in the short term that will be a major hit on the us economy and something they don't want. deep cuts in defense which they claim not to want although they voted in august of 2011. i think they don't want that outcome. they're in a very different position than 2011. they're going to have to negotiate with him. he has the upper hand and leverage. >> charlie:how will people define this election as they leave these conventions. >> i think this has been a good convention so far for the democrats. i expect barack obama will have a good speech thursday night. the country is evenly divided. stronger democratic candidate. maybe a slight edge to obama that way until november 6. i want to pick up on what john said. model of 1996 is an interesting one. i think it was a different republican party even than it was 16 years ago which complicates the matter the on obama's part if he should be re-elected, he has to reach out more. roosevelt had he was re-elected in 1940, granted he was going into a war, brought republicans into that cabinet. he have has got to put together a cabinet base of

in the short term that will be a major hit on the us economy and something they don't want. deep cuts in defense which they claim not to want although they voted in august of 2011. i think they don't want that outcome. they're in a very different position than 2011. they're going to have to negotiate with him. he has the upper hand and leverage. >> charlie:how will people define this election as they leave these conventions. >> i think this has been a good convention so far for the democrats. i expect barack obama will have a good speech thursday night. the country is evenly divided. stronger democratic candidate. maybe a slight edge to obama that way until november 6. i want to pick up on what john said. model of 1996 is an interesting one. i think it was a different republican party even than it was 16 years ago which complicates the matter the on obama's part if he should be re-elected, he has to reach out more. roosevelt had he was re-elected in 1940, granted he was going into a war, brought republicans into that cabinet. he have has got to put together a cabinet base of

and judicial agencies and this sense this is a major challenge us and the other. major economy that we need to run reform and. social areas because i believe our major challenges is raising and are quality of education reform us. the new president takes office. policy. that's a good question for the new president and despite our audio to cool differences i wish him a possible success because mexico needs all of the stages it goes through to be successful you need the president to enjoy possible support he needs to tackle important national issues like the overall i do know expects any major changes in the economy and i'm hopeful that he will continue with modernization and on the reforms driving mexico the economic competitiveness of the security issues he said himself that he would do all he can to our great governmental institutions points over noise crime in social services we have clearly defined the outlines of our health care education and support of the low income population programs and i believe this will continue roughly along the same lines and certainly nuances typi

play the wall street used to invest in the american economy into things that used its money to produce goods and services but then wall street became the american economy our financial system was reengineered through what's been called financialization with banks credit cards real estate insurance companies as the new power players. capitalism a sort of go off the rails it ceased to be capital its financial. the fact that it's now all about speculation the fact that it's about ponzi schemes and the facts about selling and buying paper from an economy of real goods real commodities and real services to a system where people were buying and selling money buying and selling assets buying and selling other firms were no new value was created most sense should be says the whole system has gone predatory i think we had a transition from what was a free market system to something now that is out of control and probably what i would define as a predatory system frequently in markets that are manipulated or the. maybe a few out there who are investors mega investors it's even even that's very d

previously or economic growth was driven by an engine of growth but that would be the european the us economy on it because what happens now is that the us engine is still in order while the european one is not only actually pulling the other way. the center of growth is moving to asia pacific and latin america that will play an important role in all of growth that us. how do you explain that in america significant economic growth when. there are different reasons for on the one hand and it's especially the case in south america the reason is that these countries produce primary commodities including food my biggest global food prices growth which happens for various reasons but to a large extent of human due to the growing demand in china and india a lot of the economies are producing food such as argentina and brazil grow as well but that's one reason i uses this is not the case of mexico you know what i see in mexico we're seeing manufacturing growth become more competitive with gasoline we have invested significant ones in infrastructure and higher education one hundred thirteen thousand

