u.s. economy. he did manage to win many of the same states he took in 2008 and nearly all the critical swing states, including ohio, virginia, and colorado. speaking to supporters in chicago just a few hours ago, the president congratulated his republican challenger on the spirited race and said there's plenty of work ahead to fix the country's fiscal problems. >> i believe we can seize this future together, because we are not as divided as our politics suggest. we're not as cynical as the pundits believe. we are greater than the sum of our individual ambitions, and we remain more than a collection of red states and blue states. we are and forever will be the united states of america. >> romney made his concession speech before his supporters in boston. the loss ends a six-year quest for the presidency for the former massachusetts governor. he lost the republican nomination to john mccain in 2008. romney wished president obama well, but also noted the deep divide amongst the parties in washington a

u.s. economy, economists worry that, as the global economy slows down, u.s. exports may follow suit. hurricane sandy showed up in the latest report on jobless claims, making them artificially low. initial claims for unemployment benefits dropped by 8,000 to a seasonally adjusted 355,000 at the end of last week. the number is expected to be revised higher as more data is collected. the labor department says one state filed fewer claims because of power outages, while the storm boosted claims in other states where more people looking for relief. later in the program, we'll look at sandy's impact on retailers. >> tom: the biggest bank in america has the okay now from uncle sam to pay back shareholders. jpmorgan will be allowed to restart a stock buyback plan early next year. like all systemically important banks jpmorgan has to get regulatory approval to change its dividend or stock-repurchase plan. the regulators want banks to have enough financial firepower to withstand troubled times before the banks will spend money on share holders. jpmorgan's buyback strategy was suspended this ye

u.s. economy on january first. by most estimates if we go over the cliff, the u.s. economy will plunge into recession. >> susie: we look at the impact of the coming cliff and whether congress and the white house can strike a deal. >> tom: that and more tonight on n.b.r.! it was the chairman of the federal reserve ben bernanke who first called it a fiscal cliff. he described the coming automatic cuts in government spending and increases in taxes as, quote, "a massive fiscal cliff," end quote. here's what he was describing: on january 1, 2013, tax breaks worth $416 billion will expire. spending on things like defense, medicare payments to doctors will be slashed by $65 billion. add it all up and you are talking about cutting roughly half a trillion dollars from the federal budget. the congressional budget office and others warn going over the cliff will send the economy into a recession in the first half of next year. it was congress and the white house that set the deadline in hopes of forcing each other to cut the federal budget deficit and begin to address the growi

u.s. economy. >>> what will a second term for president obama mean to the economy? will we see compromise or fall over the fiscal cliff? joining me are two former top presidential advisers. laura tyson, chair of the economic advisers then for president clinton and marty feldstein who held the same title under president reagan. laura, marty great to have you on the program. thank you for spending the time today. >> thank you. >> good to be with you. >> marty, both sides appear to be extending an olive branch when with it comes to the fiscal cliff. do you think we will reach a compromise? and if so how and when? >> i hope so. the consequence of not reaching the compromise for the american and world economy next year would be disastrous. we would be talking about a very deep recession if we went over the cliff and didn't quickly bounce back from it. >> laura, you think there is a two-part solution. what do you mean by that? >> we have the fiscal cliff and a need to get a long-run compromise plan on deficit reduction over the next decade. i think we have to be realistic

u.s. economy. >> what about the health care legislation, laura? now that president obama has been re-elected, we know obamacare, the affordable care act is not going anywhere. after all this debating about it. what impact do you think that will have? >> first let me underscore my agreement with marty. he knows this, we worked together on corporate tax reform, and i think it would be very important and maybe an area of tax reform where it's easier to get agreement among centrists, democrats and republicans, is in the corporate area. on medicare, i -- you see, i'm optimistic, or on health care, if you look at the phase-in, what the cbo has said here is over the first decade of obamacare, we'll save about $100 billion. now, that's not a lot of money, but we will be insuring 30, 40 million additional americans. but their projection receipt now is that in the second decade, we will shave off the right of growth of health care spending about 1 d$1 trillion from the medicare deficit. that's really good news. we could phase-in a lot of the reforms in obam

