they will see effective tpp made and joining tpp.alk about asia pacific as i mentioned, we do not see any strong intellectual leader. we talk about a lot this morning about the competition between d adb and aiib. i think it is korea joining aiib. the u.s. interest to see korea. at the same time, i think it is china's interest to facilitate korea joining the aiib. but the problem is to the contrary of my chinese colleague saying korea are is pushed enough to join aiib. but the way it is structured is very far from common sense. voting rights as envisioned by beijing is 50% china. it is based on so called gdp on tpp parenting. i have an economist. i have never heard of this voting right on the basis. it could be a good comparison when you went to compare livingston for people in beijing. people in tokyo. but income on tpp. can it buy more oil? impossible. if that's related to voting rights it is unconventional. beijing is accusing western institutions on the basis of transparency, unreliabilities. if beijing wants to stand up it's a ne

he's on board with the tpp. here's the president just last wednesday. >> if we are able to get trans pacific partnership done then we're actually forcing some countries to boost their labor standards, boost their environmental standards, boost trans parentscy, reduce corruption, increase intellectual property protection, and so all of that is good for us. those who oppose these trade deals, ironically are excepting a status quo that is more damaging to american workers. there are folks in my own party, my own constituency that have legitimate complaints about some of the trend lines of inequality but are barking up the wrong tree when it comes to opposing tpp. and i'm going to have to make that argument. >> it's interesting. that's the most aggressive the president has been on the tpp. and it was in front of the business round table last week. the business round table, well, obviously there's a bunch of wall streeters there, big business people there, they want it. because it attacks wages. it attacks labor stan

i'm very much an advocate of the tpp and the one in europe. there's complications with both of them. they had some problems with japan on automobiles and agricultural problems and there will be problems in europe, and the administration has not wanted to put some things on the table that the europeans want. i think that -- i know that mitch mcconnell will be wanting to be helpful and move that forward. i also think tax reform is possible. i think they kind of tripped over things last week. they were getting close to having the big $400 billion tax extender package with make something of the extenders permanent, and then the president threatened to veto, and it fell apart, and now they're moving just to one-year targets extenders. some -- tax extenders. some say that might be a move to get extenders in a package next year. i'm a little nervous because it seemed like everytime they get started in the right direction, something trips it up and they lose their momentum. but it needs to be a comprehensive package. it is about jobs and the economy.

so it is a very important part, geopolitically, to get tpp done. now, the tpp as far along.e president did a meeting on this when he was in china in november. as i said, he is very active. 1500 meetings they have done on the hill. the hill is fully engaged. at the end of the negotiation, to the hard issues. that is where tpp is that. >> okay. let's talk a little bit about what seems to be, and will probably arise in the next as tension between the business friendly wing of and the democratic wing. it is senate, right now, on a couple of issues. one being the swaths issue, and the nomination of antonio. warren has senator come out very strongly against his nomination. even some republicans were on the fence. i want to know why you think it good idea to nominate a wall street investment banker for this particular job at treasury. it, and would bring to does it unnecessarily exacerbate these tensions is hin the party whether it too close to wall street. gotten to w, i have know antonio across the last year or so. he is an incredibly talented individual with great values. and wi

the tpp is going to be a huge story for our economy in 2015. this is where the democrats and some republicans because of sovereignty issues, are going to have to hold the line. we've made extraordinary progress in the last six years, don't throw it under the bus because there's a power change in washington. i'm all for a jobs pack angage and all for say nothing to the tpp and all for green energy. we all should be. then again we will be fighting climate for the next couple years because the republicans are in charge and they are the deniers. get your cellphone out. tonight's question will president obama ever get credit for saving the economy. text a for yes, b for no. we'll have the results later in the show. joining me tonight congressmen who sits on the weighs and means committee. always good to have you. >> good to be here. >> you bet. let's do a spilt milk conversation. let's go back. why did the democrats shy away from obama's strong economic record in 2014? that too is a big story, i think. the way they wouldn't run on the record. what d