why should the count in the us economy been much much else it's something about you know let's say today or this year but but but. is there a revolution was it done was a shell gas and let's hope there's a shell or in a world no will create new an opportunity for it's already created god you know put your picture for us do you see opportunities business of seems in america which are the jets you have been the cheapest you know not oil in the cheapest gas and no energy in the tariffs cheapest for in done some industrial applications you have a well trained in the labor no you have very aware where is developed logistic and no good support in there and yes and the us where attractive fund west makes it look at diversifying russia's economy to the asia pacific is russia destined to be china's results supplier or is there a greater role. russia's there is no solution for sustainable growth in asia not just in china in asia. and that's not just resources where we will be way more competitive than the australian africa or middle east there is not the southern. opportunity for production of sen

newspaper headlines from september of two thousand and eight warned of a coming great depression a us economy on the brink of collapse and impending world crisis we were losing hundreds of thousands of jobs a month four years ago today we're creating jobs every month now check out these charts in the year leading up to two thousand and eight under bush we lost a net six hundred nine thousand jobs but in the year leading up to two thousand and twelve under obama we've gained a new one point eight million jobs and then there's this chart in the year leading up to two thousand and eight under bush household wealth plummeted nearly six trillion dollars but in the year leading up to two thousand and twelve under obama household wealth has increased by over six hundred billion dollars and for all the rich guys out there corporations are doing better too in the year leading up to two thousand and eight under bush corporate profits dropped nearly one hundred seventy seven billion dollars but in the year leading up to two thousand and twelve under obama corporate profits of already surged more than on

reckoning for the euro zone's merry go round of germany's federal court to rule whether the rescuing us economy is legal and whether berlin can join the new five hundred billion euro rescue fund meanwhile greek protesters try to summit fresh round of austerity talks as arsons crevasses demanded more belt tightening in return for continued aid. well there are cracks beginning to show in greece's ruling coalition government members of parliament of said that the country must avoid implementing further crippling austerity measures on the poorer members of society this comes after the coalition failed to agree on how to implement eleven point five billion euros worth of further cuts demanded by greece's main creditors prompting one greek m.p. to say greece's partners in europe must realize that the country simply can't take anymore a comment almost certainly directed towards europe's economic powerhouse so the greeks say that they can't handle any more cuts but a big decision being made here in germany on wednesday could mean that perhaps there wasn't going to be any more bailout money the constitu

worth around six hundred billion dollars so that's it's very significant stimulus for a stalling us economy well as stephen jacobson from bank has more. short term of course what happens fundamentally here is stage you make money cheaper and as such you will want to see tangible assets like gas gold all to go up in order to have a system to reset itself so yes it will create an increased appetite but you have to remember this is almost like. they finished enough insanity which is that if you keep repeating the same experiment expecting different results what i'm trying to say with it is of course. this is this third time we do quantitative easing included and then also we have operation twist so if they actually this is going to do nothing to the unemployed in southern india it is going to do absolutely nothing to the growth of the u.s. the major obstacle still remains in place. moralistic look at the reaction we're seeing right now in the u.s. markets and they did go one of the send the previous session they're continuing their rally tonight this is been very widely anticipated move and no

ubiquitous it has to be available everywhere ok lots of course when we're talking about galt in the us economy people often refer to the constitution the u.s. constitution article one section ten raids that no state shall make anything but gold and silver coin a tender in payment of debts that many take this to mean that only gold and silver shall be money in the us. your thoughts you know this is typically what ron paul says on nationwide t.v. all the time but the constitution says that only gold and so we're going to legal tender it's just not true that is in the section of the constitution which is referring specifically to two other powers to the responsibilities of the states and in fact beyond that there is no state anywhere at any time that paid its debts only in gold and silver so that aspect of the constitution has been ignored and then according to constitutional law it becomes moot at that point ok so that's what we'll call put that under the heading of myth buster this idea that constantly cited in the constitution if you look at all of our closely it's not actually wanted says i w

