zandi?eating 150,000 per month. >> ifs a'a conspiracy that's the one. >> between sandy and the election and the cliff. >> sandy and zandi. >> i don't think sandy will be that significant effect on the employment. >> it's a 2% economy in. >> 2%, 2.5% gdp growth. >> i think we're going to see -- >> we'll wait until next wednesday morning. >> i think mark would agree with this, it was about an year early on the call but i agree with him now f we're going to see an upside next year it will be in housing and i think sandy had multiplier effects on housing, as people do repairs they're doing renovations and we also have the distortions will be interesting in november depending on how long restaurant workers and people like that are left out of work and whether they fall in hours worked, it will be affected in the november numbers but there's the overtime of all the emergency workers, the construction workers coming to repair, everyone i know from illinois is trying to get to the east coast to help

. >> susie: joining us now for a closer look at sandy's economic impact, mark zandi, chiefb. economist at moody's analytics. you know, mark, people often hear that when there's a sdater like zandi, that it's actually a boost to the economy. is that going to be rue in this case? >> well, no. this is a natural disaster. disasters are bad for the economy. obviously, the big hit tohe economy initially, is what we're seing in new york. nd do get rebuilding, economy benefits from that, but net, net, the economy is in a worse place. natural disasters are bad for the economy, not good. >> susie: you heard in erica's remit some businesses t are going to a benefit, maybe hox*echl builders and cuk companies. if you look at the economy, who are the winners and losers in terms of various sectors? >> well,erehere's more losers than winners. the losers would he the restaurants, they're not going to serve meals that aren't getting served. airlines, trucking companies, you know, the casinos fnlt fshs services. and ncretaried to trading is shut down for a couple of days, never get that back. t

because zandi is absolutely right. more we show that we can't get things done in washington, that means borrowing becomes even more expensive, ed. and that means that our fiscal problems get even worse. and you said it a moment ago, going back to the affordable care act. the affordable care act reduces the deficit. so the question is, what games are being played? and, basically, what i'm saying to the speaker is, please don't play games. exercise the leadership that i know you're capable of. and stand up and let folks know that we've got to move forward. >> okay. congressman elijah cummings, great to have you with us tonight. >> good to be with you, ed. >> appreciate your time here on "the ed show." we have an update on our report on debt negotiations from last night. we told you about a bloomberg news report on seven democratic senators from solidly red states who were up for re-election in 2014. the report identified these senators as possible defectors from the party's position on taxes. "the ed show" was contacted

steve liesman and mark zandi join us now.delayed by a day because of the storm so it's thursday. >> actually not because of the storm, it was delayed because they were supposed to ring the bell down there and speak special one time on thursday, and the number is the new adp report 158,000 for the month of october, this is the first time they've released this under the new methodology and september the number a lot of people became aware of yesterday which was originally printed at 88,000 under the new methodology revised to 114,000. let's look at the breakdown by sectors, goods producing up 14,000, what is interesting you'll see in a second it's not manufacturing. it is construction. services up 144,000, the non-farm payroll estimate, that includes government and private is 125,000. so looks like a little room for some upward adjustment in the market's expectations of the private sector but not a whole lot. my guess given what i've read about the skepticism regarding this, i think it's well placed skepticism, everything looks

many see it as a win/win situation. n easy and fun way to us families deal with the hurricane zandi. restaurants in the d.c. area are in to make a difference. all lot of our staff has in new jersey that have power. we have friends in new york that have power. >> that is why this restaurant is donating 20% of tonight's to the american red cross. expect the dining room to full with 90 reservations already on the table. across town, gospel music will studdedaced with a star- tribute concert. that is next sunday, november 11, and all proceeds will be donated to hurricanes and the victims. some people are in a tough spot and they need a hand. here for. re >> when d.c. restaurant group is helping. stop by any of their anyaurants and $2 for bottle of wine sold will be help hurricane victims. we have a lot of friends in york and new jersey with difficult days ahead. the restaurant is expecting bring iners to thousands of dollars to help hurricanes and the. speaking of the weather, it is a chilly night out but it is colder. to get even there is a possibility of rain. the weather center look a

