is down, it doesn't matter what he tries to make them remember. >> both campaigns -- both candidates are hitting the campaign trail. mitt romney will be in pennsylvania and president obama kicks off his campaign rallies this weekend. >> what are the numbers the candidates are foll

if we are ever hoping to meet the obligations of our national debt and of social security, we have to get the economy growing again. we cannot cut our way out of this big problem. we cannot tax our way out of it. there's simply not enough money being generated. we have to grow our way out of it by getting an annual growth rate of at lease 3.5 to 4% a year. i believe the glass is half full. i wouldn't be doing this if i had the thinking that somehow i was getting aboard a ship that was getting ready to go down of the we need to rebuild america and i want to be part of that. >> mr. mourdock, one of the criticisms that snar lugar exand on was all the outside of indiana money that was coming into your campaign. >> he did make the point that there was special interest money coming from outside the state. i agree there was a special group, they're called conservatives. they're the people who would express the very things that i've spoken of, that we want to see government reduced. they are concerned about the future of this country, vis-a-vis the economic issues. we've got to turn things around. we've got

if we are ever hoping to meet the obligations of our national debt and of social security, we have to get the economy growing again. we cannot cut our way out of this big problem. we cannot tax our way out of it. there's simply not enough money being generated. we have to grow our way out of it by getting an annual growth rate in the gross domestic product of at least 3.5% to 4% a year. that's going to be a challenge. but do i think we can do it? yes, i do. i believe the glass is half full. i wouldn't be doing this if i think -- if i had the thinking that somehow i was getting on board a ship that was betting

. >> up next many observers say the sanctions against iran are working, that the nation's economy is taking a beating. i will ask tehran's economics minister for his view on the situation. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ great! tyler here will show you everything. check out our new mobile app. now you can use your phone to scan your car's vin or take a picture of your license. it's an easy way to start a quote. watch this -- flo, can i see your license? no. well, all right. thanks. okay, here we go. whoa! no one said "cheese." progressive mobile -- insurance has never been easier. get a free quote today. today is gonna be an important day for us. you ready? we wanna be our brother's keeper. what's number two we wanna do? bring it up to 90 decath

. >> i just want somebody in there that will help the nation and the economy. >> support for the war in afghanistan is that a new low in one poll. only 27% of the american people support the war. 66% said they oppose the military presence there. the survey has a margin of error of 3.9%. the president has vowed to keep troops in afghanistan until the end of 2014. >> the postal services as they are scrapping their plan to shut down la rue post offices. they hope to save money by -- rural post offices. many will be asked to shift to part time. it could save half a billion dollars a year. the plan is not a done deal. it requires regulatory approval. >> martin o'malley and the two top legislative leaders unveiled their plan for next week was the special session. in order to avoid the doomsday budget with $500 million in cuts, they plan to pass some tax increases. people making $100,000 or more will face increases. the three day special session begins on monday. >> everybody likes to debate their commute, which ones are the longest for worst. on the matter we may finally have an answer. th

they don't have control over the national economy or trade with the asia, which is a big part of itscontrol of the tax receipts that are off by $3.5 billion. i'm not saying that it's what is done here. but the legislature are a bunch of punks and cowards. >> greg: democrats. >> bob: right. it say it about them. they won't increase the taxes. cut spending the way they should. taking up for people who vote in november. on a referendum. that's what he should do. you have to cut spending and increase taxes. keep get republican, no more taxes, no more taxes. >> greg: that's like i'm saying i will only cut back from drugs a little bit. >> eric: they can't increase taxes anymore. they have 11% tax already. this is what is happening. people in businesses are leafing california, they are going to no tax states like texas. last year, there was a 1% slide in the number of jobs that california created, versus people needing jobs. so they lost ground. the third worst in the nation. texas was tenth best, because there is no state tax. the agreement is they need to cut spending but they can't do it

