u.s. economy. we begin with alan kruegar, chairman of the president's council of economic advisers. >> the president made clear today that these going to lay out the components of his agenda, how he strengthened the elements of the middle class life-- high-quality jobs, affordable education, affordable housing that's secure, enable people to save for retirement, provide ladders of opportunity into the middle class. he made clear today he is going to use ever lever he has at his disposable. he is going to seek legislation. some things are much easier to do with cooperation of congress. but he's also going to use executive actions. he described a very important one to connect all schools to high-speed internet within five years. and he's also-- and i think this is important-- going to use his convening power as president to call on c.e.o.s to urge them to give the unemployed another look. too many long-term unemployed have been shut out of the job market through no fault of their own. he praised some

u.s. economy is still very fragile. i said earlier i think the rates where they are, 10-year bond is probably got purchase. there is outside chance -- david: guys, sorry to break in here. we have breaking news. i was mentioning egypt, the etf of egypt before. it is down right now. this might be why. we're seeing armored vehicles, this is live picture from cairo. armored military vehicles are speeding on to the area. there is a an area islamist are battling some of the people in favor the coup d'etat against the muslim brotherhood folks. muslim brotherhood folks represent a big chunk of the population there. maybe minority now. it is big enough, strong enough, and militant enough to cause real problems for the military. looks like battle something continuing as we speak. it is late into the night in cairo. it may happen all night but the military is taking no chances. they are surrounding the opponents of the new regime as best as they can. cheryl: david, we've been watching the oil contract, wti in particular, over $103

u.s. economy, isn't it? >> it's wonderful. less reliance on foreign oil, better for national security, and it creates good paying jobs here in the u.s. dennis: yes. and that's just oil. you're not even including the more of a boom to our economy and then the result of that is basically look at the s&p 500 versus emerging markets. >> i think we're on a different cycle right now. the u.s. is clearly improving while the rest of the world is slowing down. so on a relative basis, the u.s. is very well sufficient. >> buy american but now we come to the contradiction of your entire pro american pitch with your american flag necktie, sir. you actually think that we're better off buying the stocks and the debt of whatever of companies that sell to the u.s. rather than buying the stocks of companies that sell from the u.s. to the rest of the world. this means not buying from the big u.s. large caps. >> here at rockefeller and company, we're global investors. i made that in the context of holding everything else constant and looking at t

u.s. economy right now. there are in a way two schools of thought. there's one that says the u.s. economy is recovering very nicely, it's moving forward, you know, things are going well. and there's another that says when you look at the employment numbers, even more than the unemployment numbers, what you see is this is still a fundamentally depressed economy, we still need -- there still needs to be a lot more effort to stimulate it in various ways. where do you come out? >> fareed, i'm pretty optimistic about the american economy. i look at an economy that's proven its resilience. this year it's outperformed expectations already. this is a year when starting out the year we knew there were going to be some pretty strong headwinds because of government policy. the withdrawal of the payroll tax cut was a planned, you know, headwind. the imposition of across-the-board cuts known as sequestration was -- came about because congress failed to enact and we still hope will enact a substitute sensible middle and long-term balanced entitlement and revenue policies instead of across-the-bo

u.s. economy be better off? i would argue no because if those were the institutions providing the capital for u.s. mortgage lender, think how much mortgage lending froze up. imagine how much worse it would be if the european banks would not keep buying the security. it's not an ideal system as i say. if you care about accountability and transparency it's not good, but it may be that the alternatives. and with that until so much for coming. i will be signing books in just a bit. [applause] >> booktv is on facebook. like us to interact with booktv guest interviewers. watch videos and get up-to-date information on events. facebook.com/booktv. >> what are you reading this summer? booktv wants to know. my book for the summer happens to be andrew billingsley's book "yearning to breathe free," which is a book that i was honored to have written the foreword for, and it's about the life and legacy of robert smalls. robert smalls was born in south carolina, beaufort, south carolina, in 1839, born a slave. he died in beaufo

