| 00:00:00 | Letter g this
afternoon.
|
| 00:00:03 | G-20 this afternoon.
|
| 00:00:04 | We tackle whether the global
economy will work.
|
| 00:00:07 | And the status of the stimulus
and jobs here at home.
|
| 00:00:09 | The latest view from the white
house.
|
| 00:00:12 | With biden's right hand man,
jared bernstein.
|
| 00:00:16 | And crocuses, bright spots in
the world in honor of the g-20.
|
| 00:00:23 | This is our show and it starts
now.
|
| 00:00:27 | >>> We begin with a check of the
major market averages.
|
| 00:00:32 | As you may notice, it's been
another one of those days.
|
| 00:00:34 | Up and down and up and down.
|
| 00:00:36 | Up for the moment in the dow and
s&p.
|
| 00:00:40 | Nasdaq struggling a little bit.
|
| 00:00:42 | Big cap tech has been having a
struggle in the session.
|
| 00:00:45 | Trying to get four in a row for
the market.
|
| 00:00:47 | As you heard bob speaking of
throughout the session.
|
| 00:00:51 | Showing the oil trade, not much
movement.
|
| 00:01:03 | 46.23.
|
| 00:01:06 | Gus joins us, vanguard's chief
financial officer 55 asked you
what you were doing personally
with your portfolio.
|
| 00:01:13 | And you have told me you hadn't
taken a lot of time to move
things around and were stig with
your allocations.
|
| 00:01:20 | This week if we have four up
days and this rally appears to
go even one more wee do you
believe it is just a bear market
rally or something bigger?
|
| 00:01:32 | >> I'll have to confess, i
really d .
|
| 00:01:36 | Ouldee arest of the
lows.
|
| 00:01:38 | We're not good at predicting
sht-term lows.
|
| 00:01:41 | Butif y look at fivyear or
TEN-iEARYOU'LL BE VERY HAPPY
Apt today's ic
>> whatyou think of the bank
plan?
|
| 00:01:49 | I know tim geithner, we know the
infamous day there was a plan
and it wasn't as detailed as
perhaps had been advertised.
|
| 00:01:57 | Over the next couple of weeks,
we'll get specifics with how
this administration will deal
with toxic assets.
|
| 00:02:06 | This the giant elephant in the
room or have we made too big of
a deal of it?
|
| 00:02:11 | >> No.
|
| 00:02:11 | I think it's absolutely
critical.
|
| 00:02:13 | The problem is the fact that the
financial system is still
broken.
|
| 00:02:16 | We can put patches on things
here and there, but it doesn't
do any good for the long term
unless we fix the financial
system first.
|
| 00:02:24 | It is absolutely critical.
|
| 00:02:25 | >> Now, this is -- you raised a
fair point.
|
| 00:02:27 | A lot of people roll their eyes
when you say, well, citi group
was up 20% today.
|
| 00:02:32 | They say?
|
| 00:02:33 | What's that, two cents and some
obnoxious comment like that.
|
| 00:02:36 | But their point is fair.
|
| 00:02:40 | So many stocks trading at such
low prices that a little move
doesn't mean much.
|
| 00:02:45 | Are there any names that stand
out about the direction of the
market than a $2 stock?
|
| 00:02:51 | >> I think what we're seeing is
a lot of the things that are
mostly beaten up are the ones
really rallying big time.
|
| 00:02:58 | I wouldn't really put any stock
in a big mover at this point.
|
| 00:03:03 | It's typically short covering or
something that's been beaten
down quite dramatically.
|
| 00:03:07 | >> General motors up 22% this
week.
|
| 00:03:11 | >> Yeah, I'm -- I'd be a
watcher.
|
| 00:03:14 | >> And who can blame you for
that?
|
| 00:03:17 | That's certainly a fair point.
|
| 00:03:20 | What, gus, is your biggest
concern, biggest fear coming
over the weekend when we've got
the g-20?
|
| 00:03:27 | Anything that is on your mind?
|
| 00:03:28 | >> It gets back to the financial
system.
|
| 00:03:30 | You know, we had the big
stimulus package.
|
| 00:03:32 | They're talking about a second
one now.
|
| 00:03:35 | It's really not useful unless we
fix the financial system first.
|
| 00:03:41 | So really for the last year,
we've been focusing on what's
going to happen with the
financial system.
|
| 00:03:45 | Both the banks and the brokers.
|
| 00:03:47 | >> Thank you very much, gus.
|
| 00:03:50 | Have a good weekend.
|
| 00:03:51 | >> Thank you.
|
| 00:03:53 | You too, erin.
|
| 00:03:55 | >> Talks about the economy and
the banks.
|
| 00:03:56 | The question is to fix the
global economy.
|
| 00:04:00 | To spend or not to spend such
the hot button issue on the
agenda at the g-20 summit this
weekend?
|
| 00:04:09 | The most influential leaders are
there this weekend working on
some sort of coordinated, "plan"
to deal with the crisis.
