Skip to main content

tv   Real Money With Ali Velshi  Al Jazeera  April 5, 2014 5:30am-6:01am EDT

5:30 am
>> now, a salvadorian fisherman who claimed to be lost at sea for 13 months passed a lie detect yore test. he claims to have survived on turtle blood, fish and birds he caught with his bare hands. >> too many americans have been out of work for too long. there's a silver lining. i'll tell you about it and look at the controversy surrounding a job creator in this country - fracking for natural gas and oil. mining the tall int pool that a -- talent pool that a lot of employers overlook. how one employer is unhandwritten asking the unique skills of autistic workers. i'm ali velshi, and this is "real money".
5:31 am
>> this is "real money," and you are part of the show. join the show. we read your responses. hey, america's economy picked up heat after a cold winter. 192,000 net new jobs were created in march. while figures for the previous two months reviews the prior two months both were up by 37,000. that means a number of jobs added over the last 12 months averages 183,000 per month, that's not too shabby, 150,000 or plus is okay. 200,000 plus is better. both president obama and mitt romney promising 250,000 plus when they were running for election. what is more, the recent job gains we see are coming from the private sector. business services, heath care
5:32 am
and construction. that's a healthy sign of recovery. the unemployment rate, which as you know i don't like talking about, remained unchanged at 6.7%. that's because about half a million more americans felt confident nuf about job prospects to get back in the game and seek work last month. that pushed up the labour force participation rate by 0.2 of a per crept. this is the highest level. the labour force participation number is a personnel of people of working age available to work. you can't be in gaol for work. the personnel of people having a job or seeking a job over the past four weeks. the unemployment rate is no lower, but the meaningful number is the uptake we have seen in the size of the workforce. it's not all rosey, janet yellen saying that the economy feels like a recession.
5:33 am
we saw confirmation of that. 7.4 million workers lucky enough to be working don't feel that lucky, because they are forced to take part-time jobs. in the meantime the number of unemployed stayed the same in march. 10.5 million, a third of them. 3.7 million have been out of work for six months or more. i talked to tom peres, and he told me a way it's being addressed is to partner with community clem, private employers and trained workers. it's called the trade adjustment assistant college in career training. ta a.c.c. ct. or tact for short. lisp to what he told -- listen to what he told me about it. >> it's an unwieldy name but an indispepsible program.
5:34 am
it aims at helping people to upskill. we have given out $1.75 million and are about to announce grants for $500 million, premised on the notion that everything we do has to be demand driven. by that i mean people who are partners who are putting grants forward have to make sure that we are training people for occupations that are in demand. what this program has done is cata lies partnerships between community clems, employers, job seekers and other non-profits. >> that's what the tact program, a horrible acronym does for them. >> a professor spending his career studying the struggles of the unemployed co-founded the institute of career transitions. an organization aimed at
5:35 am
challenging the fears job seekers faced. he's studying 100 white collar workers out of work for six months and joins me from newtown massachusetts. thank you for being with us. >> happy to be here. >> you are following the white colour workers who are long-term unemployed. we have heard that there are prejudices against people who have been long-term unemployed, it's harder for them to get jobs and re-established. is that what your research indicates? . >> this is research of my colleague showing discrimination against people due to the duration of their unemployment. he did a resume audit study, sent pretty much identical resumes, differing in unemployed and skill match, and found that people who had a better skill match, but longer time unemployed were less likely to
5:36 am
get interviews than people with no skill match and short-term unemployed. this is clearly a pretty shocking finding. i hope employers are listening. it means they are missing out on talented people. >> we talk about a skills gap, and i know that these things exist in particularly ports of the economy where people train for particular jobs, and the labour secretary say that they are working with community colleges to adapt some of the teaching. ultimately, if you are long-termed unemployed, what the research of your colleagues is showing is a bias against you that is hard to overcome. despite your qualifications. >> i don't think the skill gap is sufficient information for unprecedented levels in lodge-term unemployment.
