You're watching...
Former White House Economic Advisor Austan Goolsbee breaks down the latest economic data and how it will impact the president’s re-election efforts.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
Appreciate you coming up well while Republicans fight over who would be the best work overturning the Obama agenda.
That agenda -- recently been getting some support from some key economic indicators.
That have been turning to the positive side just today.
Number of people applying for first time unemployment benefits dropped to its lowest level.
Since 2008.
Along with that there has been a surge in regional -- -- and consumer spending.
Plus some are upping their retail forecast for Christmas while this trend that will this trend help president Obama's reelection bit.
Chief economic advisor to President Obama Austan Goolsbee gonna see again -- thanks for being here and degrades the muted -- is that trend your friend.
So you know if -- -- continue to probably would be friendly the president -- this is.
There's more like 2010 and less like 2011 and 2010 we had fairly solid growth and we added.
To something million jobs over -- over seventeen month period.
Now you never wanna make too much out of any one number and especially not unemployment claims number -- -- bounce around a lot.
But we we have seen over the last month and a half.
What looked like the beginnings of get back on path to growth and if we did that.
If there were some significant progress I would think that would help the president -- -- sales.
I've -- -- such mixed reports course we had good numbers today are some good indicators this week about retail sales there.
Did the day after Thanksgiving -- spectacular but then that brick and mortar sales drew down a little bit.
What do you think it's happening are we on the verge.
Of of growth in the consumer field or or is there too much hesitation because concerns about Europe and other things.
There's definitely hesitation from Europe and and as your previous speaker said I think there are some.
Valid reasons to be concerned about that the impact of Europe.
But overall.
You've seen consumers coming back at a pretty steady pace you know they're not.
They're not -- way out over the -- the way they did in the 2000 what would probably don't want them to get too far out you know -- and running get back up.
But you have seen some of the retail data coming in -- -- looking fairly positive and the only questions.
There that is that we got it did the two questions there are house sustained is that.
And to.
What's the mix between -- just ordering online verses actually going down -- storm by right what what concerns you most right now in the economy.
A 100% what concerns me most -- Europe I I think they've got some serious structural problems in Europe.
That they are try and everything they can not to confront.
But the longer they go before they -- directly confront those issues the more tenuous it is fair body else in the world but we're we're all looking to them they come I get it together people.
And and so I think that remains the biggest and so you know I.
Had for me it's jobs in the united -- I'm sure you would say it's there's just what what causes the driver I I I know that the unemployment rate came down but again there are some.
Still -- too many bad indicators too many people out of work.
-- but -- also agree with what also concerns me is this too big to fail playing out now I know our banks have -- have straighten up a lot of Iraq's over the past obvious but.
But frankly we now have four banks in the United States.
Debt to the top four banks controlling 62%.
Of all commercial assets were supposed to be going in the opposite direction are where.
Well look I I think I agree with -- -- spirit on both of these either job market is where we've got to keep our a number one focus on how the economy's doing as we wanna see more improvement.
On the job market side.
But -- on too big to fail look at -- we we gotta we -- end too big to fail once and for all that's a concept that failed.
I don't think it just has to do -- size though I think that's little bit of a misnomer even if you broke up the biggest banks.
In -- many pieces those pieces.
Would each be bigger than Bear Stearns was the thing that may Bear Stearns.
Dangerous was it was its connections you know and we got to try to.
Of connections I'm -- -- -- -- I love you say that because a lot of people are worried about that debt political connections -- a lot of these banks has an hours they got so many car rats you -- -- operate.
During Dodd Frank's what -- -- is being created they spent millions and millions of dollars they got the carve outs.
I think that's the reason that they are growing in power and strength rather than shrinking I don't know I'd be a little careful they spent all -- all of their money trying to kill Dodd-Frank not trying to help but -- -- Canada based rather however on an altitude -- forgive me but that's not the way it works let's be honest here at what they spent their money on.
Was getting special carve outs from Dodd-Frank they knew they were gonna kill what they just -- -- specially aren't they got a lot of the large significant financial institutions if you take the consumer protection bureau.
They were flight and he killed that and continue to fight to kill the consumer protection -- -- -- ways that they -- -- I think for good reasons by the way -- well roll this out beyond that air but I could open air.
There's nothing else all -- -- is this there's nothing about the last two years.
That financial institutions suddenly discovered that they could try to lobby in wield influence they've they've been going after -- and I understand that on that we agree Austan -- good to see again my different thanks for coming in.