big loss this is the true force for news what exactly is the fed reserve going to do to get the us economy moving again that kevin the good news is they are actually going to do something because i've done this many times of i've built it up and they've said no not this time we're going to hold our horses but i can tell you they have announced a third round of bond purchases and it's all in an effort to bring down the long term interest rates and to growth now they'll be buying mortgage backed securities at a pace of forty billion dollars now the committee said that with the action economic growth might not be strong enough to generate sustained improvement in labor market conditions so now was the time to add to may have done that and as you can see the results you can see the investors reacting and now we have the markets pretty much front to positive and now we've got the dow jones gaining around a tenth of a percent and the nasdaq heading towards a percent in positive territory so for now the investor they've got what they wanted they've got some kind of stimulus to get the economy gro

today's jobs report, will the fed's use the economy and sent stocks higher? d find out after a quick break. you see us, at the start of the day. on the company phone list that's a few names longer. you see us bank on busier highways. on once empty fields. everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. cheryl: markets today hitting pre recession highs. how long will that last? advice for small investors coming up in just two minutes. cheryl: in focus tonight, what is driving the stock market? blue chips sitting pre recession highs today. take a look at the dow. 13,000. we have, a long way from just a few years ago. for more on this i am joined by investment adviser. what do you make of the route that we have seen in stocks? is it going to stick and do you invest now? >> i think right now it's taking. whenever you get a good break out of the major indice

everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. tonight the president to a candid it's spreading to the finish as the economy slows to a crawl. the new jobs report is out, and it flies in the face of everything the president says about the economy turning around >> the truth is, it will take more than a few years for us to solve challenges that have built up over decades. cheryl: mitt romney is the campaign trail in swing states. takes a swing at barack obama. >> this president tried but did not understand what it takes to make our economy work. cheryl: what does another four years of obama or run the presidency mean for your money? we have top financial advice. also, who led the bulls out? the market on a tear, but september is usually the cruelest month for stocks. will this year be any different? and if the economy is so tough, why are super bowl ads so h

everyday you see all the ways all of us at us bank are helping grow our economy. lending more so companies and communities can expand, grow stronger and get back to work. everyday you see all of us serving you, around the country, around the corner. us bank. lou: a new report shows our economy has lost the competitive edge sliding down the most competitive list and mr. lire joins us how we can get that back also to tell us if we are better off now than four years ago. today the stocks ended mixed s&p down one point* five and nasdaq down six. investors are concerned the global economy is slowing sightseeing a slowdown in economic news tonight productivity rises 2.2% of from initial estimate of 1.6%. rising productivity mickey and slow job creation of they choose not to add good news for facebook. hang on. the stock is up almost 5% mark zuckerberg is doing great fouling not to sell your shares from least one year. new report says the united states is losing its competitive edge according to a new study the misstates ranks seventh with the fourth consecutive drop for

economy places in my neighborhood. there are new companies launched every week. this is just a small sample, some the leaders in san francisco. jay, give us some background on the sharing economy working group and how you think it benefits san francisco, including underserved communities. >> it is historic we are being thoughtful, looking forward in shaping the policies. mayor lee and board president david chiu and the supervisors announced the sharing economy working group. the idea is to look at the issues at play as well as understand the benefits of the sharing economy, whether environmental or economic. you can see with the companies that there is tremendous dahlia to society. it is getting ahead of the curve so that we're not applying outdated rules to a new approach. earlier legislation did not imagine some of these companies. who would have thought there would be peer to peer car sharing. it is transformative. we have a role to play from a city hall perspective to nurture and understand the space better to resolve some of the tensions. >> cars sharing is interesting. cars in america are iconic. we identify the good life with them.

us to borrow money. but it will become a big problem when the economy grows and interest rates start to rise. we got to deal with this big long term debt problem or it will deal with us. it will gobble up a bigger and bigger percentage of the federal budget we'd rather spend on education and healthcare and science and technology. we got to deal with it. now, what has the president done? he has offered a reasonable plan of $4 trillion in debt reduction over a decade. with 2.5 trillion coming from in spending cuts raises a dollar in new revenue. two and a half to one. and he has hiked controls on future spending that is kind of balanced approach proposed by the sim tons bowls commission. i think this man is way better than governor romney's plan. first, the romney plan fails the first test of fiscal responsibility. the numbers just don't add up. i mean, consider this, what would you do if you had this problem. we got a big debt problem we got to reduce the debt. what's the first thing? to reduce the debt we're going to have another $5 trillion in tax cuts. heavily weighted to upper income people

