Also in this playlist...
This transcript is automatically generated
We just talked to Angela I don't know if he had an opportunity to hear her story about baking cakes basically to prevent her from losing her home.
It's such an important and personal story I don't know that we hear an off a bit and now you know for every 1% rise in unemployment.
A million people a million people start to lose their health insurance -- if it could be really devastating what.
-- we not addressing it enough.
Well we probably let me correct something here I did not say it wasn't a lot of news to report.
I said there wasn't a lot of good news to report and the constant drone of bad news.
It's you know.
So so troublesome that any editor is looking for a ray of hope but green -- and they want to write something positive.
But yeah Ariana his right there -- lap personal tragedies stories out there one of the things that's happened here besides all of the numbers that you're talking about here.
There hasn't been any.
Real wage growth in this country.
For decades they all did the boom what people were doing with -- -- not that credit cards mortgage in their home taking out loans that they.
Probably shouldn't take him out now credit is is is essentially gone I mean -- share the credit markets improving but who has a credit rating to be able to.
Take advantage of this anymore so now we have no wage growth that we have no credit.
And there are a lot of people who then you know counting on one or the other of those two things and we've gotten neither so there's a lot of -- -- -- there's a lot of personal stories.
There's a lot of people going from the middle class to the war.
And you know -- -- comes out with this thing for re -- recession is over that's -- a sell a lot of copies because people are dying to hear something positive.
If -- -- reckless choice -- to -- any it's over don't worry.
I think it is attractiveness.
-- -- I'm -- now -- they -- -- cannot -- -- but the Greek and I love you know.
Being positive about -- don't get me wrong but.
When you had to ended date and without says a change in fundamentals as David said if it -- -- -- had what Alan Greenspan famously called irrational exuberance.
Now I think what having him premature exultation and that's not good guys that.
And I'm Rhonda because soundtrack but we Don have and the evidence at the moment of how -- -- economy is fun to get seriously.
And back to me and economic growth doesn't affect jobs some even and then that my case said that the lives of literacy and job growth slow folk -- alive.
You know David it's interesting yesterday I was talking to the southern company CEO David Radcliffe -- the things I said to him.
Because -- -- canticle of the business world is impacted by what's going on and I should listen.
I imagine you've got to worry about productivity gains we talk about you know wage deflation essentially at the concerns about inflation but.
Along the way productivity is getting better cook sang in it in an economic recession the bad thing is.
We are too -- fine the over seven million jobs wouldn't -- -- clean that we did -- come home from.
As we recover.
Yeah I mean that's a great question I think that.
First we have to fix the system and then the jobs will come.
But you're not gonna just have -- -- Making a lot of claims that we're out of a recession I would -- at the beginning of the end I think it starts with the leverage in the system -- was not noting about credit.
The leverage in the system is still far too great.
Individual companies have to restructure balance sheets just as our own.
Government has to restructure it's balance -- it begins -- that it's a very simple process but it's gonna take some time.
And as that.
Process works its way through ultimately things will start to turn companies will have the ability to take advantage of the products that they sell.
Or the things that they do the services they provide that will learn them more money and create jobs but it's it's a beginning that that we're not seeing it.
And I think that that's -- -- find him because remember.
Doing day ended days of top -- -- -- that it's imperative.
The banks to give that toxic asset.
Otherwise they want their institutions about lending again went to have not that would that toxic asset.
So even as that announcing major profits.
We -- Don know.
And why is there magnitude of this toxic assets and what is happening there and that's really what we had -- him directly and that.
That that is irresponsible.
You know we have to fundamentally.
-- -- -- financial system.
Otherwise that one thing that can oxen and the Kennedy without any doubt is that that -- than bombast than bad boom cycle is going to be creative.
At a higher -- In fans of the pain inflicted on the country.
I -- you earlier just before we wrap up here -- you wrote something about the role of lobbyists.
In this administration.
And look the federal reserve bank for the first time in its history has a lobbyist has hired a lobbyist.
What does that tell us about where we are all week fearing.
Change -- is change need.
What I've been living with -- chain to and my environment that the status law is today very -- represented.
We've been thousands of -- that 151000 registered lobbyists but that day menu and obviously I'm not registered by the acted like they think living combat some.
And big -- and -- down.
And now I'm incredibly well connected.
If they evolving -- -- -- -- -- -- -- Former members of congress and pharmacy staff as lacking -- on -- -- Health Care Reform.
So why -- -- -- very well represented the future innovation.
Fund Amanda response I'm not adequately presented -- backed by the public interest.
Being on their mind that every -- -- right well.
We have to leave it there on site for the depressing no but apple know what -- but he Angelo was a good story for us -- -- just shows you an entrepreneurial spirit and -- people helping the communities so.
I think all three of you for being here great conversation Arianna David.
And now thank you guys so much --
Filter by section