u.s. economy is driving the u.s. economy. 75 misof economic activity. maybe that's not a good economic model if we're sending people out with borrowed money and saving. the same people going out and shopping this past week are the same people they don't have enough money to save for college. how do we change that dynamic? >> high irony there. what i try to do, christine, is have people connect the dots between buying cheap made in china cheating products and the loss of their jobs, loss of our manufacturing base, the logs of our tax base, and by the way, few pennies of every dollar we spend there at the great wall of mart is going to build a very powerful military in china that is going to challenge our pacific fleet soon, so if we connect the dots or change our behavior. >> come on, peter. >> we really need to make red, white and blue friday instead of black friday. >> you can grow america without demonizing china. china has its own national interests and strategy. what's ours? john, without -- what does america do? >> you know what, we have to do is s

u.s. economy is heading into recession.you are talking about is how companies are pulling back and we are seeing that. look what s&p is warning about, dividend cuts. u.s. companies cutting their dividends, the number of companies rising look at the recession indicator, the u.s. economy could be entering a recession as more companies cut their dividends and that includes companies like atlantic power, best buy, all sorts of companies doing that. the recession risk is rising according to first trust adviser and that is a debate on wall street. whether we will see one quarter contraction meaning the fourth quarter. connell: we keep asking if the fiscal cliff doesn't get sold we run the risk of heading into recession but youure telling us this doesn't matter with the fiscal cliff, we could already be in one now. even if we solve that we are in a recession in the united states? liz: the ppoblem is you won't hear from the arbiters, national bureau of economic research. they average 11 months to call u.s. recession but already the

u.s. servicemen. on the economy japanese officials will be preparing a response should the u.s. press japan into joining free trade talks for the transpacific partnership. there may be friction if the u.s. insists japan drop its tariffs. but overall, obama's win should be good for japan. there's the chance of stronger u.s. ties. with china relation is gone sour over the senkaku islands conflict, that's sure to be reassures. june ohka wa, nhk world, tokyo. >>> leaders around the world wasted little time congratulating president's re-election. he said he's sure the u.s. and south korea will continue to develop their alliance. he added ties have gotten stronger and more dynamic than ever over the past four years especially because of a free trade agreement. a spokesperson for the presidential office said wednesday south korea will keep working closely with obama for peace and stability on the korean peninsula and northeast asia. >>> russian president vladimir putin sent obama a telegram congratulating him on winning a second term. the spokesperson declined to discuss the contents o

economy back into recession . there's also the issue of ever growing u.s. government debt which has already reached sixteen trillion. it's hardly going to be reduced if obama sticks to the polls to fly didn't the economy with money the u.s. dollar mission since two thousand and eight his amounted to more than two trillion season obama prompted recession two thousand and thirteen come accompanied by news of the aggravating the economic situation in europe the risk of greece going bust reports of germany's economy suffering as well as the e.u.'s prediction of a decline for the seventeen nations that use the euro currency all of that leads to the speculation of whether or not the global recession is looming. it is always seem that obama's reelection means that the us will continue printing dollars at least many of obama's opponents still people if you relax him he will continue doing that he will once again give the printing presses running could you please offer a layman's explanation of why it is dangerous i mean he kept printing dollars of the first four yea

u.s. economy and it is not just what happens if we go over the fiscal cliff, it is actually affecting the economy right now. a big drag of business confidence, businesses are already not doing very well, negative investment, really cannot afford to make the situation any worse and we have heard some members of congress talk about going over the fiscal cliff to teach the other party a lesson. that is not helpful. this is something that should be settled quickly. we know that we're probably going to have higher taxes out of the health care reform. now the payroll tax or they will probably go away. but a premium on in more taxes on the near-term dealing with spending and getting next year without imposing a recession at american public. gerri: you take a lot of time to analyze what happens to this economy if we go over the cliff. is it a big recession, it's a deep recession, what happens? >> it is a deep recession, you hear talk that it is a slow weakening. we can fix it in january and come back. we know the magnitude is large, $395 tax increase, $140 billion spending cuts. more importantly,