initiative tpp is some sort of status quo change to regional integration. my view is that don't just very statically and rigorously see the china's behavior as status quo change. let me come down to my conclusion. [ inaudible ] by extreme critical force. i think it's a very illuminating point. my view is that china remain far behind the u.s. power transition very powerfully demonstrate very, very rich. probably the perception feeling now pouring out see china now is a very, very strong competitor. for our chinese view we continue to see china is just the imposition to cooperate while competing for some sort of co-interest. co-interest is sovereignty, political safety, china's unfinished evolution. from this point i would also like to see bilateral relations should be based on very virtuous action and reactions. china shouldn't just [ inaudible ] then the question for u.s. is washington also shouldn't overreact to a rising china. let me stop here. >> thank you. > >>>. >>> thank you very much. let me focus on the challenges to the international security order

it is important geopolitical he -- geopolitically to get tpp done. it is far along, the president had a meeting on this in china in november. 1500 meetings usdr has done on the hill. the hill is fully engaged. at the end of the negotiation, you are down to the hard issues. what we need to get tpa done, and tpp across the finish line, in these final sets of negotiations. >> let us talk about what seems to be, and will probably arise in the next congress, tensions between progressive democrats and centrist business friendly democrats. it is centered on a couple issues. one is the swaps push out under the government funding bill. the other is the treasury secretary nomination. obviously, senator warren has come out against his nomination. a couple of other democrats have. there are a number of democrats that are incensed about the nomination. ven some republicans are incensed. i want to know why you think it was a good idea to nominate an investment banker for this particular job at treasury. what he would bring to it. and, does it unnecessarily exacerb

but are barking up the wrong tree when it comes to opposing tpp. and i'm going to have to make that argument. but i will tell you, though, when you talk to boehner and mcconnell, that some of those same anti trade impulses are more ascendant in the republican party than they might have been 20 years ago as well. and some of you may have encountered those in some of your conversations. and this is why it goes back to the point. we're not going to get trade done, we're not going to get infrastructure done. we're not going to get anything done in this town we're able to describe to the average american worker how at some level this is improving their wages, it is giving them the ability to save for retirement, it is improving their financial security. if people continue to feel like democrats are looking after poor folks and republicans are looking after rich folks and nobody is looking after me, then we don't get a lot of stuff done. and the trend lines, you know, evidence the fact that folks have gotten squeezed. and obviously 2007 and 2008 really r

some of the trend lines of inequality, but are barking up the wrong tree when it comes to opposing tpp, and i'm going to have to make that argument. but i will tell you, though, when you talk to boehner and mcconnell, that some of those same anti-trade impulses are more ascendant in the republican party than they might have been 20 years ago as well. and some of you may have encountered those in some of your conversations. and this was why it goes back to the point -- we're not going to get trade done, we're not going to get infrastructure done, we're not going to get anything done in this town until we're to the average american worker how at some level this is improving their wages, it's giving them the ability to save for retirement, it's improving their financial security. if people continue to feel like democrats are looking after poor folks and republicans are looking after rich folks and nobody is looking after me, then we don't get a lot of stuff done. and the trend lines evidence the fact that folks have gotten squeezed. and obviously, 2007, 2008 really ripped open for people

. >> the chief tpp negotiators from japan, the united states, and ten other countries, have been holding meetings in washington since sunday. they're now trying to narrow differences on issues like protecting intellectual property rights and curbing preferential treatment for state-run companies. >>> well sony officials say their computer systems in the united states have suffered another cyber attack. sony officials say the tiber attack rendered some of its online games temporarily inaccessible on monday. but they say the problem has been fixed and services have returned to normal. last month, a cyber attack disrupted the computer systems of sony pictures entertainment in the u.s. the officials say unreleased films and employees' personal data were apparently leaked onto the internet. sony says there's no evidence of a link between the two attacks. the fbi is investigating the incidents. >>> that is going to wrap it up for biz tonight. i'll leave you with the markets. >>> protesters in more than a dozen u.s. cities are back on the streets. they're calling for an end to police violence.