|
| 00:04:18 | Europe says no plank check on
spending.
|
| 00:04:25 | Our own guy johnson is live.
|
| 00:04:30 | >> Reporter: They are not
playing ball with timothy
geithner's plan.
|
| 00:04:35 | They would like to see around 2%
combined gdp.
|
| 00:04:39 | The french and the germans are
saying that's simply not going
to happen.
|
| 00:04:42 | We're interested in coming to
the g-20 meeting and talking
about market regulation.
|
| 00:04:47 | Obviously the uk gets caught up
in the middle of all this.
|
| 00:04:52 | Our finance minister and
chancellor trying to tread a
middle ground.
|
| 00:04:56 | But slightly siding with the
united states, given the way
and uk have played
this at the moment.
|
| 00:05:03 | But the french and the germans,
the finance minister of germany
are standing shoulder to
shoulder.
|
| 00:05:11 | Earlier this week, we had angela
merkel and nicolas sarkozy
saying there are no blank
checks.
|
| 00:05:19 | We are not going to spend any
more money.
|
| 00:05:21 | What we want to see is whether
or not the plan we've already
put in place is going to work.
|
| 00:05:26 | And the argument goes something
like this, erin.
|
| 00:05:29 | What we are seeing is the
european social security system
kicking in.
|
| 00:05:33 | It is bigger.
|
| 00:05:34 | It is deeper than that found in
the united states.
|
| 00:05:37 | It's a natural stabilizer when
the economy slows down.
|
| 00:05:40 | You see these natural
stabilizers kick in and spending
increases.
|
| 00:05:44 | However, we've seen some of the
international bodies do the math
on this.
|
| 00:05:47 | And quite simply, that argument
doesn't stack up.
|
| 00:05:51 | Consequently, the pressure is
likely to grow.
|
| 00:05:53 | At the moment, they are saying
quite simply and they have made
this point clearly, talking in
the french press this morning,
is so
pessimistic it doesn't sound
like it believes its own plan.
|
| 00:06:08 | Consequently, we'll go down our
own road.
|
| 00:06:10 | Consequently this meeting this
weekend could be quite divisive.
|
| 00:06:15 | It's almost a build-up to the
leaders summit in a couple of
weeks' time.
|
| 00:06:19 | That looks like it will be as
contentious.
|
| 00:06:22 | You wonder whether or not after
this weekend, no agreement
whether or not they'll push
towards some kind of agreement
at that leaders summit.
|
| 00:06:28 | Obviously we will see them
producing some sort of
communique, which painers over
the cracks.
|
| 00:06:35 | Neverthess, e divisions are
definitely there.
|
| 00:06:37 | The french and the germans
versus the u.s.
|
| 00:06:39 | >> Thank youery mu,
johnson.
|
| 00:06:41 | Amazing what christine la guard
says.
|
| 00:06:44 | is so pessimistic
it doesn't sound like it
believes in its own plan.
|
| 00:06:50 | We have the white house joining
us in a few minutes.
|
| 00:06:53 | >>> In order to find out what
happens next between the debate
and europe, tim
geithner urged all nations to
take strong action to reverse
the world's strong economic
course.
|
| 00:07:07 | We decided to span the globe and
give you the review of what has
already been down in three of
the most crucial markets, china,
south africa and india.
|
| 00:07:22 | >> South africa limited its
intervention to two tax cuts.
|
| 00:07:28 | The central bank with four
deeper cuts.
|
| 00:07:32 | Even after the economy
contracted for the first time in
ten years.
|
| 00:07:35 | The government has certainly not
answered calls for a bailout by
carmakers here.
|
| 00:07:39 | But talks are continuing.
|
| 00:07:41 | The argument from their side
being that the government's $8
billion spending on
infrastructure will help shield
the economy.
|
| 00:07:48 | On the flip side, we have
already seen our mining firms
cut thousands of jobs after
commodity prices slumped.
|
| 00:07:57 | Bear in mind, with the budget
8% of gdp
this year, south africa's hands
are pretty much tired in terms
of how much more it can spend on
the economy without
destabilizing the rest.
|
| 00:08:12 | >> Cuts have been announced in
india since late last year.
|
| 00:08:15 | $20 Billion.
|
| 00:08:16 | Some people that's not enough
for a trillion economy.
|
| 00:08:22 | Others believe auto companies
are up after the december
quarter.
|
| 00:08:28 | They cut rates by 400 basis
cuts.
|
| 00:08:32 | We have seen $6 billion since
december.
|
| 00:08:38 | This was announced the first
week of january.
|
| 00:08:41 | The focus on the energy sector
like real estate.
|
| 00:08:45 | Cheaper financing was made
available.
|
| 00:08:47 | And gains in the last week of
february where we saw cuts
across the board, about 2%.
|
| 00:08:53 | Fuel prices have been cut twice
in india.
|
| 00:08:55 | Fuel prices are still
administered by the government
of india.