. >> it still ahead, one week after super storm zandi, hundreds of people are still out of their homes. >> federal emergency officials are stepping in. >> a massive water main break had drivers taking the tours all week. an update on the repairs. >> tips to keep in mind before you head out to the polls >> it 2600 block of the york road is open after being closed due to a water main break. there is still one closed lane due to some additional -- water utility work. the main broke tuesday, following another break here east lane. officials reopened east cold spring on friday. >> not to the aftermath of super storm sandy. officials are still working to find housing for 300 residents displaced by last week's storm. officials say more than 275 people are still out of their homes. including a public housing unit that was flooded. a community center is offering a temporary shelter. somerset county is expected to receive a federal disaster declaration. about 3900 homes and businesses buried under snow are still without power tonight. more than 500 guards -- linesman and tree trimming crews are

just one week ago, the northeast was struck by superstore miss zandi and now there is a nor'easter headed our way. >> we are tracking the system now. >> the system is way out and the mississippi river valley. it has to make a critical term up to the atlantic coastal areas. that happens tuesday and wednesday. anything can happen but the potential is there and that is why people are starting to pay attention. you can see the storm system on the border. what's anticipated is the storm will drop toward the coast and make a run up the eastern seaboard. if it stays close enough, the precipitation and nasty weather will make its way back to baltimore. that will end up around southern new england. either way, it looks like the areas that felt sandy will feel this again but will be nearly as strong. it will be associated with a moderate to strong nor'easter. it has to get them all a little nervous even though this will not be nearly as strong as sandy. >> i think the main issue is that the ground is so saturated. even if we don't get a lot of precipitation, if we get a good wind gusts, that could

mark zandi is the chief economist for moody's analytics. i know you've already called it a great report. why is it a great report? why do you put it in that category? >> well, maybe i should have said very good. because great i should probably reserve for the really great report. 170,000 jobs, that's good. very good. we got unemployment ticking up a notch after a big decline last month. and household employment. this is another survey, another estimate of employment. rose again after a big gain last month. that generally leads employment conditions. when you add it all up it feels really good. the other thing i point out is that the job gains are increasingly broad based across a lot of industries particularly construction and this is very important because as the housing market kicks in over the next year or two that's where we're going to get a lot of these jobs. anything construction related. >> before i ask the next question i want to inform viewers. mitt romney just put out his statement on the unemployment report. here is what he said

[laughter] lasalle whole crew knows, the devastation from hurricane zandi -- sandy is felt that these with the energy side then the human side. we have lived team coverage 40 miles from and had an atom we will start with you. >> behind me receive the national guard and passing a water but also red cross now showing up but the field of dreams foundation and they showed up early on their own volunteers bringing food and clothing. diapers, betting common medications, food if you can cook or pizzas if you cannot. people are coming out with converters for govett is what is going on in staten island. those who are still waiting for the sanitation trucks they are furious the new york city marathon will be run. and assemblywoman says the governor should take the lead and another one said the mayor should get his stuff together. they're waiting for assistance. liz: is that the translation and you got? i ran the marathon. it paralyzes the city. we do not need that. this is mike commentary. list mcdonald is in new jersey. i cannot even believe they have it there. >> people are waiting to hours a