it needs to grow year by year and take on the nation's economy. 's gone into reverse, and that reverse is accelerating. i think it's not just a measure of the competitiveness of an economy, how strong the middle class are, but it's also a measure of the health and vibrancy of a democracy. it's the essential bedrock of a democracy. so what we're seeing now in terms of distribution of income is latin american-like in equality in america, and therefore, not surprisingly, we're seeing more latin american style politics as well. this is a plastic latin american platform while you shift from populists and back again, these lur lurches that make long-time government, fixing these, difficult to do. so i would first highlight the great middle class creation machine. >> imogene. >> hi, there, from london. i believe the theme here, burke, is that china failing is scareier than china succeeding, and i just wondered if you could expand on that a bit. >> i don't really write about china that much in the book, but clearly there is a very close symbiotic relations

. >> up next, many observers say the sanctions against iran are working, that the nation's economy is taking a beating. i will ask tehran's economics minister for his view on the situation. [ male announcer ] citi turns 200 this year. in that time there've been some good days. and some difficult ones. but, through it all, we've persevered, supporting some of the biggest ideas in modern history. so why should our anniversary matter to you? because for 200 years, we've been helping ideas move from ambition to achievement. and the next great idea could be yours. ♪ and here's what we did today: supported nearly 3 million steady jobs across our country... ... scientists, technicians, engineers, machinists... ... adding nearly 400 billion dollars to our economy... we're at work providing power to almost a quarter of our homes and businesses... ... and giving us cleaner rides to work and school... and tomorrow, we could do even more. cleaner, domestic, abundant and creating jobs now. we're america's natural gas. the smarter power, today. learn more at anga.us. ♪ you're doing it again, sweeth

is, these workers could have spent in their local communities helping the economy of those communities and, therefore, the nation's economy. so what does all of this mean to u.s. device manufacturers? well, these companies are more likely to close their plants in the united states. they will close plants here and do what others have done, replacing them with plants overseas. foreign manufacturers will improve their competitiveness compared to american firms. this will severely threaten u.s. leadership in the device industry and in the world. do we really, really want to see plants closing and high-tech medical device facilities in places like massachusetts, minnesota, new mexico, new york and wisconsin? finally, the president's medical device tax is going to increase costs to american consumers. these are the american consumers who said what they wanted with the health care law is, the care they need, the doctor they want at a price they can afford. yet this health care law is going to increase costs to american consumers. the congressional budget office, they have warned that the health care law's tax imposed on

the economy. now this makes no sense because this is all about the economy. >>reporter: obama administration may take solace in the fact that swing states have unemployment numbers below the nationalverage. ohio is considered a key battle ground state as unemployment at 7 and a half percent. that's not necessarily numbers that ohio people will remember come election indicate says political analyst bruce cain. >> even if ohio is doing somewhat better if they perceive the national economy is not doing well, the evidence seems to be that that's a very powerful perception in the way people vote. >>reporter: head of washington center adds voters focus on the direction of the economy rather than a monthly snap shot n.california the april numbers not out yet but in march unemployment edged up to 11 percent. in spite of impressive growth in the bay area. this is 7 news. >>> president obama is once again coming to the bay area for couple of fundraisers. he is here on may 23rd. he starts his day with a round table in palo alto then dinner at private home in aftererton followed by reception in redwood city. tickets for the event rang from 250 dollars to 35 dollars. president last year raisin

the area's economy remains under huge pressure. among the 17 nations in the zone, italy's economy shrank 0.8% marking a decline for a third quarter in a row. spain dipped to 0.3%, falling for the second consecutive quarter. no comparable quarter-to-quarter is available for greece. in contrast, germany's economy bounced back to expand 0.5%. brisk export growth helped the region's economic powerhouse. the latest gdp numbers show that germany's economic strength helped bolster the performance of the region as a whole. at the same time they highlighted the growing disparities among the eurozone economies. >>> now, the u.s. treasury secretary applauded the region's efforts. what was he trying to say there? >> he was specifically referring to the region's shift from tough austerity measures to a focus on growth. by the region's leaders. u.s. treasury secretary timothy geithner said europe is making progress in dealing with the debt crisis. >> the greeks have a particular challenge. i think it's a welcomed debate. they have a stronger set of tools to manage t