and this is what's going to happen again with tpp if people don't stop it before it gets to the fast track stage. and i guarantee you this is a way to send more jobs particularly to vietnam and malaysia. what's happening now is that labor rates are going up slightly in china. this panics the corporations. they want other places to go. vietnam's an even cheaper labor platform than china and so it's cheap labor coupled with really minimal environmental protection. you can do just about anything you want to. >> i brought two headlines from the same day's edition of the "washington post." one says "obama looking to mend fences with congress is reaching out to democrats." the other one, in the same edition of the "washington post," says "obama says he willing to defy democrats on his support of trans-pacific partnership." what do you make of that? >> well, it's the typical obama. >> well, it's the typical obama. you know during the big -- it goes back. early in his political career, there was a big fight in chicago in 2006. the city council voted to pass a big box minimum wage bill, $13 a

and this is what's going to happen again with tpp if people don't stop it before it gets to the fast track stage. and i guarantee you this is a way to send more jobs particularly to vietnam and malaysia. what's happening now is that labor rates are going up slightly in china. this panics the corporations. they want other places to go. vietnam's an even cheaper labor platform than china and so it's cheap labor coupled with really minimal environmental protection. you can do just about anything you want to. >> i brought two headlines from the same day's edition of the "washington post." one says "obama looking to mend fences with congress is reaching out to democrats." the other one, in the same edition of the "washington post," says "obama says he willing to defy democrats on his support of trans-pacific partnership." what do you make of that? >> well, it's the typical obama. >> well, it's the typical obama. you know, during the big -- it goes back. early in his political career, there was a big fight in chicago in 2006. the city council voted to pass a big box minimum wage bill, $13

from the public on controversial policies such as restarting a nuclear reactor, his push to and the tpp free-trade deal legislation to strengthen japan's defense. also in august he had a tricky task in the diplomatic front as he is expected to release a statement on japan's ruling world war ii which will set the tone. so a lot to do from now on. >> thanks a lot, we will speak to you little bit later. continues and you can follow us on twitter. one of the big trending subjects , we know theourse dow was above 80,000 yesterday. reachk 172 days to 80,000. how are the other stock markets of the world faring since july 3? right now you can always find me at mark barton tv. christmas coming early for americans, they got an upward revision of gdp. the u.s. comes back and it doesn't stop there. we'll talk about the world's biggest economy and what is to come in 2015. stay with us. ♪ >> u.s. gdp jumped the most in a decade. my guest says growth in the world's biggest economy could even exceed expectations. investment fidelity management. thanks for joining us today. were you even surprised by th

we could define it with the rules and then vote but i'm very much an advocate of the tpp and the ttipthe one in europe. there are complications with both of them. they have had problems with japan on automobiles and agricultural products and there will be problems in europe and the administration is not wanted to put something, table that europeans want. i know that mitch mcconnell will be wanting to be helpful in move that forward. i also think that's a form as possible. i think it tripped over things last week. they were getting close to having a big 400 billion-dollar tax extender package which would make some of the extender's permanent and the president threatened to veto and it fell apart. now there is a one year tax extender. some people say might have been a machiavellian move to save the bigger debate to have more pressure to get tax reform and the extenders in a package next year. i don't know, i'm a little nervous because it seemed like when they get started something trips it up and they lose momentum. it needs to be a contract -- comprehensive package. it is about jobs an

tpp type of agreement would be much more powerful. thank you, the u.s.sentative looking east and west for transatlantic partnership's this year. >> our twitter question of the day is how do you trash talk at work ♪ >> now to our guest host, stephen roach with the collapse of oil, the new mediocre, the future estimate of inflation may signal no inflation. let's look at a chart, this from david goldman, the fuel of inflation five years from now out another five years, we are way in and it is rare going back 10 years. is our federal reserve overcome by global event's? >> the fed has its limits. crisis,t through a basically with zero interest rates and the had to come up with a new set of tools -- quantitative easing. it gave tremendous traction to markets but very little to the economy which is what they need to get inflation back up to sustainable or acceptable levels. they are at a loss for what to do next. we talked about this real autonomy analysis, is the story of the fed next year that they have to shift to oil at 60 week nominal gdp in the tepid cons

