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tv   Your Money  CNN  October 22, 2011 1:00pm-2:00pm EDT

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louisiana governor bobby jindal is hoping to hold onto his job today. the state is holding its gubernatorial primary. it's a nonpartisan contest where all candidates compete and whoever gets 50% or more of the votes wins the race. coming up in the 2:00 eastern hour, what's next for libyan people after the death of moammar gadhafi? i'll talk to an expert in the middle eastern region.
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plus 4:00 eastern, we'll go over fortune magazine's top 40 under 40 list. "your $$$$$" starts right now. president obama on the road this week pushing his jobs plan but is he fighting for your job or campaigning for his own. welcome to "your $$$$$." i'm christine romans, ali velshi is off. chrystia freelander and economist stephen moore. the president traveling through battle grounds on a key trip, wants to push congress to pass every part of his jobs act piece by piece. what is this about? whose job is he looking for. >> my view is if he had really been serious about passing a jobs bill earlier this year, if he had moved to the middle he might have gotten something through congress. once he started talking about a big tax increase on the rich, there was no way republicans were going to go to that.
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i think this has become a polit debate, not what we can pass now. that's a problem when you have 4 million unemployed people. >> didn't they teach the white house there was going to be no consensus and trying to do a deal, trying actually to move to the center is what the white house tried to do over the debt ceiling isn't going to work. you talk to the white house -- precisely for that reason you talk to people at the white house they say actually we really tried hard to do a deal and we think it's a huge mistake because the other side doesn't want to bargain and that's what the president is hearing. >> did make a deal. >> not a meaningful deal that moves economic deal. >> economic war far, tax the rich, that's not a bipartisan consensus. >> exactly, he's changed. to say that the reason he hasn't been able to pass his policies is because he hasn't sought consensus is just not accurately reflecting what he has done. >> there's nothing in that
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package that republicans really like. >> not now, but that's because he tried to reach consensus and there was nobody on the other side of the table. >> that's something his supporters want to hear, he's the one moving, they are not moving with him. i want to talk about the component of that bill of the senate blocked a component of the jobs bill aimed at jobs for teachers and first responders. he made it clear if they don't pass his job proposals, they will have to answer to the public. >> it's these proposals. if they say no to steps we know will put people back to work right now, they aren't going to have to answer to me, they are going to have to answer to you. >> this is for chrystia, even if the president gets parts of his jobs bill through congress going forward he's facing record high levels of pessimism. according to a poll, 59% of americans think the president's policies will fail. is he better off running on his policies or gridlock in washington? >> i think he has to run on his
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policies but i think it is really, really tough. i think for him to run on gridlock, which is a little bit what we're seeing and also trying to blame the previous administration for the economic problems, i think that's going to be really difficult, because people are going to say you've been president now almost for a full term. >> he ran as a uniter, not a divider. >> what he's saying is uniting hasn't work. i haven't been able to do anything. at a time when the economy is in dire straits i think that's a tough sell. >> bring in ken, fed out, the beige book. it says our economy is not in recession, losing steam, not doing anywhere near what we would like. are there pieces of the president's job plan that could help the situation or does it not matter because the politics have made it impossible? >> i don't think anything in it is a game changer but clearly something like extending the payroll tax cut might make
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sense. stephen wrote a good piece how we really need to think about something different here, new tax policy, new way of approaching things. we are in for a long period of slow growth. it's not just about what's going to happen this year but what is our future, where is america going. that's what we really need to see at this point. >> near term do you think we've averted double dip recession. there have been little bright spots, so little not terrible spots. jobs number not as bad, philly fed index this week that showed more activity than people thought. have we averted a second recession or ontoo miniscule. >> as you know, christine, i don't think we ever left the recession in a meaningful second. we call it the second great contraction. is it going to get worse? i think the norm is we have slow growth for an extended period. there's more healing and deleveraging. i'm very worried about europe. that's hanging over our head.