economy. if they were to help all of us the economy would turn around. this is a lot of bull coming out. >>reporter: earlier this evening a parade of more than 300 demonstrators began marching through the financial district just in time to snarl rush hour traffic. some people noticed the occupy demonstration had a focus message this time. >> because everything suck really big message to solve problem. >>reporter: 90 police officers stood guard at the wells fargo bank on montgomery street after demonstrators stopped and set money on fire and tear up the debt in a symbolic rebellion against the bank. an examiner is in up to for a koyvrnlts i think in some instances he might be right. >>reporter: he disagree that the economy is recovering. >> a lot of people disagree with. that they think the economy is getting better. i don't agree with that. >>reporter: why do you think it's not. >> unemployment is still over 8%. >>reporter: l san francisco police say there were no arres arrests or property damage tonight. they said they will let the demonstrators hang out as long as they don't set up any

stronger middle class, which is aimed to get us out of this weak recovery we have and get us back to growing our economy like we ought to. we've got a troubling jobs report on friday, norah, that said for everybody who has a

economy. if they were to help all of us the economy would turn around. this is a lot of bull coming out. >>reporter: earlier this evening a parade of more than 300 demonstrators began marching through the financial district just in time to snarl rush hour traffic. some people noticed the occupy demonstration had a focus message this time. >> because everything suck really big message to solve problem. >>reporter: 90 police officers stood guard at the wells fargo bank on montgomery street after demonstrators stopped and set money on fire and tear up the debt in a symbolic rebellion against the bank. an examiner is in up to for a koyvrnlts i think in some instances he might be right. >>reporter: he disagree that the economy is recovering. >> a lot of people disagree with. that they think the economy is getting better. i don't agree with that. >>reporter: why do you think it's not. >> unemployment is still over 8%. >>reporter: l san francisco police say there were no arres arrests or property damage tonight. they said they will let the demonstrators hang out as long as they don't set up any

today's jobs report, will the fed's use the economy and sent stocks higher? try and find out after a quick break. cheryl: markets today hitting pre recession highs. how long will that last? advice for cheryl: in focus tonight, what is driving the stock market? blue chips sitting pre recession highs today. take a look at the dow. 13,000. we have, a long way from just a few years ago. for more on this i am joined by investment adviser. what do you make of the route that we have seen in stocks? is it going to stick and do you invest now? >> i think right now it's taking. whenever you get a good break out of the major indices like the s&p in nasdaq over the highs which is going back about six months, it's usually good news. look no further, what you been talking about some. central banks. the european central bank will flood the market with hundreds of billions, if not trillions of dollars of money conjured up, and it's been helping the market since march of 2009 and that second will continue. when you have valuations that are not really at a black and earnings t

i would like to clarify -- this is not us versus them, new economy versus old economy. there is room for both of us. these are complete the experiences that someone would have in the old economy. the trick is figuring out what is different about this, making sure laws and regulations and policies apply reasonably to this new economy, and make sure that there is room carved out for both. >> thanks for making that point. one more question? >> [inaudible] i'm curious if this conversation about companies devoted to schering physical space. the idea of using or facilitating, seven commercial space for nonprofits and that sort of thing. [inaudible] are there any modalities for sharing their? >> the question is there's a lot of vacant commercial space that could be mobilized for civil society, so is there a way to do that? >> i know of one company, loose cubes. i'm sure there's others that many of you know there. >> i see mark in the audience there. do you want to explain what liquid space does? i think it answers the question, actually. >> [inaudible] [laughter] >> mark really