echo of the financial crisis that sent the nation economy into a tail spin. n epic miscalculation and what does it mean for your money? david muir is tracking the fall out. >> it was the 2 billion dollar bob bomb shell from j p morgan. money lost in 6 week. one of the complex better that spiraled out of control. and tonight the first face to go. 30 years at j p morgan gochbility made 15 million dollars last year and she oversaw the division that should have stopped the bet from going bad. c cechl ochl kimd tried to reassure investors and every day customer. we made a terrible mistake. almost no excuse for it he said. but american taxpayers who came to the rescue said bailout of the bank now asking was there supposed to be greater oversight after the financial collapse? retiree robert of dallas heard twovt billion dollar loss. >> i think not again. >> you really worry about the little guy. like us. us little people. >>reporter: reality financial experts say is that the big bank in many ways are still at it. it's nearly impossible for anyone trying to police the

romney, of course, has argued that his years as a successful businessman qualify him to fix the nation's economy's not as though romney has never held a government position. he was, after all, the governor of massachusetts for four years, something he rarely mentions. >> are you sure about that? >> president obama pointed that out. >> he doesn't want to talk about what he did in massachusetts, but he does talk about being a business guy. >> in a piece about how romney's governorship isyi campaign, you've written, no candidate in modern history has so aggressively undersold what has been seen as the most desirable location for the presidency since the 1970s, running a state. and here's why he might not be talking about his term as governor. he was ranked 47th in job growth and job growth was just 1.4%. expand on your remarks. >> how can a candidate, particularly when you've had five in the last six presidents or five in the last seven presidents, emerge from governors' mansions. can you imagine having a candidate who has that as a central part of his resume and he doesn't discuss it. the majority

, let's talk jobs, rom sni argued his years as a successful businessman qualify him to fix the nation's economy's not like romney was not holding a government position ever. he was governor of massachusetts for four years. in des moines last night, president obama pointed that out. >> he doesn't talk about what he did in massachusetts. but he does talk about being a business guy. >> in a piece about how romney's governorship is playing in this campaign, you have written that no candidate in modern history has to aggress ily undersol the most desirable qualification for the presidency since the 1970s, running a state. for the entirety of his term, massachusetts was 47 in the job growth -- >> how can a candidate, when you've had five of the last six presidents emerge from governor's mansions, can you imagine having a candidate who has that as a central part of his resumÉ and does not discuss it. the majority leader told me the other day that recruiters always tell you to look for the gaps in the resumÉ, and he thought there was a four year gap in governor romney's resumÉ. he will have to talk abo

the national average. there continue to be signs that the national economy is improving. but i want to start with you exactly where i left off with steve. if voters ultimately decide, especially in some of these swing states like pennsylvania and ohio, if they decide that mitt romney is better suited to handle the economy, can the president still win in november? >> well, thank you for having me, once again. it all depends, craig, on what that number is. the fact of the matter is, if you look at this as to where people are today and where they were four years ago, you might get one feeling. but ask them, are they better off today than they were two years ago, 2 1/2 years ago. the president has created 2.5 million jobs in the last two years. compare that with the job losses under the bush administration. so what we have to do is get people to compare apples to apples rather than apples to oranges. and when you do that, i think the president is in a very, very good place. >> we have been talking about this cory booker controversy for a couple of days now. i want to ask you

