tv Erin Burnett Out Front CNN June 19, 2012 4:00pm-5:00pm PDT
breaking news, live picture of cairo, egypt, conflicting reports tonight about the health of the former egyptian president hose hosni mubarak. "outfront." earlier reports that hosni mubarak was clinically dead. tahrir square filled with protesters. egypt on the edge. and the president about to speak in just a few moments, live on the crisis in the eurozone. we'll bring that to you. and jamie dimon back to capitol hill. his session much more intense. let's go "outfront."
good evening, i'm erin burnett. former egyptian president hosni mubarak has been declared clinically dead. his lawyer and military contradict the reports saying he's in a coma. ivan watson is in cairo want to. ivan, what a day it has been. what are your sources telling you? >> reporter: good evening, erin. again, these conflicting reports, where we have state media on the one hand saying that hosni mubarak is clinically dead, the 84-year-old president who ruled this country for nearly 30 years. and then we have the supreme council of the armed forces which took over after he was ousted a year-and-a-half ago saying he's not dead, in critical condition, suffered a heart attack and a stroke and has been choppered to a hospital from the prison where he has been held since he was convicted of being an accomplice to deaths of hundreds of protesters here
in tahrir square and in other egyptian cities a year-and-a-half ago. >> and ivan, tahrir square obviously tonight people are still there, as both sides in the contested presidential election declared victory. how on the edge is the situation? >>. >> i don't think it's on the edge, but there's clearly a political power struggle under way. and there have been seismic political changes here in the last week. you just had presidential elections, the final results have not been announced yet. the people who gathered here are supporters of the muslim brotherhood candidate, muhammad morsi, who has claimed victory with 52% of the vote. his claims -- those claims are being challengedy the other candidate, ahmed shafiq, the hand-picked prime minister. meanwhile, the generals who have been running the show here have made a power play. they have dissolved the
parliament within the last week. they have instituted basically martial law saying military officers can arrest officers and try them before military tribunals and seized powers by a decree sunday night while the votes were being counted. many of the powers that used to be held by the president, all of this being done in a constitutional vacuum. there is no constitution now, and the crowds that are still here are chanting "no to military rule." they don't give a damn about hosni mubarak. they want power to be handed over from the generals to their man, the muslim brotherhood candidate, who they hope -- they think was elected president. erin. >> all right, ivan watson, thank you very much, reporting live from cairo tonight. our other top story. reforms of american banks. the frustration of barney frank was palpable today when he got his five minutes of questions to
jpmorgan chase ceo jamie dimon over his multibillion dollar trade losses. we boiled the exchange so you can get the whole five minutes in summary to this. >> you said you have a for treasurer balance sheet. that assumes there is something special about your -- the way you are that made us have to worry less. but we can't assume that's going to be the case for every financial institution. >> but i also said it would be solidly profitable this quarter. >> that's not the question, mr. dimon. i'm sorry, mr. chairman, i ask specific questions, and he knows what i'm talking about. is there a danger this kind of activity in a financial institution with less of a strong balance sheet might cause some problems? >> i don't know, but i think you should all take comfort in the fact that all-american banks are better capitalized. the system is far stronger today. >> i appreciate that, mr. dimon. that wasn't the question i asked. the futures trading commission budget was $200 million for the year. it's been proposed to cut, the president has proposed to raise
it 308. not a huge sum. do you think at the level of $180 million that's -- you can get smart regulation out of the cftc? >> i have never looked at the cftc's budgets, i don't know what they need. so it would be almost impossible for me to comment on it. >> well, i'm disappointed. >> uh-huh. here we are. now just for the count, 699 days since the financial reform bill called dodd/frank was signed into law. and you know what, we still don't know actual wlee what should be in the 848 pages of the bill. there are still a lot of blanks. lobbyists are still fighting. there are unanswered questions, like things that got jpmorgan in trouble, derivatives. the financial tools that are supposed to hedge risk, but did not succeed in the financial crisis. they were responsible for the crisis the country had. according to a monthly report by the law firm davis polk, only half the rules that would regulate derivatives in the dodd/frank bill have been finalized. that means regulators didn't know the rules, they didn't have
the authority to look into jpmorgan's trade book. jpmorgan, the biggest bank is a lot more bigger and complicated than before. its assets are 49% bigger than before the financial crisis thanks to washington and regulators who pushed jamie dimon to buy washington mutual and bear stearns to save the system. the founder and ceo of paul mitchell is with us. great to see you, paul. this is amazing, 700 days after dodd/frank was passed. you may love the bill or loathe the bill. but this is insane failure. it's -- the lines aren't even filled in. >> total insanity. in fact, when you look at regulations, federal government, why don't you regulate yourself first? there's too many regulations. last administration, we got into a war, because we were told things that weren't true. this administration, hey, no more lobbyists. no more pork barrel spending. why don't you regulate what our presidents are saying and make sure they're saying the truth before you start regulating more
