tv Real Money With Ali Velshi Al Jazeera October 6, 2014 7:00pm-8:01pm EDT
$38 million. of course, we have seen other buildings, some in chicago, with the floors. a lot love them, some will not go with them. i'm michael eaves, "real money" with david shuster is the price of crude is falling thanks to parts of the u.s. frac-ing boom. but lower oil prices are also fuelling tensions between producers overseas. we will explain. also a lawsuit claims the u.s. government broke the law with its bailout of insurance giant aig. plus the hotel landmark now belongs to china. i'm david shuster in for ali velshi, and this is "real
money." ♪ this is "real money," and you are the most important part of the show, to tell us what is on your mind. america's oil boom and weaker global demand is throwing world oil prices for a loop by helping to push them down. the price today is almost a 16% drop from this year's peak price set in june. there's now more energy coming online from frac-ing, and according to the latest data crunched, the united states is turning into the world's top producers of oil products, beating out world bigwigs, saudi arabia and russia. when the price of oil starts coming down, the price of
gasoline usually follows suit. there is an 11% drop from the peak price of $3.68 a gallon set in june. given american's love affair with the automobile, any relief is welcome news. americans send up to 4% of our pre-tax income on gasoline, so lower gas prices will leave more money in people's pockets to spend, and spending is what greases america's economic engine. slower economic activity in europe and asia is also playing its price. the price per barrel continuing to slide because of worry about weak demand and over supply. 60% of the oil traded on the world market comes from opec countries. normally they fry to work together to keep prices from dropping, but tensions between the nations may be contributing
to the latest oil selloff. mary snow explains. >> reporter: friction between opec members. it came last week when saudi arabia cut prices to asia by roughly a dollar a barrel. the move was seen as a way to secure its market there. but some analysts say it also signals strain with other gulf countries that's putting opec to the test. >> the most significant tension is between saudi arabia and iraq and iran. those countries, iraq and iran have both been making signals about wanting to increase their share of the market, and an expectation that saudi arabia would reduce its own production to create space for them. >> reporter: in the past saudi arabia has stepped in to balance global markets. but analysts say this time, saudi arabia isn't budging.
it comes as global demand for oil has weakened and there's more supply. the u.s. is one reason why. it's not depending on imports as much as its used to thanks to its shale boom. in 2005 the u.s. imported roughly 10,000 barrels a day. by 2013 that number was about 7,700. if oil prices keep drops will cash-strapped countries act on their own to cut prices even further. >> it makes all of the discounting and competing harder for the remaining buyers, simply because they need the cash flow. >> reporter: opec faces another big test when it meets again next month. mary snow, al jazeera. joining us now in studio in steven leave who is considered by m to be an authority on
economic trends. he says america's frac-ing boom is going to run out of steam because the production costs are too high and the saudis know it. first of all why are the saudis undercutting the other opec countries? >> well, david, i'm sort of a conspirator in this. the last time we saw demand really drop dramatically was 2008, 2009. saudis just dropped production. iran and saudi arabia haven't exactly been friends for the last 20 years. they are two different sects they disagree on just about everything. and talk about iraq raising production, good luck with isis there. i think frac-ing may be behind this. what the saudis realize very, very clearly is the price we
have to pay to frac oil is very high, and it is likely to go up. there was a little table published in the wall street journal, which you can get online. and it shows that 2003 peak production in a well was something like 800 barrels a day. in 2013 peak production in a well is something like 24, 2500 barrels in productivity. underneath they have what it takes to get oil production up threefold. back in 2003, it was something like 1/30th as much water. we now use 30 times as much water to get the production. >> so the saudis are betting that the price of the water is too much to pay, and by them
putting oil prices down, it makes that a closer reality. >> exactly. because we cannot afford to continue to produce. we can't afford to continue using all of this water. there is a science periodical, the cover story, the editorial is devoted to an historic drought in this country, in california. we need water. >> let's assume that people accept the argument that water is a driving issue. at whatting point does the cost of water start to say frac-ing is no longer feasible. because productivity has gone up. >> productivity really hasn't gone up a lot. it's sort of like saying i can now build 5 buildings where i used to build 1. >> but at what point does water
become an issue? >> it is already an issue. it takes so much water and increasing amounts of water. productivity really hasn't budged, in fact it has gone down relative to the amount of water you need. you need 30 times as much water today to get three times as much oil. that's not gains in productivity, that's just using more water. >> how come we're not seeing that yet in the price? >> you are basically seeing it, in the sense that the companies that are doing a lot of the frac-ing, they are crash flow negative. if you look at their bottom line and how much they have left over at the end of the year, they have to borrow money. as oil prices go down, they are going to have to borrow more and more just to keep up. >> this relates to something you said last year that oil prices would eventually reach $200 a barrel. do you still believe that? >> absolutely.