u.s. economy. after the release of the fed minutes, chairman ben bernanke said that the u.s. central bank will not raise interest rates for sometime even if they reach 6.5%. let's not forget last friday's jobs report showed that the unemployment rate in the u.s. remained at 7.6% in june. investors are selling the doctor as many expect them to maintain that for a period of time. let's take a look at dollar-yen. dollar-yen is at 99.42-47 compared to the lower 101 level around the same time on wednesday. we saw the dollar fall as low as the lower 98 level earlier here in tokyo. as the lowest level in two weeks. let's have a look at the euro dollar trading at 1.309-3100. we saw the dollar fall against the common currency. we see data on jobless claims and investors get more direction for that. moving on to euro yen, trading at 130.20-32, recovering from the upper 127 level on wednesday. the euro strength against the dollar is encouraging them to buy the common currency. just before the market opened, we received positive data on machinery orders for may. it's up 10.5% which is an

u.s. economy, diamond is also pretty upbeat. >> the american economy is getting -- slowly getting stronger, so the lending will come back when people have more confidence and do more capital investing. we're confident you'll see growth over the years as america recovers. >> we'll learn more about the outlook for the banking sector next week. citi group reports it's earnings on monday. >>> here to give us more analysis on those bank earnings today and a look ahead to next week, fred cannon, director of the bank research firm keith, bia and woods. >> thanks. >> what were the highlights and low lights in jp and wells, more highlights than low? >> there were. fee revenues, both companies stronger than expected and credit. these companies have big legacy asset port fo portfolios and cr tight for three years so no problems with credit developing. they are releasing reserves they made for loans and that's a key element to the growth. >> fred, do you think we'll hear the same story line when sciti reports and bank of america? >> i think so. as jamie diamond said in the previous segment, this is ge

u.s. economy is gradually improving. officials -- official figures show 195,000 new jobs were added in june. but despite the positive numbers, young americans are still finding it difficult to seek work. we look at whether this generation could find themselves permanently left behind. >> he's 26, ambitious, and facing unemployment at about the worst time for young americans in recent history. >> i do my homework, i don't think i'm good enough, i've done my last resume in the last two or three years about 80 times. >> he moved from florida to chicago for a summer job that runs out in august. he's got an iphone loaded with job sites and crushing college debts. for many americans, things are slowly getting better but with more experienced workers getting hired first and entry level jobs being replaced by machines, young workers face an unwelcome job market. >> the sad reality is in 2013, the basic share of young people that have a job, it has never been lower as long as recorded data has existed in the united states which g

u.s. economy has been improving slowly but surely. u.s., it has been difficult. it is opportunity for the three of us to expand our networks. and to launch new ones. >> what do you do with stock prices? do you worry about the momentum issues? >> i like to say when everything is going your way, you're n th wronga little bit of paran. our business is still undervalued. we are pursuing a straightforward strategy about building to scale, organic growth. europe is pretty strong. it is about managing our capital structure property. if we do those right, we will achieve the main goal. create value. all about creating value. as will we do. you do that by running your business. about theorried future. i feel pretty good right now. >> one of the keys for us has been that we have a belief system here in the u.s. that we if we can tell great stories that people will still come. in the last four years, we have lots -- launched a channels in the u.s. own is a very successful channel for us. top channel for african-american women in the last few weeks. that did not exist four y

u.s. economy. that's next don't go away. >> i have a young daughter and me and my husband work full- time. we would not be able to afford a large family like generations before us. is this the best or worst news for america and the economy. and law makers want what on the moon? dc may be on >> i would devfitly put off having kids for financial reasons. we have already. >> absolutely, it is a big thing. you can't start until you are financially stable. >> young adults telling the crew that they are postponing parent hood. they are not alone, the u.s. birth rate falling to a record low as the economy remains shaky. is that bad news for the economy going forward? >> i think it is bad news and i am not saying that because my three little ones are watching the show today. we are talking about marriage and starting a family as if it is all costs. the reality is, when you have a family, they are vital stabilizing forces that the economy benefits from. >> rick what do you think? >> in the main it is nought

u.s. economy or maybe not be to the u.s. economy in. >> i think you have to pick and choose. egypt, a very serious situation. it's new. the people have a voice and need to be heard, want to be heard and won't rest until they get what they want. it used to be elites getting in a room and cutting a deal and forming a government of some sort. that's not there, so it will be very noisy and could get violent, but the spillover from egypt is not likely to be that great. portugal, greece and some of the other emerging markets, if indeed they have similar problems, can be -- can weigh much more on our growth. china in particular. there's a low risk of social upheaval and were it to happen it would be quite serious. >> right. >> also, the growth rate in china is a worry. aside from the possibility of social unrest, the growth rate, depending on which figure you believe, and now we're going to get even less data and less transparency out of china. i would think that that would be a great worry. >> the relationship between the two is what's important, because at the end of the day the d