|
| 00:08:59 | That's important.
|
| 00:09:00 | Going forward, elections have
been announced in india.
|
| 00:09:07 | No major things announced.
|
| 00:09:09 | You can't expect too much more
coming out of india in the next
three or four months.
|
| 00:09:15 | The gdp to 5% in october and
november.
|
| 00:09:20 | It's shown india has grown since
2002.
|
| 00:09:24 | Really the government needs to
announce some measures.
|
| 00:09:26 | That's what the government has
done, about $20 billion so far.
|
| 00:09:30 | >> China has been hit very hard
by the economic slowdown.
|
| 00:09:33 | The government and authorities
have wasted no time in
RESPONDING TO TaGNOMIC
Crisis
thep central bank of china has
cut interest rates five times in
the space of four months.
|
| 00:09:43 | Reducing them by more than 200
basis points.
|
| 00:09:46 | They've relaxed the reserve
requirement for banks, allowing
more liquidity to enter into the
financial system.
|
| 00:09:55 | The chinese government announced
a $585 billion stimulus package.
|
| 00:10:02 | They want to create 9 million
new jobs this year.
|
| 00:10:05 | Targeting 8% gdp growth and
enhancing the social safety net
to help the millions of people
affected by this global economic
downturn.
|
| 00:10:14 | And the chinese have promised to
keep everything stable.
|
| 00:10:18 | If needed, they are more
ammunition on the fiscal side to
stimulate their economy.
|
| 00:10:23 | >> There's a sense much what's
going on around the world and
different interest rate cuts and
money being spent.
|
| 00:10:29 | Now all these countries are part
of the g-20 this weekend in
london.
|
| 00:10:33 | Can these countries get together
and do more than talk and have
specific action to help address
the financial crisis?
|
| 00:10:45 | Joining us, david gordon, razor
group head of research and steve
moore, co-author of the "wall
street journal" editorial board.
|
| 00:10:54 | Let me start with you, david.
|
| 00:10:55 | The question for you, this is
interesting when people lay it
out.
|
| 00:10:59 | Three stimulus packages in
india.
|
| 00:11:01 | I know they don't add up to a
huge dollar amount but they've
been slashing interest rates.
|
| 00:11:05 | In china, a target for 9 million
jobs to be created.
|
| 00:11:08 | We hear about the stimulus
package a lot but don't always
hear about that.
|
| 00:11:11 | Around the world, are countries
already doing what they should
be doing?
|
| 00:11:15 | Or are people falling short of
the mark?
|
| 00:11:17 | >> I think countries have begun
to step up to the plate.
|
| 00:11:21 | Part of the point that secretary
geithner was making is a larger
point that the world has to get
used to the fact that as we come
out of this crisis, the united
states isn't going to be the
soce entirely of the demand
ost of the stimulation of the
consumption to restart the
global economy.
|
| 00:11:40 | Soe're alrea talking about
what kind of a future world
economic balance are we going to
have.
|
| 00:11:48 | I do believe that there's a real
difference of opinion between
europe and the united states
here.
|
| 00:11:53 | And that that difference of
opinion -- the uk is sort of in
the middle -- will make it very
challenging to reach agreement
at the g-20 meeting this weekend
on a stimulus and indeed at the
april leaders meeting.
|
| 00:12:08 | It will be hard to come to a
consensus on this.
|
| 00:12:11 | I actually@ think that the big
deliverable coming out of the
NeXT FEW WEEKS IS GOING TO BE AN
Increase in the role of the imf
to enable the imf to respond
both to emerging market
countries in eastern europe and
elsewhere and to poor countries
as they're increasingly affected
by the crisis.
|
| 00:12:31 | >> How far significant, steve
moore, is this rift between
europe and the united states?
|
| 00:12:41 | >> By the way, welcome to the
belly of the beast.
|
| 00:12:43 | It's nice to have you here in
washington.
|
| 00:12:45 | This is such an amazing story,
really.
|
| 00:12:47 | It really is.
|
| 00:12:48 | When you think about it, the
french and the germans are
lecturing america on free market
economics.
|
| 00:12:55 | Everything is upside down.
|
| 00:12:56 | I think it's a very significant
thing.
|
| 00:12:58 | I'm totally on the side of the
french and germans.
|
| 00:13:02 | Government spending stimulus
plans have never worked in the
history of mankind.
|
| 00:13:07 | The united states, it's
interesting because for the last
20 years, a lot of the european
countries have tried to move to
the more traditional american
model of letting free markets
work.
|
| 00:13:17 | Now we've got everything upside
down.
|
| 00:13:19 | The united states is spending
money like old europe used to do
and europe is saying too much.
|
| 00:13:27 | >> I'm speechless.
|
| 00:13:28 | You said the "wall street
journal" is in the favor of
france.
|
| 00:13:31 | My world has --
>> but it's true.
|
| 00:13:36 | >> They point to -- and your
paper pointed to -- europe is
using facts to back this up.
