in harris, to us wolfgang shoretel -- schauble. he says it was a good decision. >> i'm happy that he will continue. also adding that russia will pay a price for its actions in ukraine. that comes as u.s. president obama blames moscow for the crisis. >> welcome to "countdown." get to our top story this morning. our exclusive interview with the german finance minister wolfgang schauble. european central bank has run out of ways to help the eurozone. with bloomberg at the business leaders conference. is sayingrio draghi again and again is what is needed is reform. it is not for the ecb to implement. there is a government. we agreed. monetary policy can only buy time. problems asderlying a matter of fiscal policy in this globalized economy. we have the competitiveness. if you look at what's going on , it's veryal economy important that we all know in to do this we have again and again to enhance competitiveness. if we are complacent even in continueif we do not to enhance our competitiveness, we will lose. >> should the ecb do more to

all of that wolfgang schaeuble interview.of the world's biggest retailers, has seen shares slumping. britain's biggest retailer cutting its profit forecast and its interim dividend. the basketcase -- it has been a tough couple years. let's talk to caroline hyde about just how bad the news is and how bad news just keeps coming. >> it does. there is no let up. on july 21, they said first-half profit does not look to be where consensus is and we will probably miss that. but do not worry, we have a new chief executive coming over from unilever. since that, shares have dropped 20%. 6%. are down by another why? they cut their forecast for the full year. shares down the most since january 2012. what happened then? to unveil thehad first profit warning in 20 years. another one today. a cut and capital expenditures, slowing down reinvestments in stores. dividends 75%, not music to investors' ears. situationg is the that they are bringing in dave lewis one month early. members, polling what the market share looks like in the industry,

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>> wolfgang beltracchi: maybe, yeah.ment. ( laughs ) >> simon: he agreed to meet with us in cologne and took us to a small wooden bridge outside his home. he volunteered to show us how he works. he was forging a max ernst, the german surrealist of the early 20th century. beltracchi was painting on this wooden bridge because ernst had done much of his work on a wooden floor. what do you think this max ernst would be worth? >> beltracchi: this one? >> simon: yeah. >> beltracchi: $5 million, i think. >> simon: $5 million. and you can do it in three days? >> beltracchi: yeah, oh, yes, yes, sure, or quicker. >> simon: beltracchi estimates he has done 25 max ernsts. he is not copying an existing work; he's painting something he thinks ernst might have done if he'd had the time or felt like it. so you would be doing a cezanne that cezanne never painted, but that you thought he might have wanted to paint. >> beltracchi: yes, exactly. >> simon: so, in a sense, every beltracchi painting is an original. he just lied about who paint

adam: wolfgang, thank you for joining us on this. >> my pleasure, thanks for having me.re: when we come back, happy feet may not just be the title of a hollywood movie. it could be the slogan behind very artistic footwear. we're going to be speaking with the co-founder and ceo of a start-up putting art on shoes. adam: as a part of america's wine making industry is at the epicenter of the worst earthquake to hit the san francisco bay area in 25 years. we're going to go live to the region and get the latest on the damage and the cleanup and what's going to happen to your glass of wine? when folks think about what they get from alaska, they think salmon and energy. but the energy bp produces up here creates something else as well: jobs all over america. engineering and innovation jobs. advanced safety systems & technology. shipping and manufacturing. across the united states, bp supports more than a quarter million jobs. when we set up operation in one part of the country, people in other parts go to work. that's not a coincidence. it's one more part of our commitment to am

. >> simon: he's talking about wolfgang beltracchi, a forger so brilliant that, for decades, he mades paintings were hung in museums around the world. but his brillianas

analysis isow with wolfgang. thank you so much for coming in.e have a fine that within the government about whether the future for economic policy and france should be austerity or it should be fiscal stimulus. how does this play out? -- it is going to have known for being out so can -- outspoken. this should go well. austerity remains the policy. when not going to see a significant deviation because of the french cabinet. >> you don't think depending on the prominent left-wingers which is a shift in france? is in line with anglo merkel and that is a way that is when difference will go from here? way will be more flexibility within the existing rules. we stillem area is don't have a commission in place until november. despite the fact we might have more governments like in paris and roma pushing for some relaxation of the fiscal rules, we have a strong advocate in brussels for that. if you take the view between now and then in terms of dealing with the crisis in europe. >> what is a sleeve france in terms of meeting austerity targets and targets