we have made a terrible mistake. it's almost like a train wreck you see coming down the track. you are basically a drought-ridden country using what is left of the water to get more and more oil, rather than spending the money on new infrastructure, renewables, things that really matter. it's a question of when not if we get these higher oil prices. it's a question of whether it falls off of a cliff like this, or if it gradually comes down. but what we're doing now is mindless and the saudis know it. >> what will it take to go up to $200 a barrel. >> frac-ing collapses perhaps. and we have no control of our fate anymore. and as an american citizen, i'm looking at this, and i'm saying what are we going to do? our electric grid in some cases
is over 100 years old. china has a all new grid. germany right now doesn't use fossil fuels to generate electricity. everything comes from renewables, and they are going to have a big jump on us. we need to get religion. i don't know why we're doing what we're doing, but it's not right. and somebody has to say this is the way we go, if we don't, we're looking at a major train wreck. >> steven leaves thanks so much for coming on. >> i hope i'm wrong incidentally, but nothing i see suggests that i am. >> thank you very much. russia's banks are running out of money fast. we'll have more on what sanctions are doing coming up. plus what if aig would have been bailed out by the chinese
♪ it was back to the future in a washington, d.c. courtroom today. that's where former tresh -- treasury secretary testified in the case of the bailout of aig during the financial crisis. greenberg was a major investor of aig through its star star international and he is now asking for $40 billion. today pahlsson acknowledged the terms of the bailout were harsh and punitive, but defended them. gina chan joins us. describe the mood and the atmosphere in the courtroom today. >> well, as you can imagine this
was the first testimony by a government official involved in the financial crisis in a public courtroom. so there was a lot of anticipation. the line forming outside of the court more than two hours before the court actually started. but when the testimony began, it was actually fairly straightforward and more cordial than people expected. >> pahlsson admitted that aig was treated more harshly than other financial firms. why? >> he argued and agreed with mr. greenberg's attorney that they were punished more harshly, but he said that was to avoid a moral hazard. because if other firms saw that
they got more favorable terms, they would encourage them to make on more risky behavior. and he pointed out it was a presidential election year, and the politics were very tense, and to make the bailout of aig fore palatable, it has to be on harsh terms. >> what did pahlsson say about the chinese, and were the chinese really an option in all of this? >> well, that's a big question that has been argued back and forth by both sides in this case. mr. greenberg's attorney argued that the chinese were a valuable option that cic had already made an initial investment in morgan stanley, and they were contacting aig about possible investment in them as well, but mr. pahlsson said he never actually talked to the chinese
about aig because what they wanted was a government guarantee for its investment, and the government wasn't prepared to do that. >> maurice greenberg has not been in court. do you expect to see him anymore soon? and did pahlsson testify about his relationship with greenberg? >> yes, we expect to see mr. greenberg. he is a witness that will be called by the government, so he can't show up during the regular proceedings, but we expect to see him later. and mr. pahlsson was asked about his relationship with hank greenberg. and he said he held him in high regard, but that he actually never talked to him about aig and his possible rescue plans. >> big day tomorrow for geithner, what are the questions he'll be facing? >> well, i think unlike
mr. pahlsson who breezed through his testimony in a relatively short time. i think that will not happen with mr. geithner, because the federal reserves and the actions of the new york reserve in particular, is really at the heart of this court case, so i think there will be a lot more grilling and the seat will be a bit hotter for mr. geithner tomorrow. >> and what about for ben bernanke after that? what are some of the key questions that will coming for him? >> he follow -- follows mr. getter in. and again it will be around whether it was allowed to take a steak in aig. which they argue the government did not do with other banks that were bailed out. so those will be some key questions about what power the
fed had at that time. >> gina thanks for coming on the program. the economy is showing signs of severe stress in russia. russia's currency, the ruble is losing value, and some analysts are predicting that there is a looming economic crisis as the country's banks run out of money. rory challands reports from moscow. >> reporter: for an easy gauge of how russia's economy is doing right now, all you need to do is watch the tumbling ruble. on monday it briefly hit 40 rubbles to the dollar. caught in the storm are hunting of russia banks. they are fast running out of money. >> translator: as was said, all animals are equal, but some are more equal than others.