|
| 00:13:41 | Look at italy and countries like
italy that have always run up
deficits and they've always had
the lowest growth rate.
|
| 00:13:49 | Spending is not correlated with
growth.
|
| 00:13:50 | >> That's exactly my point.
|
| 00:13:52 | There's never been an instance
where a big burst of governed
spending has stimulated the
economy.
|
| 00:13:59 | That's the lesson europe learned
over the last 20 years.
|
| 00:14:02 | Tim geithner did not go to these
countries and tell them to do
tax rate reductions.
|
| 00:14:06 | He wants them to increase their
government spending.
|
| 00:14:08 | These are countries that already
have government spending in this
year's gdp, 10 percentage points
above the united states.
|
| 00:14:16 | When they're lecturing the
united states on free markets,
we have something really wrong
in this country.
|
| 00:14:21 | >> Thanks very much to bothful
you.
|
| 00:14:24 | David gordon and steve moore.
|
| 00:14:25 | We look forward to having both
of you back.
|
| 00:14:28 | >> Don't drink the water here in
washington.
|
| 00:14:30 | I don't want you to get the
washington disease.
|
| 00:14:32 | >> I didn't know what you were
going to say there.
|
| 00:14:34 | Now the water isn't even safe?
|
| 00:14:36 | Thank you.
|
| 00:14:37 | >>> So the g-20 is trying to
deal with this rift between the
two power centers of the u.s.
|
| 00:14:44 | And europe.
|
| 00:14:45 | The question is will anything
the g-20 does matter to the
united states?
|
| 00:14:48 | Be enough to help the american
lower or not?
|
| 00:14:59 | Streetsigns@cnbc.com.
|
| 00:14:59 | >>> Next, joe biden's right-hand
man joins us next.
|
| 00:15:04 | Jared bernstein to talk about
some of the issues that steve
moore just raised.
|
| 00:15:08 | And we go in search of the
global focus.
|
| 00:15:10 | We'll be back.
|
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>>> the g-20 in europe this
weekend.
|
| 00:17:52 | The summit testing america's
economic leadership around the
world.
|
| 00:17:56 | Let's get an inside view from
the white house, from jared
bernstein, joe biden's economic
adviser.
|
| 00:18:04 | Good to have you with us.
|
| 00:18:05 | >> Thank you.
|
| 00:18:06 | >> I want to be honest.
|
| 00:18:07 | I was speaking with a chinese
and had
met with executives from
starbucks to apple and ge.
|
| 00:18:14 | His view was, america, please
pull up your sucks and get your
mojo back.
|
| 00:18:19 | We're looking to you and need
you to do it.
|
| 00:18:21 | You inspire us.
|
| 00:18:23 | That's what we need.
|
| 00:18:25 | It made me feel better.
|
| 00:18:26 | It felt that feeling seemed to
be lacking.
|
| 00:18:29 | Can we get it back?
|
| 00:18:30 | >> That feeling is something a
lot of people seem to be getting
back.
|
| 00:18:35 | Every since the president gave
his joint session speech.
|
| 00:18:38 | If you read the speech that the
president gave to the business
round table yesterday or larry
summers gave today at brookings,
these are speeches that are all
very solid in the following
sense.
|
| 00:18:50 | They're a clear, realistic
assessment of where we are.
|
| 00:18:54 | They are also speeches that
really I think conveyed the
sense to which we are up to the
challenges that we face.
|
| 00:18:59 | And the way our plans fit
together to deal with the
problems of the demands side of
the equation through the
recovery package, million
markets, housing.
|
| 00:19:10 | And to do this all in the
context of a responsible budget.
|
| 00:19:13 | I really think that the plans
we're articulating.
|
| 00:19:17 | The way we're presenting them
are bring a sense of confidence,
as you described.
|
| 00:19:21 | >> Jared, why do we need to ask
europe to spend more money on
stimulus packages for lack of a
better word?
|
| 00:19:31 | Our reporter raised a good
point.
|
| 00:19:35 | I won't bring steve moore into
that.
|
| 00:19:38 | That wouldn't be fair.
|
| 00:19:40 | But our reporter had a point.
|
| 00:19:42 | Europe has a more broader social
net.
|
| 00:19:45 | Why ask them to do more deficit
spending and create a rift
between europe and the united
states?
|
| 00:19:52 | >> When you're thinking about
european stimulus you have to
lo at thf fact th they're
autoti stabilizers.
|
| 00:19:58 | The kind ofieces of thea
stimulus packages that kick in
automaticallare part of the
mix.
|
| 00:20:06 | Thed of hole in the ground
of a magnitude tha we need more
coordinated stimulus like our
recovery package here.
|
| 00:20:16 | It may not nd to be at large.
|
| 00:20:17 | Because their stabilizers go
deeper than ours do.
|
| 00:20:22 | But the demand contraction that
the globe is facing is such that
these are absolutely necessary
coordinated policies so that we
help each other in that regard.