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we're not very strong. our banks aren't very strong. that's the big risk. otherwise if we solve that, slow growth until there's a game changer. >> you are the guru of financial crises and how historically economies have recovered from them or not. is this kind of economic winter just inevitable and should everyone have said at the beginning of 2009, okay, we've screwed things up. history shows it's going to be seven years before things get better? >> i'm afraid the answer mostly is yes. there are things you can do -- >> you've said that repeatedly. >> you certainly want to take aspirin when you have a fever. >> you don't want to do anything that makes it worse. >> you want to understand it's going to last for a long time, don't want to panic. you want to look forward and ask how do we get back on our feet, have a good decade. there was an idea we could jump-start everything, big stimulus, government, private sector will take over
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organically, go away. >> i disagree, you and i have had this discussion. i think if we had done structural things that need to take place with regard to changing the economy in 2009 we'd be in much better shape now. the reason i'm kind of against this stimulus, too -- >> the president's jobs bill. >> putting a band-aid on a cancer patient. we're in agreement, the problems are much more structural than temporary infusions of government spending. >> putting a band-aid on the cancer patient. you have a lot of people suffering. the argument from the white house, you've got to do something to alleviate suffering while we wait for the cure somewhere else. >> there is a really important question about actual human beings and human lives. the thing i'm worried about the most in terms of the winter theory of what's going on is what happens to the generation that comes of age during winter. the research about young people
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who enter such dreadful jobs market never get a good first job. that's scary. i don't think you want a whole generation whose future prospects for 10, 20, 30 years can really be stunted. >> ought to be things like, first of all, the housing. what do we do about housing. if you're going to run a deficit, do something dealing with that, thorny. education, what to do with 25% unemployment among teens. it's high among 20 to 25 years old. try to have something to bridge that, perhaps. the vision ought to be long-term not that we're somehow solving the short-term problem. >> let's talk about tax reform. that's not thorny or long-term. thanks reform is a very big issue. it was all about herman cain's 9-9-9 plan. now rick perry is talking about a flat tax. would it be good for you? is this the time for major tax reform? is that something that could jump-start the economy? we'll take a look at that next
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republican presidential candidate governor rick perry announcing this week he wants to overhaul the tax code with a flat tax. in his preview flat tacks aren't new. they have failed to move voters in past elections. this time will it work? >> many, many years ago i worked with steve forbes in 1996. he was a little bit ahead of his time. >> i think he's advising rick perry. >> i do think the time might be right. you need one of those situations where the stars are finally in line to get this done. the flat tax puts all the lobbyists, all the tax accountants and all the special interests in washington out of business. it gets rid of deduction, postcard tax return, very popular with people and gets rates down low. maybe given the crisis we're in the time might be right, perry talking about next week coming out with some version. >> what do you think, flat tax, does it help the economy? >> i love the flat tax idea.
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steve forbes version was good. an earlier one jerry brown had. it's a spectacular idea, can you imagine tax form half a page, no bothering with accounting and lawyers and all the different things. i think it would be a great idea. it's a big change. some countries have done it. i think it's worked really well. we need a game changer, something that gives us growth. somebody will discover something, the next steve jobs. we hope that will done. what can washington do in this is something washington can do if they do it the right way. >> if we had 18% rate or whatever it is, i think on a competitive basis around the world, it would make america a very competitive place. you'd see a lot less outsourcing. >> sounds like you guys are sold. why didn't the united states do this? >> turning to the conversation at the beginning, i think tax reform and tax simplification, even if it's not as perfectly
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simple as a flat tax, i think that's an area you could have some real bipartisan support. one of the things you're seeing on the left right now, the grassroots left is a sense that big business and vested interest has been successful in gaining what stephen was talking about. the tax code has been a way that's happened. >> we finally find something we can agree on. that kind of simplification. >> they can lobby -- >> one of the reasons you've got the warren buffett problem, because who takes advantage of all these loopholes, rich people. >> it's why you have the problem. >> maybe it's why herman cain has been doing so well in the polls, there's noing to simple as three little numbers, 9-9-9. we know this week he modified 9-9-9 for people below the poverty line to 909, taking away
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taxes if they were below the income level. is this why it's resonating because it's simple? >> yes, i think simplicity is appealing. also something mr. rogoff has been saying, people know this is winter of people get that. the historical research shows it, people see that in their lives. people i think really want something new. they want a new idea. they do feel there needs to be some game changing political transformation. i think this is appealing. i think with herman cain the difficulty is going to be as time goes on and people test, is there anything behind 9-9-9. the world is a complicated place. >> it's great -- i want to say 911, because that's what i want to deal with this economy. >> your plan. >> rogoff's 911 plan. >> it's a muddled version of the flat tax. the flat tax is beautiful.