in one to two years, only the biggest banks will be left in russia. the small banks will have to leave the market. >> reporter: so it seems a significant cull is coming, but bailing out russia's banking giants like spare bank here could cost the government dear. they external get amounts to some $200 billion, half the central bank's reserves of $400 billion, and helping russia's indebted companies could cost even more. at an investment forum last week, it was possible to detect tensions normally kept out of view. spare bank chief blames government inefficiencies for stunting russia's business potential. >> translator: one cannot motivate people like in the soviet union like in a labor camp. this motivation doesn't work. people cannot come up with
creative products at the conditions when they don't understand the current economic policy and business climates. >> reporter: for as long as russia could rely on cheap credit and energy prices, crisis could be delayed. but now oil prices have started falling too. back here in the united states, nearly one in four american children, or 16 million live in poverty. only romania fairs worse among countries in the developed world in terms of child poverty. that's where save the children comes in. ali velshi recently spoke to the ceo and president. he asked her what impact the growing issue of income inequality is having on children
particularly here in the united states? >> it's making a huge impact of the lives of children. in the u.s. right now, in rule areas of the united states, one in four kids are living under the poverty line. so 25% of our children are living under the poverty line, and nationally it's about one in five. so it's a real issue. we actually do a record every year called state of the world's mother. when we started the u.s. was in the top ten. now the u.s. is 31st? the state of the world's mothers. to the 31st best place to be a mom. >> but in our minds it should be in the top. what is your sense of the prescription for this in the united states. we'll talk about the rest of the world, but we should be very worried when we're slipping down at that rate.
>> yeah. i think it's a couple of things. the growing inequality is the biggest issue in the united states. and when it comes to kids, kids don't vote. so children's issues are not at the top of the agenda all the time. and save the children is trying to change that in the u.s. we're spending a lot of time advocating for children and for moms to get the health care they need. but that growing inequality is the biggest issue. if you look at the report, if you look at the maternal mortality rate and child mortality rate in some of our poorest areas in the united states, the statistics matched africa. so that gap between the vast majority of kids that have everything that they need -- or the majority of kids that everything they need in the united states and that 20 to 25%
who have very, very little, that's really what we have to tackle. >> and are the most successful corporations private, or government lead? >> i think it's a combination. you have got to have the government at the table. private industry is more and more increasing the scale. so if you are a pharmaceutical company you have the scale. you know how to do the distribution, the training, all of those things at a very high level of scale, so what companies can bring is a lot of times the help with the scale, but, again, if you don't have the government working in conjunction and you don't have organizations at the community level, it's not going to happen. >> you didn't start in the world of ngo's and these kind of or g organizatio organization. you had coffee stops. >> yes.