|
| 00:20:32 | Jared, I want to ask you this.
|
| 00:20:34 | We're going to be speaking to
one of the unions right after
you are on.
|
| 00:20:37 | I know that is a specific area
for you.
|
| 00:20:39 | This is something that crush
chuck grassley indicated may
move forward.
|
| 00:20:48 | I encourage microsoft to ensure
americans e given priority and
job intention.
|
| 00:20:53 | Microsoft has a moral obligation
to protect american workers by
putting them first.
|
| 00:20:57 | Is that an american sentiment?
|
| 00:20:58 | >> Look, it's a sentiment that
you certainly hear a great deal
these days.
|
| 00:21:03 | And it doesn't surprise me.
|
| 00:21:05 | Because the unemployment is at
8% and 12 million people out of
work.
|
| 00:21:11 | That's why our plan -- the core
of our plan is job creation.
|
| 00:21:15 | What you'll find is that those
kinds of arguments don't have
the same currencies when the
unemployment rate is coming
down, at 6, 5, 4%.
|
| 00:21:25 | Critical to our thinking is less
in the area you mentioned and
much more in the area of getting
the economy going again and
creating jobs, dealing with the
problems in the housing mket
in t cwnte of a responsie
budget.
|
| 00:21:36 | >> Jared bernstei thank y as
always.
|
| 00:21:40 | >> My pleasure.
|
| 00:21:41 | >/ We always put you onwith
steve moore.
|
| 00:21:43 | >>> While concerns about
protectionism swirl around
washington, how will the
american worker be affected by
the stimulus bill?
|
| 00:21:50 | With that line from the letter
from senator grassly to mitch
ballmer at microsoft, you get a
sense of what's at stake.
|
| 00:22:03 | Stewart from the af-cio with
us.
|
| 00:22:12 | I would like to address what
chuck grassley wrote.
|
| 00:22:16 | Microsoft has a moral obligation
to protect american workers.
|
| 00:22:19 | You add that to some of the
other things in there, in the
companies
can't hire foreign workers
unless an american worker
couldn't do the job.
|
| 00:22:31 | It sounds faz we're going in a
protectionist direction.
|
| 00:22:35 | Do you dispute that description?
|
| 00:22:37 | >> I wouldn't call it
protectionist at all.
|
| 00:22:40 | We have to get our economy going
and workers in this country
working as much as possible.
|
| 00:22:47 | We need all the protects we need
to fulfill the stimulus package
or economic recovery package
should be built in this country.
|
| 00:22:54 | The steel should come from this
country.
|
| 00:22:55 | The concrete should come from
this country.
|
| 00:22:57 | We should make sure that we've
exhausted the pool of american
workers before we import any
other workers.
|
| 00:23:06 | Yes.
|
| 00:23:06 | It's important to --
>> let me just ask you this, to
be honest.
|
| 00:23:09 | The problem is americans want to
buy things inexpenseively.
|
| 00:23:16 | Americans will choose to buy
something that costs less.
|
| 00:23:18 | If you make it cost more, the
american standard of living
drops.
|
| 00:23:22 | It costs more to make it in
america.
|
| 00:23:24 | To say you're protecting
american jobs, you potentially
have an issue with a lower
standard of living, don't you?
|
| 00:23:29 | >> The important thing here is
getting the economy going and
pumping money into the economy.
|
| 00:23:34 | Into the pockets and hands of
workers.
|
| 00:23:37 | That's why a very important
corollary to the economic
recovery is the employer free
choice act to allow workers to
form unions again and bargain
collectively xwaen.
|
| 00:23:51 | It's important to note that the
economic recovery package is not
just about pumping money into
the economy right now but
improving our infrastructure.
|
| 00:23:59 | Rebuilding our infrastructure,
which iturn improves
productivity for the long term
and to make money and be
productive for the long run.
|
| 00:24:11 | The economic stimulus package is
very important to american
workers.
|
| 00:24:14 | And the point I was going to
make, as america goes, so goes
the world.
|
| 00:24:20 | Our falling into this pit is
dragging the rest of the world
with us.
|
| 00:24:25 | So everybody in the world has an
interest in our coming out of
this.
|
| 00:24:30 | >> Yes.
|
| 00:24:32 | Is it possible though -- and
this is not a union question.
|
| 00:24:34 | This is an american standard of
living question.
|
| 00:24:36 | >> Sure.
|
| 00:24:36 | >> As we come out of this, we've
proven that the world is more
interconnected?
|
| 00:24:45 | Is it possible that we end up
with a much more global pool of
workers with the indication that
wages in this country come down?
|
| 00:24:53 | >> Doesn't have to be that way.
|
| 00:24:54 | The world is very
interconnected.
|
| 00:24:57 | We should use trade and
globalization to raise the
standard of living for workers
across the world.
|
| 00:25:01 | Not lower it.