some of the trend lines of inequality, but are barking up the wrong tree when it comes to opposing tpp, and i'm going to have to make that argument. but i will tell you, though, when you talk to boehner and mcconnell, that some of those same anti-trade impulses are more ascendant in the republican party than they might have been 20 years ago as well. and some of you may have encountered those in some of your conversations. and this was why it goes back to the point -- we're not going to get trade done, we're not going to get infrastructure done, we're not going to get anything done in this town until we're able to describe to the average american worker how at some level this is improving their wages, it's giving them the ability to save for retirement, it's improving their financial security. if people continue to feel like democrats are looking after poor folks and republicans are looking after rich folks and nobody is looking after me, then we don't get a lot of stuff done. and the trend lines evidence the fact that folks have gotten squeezed. and obviously, 2007, 2008 really ripped

>> the first one that we thought would happen earlier is tpp reform.n some of the asian nations. one would hope now that he has , social mandate security reform not being talked about too much. term. has a 3 or 4-year a similarhe had majority a few years ago. he has the same vested interest. the drugmakers, the utilities -- how does he overcome japan's vested interest in this cycle? powern he first got into two years ago, he pushed through on arrow 1 and arrow 2. with a new mandate, he is hoping to push through more reform on arrow 3. we look forward to seeing what he does in the first stage of the new parliament going into 2015. >> from an asset managers point yeniew, the decline of the during his term, 70% rise in stocks. bang for your buck again? maybe that is why i'm looking skeptically at the scenario. talk me through why we should be bullish. >> i do not think we will see the same as the first term. we will not see the yen fall to the same extent as it has already. we will not see a change in the bank of japan course. can he get this domestic ref

that -- for example, mike is in the conversation with vietnam, one of the potential signatories to the tpp. now, right now there nor labor rights in vietnam. i don't know how it's good for labor, for us to tank a deal that would require vietnam to improve its laws around labor organization and safety. we're not punishing them somehow by leaving them out of something like this. let's bring them in. on the environmental front, i haven't looked carefully at the environmental laws in malaysia recently, but i suspect they're not as strong as they are here. it's not a bad thing for us to nudge them in a better direction, particularly since we now know that environmental problems somewhere necessary the world are going to ultimately affect us. so, i think that there are folks in my own party and in my own constituency that had legitimate complaints about the trend lines of inequality but are barking up the wrong tree when it comes to opposing tpp, and i have to make that argument. but i will tell you, though, when you talk to boehner and mcconnell, that some of those same antitrade impulses are m

tju with 3.s tpp, japan being the a good leverage point as!ej4" leading in and the factdkjf that we've not had agreee#:idáttu)páed successfully in this administration gives me a little pause. the ones that we passed were negotiated by the past sthrags,w"yk administration. this one doesn't have experience. i want to make sure in the closing months thaty® right. >> you are for fast ÷ xtrack. >> trade promotional authority is what we.#ey callp44v it.3>u >>n other? >> i don't think we shouldn't. i thinkp÷h welfare for low income tax individuals, we should reform welfare for businesses as well. i think it's important for economic reasons. i think it's important for moral authority "#wreasons, and with the new majority coming in i think we'll have more people in the house for sure andúrn qbh2 definitely in the senate subscribing to the view i just mentioned.~ your/2/ç editorial page has done a scplar job29rñxj. --x5"gñ spectacular job of fleshing thisó& out. >> i want to go into entitlements a little bit. you also mentioned the"l÷ time you spent on