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this is not. it has a lot of problems. i give him a lot of credit for having the vision. let's make it simpler, do something people will understand. i don't think it's quite the wright way to do it. >> said, wouldn't it be nice to give a number for congress, the tax code will expire. we talked about it so many times, said the stars are aligned but is now the time to do it. >> now would be the best possible time. >> which means they won't. >> you don't know. i'd much rather we channeled all this anger with the tea party, with the occupy wall street, channel all this anger to something constructive. i'm worried if we don't we're going to get a game changer, a trade blocking regulation. >> we did in in 1986. that's the amazing thing. we had a total bipartisan consensus for cleaning out the
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tax system and lowering rates. that bill passed 97-3. >> it's not as radical as this. >> it depends on the white house. the president has said it's okay with me to be a one-term president if i can get big things done. so this is a moment when he could really roll the dice on this. another game changer i think is essential, which he tried to do is health care. if health care isn't fix, i don't think this reform fixed it. >> he got things done his critics don't like, health care done, a big stimulus done. they said you've had your chance, mr. president and we still have 9.1% unemployment. >> obama care. >> here we go again. a whole other five-minute block. nice to see you guys, have a great weekend. occupy wall street. two guests, two different opinions. both witnessed firsthand. one sides with the protesters, one doesn't.
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occupy wall street, lots of anger from the protesters, lots of questions from those observing the movement from outside. we're joined by two men who observed these firsthand. will cain, matt taibbi, contributing editor with rolling stone. you say you love these protests but you want to see the movement focus on a few things. what are they? >> first of all, i don't think it needs to focus yet. what it's doing right now is just getting bigger is an end in itself. they have been tremendously successful at that. everyone around the country is asking what do these people want so we can give them something and make them away. the longer they wait to announce specific demands the more people will be willing to give them. right now growing is an important goal. when it comes down to time for specifics, they should settle on one or two differ things. for me the big suggestion would be break up the banks. that's something that already had a lot of support in washington, a massive show of force could actually achieve
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that. >> break them up, make them smaller, make more of them. >> no more too big to fail companies. if a company is too big to fail, it's too big to exist. gholds and bank of america have implicit support of united states government it's not fair to the rest of the world, smaller regional banks, unhealthy situation and taxpayers should not be on the hook. >> what did you see driving this? >> one thing i'm going to challenge matt on, i don't think people are asking to satisfy wall street protesters what they want so they will go away but so we can have a focused conversation and make it better. i've read matt's five potential demands, one is a suggestion to wall street, break up the banks. i would almost describe to every one of his pieces of advice, including break up the banks and
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defend them from a free market perspective. my conclusion is different. i don't like what i see. it's not what matt wants to demand. if you give them all five, nobody is packing up a sign and going home. >> that's one of the things. there are a lot of people who say i love the idea of occupy wall street the movement. the movement says don't take your liberal world view and put it on us. we're not a package for how you think the system should be changed. >> well, but i think they are right to not define themselves yet. what's happening, all these people are trying to speak for the movement and trying to coral them and put them in a box and find leaders they can negotiate with or identify as head of this movement by not having a specific set of demands or structure, it's got everybody guessing. >> what do they want, i guess? it's anxiety against the economy. everyone has got that. is it middle class or a lot of people who felt like they