i started out with american express, and then when i lived in asia, we started a chain of coffee shops, which is still there, great coffee, by the way, and, you know, that opportunity, actually to start something basically from the beginning in an entrepreneurial way, and this was right before starbucks came to asia, i think taught me a huge amount abc about sometimes you have to see an opportunity and go for it. and there's a lot of parallels between what i did then and what i do at save the children. >> you don't get bogged down then? you don't feel there's more people involved and you can't just make a decision and open a shop. >> more people want to be part of the decision making, so i think that's different. but i have found once you get people involved and engaged and you can show them how this is going to affect the life of a
child, because everybody is there because they believe in that mission, so once that happens a lot of barriers fall down. >> that was president and ceo of save the children. up next the supreme court clears the way for five more states to allow gay marriage, but opponents say they won't give up the right.
the supreme court today decided not to wade back into the debate of gay marriage, clearing the way for gay men and women to marry in five additional states. the high court rejected appeals states with cases that has prohibited marriage. randall pinkston has more. >> reporter: it was quite a surprise, david. many legal experts had expected the supreme court would take up where it left off last year, when it was involved in the defense of marriage act.
ruling against a portion of that act. instead of weighing in, the supreme court decided to leave it up to the lower courts to handle it. >> you are joined in marriage as wife and wife. >> reporter: the wait is over, same-sex couples in virginia rushed to get maris after a surprise move by the supreme court. same-sex partners who expected another legal battle in the nation's highest court were shocked when the justices refused to review seven cases, staying lower court rulings. >> i was shocked and then exuberant, because what i knew was that finally these families in utah in the 10th circuit could live the same as everybody else. >> the thought that we were going to wait until maybe next june to find out was stressful.
>> reporter: while the supreme court chose to remain silent on the issue this term, it's landmark ruling last year opened the door when it struck down portions of the federal defense of marriage act, lower federal courts have used the ruling to strike down state bans on same-sex marriage. >> a major criterion for the court to take a case is when the courts of appeal are split. and right now there is no disagreement in favor of marriage equality, and the correct idea that our constitution requires marriage equality. >> reporter: pam lee says the ruling will make an important difference for her and her spouse. if one of us are killed in the line of duty now our spouses will get the same benefits that the other officers have been getting all along. >> indiana's prohibition on same-sex marriage and the
recognition of out of state same-sex marriages is final. same-sex marriage is now legal in indiana and is required to be legal by the united states constitution. there is nothing that can be done by way of an indiana constitutional amendment or indiana law to alter that fact. >> reporter: but this attorney which supports same-sex marriage says the supreme court's move does not resolve the issue for the nation. >> that joy is tempered by remembering that there are still 20 states where marriage equality is still being denied. and people in those states must be wondering today how long are we going to have to wait for our rights to be recognized? >> reporter: now there are critics of today's decision. for example, ted cruz who says that the supreme court's failure to act in cruz's words is an example of the worst kind of
judicial activism, david? >> the last speaker referred to those 20 states where it remains illegal. what will happen in those states? >> reporter: well legal experts say they are expecting there to be more lawsuits filed challenges for bans on same-sex marriage. and if as has been the case so far, federal courts rule against those bans, then we will see gradually more and more states allowing same-sex marriages to be seen as constitutional, a constitutional right. >> randall pinkston in washington. randall thank you. some of the cases at the supreme court will decide this term, include a pregnancy discrimination dispute involving united parcel service, a plan that allegedly disputed against black voters, and get this, a dispute involving teeth whitening. jamie i first have to get your