regulations on american business. it just doesn't seem right. and then you can't even come up with an answer. >> and then here we are in a situation where i mean, a lot of people have come out and supported jamie dimon that it was a mistake. but perhaps a mistake made because he successfully fought financial reform. >> yep. >> and his bank is too big to manage. >> interesting, isn't it? when this first came out, their stock was at $40 a share. it went down to $30 a share. now it's back up to $35 a share going back up towards $40. but i checked with my financial people. the dividend, was it affected at all by this? absolutely not. people make mistakes in business. just like our government has made some pretty big boo boos, both administrations, not in particular, okay? however, we correct the mistakes. they made a boo boo, but at least the guy stepped to the front and said, i am the ceo, i'll take responsibility. even though he didn't make the actual decision where the money was invested. i feel, give the guy a break. he made a mistake. let him learn from the mistake. no dividends were affected
whatsoever. and they can make up for it here in the months to come like any business would. >> right. now, i mean -- i like how you're an optimist. i'm sort of in the camp of hey, i'm glad the mistake wasn't so much bigger and then it would have hurt things. but when you say he took responsibility, i wanted to play another back and forth between him and barney frank and here it is. >> will the clawbacks for compensation -- is your compensation on the table for consideration of clawbacks? >> all of this -- this whole act will be reviewed by the board. >> specific question. >>y compensation is 100% up to my board. >> is it under -- mr. dimon you said there would be clawbacks for people responsible. is your compensation in the pot that's going to be considered for that? >> they will do what they see is appropriate. i can't tell my board what to do. >> okay. but can he tell his board, i should be held responsible? i should have a claw back? i mean, isn't it sort of ridiculous not to? >>el can. yes, he can. john paul mitchell systems is
private. and i own the majority of the company. the last three years, we are very profitable and we grew every year. i told my board, if i did a good job, give me a $1 raise, that's it, period. leave the rest of the money in the company so we can have more affordable products, not big price increases. what he should say is, i'm paid a fortune. guys, if you think me take responsibility screwed things up a bit, give me little to no raise or bonus. i make a fortune anyway, let me be the fall guy and act accordingly. that's what he should do. >> that seems like the right thing to do. don't give me a bonus. because i was responsible. i'm sorry. i messed up. >> exactly. >> i want to put my money where my mouth is. >> or at least reduce it. that's the american way. >> all right. >> that's what america is looking for. >> thank you very much. we appreciate it. "outfront," the president's address to the nation live in a moment. plus, mitt romney made a surprise announcement just a few moments ago about marco rubio. and a grand jury decided whether a father will be tried
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past year would know that is a shocking revelation. but a romney adviser confirmed the story to the "washington post" saying rubio was not being, quote, seriously considered. but mitt romney himself made three stops on his bus tour today, press corps in tow. he did not comment on this. he did not comment on rubio. for 12 hours. and then he did. >> the story was entirely false. marco rubio is being thoroughly vetted as part of our process. >> john avlon, ryan stone and martin. why do you take 12 hours to say that? >> that's a good question. i'm not sure why. >> i love you, ryan, for just saying you know what -- you can just come up with some excuse, you say i don't know. >> it's a campaign, a lot of moving pieces. but i think even if he is saying he's vetting rubio, i think there's a very good reason not to vet rubio and it's this. this election is either going to hang on the southwest or the midwest as the swing region. and i think right now, it would
make a lot more sense for mitt romney to pick someone like a tim pawlenty rather than a marco rubio. you don't necessarily acknowledge that at this phase. fair enough. but i think it's quite sensible for them not to be vetting rubio. >> i do know why he hated 12 hours, because he was trying to clean up a political mess. because someone told the truth, and it was a necessary insult and causing problems for the campaign. >> you think he isn't vetting rubio. >> rule number one, everybody lies. this is that going down. and this is absolutely trying to clean up a political mess after 12 hours because it was an insult to the latino community, rubio and to florida, frankly. >> no, it's not! can we stop sitting here playing this game? erin, i just finished interviewing ice-t, so let me go hip-hop. romney got played. that's exactly what happened here. he got played. he should have stuck to his original script, and that was, i am not commenting on our vp search. two people know exactly who is getting vetted. here is the problem now.
