india like china has abundant labor supply, unskilled. it has not used its unskilled labor supply. creates a number of complications. a number of the manifestations of this, it's not just india does more services than manufacturing which is to come and certainly much more services than china does. but within manufacturing, india does much more skill-based manufacturing than most countries. here's a chart i want to show. i wish i knew -- i don't know where the pointer is, that i wish i could show you, the graph on the left is andy, the right is china. it's broadly on the same skill and you can see where manufacturing in india is way below that of china. you see services is way above china. so this is one example of the great coaches india phenomena. -- precocious india phenomena. what is unusual is i think what people, the most striking aspect of this skill-based economy of india is the fact that india exports skilled fdi international. if you think by the international division of labor, it was meant to be that the rich countries produce skills, technology, entrepreneurship and fin

so we should go through the transition from unskilled work force to skilled work force. not everybody is going to go to college, obviously, but maybe on the road they would have an interest to go to college. and other comment and question for you, why we cannot create stronger private/public partnerships in those country, including india, which is very critical? thank you. >> you know, i mean, i don't wish, mean to, you know, in some way say that, you know, make a kind of judgment about, you know, skilled is good and unskilled is bad. i just think that the way the modern economy functions and the way that india's ship of economic state has traveled, you know, the demand in the economy is for skills, not that much for unskilled people. so the question is, how do you address that? i mean, it's just a practical question. one way is to do what china did which is to actually, you know, the pattern, you know, demands more unskilled labor which is actually, you know, what the country has in abundance. in india's case, that's not been the case. i was trying to say earlier that t

and the other is where the kindness skilled base versus unskilled.or to analytically distinct face in their extremely important and very good questions. let me take the latter one first. my view is that india has a job to do this model for a number of historical policy choices. would it be desirable to go back and use our unskilled labor more intensively? i think undoubtedly it would be because that is where the needs are and so on. is it going to have been? i don't think it's going to happen in because the pattern of specialization is for titanic. it's not easy to change that. just to give an example. routinely now you go to manufacturers in india and you'll find a situation where the advent of substituting robots for unskilled labor. you read a book with examples of that. so as much as they named that she would accommodate unskilled labor, i don't think it's a matter of history and persistence that's going to happen. the sad unfortunates and unsaid tragedy of that is were going to persist with this model development and hopefully india's skill leve

much of that will accommodate unskilled labor. i just don't think it's a matter of history and the persistence that is going to happen. the sad, unfortunate tragedy of that is we are going to persist with a skill base bottle of development and hopefully india's skill level will catch up but the consequence is that a number of wonder tube cohorts of unskilled labor will not benefit from the opportunity of growth. that is just a sad and inevitable -- somite please would be of course we should include -- improve our labor laws of unskilled labor but given a choice i would focus much more on getting skills, improving our higher system of education because that is where the demand is going to be going forward. so that is on the economic analytics of this. on the other private sector versus market-based model, the government-based model, just by -- my controversial take on this. i think people forget that growth requires a healthy public sector which performs all these basic functions and in a dynamic private sector. india has achieved

maybe unskilled labor -- there is a demographic dividend.ven in terms of governance, if you find this response of party, maybe some of this can be partially overcome. we have a vibrant civil society in india. that is kind of the positive spin on the medium term challenge. i am completely agnostic about whether i believe in the pessimistic view in india. we can talk about that in the discussion. i want to end -- i think i am sooner than my time limit -- speaking about the longterm challenges. i think -- i mean, i have alluded to this so far. i think there is a race between rock and reach generation, and i do not know which will win -- between rot and regeneration, and i do not know which is going to win. political systems are deteriorated in very disturbing ways, but i can also give you examples regerations happening. in some ways, this is the big long-term challenge. in politics can respond, there is some chance of overcoming a serious situation in economic institutions. the other way to think about india in a very kind of broad picture sens

several media outlets are asking the judge of unskillful court records. most the defense and prosecutors are arguing to keep it sealed saying that it could hurt their case. >> the civil affairs reports that more than 2 million people were moved out of the area. they were threatened with possible landslides end of farmlands and greenhouses or destroy causing devastating economic losses trips. gas prices are climbing after our refinery went up in flames. it was one of the largest oil refineries. west coast gas prices were close to $4 a gallon are expected to go up even more. and they are going to a inspect the refinery and it could be weeks before is up and running. a moose wandered into a backyard and got his antlers, and the swing set >> at the ranger asked a neighbor to take a video of the whole thing because she knew she would never believe the >> what sandy jackson is now saying about her husband and his potential release date from the clinic. >> and for today's a lunch b corn futures are falling on in chicago is in trading on record high prices. they