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haven't had a voice and bringing it together but what are they asking for? >> it's an uprising of everybody except a small group of people who -- yes. everybody is responding to the same thing, a sense of growing inequity not only in income but political power in this country. this idea there are 400,000 people here deported millions of people foreclosed on with the help of law enforcement and not a single person went to jail for the financial crisis. >> we heard comments including president obama emphasizing occupy wall street. listen. >> i think people are frustrated. the protesters are giving voice to a more broad-based frustration about how our financial system works. >> so democrats, do they deserve to have the protesters behind them with the ballot box? do you think this will become a
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political movement for the president? >> absolutely not. if you look at the history how we get into this mess, democrats have been worse than republicans. >> why? >> they have hands on repeals, deregulated derivatives market. >> lowering standards for home ownership. >> yeah. >> that's actually a very contentious part. >> to me that's a peripheral. >> to the wall street part. >> look, their chief architects of the bailouts since 2008. they have their hands on everything. obama surrounded himself almost entirely with people and they have been architects of his economic policy. there's no way people should have any faith in the democrats. >> you mentioned something before we went to that sound bite, you don't like what you see down there. why? >> i'm looking for commonality, difficult to find it, as i spoke to people, they all want something different.
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one commonality, most revolve around the emotion, i want what you have, i'm not happy with my situation. i should be entitled to whatever it may be, free education, a home not burdened by debt. again, it's really hard to define, christine. i do disagree with one thing matt said, when you try to put a fence around everything they want, it does represent the spirit of the american left. will that means it's democratic, definitely disenchanted with democratic party. i think they would like to see the democratic party change. >> i want to show you a poll. most persons support a higher tax for millionaires. seven out of ten americans either have a favorable view of americans or outright admire them. just 5% say they resent millionaires. a much for higher taxes for wealthy amounts to class warfare. the polls say americans want higher taxes but don't resent the rich. i guess i'm confused about -- is it unfair of republicans to
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accuse of class warfare? is it envy if the polls show people like -- in fact, it's the american dream to be rich. >> i think this is the first election, conversation is more open about class divide and class war we've ever had. i'm not going to defend the tax rate or suggest prebush levels, that's nonsense talk, a stupid debate. the question is whether or not the tax code is efficient and fair. it's not. that's not democratic or republican condition. the way to fix it isn't to sit here and pretend they don't have a healthy burden, enough of a burden. >> i have to address this. you say it's about envy? of course it's envy. a lot of people are jealous they get to borrow billions at 0 percent lend to us at 5, 10, 15% a lot of people would like to pay money to law enforcement instead of go to jail, which is what they are doing. a lot of people would like bailouts for bad investment
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decisions. >> that's about corruption, matt. what i hear, occupy wall street isn't about corruption. >> they are mad these people stole their money. that's what they are mad about. >> if you gave them your five demands that wouldn't alleviate one concern they have. >> let's start with that and see how happy they are. >> too big to fail is too big to exist, and i think they will still be there and unhappy. >> thanks, guys. up next cnn western debate. you've seen highlights but not like this. we'll come back and break it down next. treat you like a policy, not a person. instead of getting to know you they simply assign you a number. aviva is here to change all that. we're bringing humanity back to insurance and putting people before policies. aviva life insurance and annuities. we are building insurance around you.