every day between now and when he chooses his vp nominee, he's going to get the question. are you also vetting chris christie, are you also vetting this person, are you vetting this person? >> oh, yeah, he set a bad precedent. >> he should have never walked into this, and simply said, i hope the candidate, i make the call, simple as that. i'm not addressing this issue. >> but roland, you know as well as i do, two senior staffers, not just abc, but reaffirming to the "washington post" something as controversial as this on the day that rubio's book launches, that's an intentional shot, inside your own campaign. >> but the romney campaign. >> sure. >> it's supposed to be -- >> there's -- >> perfect on this front. >> there is a practical reason not to have rubio. he would be a strong pick, florida, generational gap, necessary outreach to the latino community which feels snubbed, but could bring some other states in the mix. so look, i don't know that it will be marco rubio. but not saying he's -- the consideration set is an unnecessary insult.
>> well, marco rubio himself has said he was not going to be the vp, he didn't want to be. fine. all i'm saying is, you have now opened this box. and it's not some kind of insult, the entire latino community because he wasn't considering marco rubio. he's one guy who is a junior senator, please. >> let me read, carlos sierra for buddy roamer for president. romney can spend all the money his hispanic strategists tell him to, but they're taking him for a ride because there is nothing he can do to get the hispanic vote this cycle. in that case, forget marco rubio. >> if you look at the number of states where the latino share of the electorate is bigger than 10%, it's not a big number of states. the swing states are small, colorado, nevada and florida are swing states. and florida, the latino community there -- not a swing state, not this time around. when you look at florida, that's a state moving in the gop column comfortably. so colorado and nevada are the states. together, 15 electoral votes.
think about michigan, wisconsin, pennsylvania, ohio. those are the states that are going to determine who gets elected president. and those are not states in which the latino vote is going to be critical this time around. >> so roland, should he put another guy who looks and sounds a lot like him, good looking, tall, white, vp? >> nobody -- tell me, please. raise your hand if you voted in 2008 because of joe biden. no. if you're going to vote for the presidential ticket, you're voting -- >> joe biden -- >> you're voting for the person at the top of the ticket. it's like saying the gop is considering allen west. somehow black folks are going to say oh, my goodness, let's run for the republican side. >> that's exactly right. the vp picks the first presidential decision a nominee makes. and it says a lot about their values and their profile. some vp picks do make a big difference. lyndon johnson got jfk elected to the presidency.
sarah palin hurt john mccain dramatically with independent voters, something conservatives are belatedly coming to recognize. >> chris christie could be his fighter, boxer. >> and could also make a difference in pennsylvania with suburban voters throughout the northeast. i think it's not necessarily going to move the needle. but i think the idea is that certain vice presidential picks can reinforce a narrative about the candidate at the top of the ticket, as roland suggests. and the thing is, do you go midwest, blue collar with someone like a tim pawlenty or young, latino and marco rubio? >> you go for somebody who is going to be able to tell your message on the stump, regardless of who they are. not this nonsensical thing -- just like it's also insulting to say that sarah palin has somehow discounted all women on the republican side. that's nonsense. you pick the best person for it, regardless of latino or white or black or female. >> all right. thank you very much. >> thank you. still ahead, north america no longer home to a very telling measure. the rise of asia. and what it means to america's not so rich.
