the shots in the global economy let's take a look at i.m.f. growth projections for western nations versus bric nations in twenty twelve the united states economy is projected to grow by one point eight percent a meager one point eight percent as for the seventeen nation euro zone its economy is projected to shrink by a half percent but looking at the bric nations it's a much different story. south africa is projected to grow at two point five percent brazil is looking at a three percent growth rate russia will nearly double the united states with three point three percent growth india is on pace for a whopping seven percent growth rate and china leaves the pack with a blistering eight point two percent projected growth rate one side is going down the other side is going up the economic momentum cannot be ignored and here's the big secret american bankers and trans national c.e.o.'s know what's happening they know that's why they looted america of whatever wealth she still has left their taking and then why they're taking their business overseas to the developing world that's why millions of american manufacturing jobs have been shipped oversea

if you take a look at the global economy, the g-20, the eminent group of finance ministers, the united states is number one. we are the largest economy in the world. china is now number two. china in a few years will be number one. united states is richer on a per capita basis by a magnitude of about tenfold, but china will have more economic output than the united states. it is a force that has to be reckoned with. they got this way because they have had very good growth for a number of years, but it is growing a little bit too strong. there are some small bubbles popping up in different parts of their economy, and they are trying to slow down the economy. slowing down an economy -- every government can do that. the hard part is controlling that downward trajectory. in most cases, countries that tried to slow down their economy -- they go into a crash, they go into a recession, but china is different. the best way i have to describe china's economy, to steal a line from yogi berra is one-half market economy and three- quarters centralize control economy. they are big enough. they are powerfu

if you take a look at the global economy, the g-20, the eminent group of finance ministers, the united states is number one. we are the largest economy in the world. china is now number two. china in a

the united states. we want other countries to buy american. my time is up, but i want to ask your help. please deliver the message that trade is good for the global economy. global economy is good for the united states economy, equals jobs. thank you. >> you bet. >> mr. pisani is recognized. >> thank you, mr. chairman. i want to clarify something that came up during dr. mcdermott's line of questioning. and that is the joint tax analysis that was done. i want to reemphasize the stats about that report. the estimates are not complete and secondly, they're not comprehensive. in fact, only 60 out of 150 measures have been scored. and those are preliminary. and that gets us to a rate of 25%. i'm optimistic we can get to a lower rate once we have a full analysis of all these measures. so i think we need to keep that in mind the joint tax analysis is not comprehensive at this stage. and our committee will have to continue to work to get to that point. professor hanlan, we've all been very concerned about the vast number of temporary provisions in the tax code and the uncertainly it's created. often times these get renewed retroacti retroactively. i would like y

houses in the united states where payments are being made because the house next door is seeing the principal balance on the mortgage taken down. this is not a stimulus to the united states economythe united states economy. if you're going to do something, which is going to reduce the value of existing homes where people are making their payments. every american should stop making these payments on their mortgag mortgages, send a letter to the attorney general of his state and say i qualify to have my principal reduced because i'm not going to make any more payments on my house. that's what this -- that's what this thing is all about. >> david? >> well, yeah, listen, there's a basic unfairness here. but to your point, dick, that somehow the banks are not complicit in the fact that people were borrowing in order to buy those houses in the first place, i would have to take issue. i mean -- >> there's a belief that the british empire has that they had to conquer all of these countries around the world because there were child-like people in these countries that had to be educated by the british population. apparently you have the same belief about the american population. we spend

the questions. focused on try to think of these questions in terms of jobs. we all want tax reform and we want to energyize the economy, but we want it to equal jobs here in the united states. so there are numerous provisions in the tax code that have the effect of providing preferential treatments to particular sectors of the economy. do you agree that primary objective of tax reform should be to address these kinds of distortions in tax laws? >> i think tax reform really should have the goal of trying to make our tax system much more progrowth, simpler and fairer. and in 2010, the house as part of the expiring provisions included a provision that is not ultimately inacted that required the joint committee on taxation to look at all the expiring tax provisions and do analysis in terms of the cost benefit analysis who is beneficiaries were. i think it's that type of analysis that really is important in terms of looking at all these provisions that congress has previously enacted. some of them very well maybe worth keeping as part of tax reform. others if a thorough analysis has been done may be outdated and should be limited. >> thank you. >> i agree with tom. i think the