. >> if more, we're joined by mark zandi, chief economist at moody's analytics who is here in london.elcome. >> thank you. >> so the fiscal cliff issue, end of the year is looming. we saw the response to this opening gambit by president obama. how likely is it that this is the final plan put forward, what elements do you expect to be most critical here as talks continue? >> i think there will be a lot of brinkmanship. this is just the beginning of the process. i think it will be a while. we'll probably go into next year and actually go over the cliff temporarily before they get a deal. >> so you're in the over the cliff camp. >> if you talk to people in washington, they think it will be done before christmas. how can they say we'll go away on say case, don't worry, we'll be back and solve this, but i think it will be pretty tough to solve it before we actually go into next year. >> merry christmas, here is your tax hike? >> i think people are preparing for that anyway. i think everyone realizes that tax rates for upper households will go up. >> certainly companies are aware of what's

with me, previous chairman of president obama council of economic advisers, and mark zandi, from moody'slytic, welcome inside "the war room." >> great to see you again governor. >> jennifer: can you explain why the unemployment rate ticked up to 7.9 when the economy did add more than 170,000 new jobs. >> it's largely because the labor force increased very significantly. we saw an increase in employment but the labor force increased more. those who stepped out of the labor force stepped back in. some are unemployed and looking for work, so the unemployment rate kicked up. i take solace in the job gain. it was strong. and the increase, both those things are good things. obviously i would like to see unemployment move lower more quicklyish but these numbers were pretty good. >> jennifer: austin, let me ask you about that, how many jobs do we need to create every month to make a real dent in the monthly unemployment number. >> rule of thumb you need 120,000-125,000 a month to keep up with population. if you have a sustained 175,000 per month for a long time you had unemployment rate will com

when we were closed for three days for hurricane zandi all associates were paid we lost $700,000 butt thing to do. my goal is to make them feel great. tom: then why do they pay the union? >> we have been in the union 50 years with the distribution center with the stores their relationship this transparent and of trust and respect and it makes it work. tom: look at the airline's there seems to be animosity. the one airline that is union is southwest. >> it is great leadership and transparency. you don't have the cycles of boom/bus. the unions have to take a compromise then they come back to say we want all of it. there is a foundation of trust built up you don't have verbal animosity. tom: it is easy to do to say they're ruining the company but to say would you agree to the contract? you better fulfill the promises if it is to expensive then shame on you. >> look at the motivation if it is to be elected office to big sometimes they lose contact with the real motivation. the customer and the company and t

mark zandi isuoted, the die is cost for much stronger recovery either way. don't matter who wins. 2% and 4%. when you have two people talking about governing in such different ways with regards to money that is crazy. it can not possibly have the same outcome. monica, ladies first. >> absolutely. the reason we haven't had real recovery but a joke after recovery, that barack obama's oppressive policies suffocated this economy. talking about obamacare. talking about strange you lating epa regular lace. we're talking about more taxes, more government dependency. more recor numbers of people on food stamps and second numbers on -- the second he is thrown out of office melissa: got to let him in. >> monica is filibustering but i digress. the economy will recover no mooter who is president. mitt romney will continue many of president obama's programs. melissa: like what? name a couple. >> he will realize very quickly he will need to put government spending out there. he will pass a spending package. won't call it stimulus, will be equally as big it not bigger. >> i don'think so. this is

mark zandi, thank youcjç very m. hope that we get that resolved before january.one of the most densely populated areas in the world. neighbor to israel and egypt. territory home to palestinians and hamas. the violence there could spread throughout the middle east. we'll take a closer look at gaza as well as the region. they've been committed to putting clients first. helping generations through tough times. good times. never taking a bailout. there when you need them. helping millions of americans over the centuries. the strength of a global financial leader. the heart of a one-to-one relationship. together for your future. ♪ (child screaming underwater)... (underwater noises). humans -- sometimes life trips us up. and sometimes, we trip ourselves up, but that's okay. at liberty mutual insurance we can "untrip" you as you go through your life with personalized policies and discounts when you need them most. just call... and speak with a licensed representative about saving on your policy when you get married, move into a new house... [crash!] or add a car to your