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a new report shows us where the world's millionaires live. and for the first time, most don't live in north america. they live in asia. to be exact, 3,370,000 millionaires call asia home. 20,000 more than in north america. big victory for china, right? not so fast. because, you know, if you look at it north america includes canada, a lot of countries in asia. and if you break it down country by country, the u.s. is still number one followed by japan and asia, and then germany. the report comes from rbc weather management. you may be saying, how many millionaires are there around the world? that's our number tonight. 11 million. to be exact, a far cry from 1% of the population. it's actually .0016% of the world's population. not quite as catchy as 1%. a texas father who says he discovered a man trying to month
left his 5-year-old daughter and in a fit of rage beat him to death will not face charges for the killing. the grand jury met today and declined to return an indictment against the father in the death of 47-year-old jesus mora flores. the father told police he heard his daughter scream, he went into the house and caught the man trying to molest her. he admits hitting the man, he says he didn't mean to kill him. martin savage joins us with the latest, and martin, what was the specific reason why the grand jury just declined to charge the father at all? >> well, the specific reason is that they basically determined this was a case of self defense. it was a father that was defending his daughter. clearly he found a molester in the act. he alleges this molester was attacking his daughter and the only way to stop it was to drag him off and then in a fit of rage beat him. what's interesting here is the d.a. in this case says she has never seen a circumstance where the evidence was so clear-cut. here's how she described the evidence. >> a substantial amount of evidence showed that the witness
statements and the father's statement and what the father had observed was, in fact, what had happened that day. the 5-year-old victim had sustained some physical injuries that were noted by the same nurse and were absolutely consistent with all of the witness statements. >> and the father was extremely remorseful in the 911 call. again, no charges, and most people understand why. >> that's certainly the truth. thanks very much to martin savage there. the president is about to speak live. we're going to be bringing you his prime time address in just a moment. mcallen, texas. in here, heavy rental equipment in the middle of nowhere, is always headed somewhere. to give it a sense of direction, at&t created a mobile asset solution to protect and track everything. so every piece of equipment knows where it is, how it's doing or where it goes next. ♪ this is the bell on the cat. [ male announcer ] it's a network of possibilities -- helping you do what you do... even better. ♪
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welcome back to the second half of "outfront." we start with stories we care about. we focus on our own reporting from the front lines. there are conflicting reports tonight surrounding the health of hosni mubarak. the 84-year-old ex egyptian dictator egyptian state news said mubarak is clinically dead. his lawyer said he's in a coma, not dead as reported. earlier today he suffered a stroke and cardiac arrest. meanwhile, thousands of demonstrators returned to tahrir square tonight to protest the military's power grab. both presidential candidates are
claiming victory in the historic election. tahrir square still full tonight. and the meeting between attorney general eric holder and house oversight committee chairman darrell issa ended without them resolving their dispute. as the holder for more documents relating to the botched firearm sting dubbed fast and furious. after the meeting, issa said holder failed to provide the documents he wanted. which means for now the committee will continue with its plans to hold a contempt vote against holder tomorrow. formal talks between iran and the six world powers have concluded for now. they agreed to have lower level officials meet on july 3rd to go through technical issues. we watched the press conference. kathryn ashton said after the tough and frank talks, it's clear there are still significant gaps between the substance of the two positions. and a new study is shedding some light on just how overweight americans are. according to the london school
of hygiene and tropical medicine -- what are you saying about us, london? if every country had the obesity levels of the united states -- holy cow, the increase in weight would be equivalent to adding an extra 935 million people to the global population. we have 7 billion now. that's incredible. north americans account for 34% of the world's body mass. we would be the legs on the body. 320 since the u.s. lost its top credit rating. investors are hoping the fed is going to bail us out yet again. stocks up a percent on hopes tomorrow ben bernanke may come out and say i'm going to do more even though the last time i did something it didn't work so much. well, we are expecting president obama to begin speaking at any moment. he is in mexico for the g-20 summit. where the main focus for the past two days has been the crisis in europe, sluggish global economy. he met with european leaders. he also met with chinese president hu engine hu jintao,
and the president will wrap-up with a press conference any moment. he could be coming up to the podium any moment. in the mean time, dave avalon. a 24-hour warning the president is giving this prime time address to the country. and we're still not exactly sure what in detail he's going to go into. i mean, is this something that he would have written before? i mean, how -- usual or unusual is this? >> it's kind of unusual to book time when you don't know exactly how things are going to go. which makes me think they had a fair idea of how things were going to go. they -- there may be some formalities, but whatever is about to be discussed must have been negotiated in advance. here's the thing that i would be -- i'll be curious to hear. if i were -- i assume what's going on at this conference, it's a game of everybody -- either beg or bully angela