u.s. economy. the markets got a boost from the fed chairman bernanke who said that nothing is set in stone with regard to the distinct time table for scaling back with the bond buying programs. that was a positive as well. we are seeing a gradual rise in the dollar and keep an eye out for exporters today. i want to highlight the banking sector. not because of earnings for banks and counter parts there as well which have been strong. jpmorgan chase as well as morgan stanley. bank lending increased and long-term interest rates are seemingly more stable. that's a tracking more investors into the sector. i will watch for those. some of the mega banks yesterday closing at levels we haven't seen since before the more than 1,100-point sell off we saw on may 23rd. if you remember that one. >> i want to talk about currency levels. we saw the dollar gain with risk appetite return due to strong performance in u.s. stocks. could we see more gains? >> we could. we did see that jumping up off the 100 yen 4re. it

u.s. economy and the u.s. economy is healthy. it is being h back right now. >> you carry a lot of stuff. i will not ask you how much. presumably the amount of stuff you're carrying is increasing all the time. why do not continue to invest and if you are, how much really are you being held back by the uncertainty in washington? >> ups is fortunate. we have been around for over 100 years and continually innovative. ourarry 6% of u.s. gdp in network. from the largest corporations to the small mom-and-pop business. we see the hesitation for investment very noticeable in small and mid-sized perhaps do e pockets and not have international markets to address. we have seen the larger businesses go global to find new growth outputs. that is harder to do for small and customers all the we think it is critical to u.s. competitiveness. the impact it has on ups is right now, the u.s. economy is chugging along may be added to percent rate or so. nowhere near what you'd expect any economic recovery. we're growing less and not able to expand as rapidly because demand is not there. but because of a long-

u.s. economy the highest score in five years and showed confidence about more growth in 2013. but, when they were asked about the potential negative impacts on the economy this year, an overwhelming number of them sited healthcare costs, and the changes facing companies compiling with changes in the affordable care act. >> and as part of that affordable care about, dozens of states are opening health insurance exchanges by october's deadline but the rush to open them up is raising concerns about fraud and privacy issues for those applying for coverage. bertha coombs has the story. >> reporter: here you can shop, compare, pick and purpose chase the health plan -- >> reporter: states are rolling outcome pains for signing up for coverage under the affordable care about. but with controversy and confusion surrounding the program, the former executive director of massachusetts exchange says a key task for officials this fall will be building trust in the system. >> trust is a critical element because people in general will confused. go back five years ago, they are confused about in

u.s. economy still needs the fed's help.fend his decision to give a timetable for winding down bond buying program which could begin later this year. and be completed by mid-2014. >> i guess i would suggest that notwithstanding some volatility that we have seen in the last six weeks that speaking now and explaining what we're doing may have avoided, you know, much more difficult situation in other times. >> bernanke said if financial conditions tighten too much, jeopardizing the fed's targets, they have to push back. he spoke after the release of the minutes from last month's fomc meeting which showed officials were split on the timing of when to start winding down qe-3. same time, the bank of japan decision was brought to you by the letter r. the japanese central bank holding steady on policy saying the country was beginning to recover moderately. and for the seventh straight month it raised its economic view while sticking to its longer term growth outlook and 2% inflation target. a similar picture as well in neighboring s

u.s. and world economy.y reducing the alex for 2013 and 2014 by two tenths of a percentage point. ashley: legged you. liz: right under the line. ashley: you even waited. liz: took a breath. ashley: a new report showing that chinese buyers are pouring into the u.s. housing market, probably to get away from the awful air pollution and spending lots of money on expensive homes liz: they want to breathe, but where are they flocking to and how much are they spending? we are joined with the details. they are sort of the new russians. >> and they're paying top dollar. we're going to show basically where they're buying, california, nevada, arizona, texas, north carolina, new york, if you have a buyer from india, china, canada, the u.k., hold on because china is paying top dollar. 70 percent of the deals are in cash. $425,000 is what their forking over. indian buyers are paying 300,000, uk, 250,000. that figure is for all international buyers. the mean for just u.s. buyers is 180,000. so these guys are paying big mon