u.s. economy into a recession as all eyes are on how that develops. here in japan, too, the nikkei was down 3.75% last week, so we saw that play into the markets as well. the gdp figure is coming at 0.9% for the july-to-september period. we'll see how that is translating into the opening levels. let's go to the opening levels for the nikkei and topix for many monday, november 12th. both indices are down by half a percent there. the nikkei closed out last week at a four-week low as the yen gained against the dollar and euro. the japanese currency rose. really investors shifting money into yen-based assets and the higher yen weighing on export issues. this is at a time when many japanese corporations are releasing poor earnings over the last couple of weeks. that's all most of that based on the strong yen. don't forget europe, we can't ignore that sector and economy either. the renewed concerns about greece despite pushing through an austerity plan. that's a big focus as well, how that plays into stock markets. >> how are currencies trading this monday

u.s. economy seems to bottom out. more jobs also means that people are more confident in their own income and that they are willing to spend more money. rising consumer confidence showed that in the u.s., and also the purchase manager index rose unexpectedly, which also shows that the companies are now willing and able to do more investments. >> let's get a quick look at how those european market numbers ended the session. the dax closed just barely down. if we could put those numbers up for you -- we do not have the numbers. all right. we will have to hope that i've got them here on paper for you. the euro stoxx 50 ended the day of almost 0.25%. we will get numbers across the atlantic in a minute. i'm being told we need to move on. is that right? >> that's right. next story. >> in a moment, we will look at all saints day. >> that's right, but first, here are some other stories making news. an investigative journalist is on trial in greece for publishing names of greek citizens with swiss bank accounts. he's accused of

u.s. economy is really starting to show some signs that it's taking hold. the recovery is starting to get stronger, but this uncertainty by the fiscal cliff is in the sense an anchor holding this recovery down. and that's something that's-- >> tom: just a matter of weeks to go before we get to the cliff. beth ann bovino, senior economist at s & p. >> tom: treasury secretary timothy geithner will stay in his position through president obama's inauguration next year to help with fiscal cliff negotiations. but geithner has said he will not stick around for the rest of the president's second term. treasury secretary is a demanding job and a key assignment in the upcoming negotiations over tax reform and budget cuts. darren gersh details the likely candidates for treasury secretary. >> reporter: jack lew is the name most-mentioned to replace tim geithner at treasury and he is by far considered the man to beat. lew was twice head of the office of management and budget and he's now the president's chief of staff. >> he is an incredibly hard worker. he is very brig

u.s. domestic economy, sorting out the fiscal situation is important not just for the u.s. and the world economy, but for the u.s. and the world full stop. >> right. >> you work at the state d., -- department, but you're the chief economist. what do you do? >> now they're laughing at her. [laughter] >> well, the role of the chief economist largely came out of a -- >> louder. >> your mic's not transmitting. >> keep on talking and -- >> the idea to create the idea -- >> [inaudible] >> i think -- >> we'll get some technical help. >> yep. >> you know, try it closer to it's working, it's just not catching your voice. >> the role of the chief economist came out largely of this idea -- [laughter] that economics strives a lot of what's happening in our foreign policy and -- >> is that, can people here? no. >> one more second. try now. >> okay? >> there we go. >> oh! [applause] >> so i'll start again. the role of the chief economist came largely out of the understanding that economics is driving many of our foreign policy issues right now. a lot of people go back to the 2009 statemen

u.s. economy is at the heart of the presidential election. in less than two hours, a key jobs figures will be released. 100,000 new jobs need to be created every month to keep up with the growing population. president obama and his rival mitt romney have a matter of days to swing voters their way. the mayor of new york knows who he will support. michael bloomberg says superstorm sandy has helped him make up his mind. rally inent obama's colorado in 2008, a young adoring crowd. >> are you fired up? [cheers] >> the placards or different, but the change is still on the agenda. it is just that change takes time, he says. >> you know where i stand and you know i'm willing to make tough decisions even when they are not politically convenient. [cheers and applause] >> the looked like he was enjoying himself, which was not always the case in this campaign. people wondered after he still had a fight in him, after his first debate. he also had good reason to smile. the unexpected backing of new york mayor michael bloomberg, out from managing the city's