merkel into bailing out the other european countries. if one were angela merkel, okay, mr. president, what are you putting into the pot? if your economy is on the line too, will you make through the imf or some other arrangement some kind of american contribution. and that will be an interesting question to think about during the remarks today. >> interesting. i bet you're right. we have put a lot into the imf. and i don't know that europe helped us during our crisis. i'm sure they wanted to. i'm being a little tongue in cheek, but still. the fed has the spigots open to europe already, john avlon, but there might be some announcement the they're going to work together. >> one would hope. this is a precarious moment. right now the g-20 meeting, all the leaders realize they need to stabilize the ship of state not only in their own economies, but collectively. because if any of them falls, the contagion could be dramatic. and the illusion that contagion doesn't occur we realize is fundamentally false. the question will be what sort of leadership role is president obama going to be trying to articulate to the american
people tonight in his statement? is he going to be announcing some sort of breakthrough? how is he going to be establishing america's role in helping solve the global problem when it can't be solved by america alone? >> david, this is a really tough spot he's in, right? he doesn't want to take too much of a leadership position, because the united states doesn't want to be -- the people don't want to be bailing out europe. but what angela merkel does could determine whether or not president obama gets re-elected. >> my joke of the season, there's only one swing state that counts in 2012, and it's germany. but look, here's where john avlon makes a very important point. when you say how does the mechanism of contagion work. spain, which is the next country on the firing line after greece, and a much bigger economy than greece. spain was the largest issuer of asset-backed securities of any european country except the netherlands, which is an international banking system. but the spanish securities are domestic. spain issued way more than france and germany combined. what that means, every spaniard who has a debt to a credit card company, a car loan, a mortgage, a debt that is owed in euros,
that debt is contained probably, in some bond, owned by somebody else, maybe half a world away. new zealand or brazil. and if spain stops using the euro and starts using the new petitions adda, all bonds take a nasty hit and could be -- for example, the portfolio that guarantees one's own retirement or one's own insurance. >> it is pretty amazing when you think about -- if you have a money market, anybody, money in your bank, money market fund, 15% of that money could be in europe right now. you don't know it i mean, it issin exbly tied to this country. >> aig. it really does illustrate what an extraordinary moment this is. and to david's point, the fact the finance ministers in foreign nations have have such dramatic impact and political fortune as the president cannot be in their entire control, that's an extraordinary sign of the changes that globalization has brought, really. >> i want to bring in wolf blitzer. wolf, this really is a tough moment, a challenge for the
president in terms of how to walk this, because he's got to look like he's in control of the most important economy of the world, but doesn't want to look like he's sort of bailing out europe or, you know, politically looking in bed with europe. >> well, everything is going to be seen within the context at least here in the united states of the presidential election. and there's no doubt, the president is walking a delicate tight rope right now. he's got to deal with the crisis in the eurozone. that's obvious. and i'm sure his opening statement he'll restate how things are at least moving a bit in the right direction following the greek elections over the weekend. he's going to open with that opening statement, but then he's going to take questions. and i suspect there will be several questions, a. on what's going on in syria now, the tension between the u.s. and russia over syria. there will also be questions on egypt right now. of the conflicting reports as you have been noting, hosni mubarak, is he dead, clinically
dead, in a coma, huge demonstrations emerged today in tahrir square, given the election results are officially supposed to be announced thursday. so you've got the economic crisis, you've got syria, you've got egypt. and you've got a presidential election. i'm sure the american reporters who are going to be asking questions following the president's opening statement at the conclusion of this g-20 summit, they've got some good questions. and typically at these g-20s, g-8s, the host -- the country -- the various leaders do have a little one-on-one news conference with the traveling press corps. this is the president's opportunity to answer a few questions. and he's doing it in prime time here in the united states, the east coast. i think los cabos is rocky mountain time, two hours behind the east coast out in mexico. >> yeah. and that's where brianna keilor is. brianna, what are you hearing the president will say? we're still awaiting when he'll come up to the podium. but is the speech itself, comments, mostly focused on the economy g-20, will he talk about
syria or egypt? >> reporter: his comments will be focused mainly on the euro zone crisis, no doubt because of questions he'll be talking about syria. but the communique of the g-20 leaders just came out. this is sort of the wrap-up for the summit, their goals, putting everything together. and really the headline is what some of the euro zone leaders are here for, at the summit saying against the background of renewed market tensions, members of the g-20 will take all necessary measures to safeguard the area. this is them saying we are going to do something, we're going to find a solution. and that really speaks a lot to what president obama came here to the summit to communicate to these leaders. not just president obama, but other g-20 leaders. get it done. that was really their message. there was a lot of pressure on european leaders here at this summit. and we're expecting president obama to kind of reference what is said in this communique, erin, to say that euro squloen zone leaders understand they have to do something.