reaction were you surprised? >> yeah, i'm entirely surprised. i hate to admit that i was wrong on national television, but i was wrong on national television, because i said they were going to take one of these cases, and so did all of my better colleagues. >> but the fact that they have an agreement, the lower courts, is that the best theory? >> yes. we'll never know, because the conference is confidential, but they like to have a disagreement in the lower courts, and i think we were all a bit arrogant to think they would take these cases when there's no disagreement in the circuit. if you have kids that are fighting, you deal with those kids, but if they are getting along, you don't bother them. and that's what happened here. there's no real reason for the supreme court to intervene. but i think they will ultimately
as they did with regard to interracial marriage. it took them a long time to get around to dealing with that sticky issue, but they did deal with it. >> they will be dealing with a pregnancy discrimination case. both sides in the roe v. wade abortion case were on the same side. >> yes. yes. the woman was a driver of a ups truck, but when you drive the truck, you also have to deliver and lift the packages. her doctor said you can't lift anything heavy, so she went to ups and asked for light duty. >> and they said you are not permanently disabled, you can take unpaid leave. so she took unpaid leave and she sued. so this is a huge case. you can see it involves title 7, women's rights, which includes pregnant women, and also involves huge implications for
businesses like ups, and the reason the roe v. wade people, sided with peggy is because she is a woman. so it's women's rights broadly defined. >> versus the business climate. >> absolutely. >> in the alabama redistricting case, is this about who should have the power to decide what the district lines are? >> yeah, it's in the context of last year's big voting rights case also out of alabama. here democrats saying that republicans in the wake of the 2010 census have set up the voting districts to displace black voters; that they have created these very gerrymandered black districts so blacks who tend to vote republican -- blacks i'm sorry who tend to vote democrats will not have a lot of voting power.
and people who vote for republicans will. and this was hotly contested in the wake of last year's decision which most people think tended to gut the voting right's act. so it is very, very interesting. >> and then there's this business case involving dentists and teeth whitening, and should they have the right to decide whether spas should be able to do teeth whitening. >> it's getting a lot of attention, because people like to talk about teeth whitening. you have a beautiful smile. >> you too. >> but it's about the dental association in that part of the country and the federal trade commission which sniffed out what they say was an anti trust problem. they said all of the dentists got together because they want to do their teeth whitening. if you go to your dentist it is going to cost you $500 to a
thousand dollars. but you can go to the spa or cvs and get white strips and do it at home in a couple of weeks. the fdc want consumers to have that option. dentists say we should really do this in our office. >> al jazeera, legal contributor, you always make all of us smile on this show. thanks for coming on. doctors are taking a new approach to try to save a man guaranteed in a dallas hospital with ebola. plus the american landmark that has landed in the hands of chinese investors. ♪ >> on tech know, cars, the science behind... keeping us safe on the road... >> oh! >> oh my god! >> the driving force behind these new innovations >> i did not see that one coming...
creates a rapid response team if an outbreak develops in the state. heidi zhou castro is this dallas. >> reporter: hey, david, we spoke with the nephew of duncan earlier today. he tells us he is in town visiting his uncle, and seeing him today, he was not able to speak. when he was admitted last sunday, doctors said he was communicating, but took a turn for the worst this last saturday when he was downgraded to critical condition, and that was the same day doctors began using an expeer innocental drug treatment on duncan. we are learning that public health officials are also taking a closer look at their response. he has been quarantined inside this hospital now for more than a week, and the people he has contact with are now approaching a critical window. the cdc says ten people were definitely exposed to duncan,
for 48 others exposure was possible. >> all of those individuals are being seen once a day, and having their fever checked twice a day. 100% we're seeing yesterday, 100% of them had no signs of fever, had no signs of illness. 100% were doing well. >> reporter: meanwhile local officials say the apartment where duncan was staying has been thoroughly cleaned and his personal belongings have been destroyed. >> a drum is being taken away with the cleanup of the app porme apartment itself. we have saved personal items like the grandmother's bible >> reporter: duncan's own family has come to dallas where he fights for his life.