a kid named wolfgang levinsohn who i went to grammar school with.this 10th birthday, i am his party and the party favors for the kids -- this is a german-american family from germany. the parents spoke with the accent and everything and they all had the 60's german look to them. wolf was there and the party favors were baseball cards. everybody's baseball card had in it a special insert that they put out that year. they had a small poster that was folded up inside. it was a picture of willie mays or mickey mantle. my packet not have one so i was offended soweto mealy took a dime and bought another pack. by the end of that week, after the second pack of a small cards, i was tagged that's bugging my parents are taking to the yankee stadium which they did. i was getting so annoyed at the end of the year that my baseball bobby a that's bought me a baseball encyclopedia. was.w who matt kilroy i remember it was my mother's uncle who did this and she said -- what the blank did you do that for? 1967 tore at this may christmas. 1967 by the spring of 1968, my

. >> hey, david, i got that order for wolfgang's. i need 40 short loins as soon as possible.orey, i need three boxes of our boneless legs of lamb. >> who's this guy? >> that's frank, our general manager. >> come on, we gotta get these trucks out of here. let's go. >> he seems to know what he's doing. >> yes, he does. >> frank. >> frank, i'm marcus. >> hey, marcus, how you doing? >> both: nice to meet you. >> how long have you been here? >> five years. >> do you love it? >> yeah, it's good business. you know, everybody's gotta eat. [chuckles] >> uh-huh. do you mind giving me kind of-- we could walk through, give me kind of a rundown of what goes on here. >> well, this is our production room. we fabricate orders. >> how do you measure the efficiency? >> uh, i've never really analyzed it, never thought about it. i just look and see what i can get done in a given day. >> and so how many pounds do we generate a day? >> um-- >> do you know that number? >> no, i don't. >> so what other things could you guys do here to generate some money? >> well, we started a new item. we made the

a kid named wolfgang who i went to grammer school with, 1967, i am at the party, the party favors for the kids, by the way this is a german american family from germany. and so the importants spoke with the accents and everything. and they all had the 60s german look to them. and wolf was there. and the party favors were packs of baseball cards. and everybody's baseball card had in it a special insert that they put out that year that had a small poster that was folded up inside and it was a pick your of willie mays or mickey mantle or whofer. my pack didn't have one. so i was so offended by this, that i immediately took a dime and went and bought another pack. by the end of that week, after the second pack of the baseball cards, i was bugging my parents to take me to yankee stadium which they did within a month. and then i was getting so annoying by the end of the year that my uncle bought me a baseball encyclopedia which i read like page 1 to page 1,000 like its with a novel. >> can't put it down. >> so i knew who matt kill roif the 1883 baltimore orioles was bitten of the year. and

german finance minister wolfgang ecbeuble told bloomberg the has run out of ways to help the euro area. he told governments they need to spur growth without running deficits. must readning later on will be paul krugman slamming germany. question,ssic german we want growth but stay within this pact we agreed to. in the u.s., personal income and spending at 8:30. at 9:45, chicago purchasing manager index and then the university of michigan consumer confidence. >> heavy data day, given that it is the friday before labor day. >> earnings, big lots. markets in india are closed fora a hindu festival. 8:00. on india's gdp at european foreign ministers meet in milan. >> wonder what they will talk about. westminsterl be in today. i will take this to the traffic desk with scarlet fu. >> new rochelle and tarrytown. he's staying overnight to attend a wedding. >> scarlet fu in the traffic chopper. the traffictan, shuts down, what do you do in the suburbs? >> they shut down certain streets. you have to get around everything. were warned, north of new york city as the president has a little on his mi

here is what ben wolfgang reports. president obama is deepening the u.s. engagement in iraq where he resisted similar calls in syria to intervene. an action that analysts and former diplomats say may have sewn the seeds of the iraqi conflict. although former secretary of state hillary rodham clinton became the latest to slam the white house's handling of iraq, she backed off of those statements yesterday. mrs. clinton, republicans, many foreign policy analysts, and other critics say mr. obama failed to contain in syria the islamist groups that morphed into the islamic state. and inadvertently helped the militants coopt the larger rebel movement against syrian president bashar al-assad. we talked about that yesterday here on the "washington journal" and mrs. clinton's interview with the atlantic jeffrey goldberg where she said this. the failure to help build up a credible fighting force of the people who were the originators of the protest against assad, islamists, secularists, and everything in the middle, the failure to do that, she said, left a big vacuu