the minimum wage is a great opportunity for unskilled laborers and people who are entering the job force to get a job and learn whereas once people have acquired these skills they can demand supply and demand higher wages if you price the untrained people out of the market they never have a chance to matriculate you know i remember as a boy i had several minimum wage jobs and i really disliked them tremendously and that was a heavy motivation to really apply david i agree with you on the on that point i mean i flipped burgers i'd wash dishes i worked as a d.j. for years and years which didn't pay very much news paid a little better but and and i've been i. replaced tires and brakes and in a cab station all minimum wage jobs but in one thousand nine hundred sixty eight the minimum wage today's minimum wage if you were to date it back to that would be nine dollars ninety two cents other is ten dollars and the sixty's were not a time of economic disaster and people were out of jobs so that you know what's wrong with having an entry level wage that you so correctly to describe entry level wa

. >> you price unskilled workers out of a job. almost every economist agrees.r minimum wage means fewer jobs. the problem with that is most minimum wage jobs, you get the basic career skills like working with a boss you don't like or all smiling, and then you become more productive to get a wage. two-thirds of people get a raise. we don't want to chop off the bottom of the career ladder. >> there's not enough good jobs for them to move into, and $7.25 an hour, that's $15,000 if you can get full-time work. >> if you raise it to $8, that participant won't have a job at all. >> i disagree that's the trade off. >> have you ever talked to a small business owner if they have to decide if they will hire one or two people. >> in the whole research, there has been a change on the affects of the minimum wage. the last 15 years worth of research says that modest fazed in increases do not reduce employment. i think we absolutely have the money sitting in profits right now to afford a modest increase. >> they're not dolling it out because they are scared about the future, a

and the crowd estimates of unskilled back. and $1.4 billion projection >>> the still anticipating a billion dollars of revenue. it's posset to our economy. >>> the job estimates had been down to 1000. and he got one. is on the blue phoenix which is bleachers. >>> of the to be a lot more people working around here. >>> the business is again urging the news at a high dive bar. this is apparently is in better because of sailors drinks like sailors. >>> fierce shelling every day. and we anticipate that this is being very good starting next tuesday during racing. >>> we're quite surprised to seems to be less going out and watching the races than anticipated. >>> they hope the spirit of sacramento which hold hundreds we're in deep place to watch the races and so far, the business is flat. >>> as the last few days to attend the sessions. and we're hoping. >>> the city will put up $32 million in private fundraisers and hope not to be sent back. >>> the be the big question whether or not the city itself winds up losing money or is alwa

they're unskilled seasonal and temporary jobs. >> reporter: so, good will or cheap labor?s employs 25 to 30 americans at the modestly named pub emmett's castle. but he's also hired cormac mcleron to wash dishes, to lug lager to the cellar... >> i hope you ate your wheaties. >> reporter: ...to set tables on the patio woods says mcleron will take home a happy picture of america and will foster global goodwill here. >> i like to put a little bit of irish charm and humor into it. >> reporter: mcleron thinks there's a payoff at the pub. >> if they're coming to an irish bar, maybe speaking to real irish people like it sort of heightens the experience, i suppose. >> reporter: even if they don't always speak brogue. >> most americans are struggling to make us out, so they are. >> reporter: so, yes, we went good will hunting in new york and found it. found it at a swim club in manassas, virginia, too, where chinese lifeguard eric wang was buffing his english while learning about america. >> americans like to make jokes, always make jokes with me, but i didn't understand what they s

this is not going to be a kind of world in which an unskilled worker will do well. you need to have enough knowledge that you can adapt and accommodate the many changes that are happening and will happen in the coming years. the good news for you is that your product is becoming more and more valuable. [laughter] and people who are smart will take every possible advantage of it. >> thank you for all of your great questions. that concludes our session for today. we hope you have gained insights into this conversation that will help you in your work in the field of economic and personal finance education. on behalf of the federal reserve system, thank you especially to the participating teachers. we are pleased you could join us today. once again, we will like to think chairman bernanke for taking the time to speak with us today. [applause] [captioning performed by national captioning institute] [captions copyright national >> here on c-span at two o'clock 30 eastern, a counter-terrorism adviser is that the council for relations. on c-span 2, we will be covering the a

james home to return to court yesterday and made several media outlets asked the judge to unskillfuleveral orders in the case. both defense and prosecutors are arguing against the release of any more records and this could jeopardize the case and killed his opportunity to have a fair trial. the 24 year-old is charged with murder, attempted murder and two weapons charges it is unclear on whether not the judge will make his ruling. 12 people were killed and 58 people were wounded in the shooting. we have much more ahead on the kron4 morning news on this friday. is so good to say that as we take a live look outside at what is happening with traffic. the the forget it will be hot i have details on your forecast after this. u?% >> justine: in san jose a number of high school back packs will be given away to students. we will show you the long line of people that signed up for backpacks at sacred heart. nearly 2500 kids will be able to pick up their very own backpacks for school. inside there will be $60 worth of crayons, markers and a $20 gift certificate as well as the u.s. the. school o