|
| 00:25:03 | When you looked at how --
took a drop,
the rest of the world could take
a gain.
|
| 00:25:10 | You might end up with a gain.
|
| 00:25:13 | >> Not the rest of the world.
|
| 00:25:15 | If you look at how europe
integrated their economy, they
used that to raise portugal and
spain.
|
| 00:25:22 | Not to lower the swedens and the
denmarks and the germans.
|
| 00:25:28 | There is no reason we can't use
trade to improve t living
standard.
|
| 00:25:31 | All of the benefits of trade
should not go to the elite, but
to the workers as well.
|
| 00:25:35 | So that's what we're focusing
on.
|
| 00:25:37 | It's not protectionism.
|
| 00:25:39 | It's trying to enforce workplace
standards, worker standards and
environmental standards as we
nowhere trade.
|
| 00:25:46 | >> Briefly, before we go, on
this issue of card check.
|
| 00:25:52 | Business doesn't like it.
|
| 00:25:53 | They're squaring off.
|
| 00:25:54 | Would you consider the
compromise some have put out
there, which is that someone
could go, give someone the card
and vote, whether to have the
vote.
|
| 00:26:07 | Then you vote for a union.
|
| 00:26:08 | But that ballot is secret?
|
| 00:26:10 | Would you consider that
compromise?
|
| 00:26:12 | >> Erin, I'm never going to say
never.
|
| 00:26:15 | But we expect to pass this bill
as it is written today.
|
| 00:26:18 | We've had 30 years of stagnant
wages and declining wages.
|
| 00:26:22 | It's time workers got back the
freedom to form unions.
|
| 00:26:29 | We've had third years of failed
trickle-down economics.
|
| 00:26:31 | We have to lift it from the
bottom.
|
| 00:26:33 | That's wha the employer free
b
>> STEWART, THANK YOU VERYbMUCH.
|
| 00:26:38 | d
>> for the 11,000-member
afl-cio.
|
| 00:26:48 | >> An automaker boosting
production?
|
| 00:26:50 | A global crocus coming up next.
|
| 00:26:52 | 00 on cnbc reports,
we're talking billions with some
of the world's most well-known
billionaires.
|
| 00:26:59 | Michelle caruso-cabrera able to
get amazing access to their day
to day lives.
|
| 00:27:04 | A lot have lost a lot of money.
|
| 00:27:06 | Hear about their mistaked
fears tonight at 8:00 eastern.
|
| 00:29:37 | '
>>> we've been looking for
bright spots, not only in
america but the global economy
as well.
|
| 00:30:04 | We found one.
|
| 00:30:06 | Asian countries apparently may
be stabilizing.
|
| 00:30:08 | That could boat well for
america.
|
| 00:30:12 | Nick at bank of
america securities -- you made
me laugh, michael.
|
| 00:30:23 | This is our global crocus of the
day.
|
| 00:30:25 | You've got not just one sign of
stabilization in asia, but
seven.
|
| 00:30:32 | What is stabilizing mean?
|
| 00:30:33 | >> It doesn't mean full
recovery.
|
| 00:30:34 | Remember, we're in a global
balance sheet recession and will
need a global balance sheet
recovery.
|
| 00:30:41 | What you're seeing in asia is
the production has been cut
massively.
|
| 00:30:46 | Inventories have been cut
massively.
|
| 00:30:48 | To the extent at any
incremental increaemand
is going to be cut and
productions and inventories
rebuilt.
|
| 00:31:00 | I think the markets have picked
this up.
|
| 00:31:01 | I think there is definitely
within global markets a shift
towards the cyclical taking
place at the moment.
|
| 00:31:09 | >> There's something to be said
for the fact that you saw a 30%
drop overnight in exports from
asia.
|
| 00:31:14 | Even if there really should only
be down 10%.
|
| 00:31:17 | That would imply some sort of
growth?
|
| 00:31:20 | >> What's happening is, first of
all, on the market side, I mean,
you're seeing the market
certainly move towards cyclical.
|
| 00:31:26 | Emerging markets, believe it or
not, a very cyclical asset
class, trading at an all-time
high.
|
| 00:31:34 | Tech ithe best-performing -
seor year to date.
|
| 00:31:38 | I think whatarkeare
snfing is that in asia
you'reinning to see signs of
macrostabilization.
|
| 00:31:45 | Manufacturing activity levels
have picked up.
|
| 00:31:46 | Manufacturing confidence has
picked up.
|
| 00:31:48 | Money supply has picked up and
so on and so forth.
|
| 00:31:52 | >> In terms of investing in
asia, what do you buy?
|
| 00:31:56 | >> China has worked.
|
| 00:31:57 | Tech beginning to work.
|
| 00:31:59 | A still unloved sector.
|
| 00:32:02 | We upgraded the semiconductor
stocks in asia.
|
| 00:32:06 | That trade is working very well.
|
| 00:32:09 | If you're looking for a trade at
this moment, taiwan and korea
are the places for a recovery in
global growth expectations.