he is now receiving an experimental drug. what administrators have not been clear about is why doctors sent duncan home when he first sought help on september 26th? the fact that the story from the hospital has changed three times. first we were told he didn't say he was from west africa. then they were saying it was a mix up in the medical records. so what is your response. >> i think we will need to look at that. it's important to try to make sure you have the right answer. obviously that answer got changed several times. i guess the message i have been trying to tell hospitals, is that travel history really is in important. >> reporter: meanwhile in austin, state officials were critical of the response. >> unfortunately recent events illustrate that we as a nation, as a state, and as individual
countries can clearly do a better job. >> reporter: and in what manner? that's exactly what the task force will be looking into, as they review all of the steps leading up to this point. also we heard from president obama who said he would review all of the federal protocols about disease control. david? >> heidi great question at that news conference. terrific stuff there. as far as the president and the federal government, what more can the federal government do? >> reporter: governor perry wants obama to create quarantine rooms at every point of entry into the united states. as well as health screenings across the country. the president said he would look at these protocols for possible
improvement. so it would make tremendous resources to close borders or impose quarantine rooms on the ports of entry, and it's unlikely at this point. >> heidi zhou castro reporting live from dallas. thank you. brazil's presidential election got even more interesting after the first round of voting on sunday. the president failed to take the majority. that means the election is going a second time right. even more fromming is this man won 43%. silva finished third. he is a pro-business candidate who's agenda includes boosting trade and lowering government spending. investors liked that, and sent stocks surges. the runoff will happen in
investors coming to america to buy commercial and residential properties. >> reporter: they are buys the waldorf astoria for nearly $2 billion. the film weekend at the waldorf was filmed then. hilton will continue to operate the waldorf for the next 100 years, but profits will flow back to beijing. this comes a year after billionaire investor bought another piece of iconic new york through his investment company. and then of course, there's the gm building, one of the richest women in china lead a group of investors that bought a 40% stake for about a billion dollars in 2013. experts say u.s. companies are selling for the same reason chinese companies are buying,
diversification across a global economy. for example, since 2007, hilton worldwide holdings had increased its global footprint more than five times. it plans to use the nearly $2 billion it is making off of the sale of the waldorf to buy even more hotels. new york properties are a coveted asset for chinese companies, because real estate values are consistently rising. up more than 10% in the last year according to zillo. chinese investors spent more than $600 billion on commercial projects in the u.s., including a 22-acre project in brooklyn, and another brooklyn project. sales of u.s. residential properties are also rising. in 2010, they made up 9% of international deals. in 2014 it was 16%, second only
to canada. >> brooklyn and the bronx, and -- and queens, the chinese are not just buying in manhattan. >> reporter: helen is a real estate developer who helped build this luxury development that was heavily marketed to the chinese. >> the chinese community is a tight knit community. through word mouth they know projects like this exist. >> reporter: the chinese are also buying at the upper end of the market. of all of the international buyers, they pay the most. the median price of their purchases was roughly $523,000, making u.s. properties in general, and new york real estate in particular, an increasingly hot target for chinese developers and individuals. duarte geraldino, al jazeera, new york. among the comments about the waldorf deal circulating on the
internet today was this one, you can't afford not to sell when buyers are willing to vastly overpay. history suggests that foreign real estate buyers tend to be late to the game when moving aggressively into the u.s. that's the informed view of founder of chen and economics, providing data and analysis to the commercial real estate industry. the chinese have invested billions in u.s. real estate at the same time their economy is booming. why not invest it in their country? >> i think there are a couple of reasons for that. there's a strong rate of wealth creation in china, and they need to diversify outside of their domestic economy. that has meant as some of the regulatory barriers have come down allowing them to take their investmentments outside of china, they see a good
opportunity here. >> you hear talk of essentially price inflation .driven by foreign buyers, how much is that factor, say here in new york city? >> i think one of the motivators is we have seen rapid price appreciation in the biggest markets over the last couple of years, so coming from abroad, you can look at what is happening in the united states and it looks like we have a pretty good track record, but when we think about where pricing is today, certainly with some of these very large assets, there is real reason to be concerned that the prices have gone up too quickly relative to the underlying income potential of the property. and as you pointed out, it's not necessarily the case that foreign investors into big markets have a pristine track record for buying early in the pricing cycle. very often what they see is that they come a little bit late.