. >> all right, mark zandi, thank you. >> thank you. >>> president obama will join 50 million americans on the road this holiday season, but he's not talking turkey. lame duck is on his menu. we'll explain next in "the spin." eat good fats. avoid bad. don't go over 2000... 1200 calories a day. carbs are bad. carbs are good. the story keeps changing. so i'm not listening... to anyone but myself. i know better nutrition when i see it: great grains. great grains cereal starts whole and stays whole. see the seam? more processed flakes look nothing like natural grains. you can't argue with nutrition you can see. great grains. search great grains and see for yourself. for multi grain flakes that are an excellent source of fiber try great grains banana nut crunch and cranberry almond crunch. >>> even before last night's results, i felt that the work that i had done in running for office had come full circle. because what you guys have done means that the work that i'm doing is important. i'm really proud of that. i'm really proud of all of you. >> that was an emotional president obama thanking

zandi says the economic impact of ending these tax cuts, not getting agreements, would reduce grossdomestic product by $174 billion. we don't want to do that. that would be a very bad result for everyone. whether you talk to -- whether you read, i should say, the c.b.o. numbers or whether you talk to economists or read about their assessments, whether you talk tow c.e.o.'s, all agree that we have to deal with both the tax rate question for middle-income families as well as making sure we're avoiding the across-the-board cuts i'll get to in a moment. so there's much to do to solve what our year-end challenge is, and we certainly have more challenges in 2013. but it's basically about getting our fiscal house in order. part of that is spending cuts. part of that is getting more revenue. as well as even as we're getting our fiscal house in order, dealing with various tax challenges along the way. we should point out that there has been a lot of progress made. just give you two examples of that. we know that when the national jump numbers were announce -- national job numbers were announ

tsody's chief economist mark zandi says he expects that the economy would benefit ultimately eventhe measure, even though slightlyes would grow slightly less. >> rebecca ja u.rah and charlie? >> rebecca jarvis, thank you. >>> susan rice met with some of her republican critics. fter that meeting there are ecretary of rice's future as the secretary of state nominee. na charlie, ges is on capitol hill. good morning. >> reporter: charlie, good orning to you. emambassador rice told a trio of epublican senators that she regrets the talking points she was working off of when she went on those sunday talk shows were flawed. info she was simply working off the at the ormation that the thtelligence community had at buyinme. they weren't buying it. they said she was privy to ormation t information that was telling a much different story. >> ambassador rice, what do you ay to republicans today? >> reporter: if ambassador rice was hoping to appease her oming toby coming to capitol to face itet them face to face, it didn't work. cantly troubleificantly troubled by many of the answers that we t get

mark zandi, a lot of people go to him for his thoughts on economy.believes the unemployment benefits is the most beneficial element to the economy in the short term. do you agree with him? >> no. not to bore our listeners with this keynesian nonsense you print pieces of paper that somehow stimulates the economy. it doesn't. you focus how you enable people to get through a very rough patch that had nothing to do with them. how do you it in a way that doesn't perpetuate unemployment but allows people to get jobs even if it is not what they want at least get back on their feet. in terms of the economy, don't do it in the macro thing to help the economy. no. focus does it enable people to get through a rough patch and get people back on their feet. bill: or do you take the other argument and suggest the more unemployment you receive the less incentive it is for someone to actually find a job? >> well, the benefits are not overly generous on this thing but the key thing to keep in mind is, yes, you don't want these things to go on forever because people w

people had pictures zandi tateho at the beginning the officials tried to deny its because pitchers andewitness accounts were the proof. i was never very much into the habit right now. i get the news there ob and investigation for whoever is responsible for the stopping of the train for hours. [inaudible] [laughter] [applause] >> before we came upon the podium nadia bilbassy, talking about the bush and obama administration my said thought it was home the me you said it is the "new york times" as well. please elaborate. >> i have been covering the white house since 2003. the bush administrations had interest reach the arab media for sure. as a reporter in general i the much better cooperation from the bush should restoration mandate obama administration. you thought that ran on the platform of transparency to reach out but i was then cairo with obama's and talking about new beginning everybody was impressed as a reporter was extremely frustrating tried to get my a phone call returned or the email answered it is a battle ever since we formed a of group for those trying to cover the white