|
| 00:32:17 | >> Michael, thank you as always.
|
| 00:32:18 | Good to see you.
|
| 00:32:19 | See you again soon.
|
| 00:32:20 | >>> Next, the latest on action
in today's trade.
|
| 00:32:24 | A few names stand out.
|
| 00:32:26 | One of them of high relevance to
everybody watching.
|
| 00:32:29 | And the new administration.
|
| 00:32:33 | Obama, people across the country
love him.
|
| 00:32:36 | But congress don't really feel
that way.
|
| 00:32:38 | We'll find out what hardball's
chris matthews thinks when we
hear from a couple of the
republican leaders we spoke to
today in congress.
|
| 00:32:45 | We'll be back.
|
| 00:32:54 | So here you are.
|
| 00:32:55 | A little confused.
|
| 00:32:56 | Did you think the road
to retirement was an expressway?
|
| 00:32:59 | you can't start this journey
without knowing where you're going.
|
| 00:33:04 | You, my friend, you need a plan.
|
| 00:33:06 | Announcer:IN THIS UNCERTAIN ECONOMY,
It's timefor a new perspective.
|
| 00:33:09 | Sit down with an ameriprise financial advisor
for a complimentary "new perspective" review
to help identify new strategies
and new opportunities.
|
| 00:33:18 | Sign up at
ameriprise.com/newperspective.
|
| 00:35:50 | >>> Less than 90 minutes to go
in the trading day.
|
| 00:35:52 | You see them lined up.
|
| 00:35:54 | Your money, your markets.
|
| 00:35:55 | What is the next move?
|
| 00:35:56 | Oil futures, trading down
slightly throughout the session.
|
| 00:35:59 | Let's check in with art cashin
for the final 90 minutes.
|
| 00:36:06 | Down 2% on crude.
|
| 00:36:09 | Do you think we'll hold, four in
a row?
|
| 00:36:11 | >> Yeah, I think.
|
| 00:36:12 | I don't think it's going to be
spectacular, as I wrote on my
comments this morning.
|
| 00:36:17 | When you close at the very top
of the move, as you did on
tuesday, the next day is wobbly,
usually, which we saw on
wednesday.
|
| 00:36:26 | Yesterday we closed at the top
and got a wobbly day so far.
|
| 00:36:30 | I think we'll be all right, but
not a rocket shot late in the
day.
|
| 00:36:34 | >> What about monday?
|
| 00:36:35 | >> Actuallmonday and t]esday
p
WE'RE GOI TO FINDaT WHETHER
This rally has shelf lif if
it's going to fade lik some of
the ones did in november and
october and in december.
|
| 00:36:48 | We need something in here.
|
| 00:36:49 | We've been heavily oversold.
|
| 00:36:52 | Somewhere in here in the next
couple of weeks we'll have a
major rally.
|
| 00:36:56 | Could be this or what springs
from this if it fails.
|
| 00:37:02 | >> Spring being the operative
word.
|
| 00:37:06 | Maybe the weather will make a
difference.
|
| 00:37:11 | Now joining us for today's
option action, jimmy.
|
| 00:37:15 | All of them widely owned by most
americans.
|
| 00:37:21 | >> If you think, late last week
we saw tremendous bullish plays
in names that have carried
through this week.
|
| 00:37:26 | Today, bullish plays in ge, citi
bank, health care names, humana
AND EFTs.
|
| 00:37:34 | This is a good rally.
|
| 00:37:36 | This to me seems like the
options market are agreeing with
the market as a whole.
|
| 00:37:41 | We've had three strong closings
and two neutral closings.
|
| 00:37:45 | Art seems fairly bullish and i
am too.
|
| 00:37:48 | Today if we're going to get a
r I don't think it
matters.
|
| 00:37:56 | Ge is up 60 to 70% in a matter
of days.
|
| 00:37:59 | To me it seems like it's okay if
someone wants to take that money
off the table.
|
| 00:38:04 | Same thing with ge and citi
bank.
|
| 00:38:06 | I think we'll have another
neutral close today.
|
| 00:38:08 | I'm bullish next week as well.
|
| 00:38:11 | >> Jimmy, thank you.
|
| 00:38:13 | I was surprised.
|
| 00:38:14 | I didn't know what to expect
from you two.
|
| 00:38:16 | That was rather heartening.
|
| 00:38:19 | Much more with jim and melissa
lee in the hot actions trade at
11:30 eastern standard time.
|
| 00:38:30 | >>> Senator richard shelby told
me earlier today he does not
believe in too big to fail.
|
| 00:38:35 | He said he has major differences
with ben bernanke on that.
|
| 00:38:39 | Chris matthews joins us with the
washington rift over banks and
whether there is the political
will for another stimulus
package or any more money for
the banks.
|
| 00:38:49 | It may be a more important
question than whether we need
more stimulus or money for the
banks.
|
| 00:38:53 | We'll be right back.
|
| 00:38:55 | E.
|
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back-test your strategies
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| 00:39:01 | Plus, you'll get advanced,
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| 00:39:34 | Go national.go like a pro.