the area's economy remains under huge pressure. among the 17 nationsn the zone, italy's economy shrank 0.8%, marking a decline for the third quarter in a row. spain did 0.3%, falling for the second consecutive quarter no comparable quarter to quarter available are available for greece. its economy contracted 6.2% between january and march from a year earlier. in contrast, germany's economy bounced back to expand 0.5%. brisk export growth helped the region's economic powerhouse. >>> the latest gdp numbers show germany's economic strength helped bolster the performance of the debt ravaged region as a hole. they highlighted the growing disparities among the eurozone economies. >>> chinese officials say foreign direct investment in the country fell for the sixth straight month in april. largely due to the credit crisis in europe and stagnant domestic demand. the commerce ministry announced foreign investment last month was little more than $8.4 billion, down 0.7% from a year ago. out of total foreign direct investment, activity from the eu was down by almo

dared to embarrass obama by questioning him about the influence on the american budget and the national economy of spending the billions yearly on the two wars of afghanistan and iraq. that's a statement apparently written by al qaeda's american member. and then this one caught my eye in particular. thoughts from him on the irish of all people. he wrote in a document what helps to prepare the message was the latest economic crisis that affected ireland a lot thus forcing its youth to look for sources of living on the outside. the other matter is the increasing anger in ireland toward the catholic church. so at least one member of al qaeda thought they might be able to generate some recruits in ireland. tyler, back to you. >> thank you very much, eamon. our chief international correspondent, michelle caruso-cabrera, has been looking at the documents as well. but through a slightly different prism. michelle, welcome. some of these documents make al qaeda seem like a business. >> yeah. it's surreal to read through them because they have very frank-like business discussions about what is a horrific

model so that people of their generation can have larger retirement accounts while growing the national economy, independent of political influence and a system much fairer than the current system. we are going to also reemphasized the work ethic, something i know was controversial in one of our debates. one proposal will be to modernize unemployment compensation to attached to it a training component so that if you sign up to get the money, you have to sign up to learn because by definition if you are currently unemployed, you need better job skills. in north dakota, 3.5% of people are unemployed. they cannot fill the oil fields because people who are unemployed do not have the skills. there is no reason to give people money nine weeks are doing nothing. 99 weeks for doing nothing. this is an important national debate about a country that was formed in 16 07 by john smith saying to aristocrats in st. paul, if you do not work, you do not eat. talkl see us come back and about that. beyond that, i want to come back on one of the projects i feel sad about not saying very well. if we reorganize the

had model so people can have two to three times at large a retirement account while growing the national economy with a system fairer than the current system. we're going to also reemphasize the work ethic, which was controversial. one emphasis is modernize unemployment computation to attach to it a training component so if you sign up to get the money, you have to sign up to learn because by definition, if you are unemployed, you need better job skills. if you look at north dakota where 3.5% of the population is unemployed and there are 16,000 jobs they can't fill in the oilfield because the people unemployed don't have the skills. know reason you should give people 99 weeks for doing nothing. it's a national debate about a country founded in 1607 by captain smith saying so aristocrats, if you don't work, you won't eat. a conversation which apparently led all aristocrats to adopt work as a behavior. i want to come back on one of the projects and talk about brain research and regeneral active medicine. if we reorganize the national institute of health and the food and drug administration, we can

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nation. and it just seems like that's really false accounting. he's counting every job that bain capital ever created before or after he even left the company and every job that was lost in the national economy during that first month or two when president obama took it over when it was still recording the results of absolutely the results of the bush record. >> that's exactly right. you know the old joke about lies, damn lies and statistics. you can do whatever you want with numbers. romney's numbers, you're correct that most of those 100,000 jobs actually are staples. 90,000 of those 100,000 jobs are a small investment that bain capital made in the late 19 0s in staples. they went public a few years later when it had 1100 employees. when romney left it had 40,000 employees but he's taking credit for all 90,000. the flipside is when president obama runs an ad jobs lost at a steel company that bain invested in, romney says i was gone already. he's trying to count the jobs that he created right up to today and so forth. when the president took office, the economy was losing something like 700,000 jobs a month. over 2 million private sector jobs have been created since the bottom of the recess