today's jobs report, will the fed's use the economy and sent stocks higher?ry and find out after a quick break. my life is full of statistics. thing is, i could've dropped out of school and become one myself, but i didn't because i had people that believed in me. here's another statistic. 7,000 students drop out every school day. that's one ever 26 seconds. it's time that student know that we believe in them. announcer: inspire a student and share your message of support at boostup.org. cheryl: markets today hitting pre recession highs. how long will that last? advice for cheryl: in focus tonight, what is driving the stock market? blue chips sitting pre recession highs today. take a look at the dow. 13,000. we have, a long way from just a few years ago. for more on this i am joined by investment adviser. what do you make of the route that we have seen in stocks? is it going to stick and do you invest now? >> i think right now it's taking. whenever you get a good break out of the major indices like the s&p in nasdaq over the highs which is going back about six

stressful >>> the jobs report is more than numbers a closer look at 8% and what i can tell us about our economy >>> the bay area boxer hours away from the biggest fight of his career what is on the menu tonight? the fuel for a champion. >>> we often see a fight between the off shore flow and onshore flow find out who win okay, here's the plan. you have a plan? first we're gonna check our bags for free, thanks to our explorer card. then, the united club. my mother was so wrong about you. next, we get priority boarding on our flight i booked with miles. all because of the card. and me. okay, what's the plan? plan? mm-hmm. we're on vacation. this is no plan. really? [ male announcer ] the united mileageplus explorer card. the mileage card with special perks on united. get it and you're in. >>> today's jobs report more than about politics a snapshot of our economy. anthony mason shows us there are lives behind the numbers. >>> two years after he was laid off 30 year-old michael ball pelt got a job working as a security job at a florida racetrack. >>> i cannot describe the feeling the weight of your

today's jobs report, will the fed's use the economy and sent stocks higher? try and find out after a quick break. i know the name of eight princesses. i'm an expert on softball. and tea parties. i'll have more awkward conversations than i'm equipped for because i'm raising two girls on my own. i'll worry about the economy more than a few times before they're grown. but it's for them, so i've found a way. who matters most to you says the most about you. massmutual is owned by our policyholders so they matter most to us. massmutual. we'll help you get there. cheryl: markets today hitting pre recession highs. how long will that last? advice for cheryl: in focus tonight, what is driving the stock market? blue chips sitting pre recession highs today. take a look at the dow. 13,000. we have, a long way from just a few years ago. for more on this i am joined by investment adviser. what do you make of the route that we have seen in stocks? is it going to stick and do you invest now? >> i think right now it's taking. whenever you get a good break out of the major indi

economy. if they were to help all of us the economy would turn around. this is a lot of bull coming out.a parade of more than 300 demonstrators began marching through the financial district just in time to snarl rush hour traffic. some people noticed the occupy demonstration had a focus message this time. >> because everything suck really big message to solve problem. >>reporter: 90 police officers stood guard at the wells fargo bank on montgomery street after demonstrators stopped and set money on fire and tear up the debt in a symbolic rebellion against the bank. an examiner is in up to for a koyvrnlts i think in some instances he might be right. >>reporter: he disagree that the economy is recovering. >> a lot of people disagree with. that they think the economy is. better. i don't agree with that. >>reporter: why do you think it's not. >> unemployment is still over 8%. >>reporter: l san francisco police say there were no arres arrests or property damage tonight. they said they will let the demonstrators hang out as long as they don't set up any tent. live in san francisco, abc 7 news.

has warned that further quantitative easing will fail to prepare economies in europe and the us well why i am a federal reserve bank which is the lender of last resort responsible for taking the punch bowl away when the party gets to rot is not do their job instead of being the lender of last resort there's a buyer a first resort they buy every schlock piece of junk bond that these investment banks that used to destroy the economy they'll take in their buyer and very garbage bond out there this was to be the buyer of first resort just went through the lender of last resort think completely screwed this thing up they got it all backwards and paul volcker of course back in the seventy's early eighty's he took interest rates up to sixteen percent to squeeze out these these these no good mix well to cover out all of this fraud max remember at the beginning of this crisis we were told it's a liquidity crisis it's a little quick to be crisis if we only had more cash in the system all would be fine right well he said there is so much liquidity in the market the adding more is not going to c