the middle class begun to low income, unskilled workforce. earlier this year i was active in responding to help keep good jobs in minnesota. statewide campaign led by democratic state representativ representatives, and my union, supported an amendment to can proposed construction of a new minnesota vikings football stadium. it requires that the stadium be built with 100% american steel, and the steel must be confined to northern minnesota. and if all goes well they will win a super bowl. revitalizing american manufacturing should be an urgent national priority. 55,000 factories have closed, which results in six money and jobs lost. factories don't often read open after capacity as they were but we do have hope. the u.s. now relies on force a partial everything from steel to batteries and critical high-tech components but to everyday medical supplies such as antibiotics and penicillin. the resilient risk would not have access to needed products. delayed delivery times and poor quality. i urged the democratic platform committee to examine a rep

it has not used unskilled labor supply. instead it is intensively use as skilled labour and that creates a number of complications. a number of manifestations of this. not just that india does more services than manufacturing which is true and more substance than china does but within manufacturing india does more skilled manufacturing than most countries in most phases of development. i want -- i wish i knew -- i don't know where the point is -- i wish i could show you. on the left is india and china and the same skill and you can see where manufacturing in india is below china and you see services above china so this is one example of the precocious -- what i find more unusual is the most striking aspect of the skill based development of india, skilled internationally. if you think about the international division of labor it was meant to be that rich countries produce skilled on for northship labor, that is how the pattern of specialization is coming but in the eddy find consistently and look at this chart. countries lik

this is not want to be the kind of world in which an unskilled worker is going to do well. you need to have enough knowledge, enough knowledge of technology, but broadly that you can adapt and accommodate the many changes that are happening and will happen in coming years. the good news for you is that your product is becoming more and more valuable. people who are smart will take every possible advantage of it. >> thank you. thank you for all your great questions. that concludes our session for today. we hope you have gained insights from this conversation that will help you in your work in the field of economic and personal finance education. on behalf of the federal reserve system, they can, especially to the participating teachers. we're pleased you could join us today. once again we would like to thank chairman bernanke for taking the time to speak with us today. thank you. [applause] [captions copyright national cable satellite corp. 2012] [captioning performed by national captioning institute] >> tonight at 8:00 eastern, which will take you inside the presidential ca

this is not going to be the kind of world in which unskilled workers will do well. we need to have enough knowledge to adapt and accommodate the many changes that are happening and will happen in the coming years. the good news for you is that your product is becoming more valuable. [laughter] people who are smart will take every possible advantage of it. >> thank you. thank you for your great questions. that concludes our session for the day. we hope you have gained insight from this conversation that will help you in your work in the field of economic and personal finance education. on behalf of the federal reserve system, thank you to the participating teachers. we are pleased you could join us today. once again, we would like to thank chairman bernanke for taking the time to speak with us. thank you. [applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2012] >> this afternoon, live coverage of a campaign fund-raiser for president obama in chicago where he arrived yesterday. he will hold five defens

[applause] >> should there be more legal immigration of unskilled workers?we need to get very strong and understand that border control is not just every time someone crosses the board r hitting the clirk and saying there goes another one, which is what we're doing now. we have a lot of good talent that comes to our universities. researchers, engineers, i.t. people that come here. we educate them and give them the talent and send them back to their country. we need to expend the working department so we keep the talent here and also do it legally so that it works. people think it is one or the other, but it is not. >> questions. thoughts. actually no thoughts, please. only questions. i don't need to open that up. raise your hand and i will call you out if i can. yes. right there in the red. microphone about to hit you. didn't hit you, but yes. >> i am a foot soldier at the white house. i was having a spirited discussion with someone the other day who is more passionate about social issues than their fear about economic issues. had to deal with it ahmanson an

this is not going to be a kind of world this which an unskilled workers is going to do well. enough technology but just broadly you can adapt and accommodate the many changes that are happening and will happen in coming years. so the good news for you, your product is becoming more and more valuable. [laughter] and people who are smart will will take every possible advantage of it. thank you. >> thank you for all of your great questions. it concludes our session for today. we hope you have gained insight from the conversation that will help you in your field in the world of economic and personal finance education. on behalf of the federal reserve system, thank you to the participating teachers, we are pleased you can join us today. once again, we would like to thank chairman bernanke to taking the time to speak us with today. thank you. [applause] [applause] as we wrap up here a quick reminder you can see the program c-span video library. we've been watching your tweets during the remarks. a couple we want to read quickly. i was surprised comairm said we need to talk about cu