u.s. economy is growing at less than half that rate.he congress department recently revised gdp growth down to 1.8% in the first quarter of this year. that could turn around sometime in 2014. some economists expect the economy to grow between 3.5% and 4% next year. businesses blame washington for creating uncertainty, 2012 and 2013 were years of uncertainty with fights over the sequester and obama care and financial reform but the effects of those laws will become clear over the next year, and that means businesses that have held off on hiring may feel confident enough to start adding workers. the unemployment rate is already down from its peak of 10% during the recession, and the federal reserve says it could hit 6.5% next year. the fed hasn't been standing still. ben bernanke has been pumping $85 billion into this economy every month in order to bring down the unemployment rate to grow the economy but one economist i spoke with says that's not enough. neil ferguson is author of "the great degeneration: how institutions decay and econo

u.s. economy over the past few years. that's a big focus. let's have a look at currencies. that's really the big mover as well today. 99.14-16 right now. quite a few big swings in the dollar/yen. we've seen the trading between the upper 98 levels to the mid 100 yen levels. it rose after the higher durable goods orders, but then fell again following the media report regarding the fed's monetary policy stance. the euro/yen the euro is weaker against the yen compared to this time yesterday when it was at the 132 yen levels. you can see 131.61-64. it has gained against the dollar, its highest since the third week of june due to strong german economic confidence data, so quite a bit of volatility in the currency and stock markets. ai? >> and ramin, regarding earnings, major companies in japan have begun to report. tell us more about that. >> yeah, we're in full swing for earnings reports here, of course, and numbers came out for nissan after the bell yesterday, first of the major automakers to release numbers and the three months to the end of june. nissan showed a net profit ga

u.s. economy millions of dollars in lost product ft productivity.ccording to the the atlantic magazine, that costs them as much as national disasters last year. >>> pope francis a is allowing them to be named a saint with just one miracle. december 8th has been quoted as a possibility. >>> he married his partner in city hall this afternoon on the 26th anniversary of their first meeting. he said he always knew same sex couples would eventually get the chance to marry. >>> our curveage continues with the 10:00 news. thanks for joining us. tmz is up next. with the avocado on this sub. i love avocado so much i started a facebook page. oh, you should post a picture of my new earrings. those would go perfectly with this sweater i'm knitting. [ male announcer ] show your avocado love! try it on the turkey & spinach or subway club. subway. eat fresh®. >> today on tmz -- >> a very special tmz today, because we have a game, and the game involves butt clues. there are various people in the room, and they will write out the name of the celebrity with their butt

u.s. economy. it is not the first time he tried to do that, either. ed henry has the lead story tonight. >> reporter: even as white house aides reveal president obama's economic address wednesday will just be the first of a slew of speeches that may continue for the next 12 weeks, they struggle to explain exactly what will be new. >> you will hear the president enunciate, provide a vision of where we have been, where we are, and where we need to go. >> reporter: such remarks have been delivered many times before. >> keeping the economy going and making sure jobs are available is the first thing i think about when i wake up in the morning, the last thing i think about when i go to bed each night. >> reporter: republicans suggest speeches will have little impact. >> i argue the policies are in the way, whether obama care or needless regulations that are coming out of the government. >> reporter: today, wall street reached new record highs, as 39% of economists surveyed by national association of business economics said their firms will hire more in the

u.s. economy is very strong.at, to me, is obviously we have a positive factor in that we have a strong u.s. economy. i think that will be positive for asia. and the tapering in this case will be very much a normalizing of the interest rate from a very low level. on the whole, i think the market has more or less priced that in. >> do you think that will happen in september? >> i don't think that will happen in september. i think most of the estimate has been -- i think the forecast i'm hearing from the various sources is likely to be perhaps later part of the -- >>> still to come, find out why the china slowdown could be an anchor around australia's next. [ kitt ] you know what's impressive? a talking car. but i'll tell you what impresses me. a talking train. this ge locomotive can tell you exactly where it is, what it's carrying, while using less fuel. delivering whatever the world needs, when it needs it. ♪ after all, what's the point of talking if you don't have something important to say? ♪ >>> welcome to "wor