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welcome back to "your $$$$$." a busy week in politics, the gloves came off tuesday. here to look at memorable moments two of our favorite cnn contributors, will cain and pete dominick. all right, guys. herman cain the candidates slips
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back into the herman cain the pizza ceo. when he decided to talk about fruit instead of toppings at the debate, no one saw it coming. >> are you saying the state sales tax will go away. >> no, that's an apple. we're replacing a bunch of oranges. >> will the people in nevada not have to pay nevada sales tax and in addition pay 9% sales tax. >> you're mixing apples and oranges. >> you're going to pay the state sales tax no matter what, whether you throw out the existing code and put in our plan, you're still going to pay that. that's apples and oranges. >> i'm going to get a bushel basket with apples and oranges in it because i have to pay both taxes. >> a large pizza to go with it. did that make you hungry? >> no. it infuriated me. >> why are you yelling? >> i'm angry. this isn't fake anger. americans love 9-9-9 and apples and oranges, they can understand that. that's not a lot to understand.
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i'm too busy. yeah, it's apples and oranges. it's not. it's complex. our problems are complex. you can't use metaphors like apples and oranges to explain that. >> there's 9-0-9. >> which shows herman cain has no idea what he's talking about. he's got like two people advising him and has two people advising him. he has no whad he's talking about. >> there are problems, vague answers on foreign policy, 9-9-9 has many problems from a conservative perspective. his apples and oranges i can defend. state sales taxes in place are going to be there under mitt romney, merman cain or barack obama as president. he's replacing the current income tax with another income tax, 9-9-9. they are trying to mix state and federal. >> they should know they have to pay both. >> ron paul has ideas about reducing our nation's debt. >> this debt bubble is the thing you better really worry about, because it's imploding on us
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right now. it's world ride. we are no removed from this than the man on the moon. to cut military spending is a wise thing to do. we would be safer if we weren't in so many places. we have an empire. we can't afford it. the empires always bring great nations down. >> pete, can the empire strike back with a lower defense budget? >> yes. our threat is not -- our military defense budget is only preparing us apparently for some type of alien attack, christine. you could put all the rest of the country's budgets together and we still have more money for them. what's the threat we're preparing for? we should be spending money on health care and social security, those issues. if you believe you're going to die in a terrorist attack and you live in ohio versus heart disease, well, you've been duped. >> i i believe in something newt gingrich said, i'm a hawk but a cheap one. we agree on defense measures. i don't know why we're in afghanistan.
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i can't put a purpose or goal. there's places to cut the defense budget but you have to be smart about it. our nation's number one -- our government's number one goal is defend us, national security, maybe be smart. >> put that under your name will cain, cnn contributor and chief hawk. immigration reform will be a hot topic on the campaign trail and it was at the debate. listen, guys. >> mitt, you lose all of your standing, from my perspective, because you hired illegals in your home. you knew about it for a year. the idea that you stand here before us and talk about that you're strong on immigration is on its face the height of hypocrisy. >> i feel like i was hearing this four years ago. >> you were. >> i was. okay. i'm not crazy. if you can turn to immigration, can you turn away from talking about jobs and how to create them and the whole job situation, which you -- >> it's only an issue in the primary, not the general election. it seems to be a litmus test who
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is the most conservative candidate on the stage. he's resembling what he is, a cornered cat, desperate. >> didn't rick perry allow tuition breaks for -- >> yes. >> so he's criticizing him for hiring somebody but giving tuition to people -- >> we all know that was a strategy to go after mitt romney, hire some landscapers. mitt romney's best response is rick, heighth is not a word but he missed that. i told landscapers i was running for president, you guys can't have this. he was too honest. it shouldn't be i shouldn't have illegals doing my landscaping because i'm running for president, it should be because it's illegal. >> if you believe the government is broken, economy not favoring everyone, occupy wall street has been gaining momentum. i don't think anybody on wall street or corporate america thought it would enter its second month.