5:37 am
i think the discrimination is the key piece. i think we need to look at the experience of someone who is shut out of the labour market for that long. the emotional toll that takes and the discouragement that comes with that. it's an important thing to consider. >> you said something a minute ago. employers should take heed of this. there are hidden gems, there are highly skilled people who are not getting jobs. what is the recommendation for employers. >> i would say to employers, that you need to find a better way to filter applicants, focussing on skills, qualifications and doesn't use proxies like duration of unemployment. that's - that's a really silly way to try to find the best fit for your organization. so this would be my number one recommendation. i was at a meeting at the white house in january. 300 companies sign a pledge to
5:38 am
do exactly that. we are waiting to see the results. these were some of the largest companies in the united states. i think at the top levels they recognise that they need to change the practices. the question is can it filter down to the hr level. >> one of the recommendations, to people who are long-term unemployed is use the circles somewhere else, find volunteer opportunities. >> one of the key things in breaking the cycle is to have something on your resume. then that can, in a way, jam the signals, putting up a volunteer experience can be useful, and can be useful for addressing the emotional toll, the suffering of unemployment. people want to the contribute. they feel like they are being excluded from being contributing members of society. there are ways to contribute that are not through paying
5:39 am
jobs, but can help people with a sense of self and restore their self-esteem. i'm seeing some of the supports provided through the research. helping people regaining that sense in a group setting, where they are helping other job seekers in their search. >> thank you for sharing your research findings with us. it's a difficult topic. hopefully we have made ground on it. the author of "flawed system flawed self." >> the jobs report today is not to blame. the dow and s&p rallied to record highs after news that the job's report came out. later in the day they fell, closing 1% lower and losses were double on the nasdaq, home of technology and biotech stocks. there's no reason behind what
5:40 am
happened. it looks like momentum stocks may have hit a wall. these are high-growth companies that may have got ahead of himself. we reported on many. that gaped in the last year or so. many had triple digit games. we'll take a break. when we come back, more on some. big business stories today. you're watching "real money". stay with us. >> they were driven to find a better life. >> i am citizen of this country... i am the top of the world... >> now they drive to live >> everyone should drive a cab in new york city once. >> finding peace, security and success. >> you can work, you can do anything you want to. >> hop in as these courageous drivers take you on an inspiring journey. >> you don't like this country, get the hell out of here. >> driven an america tonight special series and don't miss the premiere of borderland, a ground breaking television event on al jazeera america
5:41 am
5:42 am
>> on al jazeera america >> techknow our experts take you beyond the lab >> there's about five million points of data >> and explore the technology changing our world. only on al jazeera america >> this is an important development about a drilling technology, revolutionising the energy sector. we have this report on what fracking is and the ricks it poses. this is the state of an energy boom in texas, dakota.
5:43 am
wells create thousands of jobs. shell reserves were not economical to drill, are the focus of energy projects in 30 states. as energy projects draw up plans for new wells, the game changer is horizontal trilling, alongside an process known as fracking. here is how it works. drillers bore into the earth, turn sideways and inject sand and water into the game at high pressure, fracturing the rocks. the fracking fluid is drawn out to allow for oil and gas to be extracted. 15 to 20% of the fluid comes out, raising concerns about contamination no groundwater, especially if a rupture occurs. >> some of the wells are deep, some are not. problems happen at any point in the well, starting at the
5:44 am
surface, going all the way to the bottom. >> energy companies say they have developed technologies to fortify wells and are soaking solutions to the problem. but maintain that the economic rewards outweight the risks. these are problems that the great entrepreneurs of the world look into this. it will take time. questions about damaged rods and infrastructure, groundwaterer, air quality and chemical usage led to fracking. >> the pew research center found half of americans are opposed to it despite the promise of new jobs and development. i have been asking you are the economic gains worth the environmental >> today on twitter and fake i arriving are the economic gains worth the risk. ben writes:
5:45 am