u.s. economy. so ron is right. there are parts of the u.s. economy are certainly improving, but there are other parts that have not yet felt a vice that's squeezing on them. >> all right. we got to go. the bell is going to ring shortly, i feel like. we got to go. thank you, everybody. appreciate it. we are heading toward the close and, really, the market is where it was before all the rhetoric came out on the cliff. the dow up 32 points right how it. >> we've heard some democrats made maye be willing to dive off that fiscal cliff. our next guest certainly is not following suit. find out what cuts he's willing to make. >>> another potential cost saver could be ditching the paper dollar in favor of a dollar coin. congress is considering it. could our debt literally kill the dollar bill? we'll talk about that. >>> and later on, i'll be talking exclusively to two of the nation's top ceo on how the fiscal cliff will impact their businesses. that's later on in "the closing bell." stay with us. back in a moment. [ male announcer ] if you suffer from

u.s. economy. the $7 trillion taken out of the economy over ten years what. would be felt first? >> i think one thing we should go into this with, we may go over the cliff but we won't stay over the cliff. people in washington don't want us over the cliff for a couple of months. >> i think that's risky with the markets. >> that's playing with fire, you know. >> whatever your ideology, whatever you think about taxes and how much revenue we should raise and from whom, we should all agree that everybody should know what the heck it is they have got to pay. >> that's right. >> if i'm going to budget my paycheck, would i like to know what i'm getting in my paycheck. >> congress made this to be so horrible that we would never ever do it. congress said like here's a cup of poison. if we don't get a budget deal we'll make us drink the poison. now they are saying that poison won't kill it, but they design it had so we would never be standing here and talking about and it now on the left paul krugman and others are saying go over to the cliff. >> that's right. >> the president gave in twic

u.s. economy could experience a severe shock. that is if leaders in washington can't come up with a budget deal. scares of automatic spending cuts and tax increases could take effect january 1st. democrats moved by president obama and congressional republicans signaled they are willing to compromise on changing tax rates and spending reductions but the negotiations are moving very, very slowly. susan mcginnis is in washington with the latest. susan, good morning to you. >> reporter: good morning. the president is sending his top two negotiators to talk with lawmakers today about possible spending cuts. he's also getting ready to take his fiscal cliff message on the road. he'll try to convince the american people the best way to avoid the fiscal cliff is to extend the bush era tax cuts for the middle class. >> it's too important for washington to screw this up. >> reporter: president obama is putting pressure on congressional republicans and he's enlisting middle class americans in getting the gop to take action on taxes. >> when

u.s. economy of the fiscal cliff. expectations remain mixed for fancier retailers, but some experts predict the debate in washington over taxes will simply delay holiday purchases made by wealthy americans. >> i would expect that holiday spend won't get impacted as much. some of the larger wealth items, tax planning, estate planning, that's where their focus will be. itmay fer some of it bause they've been preoccupied. >> reporter: tom jacobsen tracks consumer spending behavior and believes the fiscal cliff will impact shopping patterns. he says in an uncertain economy retailers will need to pay close attention to pricing. >> as the confidence erodes, you might need more discounting to sell a luxury good. but that extra discounting won't take away from that good-feeling luxurious. >> reporter: according to a study out today, half of u.s. consumers still plan to buy make a small luxury purchase in the next six months. of those, 53% want specialty food or drinks, 48% are in the mood for luxury clothing, and 48% are look

u.s. economy was improving slightly certainly there has been a buying soon the economy since the no idea of the first term of obama but overall nobody really got terribly ensues nobody was very confident with either can't do that much why you saw barely two percentage point difference between the two when the polls were coming in and ultimately romney had the opportunity to win but he was simply not a strong enough counter to convince the electorate that he was the man to run the u.s. economy and if we look at the stock market's reaction right now we are looking at considerable losses as it says so investors are demonstrating their displeasure right now at obama well i think there's two things happen here first of all i mean something that's been talked about even longer than it's the economy stupid is by the rumor sell the fact and therefore yesterday actually markets were girding their law into really expecting that we're going to see a continuation of obama this morning we've got a centrally the post party hangover everybody's we're going up and they thought well could be good for market