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the movement, will you and i talked about it briefly, where does it go from here? >> i'm supposed to pretend pete and i haven't been arguing about this. >> in the hallway, the lines. a pizza party arguing while holding the flashlight. >> pete and i have a fundamental disagreement. is it about corruption or more. if it's corruption, a purposeful place to go, nonpartisan support. if it's about more, i suspect it is, we'll have disagreements. >> it's about income inequality. same reason tea party is mad. income inequality in the country and how much it's grown. 450,000 protest in israel. it's happening all over the world, a lack of upward mobility. masked by the housing bubble, then by the election of president obama. there's no more masking it. it's here and growing and so will this movement. >> inequality is natural
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phenomenon of free market. how much do you want to sacrifice? >> what will just said was insane. >> we'll leave it there and you continue to duke it out in the hallway. will cain, pete dominick, thanks, guys. could globalization close the economic gap in the rest of the world? ali's conversation with thomas friedman next. ♪ she bought a pizza party for her whole dorm floor ♪ ♪ hundred pounds of makeup at the makeup store ♪ ♪ and a ticket down to spring break in mexico ♪ ♪ but her folks didn't know 'cause her folks didn't go ♪ ♪ to free-credit-score-dot-com hard times for daddy and mom. ♪ offer applies with enrollment in™. ♪ you want to save money on car insurance? no problem. you want to save money on rv insurance? no problem.
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are america's better days behind us? not necessarily according to thomas friedman, the pulitzer prize winning foreign affairs correspondent for "the new york times" times. he's co-author of a new book "how america fell behind in the world it invented and how we can come back." ali velshi sat down recently to talk with him about it. welcome to the show. you argue the united states is in decline. here is the interesting part. for years now you have been the voice of globalization and why it's necessary and why to sort of flatten the world out the rest of the world would have to do better. some say by definition the united states would have to slow down a little bit. have you changed your argument? >> well, you know, it really isn't that we have to slow down. two things happen when the world
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gets flat, as it were. one, there was always going to be a relative closing of the gap between the united states and indias and chinas. that's a great thing. we move up but they move up faster because they are coming from behind farther. what we want to avoid is absolute decline where they move up and we move back. there's no reason that has to happen. it can happen. what we have written our book about is how to get around that. >> globalization, you are the person who has defined that term because of writing you've done on it. let's put that aside for a second, the whole concept we're each other's clients, we're each other's vendors and the world is flattening out a little whether we like it or not. one of the reasons americans feel we're in decline is we have lost some jobs not just to outsourcing but technological revolution where more is automated, takes fewer people to do the same amount of work. >> well, it's a very good point.
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a friend of ours always likes to say most jobs, remember this, aren't outsourced to china or mexico they are outsourced to the path. we had receptions at the bureau, we don't have receptions anymore. we don't have someone from mexico or china, we have a micro chip. that is true throughout the economy. >> you have these challenges where the rest of the world is open for business, also open to do some of the work we were doing in the united states for less money. even if that wasn't the case we'd be losing some jobs to automation and making people more productive. then we have this challenge for many americans, and i believe incorrectly, many americans think is the single biggest matter affecting us, debt and deficits. let me say i don't think it's not a serious concern. it may not be the most serious concern. what do you think of debt and deficit here and elsewhere? >> i think we have two big priorities now.