u.s. economy has enormous pontial. looked at the rate of productivity growth in manufacturing. we do need to deal the currency problems trying to grow at our expense of so we could get this economy going on all eight cylinders so we need to right public policy. >> the economy was criticized for lack of specifics. >> i had a comment that was quite critical. his record is a very good and his policiesre about dividing up the pie as opposed to making a bigger this administration is flat out of ideas and then to come up with the growth agenda. lori: what else you want to see done? is there a simple solution? we have another jobs report and a lot of talk but little action in. >> of a bike to see us get very aggressive with china on the currency. in to bring down the valu of the market is a great ea. >> but then lookt that and that is the incentive to cheat evenore. >> you have done everything but short of currency manipulator. >> actually we have just called the names and hav not and we have done a good job at that but with the exchange rate that would workuite nicely but with regard

u.s. economy. to cross the mcdonnell ization i'm joined by austin peterson in one. he is the c.e.o. of stone gate and editor of the libertarian republic dot com and in new york we cross to eric draitser he is the founder of stop imperialism dot org all right gentlemen crosstalk rules in effect that means you can jump in anytime you want and i very much encourage it eric in new york do you like the term mcdonnell is ation of the economy you like it dislike it indifferent well the term is sort of something that is very recognizable particularly in the united states many of us remember in the one nine hundred eighty s. you know mcdonald's had become sort of emblematic of what low wage jobs were that the mcdonald's work was essentially the lowest one could possibly imagine of course this is a mythology but that was sort of implanted in the popular culture in the united states at that time and i think that recently we've seen symbols such as wal-mart sort of take over that mantle of the low wage exploitative employer but certainly the term mcdonald the zation i think people get the idea

by .2% in may but stayed in negative territory for a 16th straight month indicating a slowing economy. >>> u.s. government officials say the country's economy will grow more slowly this year than they had expected. they have lowered their growth outlook mainly blaming automatic across the board fiscal spending cuts enacted in march. white house officials say they now expect gdp to expand 2% this year. that's down 0.3% from an estimate in april. officials also cite economic headwinds from europe and a slowdown in emerging economies including china. despite the downward revision, officials predict that the u.s. economy will continue its moderate improvement. they forecast that the jobless rate will drop to 7.3% in the fourth quarter this year from the current 7.6%. they have also slashed their estimate of the budget deficit for this fiscal year by $214 billion to $759 billion. here are the latest market figures. >>> there's a strong typhoon on the way to southern okinawa, japan. rch r rachel ferguson is here with that. >> we've been tracking this system as it heads west towards okinawa. this is

u.s. economy.re they're buying and how much they're paying next. adam: also, u.s. foreclosures are down sharply over the last year but not in all states. just ahead, the areas that still have it worst. adam: chinese buyers are pouring into the u.s. housing market. they're buying more expensive homes than any other foreign purchasers and where they're buying actually may surprise you. liz: is here with emac's bottom line. liz macdonald. >> california, arizona, texas. you should see, they're buying in new york, nevada, georgia and north carolina. lori: that is not surprising. that is where i would buy. >> that's right. those are the resort areas. they're the vacation areas. china is the fastest growing group of foreign buyers here in the united states. get this. 70% of the deals are all cash deals. they're buying pricey homes. 70% of the deals are all cash. check out these statistics. from the national association of realtors. they are buying median, 425,000-dollars home. median nationwide being purc

u.s. economy. let's have a look at currency starting with euro-yen. the euro is weaker against other major currencies. they are trading at 129.27-32 compared to around the same time on thursday. investors are failing the common courtesy as they maintained the interest rate low. the president also gets the outlook and the interest rates in the eurozone will remain at or below current record low levels and analysts say this signal that a recovery in the region economy is lagging. having a look at dollar-yen, the dollar is trading at 1 hadn't hadnhadn't -- 100.27-28. as the u.s. markets were closed overnight. we may continue to see limited movements in dollar yen as market place wait for the job report i mentioned earlier and we will come back later at market closing to see how japanese shares finally end the first week of july. back to you. >> thanks a lot for that. the tokyo stock exchange. japanese cosmetics maker admitted to problems in dealing with consumer complaints over skin whitening products it is recalling. company officials say we will make s