and that's sort of his diplomatic way of another little push. >> right. i mean, i'm sure -- you know, to our viewers, he's going to try to do that. the problem, of course, anybody watching the euro crisis, they have said repeatedly they're going to take necessary measures and haven't done that. angela merkel with say that, but it's not actually happening. and everybody can see that the rhetoric is in direct conflict with the reality right now. >> absolutely. a communique is not a solution. i mean, this is not a time for sort of, you know, further study and vague directives. this is a time where people are looking for action, real commitment. if there is anything less, a communique about good intentioning going forward, it's going to fall flat. >> and david, from the other challenges, wolf said even in the question and answer session with reporters, if he's asked about syria, everyone was looking today at the pictures of the president and vladimir putin. putin today commented on syria. it seems to be, look, no one has -- here's what he said. no one has the right to decide who should be in power and who should step aside. so really flying in the face,
obviously, of the president's position or the u.s. position that al assad has lost his legitimacy. from? >> vladimir putin's point of view, once you allow a country to decide who should rule it, that's a principle that has some pretty ugly implications. you can see why he would take that view. no one has the right to decide, except the person who holds the power. >> yes. and i -- i heard your -- i heard your chuckle as you said that. wolf, this is going to be an interesting question, whether someone will say -- ask the president, did you have a direct conversation with vladimir putin about how you're not on the same page, or sort of who controls that relationship between the u.s. and russia? >> they clearly are not on the same page as far as syria is concerned. that was obvious yesterday when they had that meeting and this is the first meeting that the president has had with putin since he resumed his presidency. by all accounts on this one issue of syria, there are strong disagreements between russia and the united states. there's no doubt about that.
and the russians continuing, even as we speak right now, to provide military assistance to bashar al assad's regime, also making it clear, no one should interfere in what putin calls the domestic affairs of a sovereign, independent country like syria. he just said a little while ago in his wrap-up news conference which just wrapped up in los cabos. i said it's the fundamental position that no one has the right to decide for others who should be in power, who should step aside. he acknowledged part of the syrian people represented the armed opposition that wants assad to go. but he also said this is not all the people. so clearly, the u.s. position, the obama administration's position, is bashar al assad must go. there can be no future in syria with bashar al assad remaining in power. i suspect there will be some questions on syria, but i also suspect there will be some questions on egypt. and anderin, let's not forget, the united states still providing egypt with $1.3 billion a year
in military assistance, and u.s. officials are looking -- are looking at that crowd atta rear square right now, mostly supporters of the muslim brotherhood and deeply concerned. >> that kind of -- i think there is no other word for it. if there is not a democratic solution. what behind the door meetings has the president had, anything else with vladimir putin, developments on syria we may not be aware of or something to do with egypt? what have you heard? >> well, i think what's interesting is that the meeting with vladimir putin went for so long, about two hours. and certainly, you're not getting the whole story when you hear the readout from the meeting. but talking to some white house officials, they insist, even though there is this chasm, it appears, between the stances of vladimir putin and president obama, they say there is a middle ground. and they say over time there are implemental movements. that if you were to look at this
in time, obviously these things don't happen immediately, they do believe that russia can be moved at some point. with y but the question is what does this look like? you heard vladimir putin say adamantly he stands by his fundamental position on this. but according to a reuters report, prime minister david cameron of britain said his understanding is very different, that putin actually does not believe that anymore that assad has to stay. so obviously, there appear to be some different interpretations of that that we're trying to figure out. but it's really this question of what exactly would the commonalities on this be, because we heard putin say that yesterday. that he thinks some commonalities can be found. we just don't have details on it. >> this is tough. when you think about these issues, david, that are out there -- so he'll give his speech. but, again, it seems it's going to be almost impossible. in fact, i would say it is impossible to satisfy the world and the markets. syria, egypt, similarly.