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one is we want to go into a double dip recession. that's why i've supported president obama's plan for some near term stimulus that hopefully will also be stimulating, that will go into things that will pay or multiple times in the future. at the same time we have a long-term problem, we need to get our fiscal house in order. if we do the two together, the short run system lsu and longer term once we're back on our feet in a healthy way dealing with a bigger debt and deficit problem we'll be doing both things and in the right order. the last thing you want to do in the middle of a recession is to get everyone to cut spending. that's how you make a great recession into a depression. >> a few years ago we were talking about gas at $4, oil $140 a barrel. the recession slowed that down a little bit. now when you look at the price of oil while historically very high, a lot of people are saying where is the alarm, what's the
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concern? you're one of those people, we share this view, who feels the rising cost of energy, we're just pausing on that, we're still on the way up, that is going to be one of the biggest influences of development here and abroad for the decades to come. >> one. things i argued in a previous book is the world is getting hot, global warming flat. more people can see how we live in american sized homes, american sized cars eating american sized big macks. more people can aspire to live like we live. as the world gets more crowded, more people, energy demand is only going to go in one direction and that is up and way up. >> many people around the world are getting more prosperous even as we go through this recession. many get more prosperous in other countries urbanized, still not doing that effectively in the united states. we still live in a sprawled out fashion. that could fundamentally change as energy prices continue to go
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up. >> there's no question as energy prices rise, as pollution and climate change become more and more a problem and apparent, we want to move our cities up and not out. much more efficient. one of the most energy efficient places in america as an urban center is new york city, it's manhattan, because the density of the population is energy efficient. >> it's a global city in that sense. let me ask you about something else happening in manhattan. you wrote a book unrelated to this particular issue. there is a manifestation right now, occupy wall street of some of this sense that that used to be us. we used to be great. we used to be a place where anybody could become great and wealthy or prosperous in the united states. that's definitely a feel that's not the case now. i ask you this because this disparity between rich and poor has been going on for time immemorial in america. where have we come to where we now believe there really is an us and a them and us can't
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become them? >> well, i think that is one of the impacts of globalization, there's no question. the united states, we lost a lot of advantages we had at the end of world war ii. we lived in a protected economy. as the world flattened out, our workers have become more exposed to competition not only from cheap labor but cheap genius around the world. that's one thing that's definitely had an impact. if you combine that with rising health care costs that eat up more and more of the average salary of every american and you have a prescription basically for no real growth in wages for many people for a long time. >> this is a real problem now even for working americans that work for large corporations, about to go into their open enrollment period, getting a big describes when they find they are going to pay more for the same health care or more for health care. china, is it an opportunity or does it continue to be a
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threat? how do we as a nation comfort this rapid growth that is in some sense responsible for us not being where we were? >> i think the most effective company strategy vis-a-vis china, china will be the world's biggest market in the next 30 years. you've got to be there, close to that market and those customers. i think the second strategy is an apple strategy. use china for part of the global supply chain that's most efficient for you. imagine the ipod in america, orchestrate the global supply chain that produces the ipod in america, but you can't to expect to have every job in the supply chain be in america if the cheaper jobs assembly in china, that's not a problem. let's remember $0.80 of every dollar of the ipod comes back to america, apple shareholders. let's make sure we're at the right end of that supply chain, orchestrating and doing the most high-end jobs here and let them
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do those that are less high-end. >> the beginning of the book, the title "that used to be us" seems to be a little sad, reminiscent "how america fell behind in the world we invented and how we can come back" makes this a compelling read. thomas friedman, always great to talk to you. >> always a pleasure. missing out on an opportunity, how to make money with money next. [ telephone rings ]
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you have to give it to the occupy wall street movement. virtually no one in washington or america's sweet suites thought it would endure. but some are dismissing their motives as unsophisticated or unfocused or just about them. how can they dismiss it? they see the pictures of the free tibet movement, anti-war protesters or iran hikers. they say see this isn't about corporate america, it's not about us, it's a populace movement, more peace and free love of the 1960s than middle class uprising. two bits of analysis caught my eye that suggests that attitude may be a mistake. henry blodgett banned from the industry offered insight. he said the 1960s may have been about peace and love but at the
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end it was public outrage that helped end the war. to dismiss the movement wrongly estimates it. and mark cuban revealed what he says is the great ceo white lie. we're acting in the best interest of our shareholders. cuban says the 1%, the top 1% think it be a solves them of the angst. protesters should buy stock in companies, occupy their shareholder meetings and demand friends and family that own stocks directly or indirectly through mutual funds they do the same. his blog posting was shared widely amid business types. occupiers said they don't want to work within, they want to create a new system. their best chance of real change may come from occupying board rooms instead of say lincoln center, home of the opera. and that's my x,


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