u.s. economy from falling off the fiscal cliff. while washington struggles on a fiscal cliff deal, what should you do about your portfolio? jeff applegate has some answers. he's chief investment officer at morgan stanley smith barney. and home depot hammers home strong gains and lays the foundation for a strong quarter ahead. that and more tonight on "n.b.r." it was another day of cliff- watching here on wall street today. investors and traders are waiting to hear what happens at an important white house meeting on friday between president obama and congressional leaders. they will be talking about ways to solve the so-called "fiscal cliff" dilemma. investors appear cautious about making any big moves until they know whether the cliff will trigger increases in capital gains and dividend taxes. the dow fell almost 59 points, the nasdaq lost 20, and the s&p was down five. meanwhile, in washington, congress returned to work for the first time since september. lawmakers face a long "to-do list," and getting a deal on that fiscal cliff

u.s. economy. is that what you're calling for? >> it's more than that. even the u.s. one is two economies right now. 80% of people never feel we came out of the recession because they peaked in their spending. their house is under water. 20% of people are college educated. very low unemployment rates. they benefitted from qe and the markets rising back. they peak in their 50s instead of mid-40s. the wealthier part of our economy is due to tailor off. the demographics in europe just go off a cliff for many, many years to come. yes, you can have nice little things in the economy and stimulus, but you can't get older people to spend money, and europe has the worst problems because they have the worst demographic. >> listen. the economist in britain taught us that demographics do not have a very strong predictive value, particularly when it comes to markets. in 1998, harry wrote a book saying the dow was going to 35,000. in 2009, he wrote about the great depression that was ahead, and the s&p has gone up 110% off the lows. the economy has gone to new highs in gdp and car s

u.s. economy forward the positives are low energy prices the export sector some other sectors of the economy they're doing relatively well but if the job market doesn't come back lauren then that's what's really going to weigh on housing if you have people renting instead of buying and then that's going to be a very tough situation to just soak up all of that inventory that we have and so many of these markets well speaking of every rantel i mean that's one of the things that we here are private equity investors getting in buying houses to rent them kind of a new way to say our batsmen strategy. a lot of talk behind this and i know there is action you say in some markets is private equity money is actually creating bubbles but the can this kind of money this kind of homebuyer fuel a recovery because in the past it hasn't been investors or even first time buyers that have driven the bread and butter of housing in the us hasn't been just mortgage homeowners that move every six to eight years into another home yes and no i mean if you looked at florida if you look at arizona those markets there

u.s. economy was improving slightly certainly there has been a buying soonly economy since the nuttier of the first term of obama but overall nobody really got terribly ensues nobody was very confident with either can't do that and that's why you saw barely two percentage point difference between the two when the polls were coming in and ultimately romney had the opportunity to win but he was simply not a strong enough counter to convince the electorate that he was the amount to run the u.s. economy and if we look at the stock market's reaction right now we are looking at considerable losses is if that's the investors are dead.

u.s. economy is centered around consumer spending. so it's absolutely key. now, we're used to black friday spending. and that was good this year. it was up about 12.8% to 59 billion u.s. dollars. we know about cyber monday as well. when everyone goes back to work, apparently goes back to work and sneaks onto their computer and continues to spend the likes of amazon and ebay were doing very well. as indeed walmart who's had a cracking holiday season so far. what is less well known is the small business saturday. this thing's only been going about three years. in every single state, it had a real rubber stamping from authorities to try and get people spending in what is the backbone of the u.s. economy, i.e., small businesses. well, the initial surveys are very good. small business saturday has pretty much doubled from the last couple of weeks from 34% to 67%. and as you mentioned there, the spending has gone up as well. spending slightly more than people expected going into this. 5.5 billion u.s. dollars as well. so that is incredibly good news for the small b