another says: fracking provides cheap er than oil, so i say frack baby frack. let's talk more about the effects of hydraulic fracturing and the effects it has on local and state economies. we have an economy that serve as chair of the university of new mexico economic department. >> it's not a simple yes or no which because there are great economic advantages. you need to look no further than north dakota and the it's unemployment rates plummeting. but the fact of the matter is any time you have anything going on with fracking, with the
5:46 am
production of oil and gas there are basically concerns about problems that can arise. it really comes down to not necessarily is fracking, are the problems going to outweigh the economics, but how safe is it. >> and representative of the of the petroleum industry said they will make it safer. but the oil companies could have figured it out years ago. they just didn't bother. >> i think there were safety measures that could have been taken. when you hear someone say that we'll figure it out as we go along, that's not large comfort to people who consider this to be a high probability event. but i think the problem is that fracking is considered to be this kind of catch-all phrase, and the hydraulic fracturing itself in the completion of the
5:47 am
well may not necessarily be the problem, but it may be associated pieces with that, the completion of the well in terms of the casing and cement, which is part of the problem with the deep water horizon. it's each piece of this it's not just simply the fracking or the fracking fluid but the whole process that we have. >> but arguebly this jeani genie is out of the bottle. we have this fuel, this is got to be what it felt like in the early days of oil as a fuel. >> i think that's exactly right. if you look at the positive gains. we have reduced our reliance on foreign oil. we're on target for a top producer in the field for many years and he have regional economic benefits. to say the geni is out of the bottle is a good way to look at that because it's hard to play catch up in terms of improving the practices that are in place. and so the other problem i think
5:48 am
you have is that depending upon the state you have different practices and you have different pieces of this. >> that's a big point. by the way i'm here in new york where i don't think about water at all. you're in new mexico where you folks out in that part of the country think more about water and natural gas, fracking and extraction has a lot of impact on water. >> it does. the completion of an oil well takes a tremendous amount of water oil and natural gas. the statistics are somewhere between 1 million to 5 million gallons of water to complete a well. what that means when you're in a place in new mexico and texas where we've been in a drought for several years, and we don't have the water to begin with, there is the tradeoff, does the water go to traditional uses, farming, agriculture, municipal needs or do you divert it to the energy industry. >> and in many cases it goes to the highest bidder.
5:49 am
thank you for sharing knowledge. general motors called in another high profile repairman to deal with the crisis. former official in the clinton white house. he is the latest addition of the crisis team that includes ken feinberg, and anton velucas, the attorney who investigated the lehmann brothers . well, it's a quiet revolution happening in big businesses around the world. hiring people with autism, not for altruistic reasons but for a competitive edge. >> we're looking for people who have the ability to concentrate on tasks for a long period time, tasks which for some people are repetitive but are of high importance to us.
5:50 am
google and the world brain >> it would be the worlds greatest library, under one digital roof. but at what cost? >> google could hold the whole word hostage... google and the world brain only on aljazeera ameria >> start with one issue education... gun control... the gap between rich and poor... job creation... climate change... tax policy... the economy... iran... healthcare... ad guests on all sides of the debate. >> this is a right we should all have... >> it's just the way it is... >> there's something seriously wrong... >> there's been acrimony... >> the conservative ideal... >> it's an urgent need... and a host willing to ask the tough questions >> how do you explain it to yourself? and you'll get... the inside story ray suarez hosts inside story weekdays at 5 eastern only on al jazeera america >> al jazeera america is a straight-forward news channel. >> its the most exciting thing to happen to american journalism in decades. >> we believe in digging deep. >> its unbiased, fact-based,
5:51 am
in-depth journalism. >> you give them the facts, dispense with the fluff and get straight to the point. >> i'm on the ground every day finding stories that matter to you. >> in new orleans... >> seattle bureau... >> washington... >> detroit... >> chicago... >> nashville... >> los angeles... >> san francisco... >> al jazeera america, take a new look at news.