-controlled sea lanes, not to mention tpp. and china's push on this as already mentioned, push for south korea joining the aiib and also the open opposition to it. ad, as far as south korea is concerned, tad has nothing to do with china t has everything to do with north korea. that is not the view of china. china looks at it not in the local sense but from the perspective of u.s.-china relations. this is the background, okay, this is the background where, you know, there is this discourse over the dilemma of south korea. but to come to an abrupt conclusion, really as far as i'm concerned there is no dilemma because the at end of the day the fact is the united states is south korea's ally. china is not an ally. it is a very, very partner of south korea's but not an ally. and therefore in order for that dimension and matrix to change there has to be some significant changes in china, particularly as a soft power and i will leave it at that. thank you. >> thank you. you covered these issues in very microscopic issues a way but i

finishing the trans-pacific partnership, the tpp, with japan and others. all of these will provide a huge lift to the global economy. china's ftas. korea's ftas. trade proposals like rc ap. these are all important part of the conversation as well. now, the u.s. and china, as is well known, the world's greatest emitters of greenhouse gas. but our recent action on climate change, on targets, show we are determined to address it. so do president obama's and prime ministers abe's pledges to the south korean hosted global green climate fund of $3 billion in $1.5 billion respectively. and our countries r&d and manufacturing capabilities will keep us at the forefront of the clean energy economy. we each have public health and infectious disease expertise, and tremendous experience from the bird flu and from sars experience. that helps ensure that our nation's rt contributed to dealing with ebola response. and it certain that we will need to do more in the future. we are major providers of humanity assistance and disaster relief from syria to iraq to the philippin

push the collective self-defense issue, and abe will be much more forthcoming in the issue-related tpp. so in terms of voter security, it's good for the united states. but i think you should be carefully -- you should watch carefully the location issue. more hurdles are there, because in okinawa, there are four electoral districts. none of the ldp candidates were elected in okinawa, which means the relocation will have a hurdle there. and even though collective self-defense issues will be pushed forward, yesterday, according to a news agency, the opinion survey, 55% of the respondents are against abe's security policy. that means you shouldn't navigate through a resis tapt domestic public, even though you won the election.tant domestic public, even though you won the election. as for the relationship between china and japan, i'm not that much optimistic. it was very interesting. i think the strategy rivalry between japan and china will never come to an end, and still lingering suspicion on both sides, especially about territorial issues and history issues will continue, and much more,

finishing the transpacific partnership, the tpp, with japan and others. all of these will provide a huge lift to the global economy. china's ftas. korea's ftas. trade proposals like rcep. these are all an important part of the conversation as well. now the u.s. and china, as is well flown, are the world's greatest emitters of greenhouse gases. but our recent action on climate change, on targets, show we're determined to address it. so do president obama's and prime minister abe's pledges to the south korean-hosted global green climate fund of $3 billion and $1.5 billion respectively. and our countries are indeed's manufacturing capabilities will keep us at the clean of the clean-energy forefront. our tremendous experience from the bird flu and the sars experience helps ensure that our nations are key contributors to dealing with ebola response and it's certain that we'll need to do more in the future. and we're major providers of humanitarian assistance and disaster relief from syria, to iraq, to the philippines after the super typhoon. we are also tackli

counter terrorism official tells me this attack shows how the pakistani taliban known as the tpp has been under pressure from the military and had been seeking a high profile opportunity to retaliate. they found it 28 the most defenseless victims. >> reporter: they were killed in their school uniforms, taking exams in their classrooms, a first-aid class in the auditorium. half a dozen terrorists carrying out a systematic massacre of children. brutal even by the standards of the pakistani taliban. we were doing our school work. suddenly we heard firing. the taliban called it revenge for pakistani military operations against them. we want them to feel our pain, said a taliban spokesman. the attackers had ammunition and supplies, says the pakistani military, to last for days. a u.s. counter terrorism official called the assault unprecedented saying it may signal an escalation in an already bloody war with the pakistani government. >> mothers and fathers send their kids to school to learn and to be safe. this morning wherever you live, wherever you are, those are our children. >> reporte