why would you choose to take reporter questions in prime time when you don't have solid, great, strong answers to the tough questions? >> well, he may feel he does. the president has a high opinion of his abilities to speak to a group. he may have -- he may have some news. he also -- president obama actually has been very sparing with press conferences. and he may be just ramping up his exposure in a controlled environment. and that would be a welcome thing. the president should take questions from the press. >> wolf, do you think a lot of this is sort of, look, i'm happy to take the time in the evening, the american people are watching, it's political season. like or loathe the questions, i want the exposure? >> you know, there's -- i think to a certain degree, this puts him on the international stage, and it gives him this platform with all these world leaders, and politically, i'm sure some of his advisers believe this is going to help him, show that the office of the presidency, if you will, there is no doubt that this often -- oftentimes helps
an incumbent president seek -- get himself re-elected. one of the things that i noticed, erin, in the statement that was put out just a little while ago, the joint u.s./e.u. statement, we may here th hear this from the president, the transatlantic relationship is the world's largest economic relationship, accounting for half of global economic output, and nearly $1 trillion in goods and services trade and supporting millions of jobs on both sides of the atlantic. the key words, millions of jobs on both sides of the atlantic. i suspect we'll hear the president say in his opening remarks that what he's doing at los cabos right now with his g-20 is helping to create jobs, to strengthen the u.s. economy. he's working for the american people on this international -- in this international forum to do what needs to be done. and i suspect that will come through in his opening statement. we'll see how much -- how many
of the -- how many questions he takes, first of all, from reporters, three, four or five questions from the american reporters who have assembled there. and we'll see what subjects come up in this news conference. but there's no doubt that the president will try to explain to the american audience who will be watching that this is important work to strengthen this u.s. economy, and that so much is at stake for american jobs. here is the president right now. [ speaking in spanish ] climate change to development. since this is my last visit to mexico during president calde n calderon's time in office, i
want to say how much i valued phillippe's friendship and the progress we have made over the past several years. and building on the spirit here at los cabos, i'm absolutely confident that the deep ties between our countries will only grow stronger in the years to come. now, over the past three years, these g-20 summits have allowed our nations to pull the global economy back from a free-fall, and put us back on a path of recovery and growth. in the united states, our businesses have created jobs for 27 months in a row. more than 4 million jobs, in all. and our highest priority continues to be putting people back to work, even faster. today, we recognize the wide range of threats to ongoing global economic recovery and growth. but the one that's received the most focus, obviously, and that is having a significant impact in the united states as well as globally is the situation in
europe. as our largest trading partner, slower growth in europe means slower growth in american jobs. so we have a profound interest in seeing europe prosper. that's why i've been consulting closely with my european counterparts during this crisis, as we have done here at los cabos. i do think it's important to note, however, that most leaders of the eurozone economies are not part of the g-20. the challenges facing europe will not be solved by the g-20, or by the united states. the solutions will be debated and decided appropriately by the leaders and the people of europe. so this has been an opportunity for us to hear from european leaders on the progress they're making, and on their next steps, especially in the wake of the election in greece and because they're heading into the eu summit later this month. it's also been a chance for the
international community, including the united states, the largest economy in the world, and with our own record of responding to financial crises, to stress the importance of decisive action at this moment. now, markets around the world, as well as governments, have been asking if europe is ready to do what is necessary to hold the euro zone together. over the last two days, european leaders here in cabos have made it clear that they understand the stakes and they pledged to take the actions needed to address this crisis and restore confidence, stability and growth. let me just be a little more specific. first, our friends in europe clearly grasp the seriousness of the situation and are moving forward with a heightened sense of urgency. i welcome the important steps that they have already taken to promote growth, financial stability and fiscal
responsibility. i'm very pleased that the european leaders here said they will take all necessary measures to safeguard the integrity and stability of the euro zone to improve the functioning of the financial markets. this will contribute toward breaking the feedback loop between sovereigns and banks and make sovereign borrowing costs sustainable. i also welcome the adoption of the fiscal compact and its ongoing implementation. together with a growth strategy which includes structural reforms. g-20 leaders all supported europe working in partnership with the next greek government to ensure they remain on the path to reform and sustainability within the euro zone. another positive step forward was the euro zone's commitment to work on a more integrated financial architecture, including banking supervision, resolution, and recapitalization, as well as deposit insurance.