u.s. economy. >> do you know s&p 500 as of 17%. i love the stock market. >> let's talk about facebook.at was down $17 a share last september and it keeps on growing. i get the feeling that every time it goes over 38 people--it keeps dropping back. >> you are right. there are a lot of people bought the ipo. 85 percent of them are not like s&p 500. a lot insiders bailed on the company. they had left the company but they announced that they are going to start selling assets. there is no other company that can deliver this. this is proud of the most powerful advertising company in the world. they have 1.1 million users. they are growing their revenue. google cannot do this. >> i think longshort-term it is overvalued. >> we would check back rob at 9:15 a.m. for the winners and losers. >> the time is 6:49 a.m.. >> look at how great it is outside. this is overlooking the san francisco skyline. it is cloudy for most of us. we do have some drizzle along the coastline. satellite and radar shows a more pronounced marine later. most of us will lead with a to a great wednesday morning. let's track

u.s. economy.an amazon distribution center in tennessee on tuesday, the president outlined a 5 point framework that includes rebuilding infrastructure, and exporting more goods and services overseas. the president's speech came on the same day that the u.s. export/import bank outland the challenges facing american companies in the global race to remain competitive. joining us is fred hawkford, chairm chairman, mark vintner with us as well from wells fargo. fred, good to see you. it is interesting, we look at the gdp today, we might get some trade data suggesting imports increasing by 11% annualized, exports only increasing at half that pace. what is going on? how tough is the export becoming? >> exports are tough. we have got some -- the economy and the global economy is increasing but somewhat unevenly. so we have some severe head winds. we have seen a lot of success in satellites, transportation, industries such as that. we have seen a slowdown in areas like mining. so it is uneven and we're seei

u.s. economy is coming back, but not in the areas that are under the most fiscal duress. the u.s. omy coming back doesn't help detroit or stockton,or so many areas that were blighted by the housing bust and blighted by just years of corruption, sometimes decades of corruption. >> let me ask you what the effect is of all this, if detroit does scare people into settlements, whether or not they're fair or not. at the end of day, doesn't it mean crisis averted? >> crisis can be averted through a number of things i discuss in my book. we are so grossly behind the world in public/private infrastructure. we have a lot of stuff to sell. in europe in the 1990s when they privatized so much of their intra structure, and flying into madrid is different than flying into newark. the point being that there are a lot of options on the table, they require political will that we are sadly of a great deficit of. >> are you worried about the kind of macroeconomic effect here? >> i don't worry about the macro, it's a negative in that we're in a period right now where we really need demand in the econom

u.s. economy. keep our fingers crossed. but if there is a cut off, how fast can the u.s.ually lift production to offset some of the impact? would take months? >> no. what we're talking about, the u.s. cannot respond to the situation. the only swing producer out there would be saudi arabia. of course, there would be quick to respond to this spirit i am sure they're taking measures. again, keep in mind, that oil has to go through. you're only other option is detected around the horn of africa which will add weeks and tremendous cost to transiting the oil. of course, that cost has to be translated and represented in the price which is why a lot of this is already getting priced into the market. again, if we all see the destruction, it's you know, we are sitting on a surplus of oil. but you look at wall street. they now on in the paper market were sent not trying to take delivery, but if you take all the oil sitting in the central united states where e contract is traded, wall street could drain the 50 million barrs sitting there right now and replace that oil four or five ti

u.s. economy is in a strong recovery mode at one signed and on the other side it's really a great opportunityor a real financial crisis, emerging markets. keep a strong stance on u.s. equities on the back of the figures. >> did i hear you say a real financial crisis in emerging markets? >> yes. what we see is really a problem on high yield and high grade credit. we have had the larger amount of investment and investors are looking for liquidity and are pulling out these funds outside of emerging market to go back to u.s. and to a certain extent to europe. when it will happen, it's not an area to invest. >> you mentioned the light volume we're seeing today. we understand why that's happening, but i wonder how long that's going to stick with us if that bleeds into next week. at any point will a move above or beyond certain key levels be meaningful if the volume remains light? >> yeah. we talked a little bit about the light volume much, much earlier in the process when i was on maybe several months ago. the volume is not necessarily the biggest concern for me. you know, i'd say the winners in th