, negotiating a bilateral investment treaty with china, finishing the transpacific partnership, the tpp with japan and others, all of these will provide a huge list to the global economy. china fta's, korea fta's, trade proposals, these are all an important part of the conversation as well. now the u.s. and china as well known are the world's greatest emitters of greenhouse gas, but our recent action on climate change on targets show we are determined to address it. so did president obama and prime minister abbÉ's decision to host the global green climates under $3 billion in $1.5 billion respectively. countries are in c. and manufacturing capabilities will keep us at the forefront of the clean energy economy, we each have put out an infectious disease expert to send tremendous experience from the bird flu and sars experience and that helps ensure that our nations are key contributors to dealing with people of response. it is certain that we'll need to do more in the future. mr major providers of humanitarian assistance and disaster with friends area to iraq to the philippines. we are a

the president was right, things we can do with the tpp in term0s strengthening our ties to countries in that region and giving them another outlet in addition to china. it's not simply as -- strengthening our ties with those countries has a twofold purpose, not simply as a handle but strengthening our relationships with countries that want to built that relationship. to the third point i want to make, very, vermont question because that was fine and good when responding to national actors you can also apply your question to nonnational -- subnational, transnational actors who can threaten our interests. those become much harder to deter and to counter. that's why it's so important to root them out, to destroy them where they are to take the fight to them. then we also have to harden our infrastructure. the reality is we have to take steps to secure the homeland and again, that -- there are tradeoffs and costs of involved in doing that. it's not free cannot easy to do. so but we have to make ourselves less vulnerable. oning there that president announced this deal allowing this i.t. d

so they want us to do tpp for toll roads in some cases which have done but you want to do more. in the power sector they want us to give supercritical over supercritical. they want us to do this combined more efficient use of coal. cc is the sort of thing. that's the value addition they have begged such as the financing of the knowledge we bring to projects to try out new things that they haven't tried. is fungible, right if they use armory to do this and it frees up some of their capital to finance other things we can do. [inaudible] >> we have to keep in mind the really large amount of electricity is not to give light box to very, very poor people in very poor village. that is increasing -- that's a major improvement for the very very poor people. really large amount of electricity is in move a step up in human capital that these people go to work in a factory and had money to buy a refrigerator and next step takeover air-conditioning. the city of singapore 97% of the buildings have air-conditioning. so the really, really large amount of electricity is not at the bottom of the

the president is right there are things we can do in terms of the tpp in terms of strengthening our tiesto counties in that region and giving them another outlet in addition to china and not simply as a -- you know strengthening our ties with those countries has a two fold purpose not simply as a hedge against china but strengthening our relationship with countries that want to build that relationship. the third point i want to make -- and this is a very important question because that was fine and good when responding to national actors but you could apply your question to sub national, transnational actors that can threaten our interests. you're right. though would become much harder to deter tornado encounter. that's why it's so important to root them out, destroy them where they are, take the fight to them, but we've got to harden our infrastructure. the reality is we've got to take steps to secure the homeland. again, there are trade-offs and costs involved in doing that. it's not free, not easy to do so, but we've got to make ourselves less vulnerable. one of the things the preside

yet democrats continue to criticize the tpp as little more than repacking a previous trade deal such as the north american free trade agreement. walter in baltimore, maryland, asking about civics education, should it be mandatory? hello. caller: not only should it be mandatory, but it should be part of what these so-called people hate about common core. the ignorance of america is awrie. the greatness of the ignorance is for sale is what our flag should stand for, for sale. because this lady earlier mentioned the greatness of america. i want her to tell me what greatness was in vietnam. what greatness was in the political structure that actually resulted in a degradation of humanity through slavery. i respectfully ask them to take a look at common core and add civics and other courses of reality, truth. that's liberal. liberal is truth. conservative is lies and the status quo, and i think that if we don't allow students a reality-based existence, we're going to lose. host: john, atlanta, georgia, independent line. good morning. caller: good morning. yeah, i agree that the civics shou