before the senate banking committee on the economic recover during his remarks he warned that the united states economy is slowly recovering but still vulnerable to shocks. >> while conditions have certainly improved over this period, the pace of the recovery has been frustratingly slow particularly from the perspective of the millions of workers who remain unemployed or underemployed. >> fed heads already promise to keep interest rates low through 2014. the dow now is up 41 and some change. some good news out of washington though. the labor department says the number of available jobs in the united states jumped in december to the highest level in three years. >>> california and new york are the key holdouts in a settlement over foreclosure abuses. more than 40 states have agreed to a deal with the country's five largest mortgage lenders. under the terms, banks would reduce loans for about a million homeowners and there is growing optimism that the rest of the states will eventually sign on. >>> coming up, walmart says it wants to fight childhood obesity. what the company is doing to help you pick hea

the postal service is part of the bedrock infrastructure of the united states economy and of our society. throughout our rich history, we've bound the nation together, and we do so today, even in this digital age. we connect every sender to every receiver and provide regular delivery to the most remote locations in this country. americans today view the postal service very favorably, as a familiar institution and a trusted, reliable part of american life. but for the institution to thrive, it requires a rational business model. the postal service is fundamentally a business. yes, it's a government institution, but it operates as a business. we charge for delivery of products and services, our revenues go up and down depending on mailing trends in the economy, we record profit and losses, we issue quarterly financial statements. as a matter of fact, we're even sarbanes-oxley compliant. and contrary to the understanding of most americans, the postal service is not supported at all through taxpayer dollars. we generate all of our money from the sale of postage products and services. that me

sort of bragging about how much money you've taken out of the united states economy? or, second, 31% from a single region, region 7, do you think that suggests there's differential enforcement? or the regions are just that different? >> no, enforcement fines are oftentimes somewhat serendipitous. they depend on one large case and one region could make all the difference. if there's a fern, for example with respect to the b.p. incident, that could make one region's fines look huge. in terms of bragging on investment and clean up and investments in -- those are generally injunctive relief where we require a company not as much to pay the fine, but to do the work to come into compliance. and we think it's important that the american people know that there's an environmental cop on the beat. it deters people from violating. and that's an important part of an enforcement program. >> fair enough. i would suggest that when the agency uses the term polluters, i'd guess that some of those were by agreement. some of that injunctive was with agreement by a particular individual?

release you think is appropriate, sort of bragging about how much money you've taken out of the united states economy? or second, 31% from a single region, region 7, do you think that suggests there's differential environment or regions are that different. >> environment finds are oftentimes serendipitous. in terms of bragging on investment and cleanup, investments, those are generally injunctive relief where we require a company not as much to pay the fine but do the work and come into compliance. we think it's important american people know there's an environmental cop on the beat. it did eters people from violat. that's an important part of the program. >> some was with agreement with the particular business or individuals, is that probably right? >> yeah, but that agreement came as a result of an environment. >> probably in this agreement, this agreement doesn't indicate any wrongdoing, simply says we're willing to cooperate with the epa, yet you used the term "polluters" which i will tell you in kansas we view that as a negative term. we think of polluters as someone we don't think highly of. ye

the united states export to china look at the real numbers the major exports from united states to china last year was corn so we beings scrap steel and scrap plastic. looks more like a eighteenth century economy what we see in united states the other hand what you see is china export their number one export united states is now electronic equipment. manufacturer manufactured look tronics so china story twenty years ago on the low wage low value added in oh did serry new order go up in many american companies are going to get global competitors coming out of china in future yeah you mentioned scrap metal scrap paper yet if you look at the list of exports from top twenty states that export to china from the united states number two or number three on the list is always garbage america's excellent export its garbage to china like scrap paper for example which of course china recycles into cardboard cardboard boxes and resells back to united states and has made many many billions of dollars for people over there who are not afraid of doing a day's work of course in america that's not in the cards anymore it's more about getting that electronic payment down there at the wal-mart to pick up some ba

the entire united states population. it's already the world's second fastestro economy. the united states and india are working to build a strategic partnership that will benefit both sides and we have an on going cooperation with india on many many fronts. this ensures security in south asia. india and the united states have strong incentives to cooperate on counter terrorism in the region and beyond. we share concerns about the stability of afghanistan and pakistan and the growing military capabilities of china. energy cooperation should be at the top of our agenda. india's energy need is expected to double by the year 2025. the united states has been an interest in expanding energy cooperation with india, to develop new technologies and address environmental problems and diversify global energy supplies. the united states's own energy problems will be made worse if we do not forge partnerships with india and other nations expanding rapid economic growth. 2008, the united states concluded the civil nuclear cooperation agreement with india. the legislation lifted a morat