u.s. economy. consumer spending accounts for 70 percent of our economy. shopping trends on black friday may show that shoppers have a stronger appetite for spending over the next couple of weeks. 4% of the retailer's revenue comes from the black friday. at a quick break here as the kron4 morning news continues. beautiful looking around the bay to the moscow may center they're getting and holidays. there spirit. we l be back. 0ñ@Ñ on a quick check from skies seven h d, this is out over livermore right now. this is a pared down out lead that opened a few weeks ago. look at all the cars around and this outlet mall. so many people ride it that they had to use the dirt parking lot next door for the overspill. tough parking conditions getting there this morning. a lot of the shoppers are there. take a look here at this chopper shot i do not see a parking space. not one. is pretty crowded out there. as all the bay area malls right now. we will keep checking back in giving you the parking situations in tra

u.s. economy next year and an increase in the jobless rate to nine point one percent by the end of two thousand and thirteen at seven point nine percent now and a deal to avert this would mean a deficit five hundred three billion dollars higher than it would otherwise have been in fiscal year two thousand and thirteen now this is all according to a new congressional budget office report this was a supposedly nonpartisan research arm for congress keep in mind these are the folks that a few months ago said growth will average four point three percent from two thousand and fourteen through two thousand and seventeen a rate the u.s. hasn't seen for more than a decade but who knows pigs can fly maybe they'll fly off the fiscal cliff we don't know but the political rhetoric has started flying back and forth that's for sure house speaker john boehner today said this we're spending a trillion dollars more than what we. continue to do that. this is year two the twenty four of your demographic bubble. was one anyone could see it coming. baby boomers won't be returning never do. a demographic bubble now o

u.s. economy as the country faces a fiscal cliff take it now from morgan stanley explained. the first thing in the in try that whoever the president will be is going to face is this thing called the fiscal cliff which is a five percent of g.d.p. tightening of fiscal policy which is written into legislation in the budget arithmetic next year when the bush era tax cuts retire and you get some automatic reductions in spending as a result of previous agreements coming through so the next president will have to decide what to do about the fiscal cliff and fear of that fiscal cliff is already slowing investment and economic activity in america is a bunch of scenarios here i mean but basically if you get the full five percent of g.d.p. type thing imagine you go from having a you know what eight percent deficit to three percent deficit means cutting expenditure on raising taxes by five percent of g.d.p. that's a huge impact and that's going to slow the economy right down that's going to push it into recession this is an economy that's weak that's only growing at two percent a year a

u.s. economy. phil keating has more from our south florida newsroom. if you don't have a lot of money, you probably don't like it so much. >> no. it really doesn't apply to you. from rich, latin americans, primarily venezuelans, tired of hugo chavez, to chinese wanting their own american dream. this growing popular way to get a u.s. visa is also funneling money, much needed capital into the u.s. economy. here in south florida, most of these eb 5 visas are funding construction and development projects, creating hundreds of u.s. jobs. in return, the rich investors get a permanent green card. and the personal reward of boosting the economy of their new found home. >> i'm part of a larger thing. very good feeling, yes. the social impact and the benefit for the u.s. economy is very good feeling. it's not only the financial profit that can get out of it, being part of something more important. >> as word of this visa program spreads to other nations, interest does as well. here is an educational seminar p

u.s. economy and i'm you will three hundred seventy one billion dollars in spending three million jobs on two point five three percent of g.d.p. and it says with higher interest income levels output could grow more than twice as false it has on the u.s. economy would be well on its way to it because recovery and that's coming from next central bank so this is extremely important i think because if interest rates are allowed to remain in a normal level reflective of the economy without government interference then people the savings went generate a huge amount of income on their savings and that income of course as you can be used to spend but that spending is not happening because the interest rates are artificially brought down to near zero percent and the idea being that the government was going to increase demand somehow by having cheap rates well yeah which is usually because the trouble is they're all theoretical economists they don't seem to understand how real people behave. if so we're in a debt crisis so the people who have the indebted probably not going to be spending that much