domestic investors become ready to sell and find a captive market in foreign buyers into the united states. >> never mind these prime deals. even the smaller ones. a lot of people have noticed if you are looking to buy real estate in manhattan or brooklyn or queens now, a lot of the buildings it's difficult to get in, because there are all cash dealers, and sometimes all cash chinese buyers who are ready to make the deal. >> yeah. the small properties is really not the target for a none u.s. investor. so when we see these investors coming in on the commercial side, they tend to be buying very, very large assets. chinese investors are not doing
large deals they just seem to be doing very high visibility ones. they like the liquidity characteristics in those markets. but those residential deal are far more common than the commercial deals. >> hilton is going to continue to operate the waldorf for 100 years. is that a typical deal for the chinese? >> i don't think we have a typical deal for the chinese. it has only been in the last couple of years we have seen the chinese come in a very big way. we're only now beginning to see the sort of pattern that might emerge from chinese investment. what we do know is they have been involved in, and participated in some of the largest deals that we have seen in new york, san francisco, and l.a. we think of those as really
being the targets. and in that sense the profile of the chinese investor is not very different from what we have seen historically. and i think that strikes a note of caution for us, because during previous cycles -- for example, in the mid-to late 1980s, some asia pac investors have tended to buy late in the cycle when domestic investors who are very close to the market here feel it is an appropriate time for them to be selling. >> sam thanks for being on the program. hewlett-packard thinks two is better than one. it announced it will be splitting into two companies. both will be public companies. the ceo will run the enterprise company and be chairman of the pc and printing company. the plan including 5,000 job cuts. the announcement sent hp shares
up nearly 5%. mickael pulls no chances on vladimir putin tomorrow on "real money," 7:00 pm eastern, 4:00 pm pacific. republicans and democrats are spending a fortune trying to reach you, but with less than one month to go, why are both sides in the midst of a real cut back when it comes to talking about the real issue you say is most important?
>> kentucky, a state that's hurting economically. >> when the mines shut down it affects other businesses too you know, it hurts everything. >> some say it's time for a change. >> mitch has been in there so long. >> while others want to stay the course. >> all the way mitch! you know exactly what these people needs in kentucky. >> communities trying to cope. what does the future hold? >> the economy, the struggling coal industry and healthcare are all impacting their vote. >> "america votes 2014 / fed up in kentucky". all this week. only on al jazeera america. it's a the economy, stupid. or is it? democratic strategist james carville's famous declaration that then drove bill clinton's successful presidential campaign.
the strategy connect with an american middle class desperate for a rebound. it failed to the financial crisis president obama inherited. president obama offered messages similar of hope to the millions who lost their jobs, while supporting bailout and stimulus programs designed to usher in an economic revival. the result the stock market is at record highs, all jobs lost have been recovered and the unemployment rate stands below 6% for the first time since president bush left office. so it would seem to follow with a crucial midterm election less than one month away, that you would have trouble avoiding democrats touting their party's success. but you would be wrong. a survey found more than four out of five registered voters declaring the economy their top issue, neither party is willing
to touch it in their television adds. why? the answer can be found in a separate poll, 79% of americans rate the economy poor or fair. democrats are hardly ready to claim credit for numerical problems recovery that is cementing low-wage jobs in replacement of the middle-wage jobs that have been lost. all of which leads to an economy that is harder to run on than it is to run away from. when it comes to a jobs policy, both democrats and republicans are united, the job security they are most concerned with is their own. that is our show for today. for everyone here at "real money," thanks for joining us. we'll see you tomorrow night.
including the great interview ali has about a possible threat to vladimir putin. you don't want to miss that tomorrow night. thanks for joining us. ♪ hi, everyone, this is al jazeera america. i'm john siegenthaler in new york. though supreme court's surprise, a decision that makes same-sex marriage legal in the majority of states, and what happens next? the search for a cure, a new experimental treatment used to help the ebola patient in dallas. somalia gets tough with a dangerous armed group and what it means for f africa. mystery in mexico,