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-- now we have an hour and a half until we hear from Fed Chairman Ben Bernanke he's gonna be meeting the press.
Gerri Willis is with me now host of the Willis report and Lou Dobbs host of Lou Dobbs tonight about -- that great to have you again in and Lou I wanna start with you.
Will be pretty much -- we expected from a statement in the markets have held.
Up together but what I think that the Fed Chairman -- to specifically address and that news conference what was the biggest problem the economy -- -- now in your opinion.
Well the -- and you give me agreed to -- from which to choose because we're facing so many challenges but that the housing remains dominant as as.
To fed policy to.
To fiscal policy.
And to all of -- in this account.
But but but the fact is I truly believe that this that that this statement from the per from the Fed.
Meet the Press with Ben Bernanke notwithstanding.
Was exactly what we needed to hear.
We heard that the -- moved.
Over to the to the consensus nine out of ten on the FOMC agreeing that this economy right now is growing.
Modestly not as much as anyone would want but modestly growing.
Secondly the conditions are improving again at the margin not overwhelming -- And I think it's a statement of strength from the fat I hope that that Fed Chairman.
Conveys that as well because it's precisely what this economy needs.
-- whether the business community -- there -- political leaders in Washington the Fed is standing tall here firm and strong.
It is you know people talk about -- you you know the idea that do they got two goals unemployment and inflation.
Their first responsibility is to be the bull worker -- financial system I believe today's statement.
Goes a long ways toward.
Establishing firm stable it adds that -- You know Jerry to pick up only point about the overall health of the economy third quarter GDP we've -- the first treated -- 2%.
-- -- point 4%.
In the first quarter of this year.
So we are seeing growth in the economy.
Having said that Ben Bernanke when he did address.
The press back in June he specifically discussed foreclosures and the drag the foreclosures is having on the US economy has that gotten any better now -- it's actually getting worse not better that's the bad news.
But I would disagree with.
-- on one point.
I think if you could solve unemployment that would go a long way to fixing the housing crisis.
Because you need people who are employed should get a loan and get -- house that would help us enormously but can I tell you this.
I really feel like to talk to anybody today will be the head of the ECB their meeting tomorrow.
And it's going to be important what they do here but it's I think a big drag on our economy but we know it or not is Greece and what's going on in Europe right now -- continues to worry.
Professional investors and continues to worry lots of people in our economy.
And frankly -- the markets every day have all eyes on -- -- You know that that's a great point the president G-20 going to be meeting right -- all of this happening in France were -- seeing protests happening in France -- had a big shock to anybody.
But we do have that meeting coming up literally -- about the global picture there.
But I believe that Wall Street is I have cautioned some folks are.
We were friends and colleagues.
Around Wall Street.
The fact is -- it's important remember how interest should we would we be in a country of eleven million people.
Thrown around about 200 and economic growth in the country I mean we would not be paying a lot of attention true for these people.
Their problems are financial.
If we had.
6% unemployment rate if -- housing sector was robust.
And if we were looking at growth of 4%.
Are Greece would be a non event.
-- important fact I think Greece is overstated.
Problem and challenge for this economy the fundamental challenges remain frost.
That is -- housing sector that is absolutely devastated.
We have recovery from recession and just about every other sector of the economy but in -- We remain in depression.
And we've got to be honest about we're not going to be able to move too far too forward until we resolve housing and that being Smart policies.
The other aspect -- is it's a European problem because they've chosen to make it such.
They have -- increases violated the tenants.
The deal to be a member.
We'll see where it goes and George Papandreou are no the prime minister of Greece I think should be applauded for what he did not vilified.
This is -- the birthplace of democracy that's what he's indulging -- In there's a lesson here for a lot of people including say the leaders in this country as they try to assess which where they're going to direct policy.
You mentioned housing as well live and Atlantic that back to Jerry -- has a big piece of housing obviously is jobs and and when Ben Ben Bernanke came out back in June he talked about.
It wanted to -- it is their mandate as you said at a dual mandate -- but he talked about employment and forecasting for the fourth quarter of this year.
Eight point six to eight point 9% for the unemployment rate my guess earlier saying.
He's wrong he's gonna be proven wrong.
He could very well be wrong you know we continue to struggle with unemployment in this country.
It is the drag and it's something that the government can't fix the private sector has to decide to start hiring people hiring people in big numbers.
That's what's gonna get this economy growing again consumers -- two thirds of spending in this economy we need consumers spending again optimistic again.
And we're not close to that yet.
Maybe the gonna Bank of America debit card to do that spending and Jerry alert and stay with me to a quick commercial break more with Gerri -- Lou Dobbs.
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