releases today show officials think another round of bond buying will be needed to support the united states economy. that's the same meeting where they decided to hold interest rates at record lows. the dow was off 97 points today, it's worst session this year. the nasdaq was down 16 along with apple stocks which fell more than $11 today and closed below $500 a share. >> visitation valley to the top of nob hill the trip one young woman is taking to meet the president of the united states. >> back here in ten minutes, tomorrow morning it'll be as cold as we have seen in a while. possible black ice. i will see you back here with that forecast. . >>> iran government leaders are reportedly ready to resume talks with world leaders offer its disputed nuclear program. this the same day they claimed to have made two major advances in mastering production of nuclear fuel. they have long insisted its program is for energy, not weapons but people remain skeptical and say the talks could be a delay tactic. >> this time tomorrow the president expected to be here in the bay area. we are live in the city with the

top of a problem that, of course, if it blows up, could threaten not only the economy in the eurozone, but also the united statesconomy, and the president's own re-election, bill. >> a reminder as you saw graphically, mario monti will be our guest on the "closing bell" tomorrow at 4:00 eastern time. countdown to another big slate of earnings after the bell. brian shactman standing by with that right now. >> let's start with nuance, up about 4% as we head into earnings. maybe you'd like nuance communication. a nice run. if they beat 36 cents a share and $392 million, it could keep going. yesterday we had groupon. today linkedin. the stock is up 20% year-to-date. with the zyngas of the world, traditional gaming has had to change fast. profits are expected to be 56 cents a share for activision. look for the international revenue on this one, folks. could give insight into europe. they have big overseas exposure. pitney bowe yields almost 8%. 60 cents is the expectation on $1.4 billion in revenue. >> brian, thank you. we'll have all the numbers coming up after the bell. we're coming back with the closing "countdown,

great financier george soros on why he foresees european problems and what he thinks of the united states economyalso, what in the world? mitt romney got me thinking about america's very poor. i'll show you the results. >>> finally, what the dickens was going on in the british government this week? i'll explain. >>> first, here's my take. if you're trying to understand the recent protests against the putin regime in russia, one of the best guides is an outspoken columnist who's been writing trenchant essays in the nation's leading newspapers over the past month. political competition is the heartbeat of democracy. this author writes, noting the absence of such competition in contemporary russia. he describes the frustrations of the russian middle class, demanding political rights. today, the quality of our state does not match civil society's readiness to participate in it. on corruption, perhaps the issue that most riles the public, the author is scathing. the problem comes from the lack of transparency and accountability of government, he says. now, what makes this all deeply strange is that th

certainly is, andrew, stan, with the weakness we're seeing here in europe and even though the united states' economy ticking up, the concerns remain in china. let's have a look at how this is affecting the stock markets here. europe, basically they've been falling like a stone. since the beginning of the trading day. very much taking their cues from what happens in asia and in light of the concerns surrounding china. if you look at the cac currant in paris, it has been following steadily throughout the course of the day. one stock in particular we're keeping an eye on in this market, the ftse 100, hsbc, europe's biggest bank has reported a net profit equivalent to $21.9 billion. hsbc's earnings include a $3.9 billion gains for re-evaluation of its own debt to try to mitigate the effects of all sorts of things many a bank has been contending with these days. it's stock not that much moved in the uk market. down to the tune of 0.2%. on a day when many of the markets are down in excess of 1%. andrew? >> certainly a stock that was watched very closely here. a lot of people own hsbc shares. it is the sto

so on the whole we're still quite positive on the united states economy as we go into 2012. >> what kind of number -- what kind of jobs number do we need to see to increase chances of qe3 in the u.s.? >> okay, well, i think for the fed it is clear particularly for the chairman, he has said he's dissatisfied with the current pace of recovery so he's going to want to see we're all going persistent, steady decreases coming through in the u.s. unemployment rate. now, in fact, if you go back and look it at the previous episodes when the u.s. unemployment rate has been declining, the current rate of decrease of the jobless rate from the peak to where we are now, the gradient of that is actually steeper than the two previous recovery episodes which is, i think, quite an encouraging sign. it actually suggests that we are getting a real recovery at work but suddenly dealing with such high unemployment and it's such a sensitive issue and such a lot of slack around that clearly the fed is leaving nothing to chance here, so i would say in response to your question, we are going to want -- the fed is