also, in the coming days, spain will lay out the details of its financial support request for its bank's restructuring agency. providing clarity to reassure markets on the form and the amount and the structure of support to be approved at the earliest time. it's also positive that the euro zone will pursue structural reforms to strengthen competitiveness. and to promote demand and growth in surplus countries to reduce imbalances within the euro area. finally, i welcome the fact that europe is determined to move forward quickly on measures to support growth and investment, including by completing the european single market and making better use of european funds. of course, europe is not, as i said, the only source of concern when it comes to global growth. the g-20 also agreed that reversing the economic slowdown demands a renewed focus on growth and job creation. as the world's largest economy,
the best thing the united states can do is to create jobs and growth in the short term, even as we continue to put our fiscal house in order over the long term. and as part of that effort, we made significant progress in advancing our trade agenda. this is essential to promoting growth, innovation and jobs in the united states. here in los cabos, we announced important steps towards closer integration with three of our major trading partners, both mexico and canada have been envited to join the transpacific partnership negotiations which is an ambitious 21st century trade agreement that will now include 11 countries. this agreement includes enormous opportunities to boost trade in one of the world's fastest growing regions. even as we build this new framework for trade in the asia pacific, we're also working to expand our trade with europe. so today the united states and the european union agreed to take the next step in our work towards the possible launching of negotiations on an agreement
to strengthen our already very deep trade and investment partnership. in addition, and in keeping with our commitments at the last ca countries with large surpluses need to continue to boost demand. so, in closing, i note that with mexico's leadership, we continue to make progress across a range of challenges that are vital to our shared prosperity. from food security to green economic growth that comb battles climate change, for financial education and protection for consumers, to combating corruption that stifles economic growth and in strengthening financial regulation to creating a more level playing field. all of this happened in large part because of the leadership of president calderon. i want to thank him and i want
to thank my fellow leaders for their partnership as we work very hard to create jobs and opportunity that all of our citizens deserve. so, with that, i'm going to start with ben feller of a.p. >> thank you very much, mr. president. we're all hearing a lot of encouraging promises about what europe plans to do. but can you assure us that those actions, if they're able to come together, will actually do anything to create jobs in america this year? if europe is not able to rally in a big way pretty quickly, do you think that will cost you the election? >> well, first of all, i think that what i've heard from european leaders during the course of these discussions is they understand the stakes, they understand why it's important for them to take bold and decisive action, and i'm confident they can meet those
tests. now, i always show great sympathy for my european friends because they don't have to deal with one congress, they have to deal with 17 parliaments, if you're talking about the euro zone. if you're talking about the european union, you're talking about 27. and that means that sometimes, even after they've conceived of approaches to deal with the crisis, they have to work through all the politics to get it done. and markets are a lot more impatient. and so what i've encouraged them to do is to lay out a framework for where they want to go in increasing european integration, in resolving the financial pressures that are on sovereign
countries. even if they can't achieve all of it in one fell swoop, i think if people have a sense of where they're going, that can provide confidence and break the fever. because, you know, if you think about europe, look, this remains one of the wealthiest most productive regions of the world. europe continues to have enormous strengths. very well educated productive workforce. they have, you know, some of the biggest, best-run companies in the world. they have trading relationships around the world. and all these problems that they're facing right now are entirely solvable, but the markets when they start seating potential uncertainty show a lot more risk aversion and you can start getting into a negative cycle.
and what we have to do is to create a positive cycle where people become more confident, the markets settle down, and they have the time and the space to execute the kinds of structural reforms that not only europe but all of us are having to go through in balancing the need for growth but also dealing with issues like debt and deficits. and i'm confident that over the next several weeks europe will paint a picture of where we need to go, take some immediate steps that are required to give them that time and space, and based on the conversations that i've had here today and the conversations i've had over the last several months, i'm confident that they are very much committed to the european project. now, all this affects the united states. europe as a whole is our largest trading partner. and if fewer folks are buying
stuff in paris or berlin, that means that we're selling less stuff made in pittsburgh or cleveland. but i think there's a couple of things that we've already done that help the financial regulatory reforms that we've passed. means that our banks are better capitalized. it means that our supervision and our mechanisms for looking at trouble spots in our financial system are superior to what they were back in 2008. that's an important difference. but there's still some more things we can do. and the most important thing we can do something i've already talked about. if congress would act on a jobs plan that independent economists say would put us on the path of creating an extra million job on top of the ones that have already been created. putting