zandi, barbera, liesman, santelli.e reaction first. >> reporter: first of all, i didn't quite hear all of the revisions, but i was particularly paying attention to the april '08 to march '09 and it sounded like hampton said from 7.2% to 8.4% and that's relative to expectation. people are scratching their head about 9.7%, what people want to know is how much did the labor force shrink because they think that might be the culprit but we'll have to look. the response in the marketplace, which should be somewhat objective, interest rates are a couple of basis points lower, not higher, than before the number. and we see that the equity markets are definitely, you know, a little worse off. it's hard to decipher. i'm sure that the headline news by many would be the drop in the unemployment rate. >> all right. steve, you want to walk us through what you see as interesting? >> yeah, i don't have the thing rick was looking for right yet. i will get that shortly, though. the workweek was higher. 33.3 hours. manufacturing hours we

a different wrong view. >> i just think zandi needs to respond to this.w. >> get him on the phone. >> thank you, guys. >> thank you. >> walking us through yet another adp number. >> i don't just do that. >> yes, you do. >> no, i don't. >> professionally you do. >> one hurdle down, another to go. we'll get the buzz. ♪ ♪ ♪ when it comes to protecting the things you care about... ...leave nothing to chance. travelers. insurance for auto, home, and business. >>> "sports illustrated," what do you think that's going to be doing? >> it's going to get a good number. >> it was down. >> yeah. >> and they were talking to him. >> during the shoot. >>> coming up, the drug stocks that may be the right medicine for investors. >>> plus, i'm twittering to my facebook about how linked in i am. i'm not sure what i'm saying or what i just did say. but this could be a big year for social networking. i'm not doing any of those things. you'd better stay here or you're going to miss the next big thing. straightforward is the way td ameritrade does business. simple, fair pricing.

mark zandi is an economist for moodys.com. he happened to be an advisor to john mccain's presidential campaign. he is not some partisan in this debate. he sid going back a year ago when we were debating the recovery bill, whether to enact it or not, he said if you spentdz $1 on unemployment insurance, i think it was $1.60 to the $1.70 range back. so this isn't only a question of whether so we help people who've lost their job through no fault of their own. the secondary benefit is it can help people who are out of work and need a stimulated economy, need an economy that is junch started by the -- that is jump-started by the spending that we would provide through unemployment insurance. so it makes no sense. there are lots of, as the senator from illinois said earlier, there are lots of ways to make the argument that our friend from kentucky is making. but this is not the time or the place when all we're talking about is a 30-day extension of unemployment insurance for people who through no fault of their own lost their job. it

number two, mark zandy says that the stimulus has had an effect. >> he's just a man.an -- >> he's just a guy. >> he's a good, solid adviser of john mccain. he's not a partisan kind of guy. >> you may be the guy of no, no, no says mayor morial, but you you would say yes, yes, yes on the new orleans saints, won't you? >> who dat all the way. can i get a vote from ron? >> who are you rooting for, ron? >> i'm a peyton manning fan but i'm pulling for the mayor's new orleans saints. >> we have reached common ground, ladies and gentlemen. >> what just happened there? >> thank you very much. mayor, good luck to the saints this weekend. still ahead bracing for the big snowstorm. what the wealthy think about investing in this economy. >> the super bowl's this weekend? take a look at how wall street's fear index is doing. higher, no surprise considering what we've seen. back above 27 now for the vix. they've served for decades as a golden, tasty sidekick... to the all-american meal. french fries, and our national passion for them, are legendary. classic. iconic. but times change

that's republican advisor, mccain advisor mark zandy.i would say, madam speaker, that those of us who voted for the recovery act have a responsibility to vote yes on this rule. but i would also say that those who voted for the wars in iraq and afghanistan, wars that were not paid for, somehow it's ok to ask all of our men and women to sacrifice, but we do nothing. but those wars were not paid for. if you voted for the bush tax cuts. the $4 trillion unpaid for. at least have the responsibility to come to the floor and do the right thing. so, i would urge my colleagues, madam speaker, to vote for this rule and vote for pay-go. everybody -- during the bush years, no one talked about the deficit, except to say it didn't matter. that was dick cheaney and some of my other colleaguesle of -- cheney and some of my other colleagues. it does matter. we need to get the deficit under control. statutory pay-go is one way to do it. i reserve the balance of my time. the speaker pro tempore: the gentleman from massachusetts reserves. the gentleman from