. >> i'm hard pressed to think of a single spending decision in the united states economy that has anything to do with greece. it's got nothing to do with the pickup trucks we sell, the iphones we sell, you can go on and on. greece has a problem. it's an issue. but it's become less and less of an economic problem. i think it's more of a financial event. >> we are the only country in the world where you can borrow money on a house and walk away from it. everywhere else, all the people in europe, all the people who borrow money in brazil, they're all personally liable for 100% of the debt. >> it's just ironic that people are decrying that the reason the economy's not growing faster is because of the growth of government. but actually the government is shrinking. my high school science teacher made me what i am today. our science teacher helped us build it. ♪ now i'm a geologist at chevron, and i get to help science teachers. it has four servo motors and a wireless microcontroller. over the last three years we've put nearly 100 million dollars into american education. that's thousands of kids

and, of course, we're interested in the united states in increasing our exports and helping our economy. so, therefore, why don't we in the united states manipulate our currency as you have charged china does? there must be a down side because we don't do that. what is the down side? >> herb, it is a good question. without getting too deep in monetary policy, let me explain it this way. every day, the central bank in china pbuys and sells the yuan f the value of the yuan to the dollar. you cannot go out and buy yuan. it's very hard for you as a private citizen to do that. it is not really a globally traded currency right now. it is the classic definition of currency manipulation. it is what the central bank in china is able to do. in the united states and every country is entitled to the monetary policy. the united states has had what we call a strong dollar policy since the clinton administration where that certainly boosts the value of the consumers of the united states. it makes it better for you when you are trying to get a hotel room in paris or something like that because there is

in the united states when the economy needs a fix so do the people the country is now the world's largest consumer of coffee and this addiction to caffeine is being exploited by someone scrupulous producers who are looking to boost their profit. reports. in the city that never sleeps are perpetual craving for energy never eases i nearly every manhattan street you'll find two things a coffee shop and customers cutting their fix a liquefied legal stimulant that most can't envision quitting i feel like now i get it maybe i get. to be three oh yes actually i don't know if i could give a. five or six cups a day yes right not good too much of anything good. is going to drink three cups the. americans consume four hundred million cups of coffee per day making the us believe in consumer of coffee in the world according to medical experts daily intake of caffeine should stay below three. three hundred milligrams or fifteen ounces of coffee one large cup of starbucks contains more caffeine than the daily maximum recommendation however in recent years the country's addiction to caffeine has grown bo

demand is down in the united states. as the economy worldwide begins to pick up, there is a greater thirst for this oil. if we just sent it to china, how does that help us? that is what canada will do if we say no. >> there was a big outcry over the obama administration's requirement that its lawyers cover contraception. do you think women should have access to free contraception as part of their health-care? >> obamacare is the big coal that allowed the administration to do this. that is government-run health care. we are going to be having secretary sebelius testified the first week we are back. she is coming up march 1, the first week we are back. she knows she will get a lot of questions on this. for me and a lot of mothers, the speaker to the floor and said this is unconstitutional. how did this happen? what are the answers we have to get responded to as we look at legislation to reverse this grab that hhs has begun to pursue. we are not looking at it precisely. we are looking at it as religious freedom. it is stepping on the boun

i want that in the united states here in phoenix to help us with the economy. that brings me to the third point and that is the notion of dynamic talent is a tricky concept in the united states. we don't know in modern economies what helps an economy continue to grow and to remain strong and to prosper as it inknow vates, particularly as the economy and the culture and the society becomes relatively well off. it is a known phenomena that it is hard for individuals who are relatively well off to take outsized risk and put yt

i want that in the united states here in phoenix to help us with the economy. that brings me to the third point and that is the notion of dynamic talent is a tricky concept in the united states. we don't know in modern economies what helps an economy continue to grow and to remain strong and to prosper as it inknow vates, particularly as the economy and the culture and the society becomes relatively well off. it is a known phenomena that it is hard for individuals who are relatively well off to take outsized risk and put everything on the line. back to my original story, if you think about the swimmers in the contest, in order for the united states to prosper, we need lots of swimmers who are willing to get in the water and swim and save nothing for the trip back because they are the type of person who will do whatever it takes, work as hard as is needed and get to the other side without saving energy to get back. and this shows up in what we now have as the crystal clear data in the last several years largely funded by the kaufman foundation out of kansas city

you know, but we do have opportunities with clean gas that is here in the united states, the natural gas. let's convert our economy over. we only have 2% of the world's oil, for god's sake. let's get off this idea that we can still run on oil. we can't. and we keep going down this road further and further while china is investing billions of dollars in green technology windmills, nuclear, clean coal, all of these things. we need to be doing that stuff and get out of this ideology and get our head out of the sand and let's go. we have a generation of young americans who have no clue what they're going to do when they get out of college, or they're already out of college and they have $100,000 in debt and have no clue there is no space race. there is no we're going to lead the world in manufacturing, there is no connection. that's why i was so inspired by the president's state of the union because i really thought of all of the candidates you see in the republican primary, and what you hear coming from the president of the united states, if you're a 25-year-old woman thinking what am i going to do, have i $100,000 i