5:52 am
>> right now there are 4 million job openings in america and some businesses say they can't find enough people with the skills they need. others are getting creative when it comes to tapping new sources of talent. they're now looking at people with autism. 40% of these folks have above average intellectual abilities but it's important to know that the autism spectrum are wide. those with asperger's may needless support in daily life while others on the other end have a significant disability and can't live independently. companies looking at amen parties of the spectrum with an ambitious goal. it's motivation is not altruistic. it thinks hiring them is good business. david shuster has the story. >> good morning, this is the robot that i personally built. >> reporter: today, patrick is
5:53 am
making one of his first presentations to mention at smp. he's showing them a robot he has programmed to perform tasks for the autism at work initiative. patrick has asperger's , it's characterized by significant difficulties in social interaction along with repetitive appearanc patterns of behaviors. >> interviews are tough enough but it's worse when you don't know the person or you may come off as too monday tone or stiff or relaxed as they would likely. >> patrick graduated from college in 2011 but said because of his disability he has not been able to secure a job. he's hoping that will change . he's one of 30 people on the autism spectrum taking part in the pilot program starting up in vancouver, california, and
5:54 am
pennsylvania this year. sap has begun hiring autistic employees in ireland, india, and soon in brazil. but 2020 it hopes to have 650 employees with autism on its payroll. >> we have a tremendous need for programmers for people in the technology sector as well as the business side of the house. >> jose velasco runs the program saying that it's competitive value in hiring these employees. >> we're looking for people who have the ability to concentrate on tasks for a long period of time where in some cases tasks that for other people may be considered repetitive which are absolute very high importance for us. and the company . >> sap is not alone. walgreen's has a distribution center with 40% of its workforce has a disability, many of whom have autism. and freddie mac offers career track internship for people on
5:55 am
the autism spectrum. >> many are making jokes there are incentives for employers to meyer people with disabilities in the workforce. >> helping companies hire employees with autism. he's working with sap as well as the state of delaware and others tech businesses in the united states. but he says he's also in talks with big pharmaceuticals, health companies and national banks to do the same. >> the goal is to enable 1 million jobs through partnerships and knowledge. >> however, people with autism have real challenges in the traditional work setting. they can extra sensitive to noise, bright lighting and normal stresses that come with a full-time career. taking these things into account means extra attention and training for autistic workers. >> training not only for the participates, but for managers employees.
5:56 am
in the short term there will be additional expenses, time and energy spent to get this up and running. >> many businesses are also concerned about higher healthcare costs, workers comp and liability. but velasco says that they're aware of the additional costs but considers it an investment that will pay off for the company in the long term. >> by 2020 we'll havel equivalency of a person where it makes no difference in bringing one or the other into the company. >> the questions remain. will it work and will the money spent on the front end really pay off? some are watching the sap grand experiment with great interest. >> in the loc longer run there are many reasons to believe that this is going to be a real gold mine. >> as for patrick, he's on track to work at sap as perhaps a software tester but he has his sights set on a different type of career there. >> i hope to expand and use my
5:57 am
background in communications to go into marketing, or even consulting with various clients. >> david shuster, al jazeera. >> now patrick has asperger's which means he requires less support than other people elsewhere on the autism spectrum. but they're looking to hire people who need more support. for them it's all about the skill set and not the social skills. and they will all be paid the same. investors had a hang kerring for grub hub. the online food delivery service which is where i used to get most of my lunches, is seamless and unde is under the ticker gr. which i think is fantastic.
5:58 am
it's gains which i probably contributed to, and now is valued at $2.7 billion. is that my disclosure of my conflict of interest in this company? what the heck high frequently traders are doing, and how they're doing it, and if it's illegal. the department of justice are looking into the traders. they want to know if firms who use super fast computers are violating insider trading laws. earlier this week the head of the securities and exchange commission said her agency is investigating, too, and so is the fbi. all this surprisingly during a week when the author michael lewis released a book about high speed traders and said that the stock market is rigged. no word whether lewis is giving any of his royalties to the fed for having raised his book sale. this is a crucial subject that
5:59 am
needs more investigation. we'll look at the lengths that has created a huge need for speed. a need that is driving people to use lasers and what regulators are doing and not doing. keep with me on this. next week i'm heading to washington where issues effecting the global committee will be front and center at the world bank and international monetary funds spring meetings. if you got a question for president president kim, tweet it to me. this is "real money." that's our show for today. i'm ali velshi. the stream is uniquely interactive television. in fact, we depend on you, your ideas, your concerns. >> all these folks are making a whole lot of money. >> you are one of the voices of this show. >> i think you've offended everyone with that kathy. >> hold on, there's some room to offend people, i'm here. >> we have a right to know
6:00 am
what's in our food and monsanto do not have the right to hide it from us. >> so join the conversation and make it your own. >> watch the stream. >> and join the conversation online @ajamstream. >> the democratic transfer of power. millions of afghans head to the polls to choose a new president. >> state of mind - a denied request for military leave may have sparked a shooting at fort hood. details emerge about the soldiers who were gunned down. >> the u.s. may pull back from the peace talks. >> plus... >> there's a lot of shame