zandi, an economist yesterday indicated that the jobs were created and were probably to some degree temporary and that we funded governments so that they could keep on employees for a period of time and various capital projects will expire at some point or another and we still have a continuing problem. i've had a couple of job fairs in my state that i've been surprised both at the number of people who have come out for that and the background of some of these people. it's people with college degrees and graduate degrees at this point. i see that the lending by banking institutions has fallen by some 7.5% in 2009. my question to you is is there anything that you as the head of the fed or the fed itself or us as members of congress could be doing to help with the employment circumstance? my further question is what is happening in this whole bank lending? we being, both the t.a.r.p. program and the federal reserve have put a lot of money into banking institutions, primarily larger banking institutions and the theory was that they're the ones who were going to lend to the other commercial banks

that's republican advisor, mccain advisor mark zandy. would say, madam speaker, that those of us who voted for that those of us who voted for the recovery act have a i would also say that those who voted for the wars in iraq and afghanistan get wars that were not paid for. somehow it is okay to ask all our men and women to sacrifice, but we do nothing. if you voted for that bush tax cuts, the four trillion dollars that was not paid for, at least have the responsibility to come to the floor and do the right thing. i would urge my colleagues, madam speaker, to vote for this rule and vote for paygo. during the bush years, no one talked about the deficit except to say that it did not matter. that was the cheney in some of my other colleagues. it does matter, and we need to get the deficit under control. we need to help grow this economy, and statutory paygo is one way to do it. i reserve the balance of my time. >> the gentleman from texas is recognized. >> i like this paygo thing that might fellow democrats are pushing. i would like to yield

as bob said, the work week went up, which suggests to mark zandy positive 3% growth in the fourth quarter as did some of the overtime out there so that what we hear right now, what we see right now is that employers are working their existing work force harder but not necessarily employing new people. erin? >> steve, a quick question for you on this. i know there are so many levels of detail we'll talk about throughout the day but on the federal government side of things i know there was obviously a plus sign there. that's fine. although in the long term we'd rather be private sector jobs. but obviously that was helped out by the census. so we know we're expecting a couple million, maybe temporary jobs because of the census. good in the short term. but has anyone done the analysis of sort of if you take out census this year, what happens? >> not yet, erin. my understanding is that the major census effect will be next month and march with the understanding that it's temporary. some going into the number thought we might have as many as 20,000 plus jobs from the census in this report. i wil

this is further evidence, in addition to what i and many others have quoted -- mark zandi from moo moodyieys.com -- you sa buck to help workers who lost their job. you not only help someone who lost their job, you also help our economy, literally by jump-starting spending. we know that in the past couple of days we passed a jobs bill, the so-called h.i.r.e. the hire act. a good piece of legislation for creating and preserving lots and lots of jobs. but that jobs bill is not enough. we've got to pass these safety net provisions on unemployment and cobra health benefits. but we also have to 3u9 more job-creation -- but we also have to put more job-creation strategies on the table and get bills passed to create more and more jobs. the recovery bill is still having an effect, still having a tremendous impact in pennsylvania, still co have a we year left of spending and benefits of that spending in pennsylvania and a lot of other states. i see my colleague from pennsylvania, senator specter, with us today. he and i have been seeing that up close in pennsylvania. a tremendous impact already but still

zandi who was a consultant for senator john mccain who was running for president, who is pretty conservativesaid i don't think it's an accident that the economy has gone out of recession and into recovery at the same time stimulus is providing its economic impact. even a conservative economist is telling them that the stimulus is working and i just wish they would agree that democrats are better for the economy. i just wish the republicans would agree with the unbiased evidence that democrats are better for the economy. retirement accounts recovering under the obama administration. here, we see under the bush administration the value of retirement accounts is going down. value of retirement savings accounts -- you see them, they are going down, down, down, down, dropping. and a under the obama administration, retirement accounts are up $1.8 trillion as we see them climb in the first quarter of 2009, steadily back up. more evidence that democrats are better with the economy, which is the thing that helps you put food on the table, roofover your house and retirement money in your account. . th

suspect this introduction will lead you to a speaker that will be a little more optimistic than mark zandi did, because alan molly is a champion and positive force -- alan mullaly is a champion. he was the ceo of bellingham -- ceo of boeing, and was recruited to become the ceo of ford motor co.. many of you know that ford was one of the companies that did not require taxpayer assistance, and has done a phenomenal job of emerging and navigating a tough time. that is under alan's wonderful leadership. we are proud to have him as a c.e.o. he has done a great job with ford. i have to say just a quick personal story. because he is such a good guy, my husband, dan mull hearn -- mulhearn, comes from a ford family. we are all ford all the time in our household. he called dan and said your dad worked for ford? dan's dad passed away many years ago. he said yes. alan said is your mom still alive? dan said yes. what is her address. alan sent her a box of ford stuff, an umbrella, and a small car. not a real car. to show you the combault of human being he is, he wrote her a note. he wrote her a note say