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| 00:39:42 | D
>>> r nextuest willive us
a preview of his show this
weekend.
|
| 00:41:47 | Chris matthews, most of msnbc's
"
>> you're on this sunday.
|
| 00:41:57 | >> It's a good show.
|
| 00:41:58 | That's all I'm going to say.
|
| 00:41:59 | Not because of me.
|
| 00:42:00 | You had some really good guests.
|
| 00:42:02 | One of the things that we wanted
to get your view on, is because
everybody on wall street is
obsessively watching washington.
|
| 00:42:11 | On wall street, they're not good
at gauging whether they mean
what they say in washington.
|
| 00:42:17 | Let's listen to this from
senator shelby.
|
| 00:42:20 | >> I don't believe anything is
too big to fail.
|
| 00:42:22 | When you keep it open, you pump
a lot of taxpayers' money into
it.
|
| 00:42:26 | That's what they're doing.
|
| 00:42:28 | I have differences with that,
with chairman bernanke and
others.
|
| 00:42:32 | We let the market dictate
everything else.
|
| 00:42:36 | We could let the market dictate
this.
|
| 00:42:41 | >> The senator is in opposition
and not responsible.
|
| 00:42:44 | If you're in opposition,
republicans are in opposition,
if something fails, he won't be
blamed for it.
|
| 00:42:50 | >> He'll say no all the way down
even though he knows the zero
may be yes.
|
| 00:42:55 | >> There are so many in congress
who benefit from opposition.
|
| 00:42:59 | If you have to pass a deadline
extension, a budget, a bailout.
|
| 00:43:05 | It's easy to vote against it, as
long as somebody votes for it.
|
| 00:43:09 | Will they actually let the
bailout fail?
|
| 00:43:11 | I think on the republican side,
they will.
|
| 00:43:13 | The democrats' problem is they
won the last election.
|
| 00:43:16 | They've got to produce the
votes.
|
| 00:43:19 | >> What happens if we need more
money for aig at this point such
is there the political will to
get it?
|
| 00:43:26 | >> No.
|
| 00:43:27 | I watched speaker peli saying
no more fiscal stimulus.
|
| 00:43:31 | Why?
|
| 00:43:31 | Why is she saying that?
|
| 00:43:33 | She knows most democratic
members don't want anymore.
|
| 00:43:36 | She can't count on any
republican votes.
|
| 00:43:39 | If you take 45% of both houses
roughly, you don't get any of
them automatically.
|
| 00:43:43 | Then all the democrats to go
with you and then get some
republicans in the senate.
|
| 00:43:53 | The whole bet on inaction.
|
| 00:43:56 | They have won't do something in
congress or in the bailout area.
|
| 00:44:00 | >> I have to admit from the
reporting from treasury, if they
feel they need more money, they
would be able to get it, they
could make the case?
|
| 00:44:10 | But politically, that seems
impossible.
|
| 00:44:14 | Not just the aig, but any other
example.
|
| 00:44:22 | >> They have two people to
blame.
|
| 00:44:23 | They can blame the mob at the
gate.
|
| 00:44:25 | The poor people coming from
mexico and the streets and the
bad neighborhoods, the
criminals, if you will.
|
| 00:44:30 | They can blame them or they can
blame what we call the rod at
the top.
|
| 00:44:35 | The people who blew it at the
top.
|
| 00:44:38 | Who's getting blamed?
|
| 00:44:39 | You see more television on
illegal immigrants or more about
bernie madoff and the people on
wall street?
|
| 00:44:44 | We are in a blame the top mood
right now in the country.
|
| 00:44:48 | The hardest thing for a
politician to do is give money
for the top.
|
| 00:44:51 | That's the hardest thing to do.
|
| 00:44:52 | >> Well put.
|
| 00:44:54 | >> Because right at the top is a
bigger problem than mob at the
gate.
|
| 00:44:59 | At another time when things are
getting better, we look down on
the poor people.
|
| 00:45:03 | When things are getting worse,
we identify with the poor
people.
|
| 00:45:06 | It's very interesting.
|
| 00:45:07 | And it's very rational.
|
| 00:45:09 | >> Very well said.
|
| 00:45:10 | Speaking of that, let's talk
about some of the least popular
people apitol hill.
|
| 00:45:18 | It's not pelosi and reed.
|
| 00:45:21 | One of them is boehner and one
of them is o'connell.
|
| 00:45:28 | >> People are still reacting to
the previous administration.
|
| 00:45:31 | That's why they voted for a
change.
|
| 00:45:33 | Having said that, I don't think
we ought to run the government
by polls.
|
| 00:45:36 | It's not surprising that leaders
of congress are not popular.
|
| 00:45:39 | They're generally not popular,
even when times are good.
|
| 00:45:43 | >> We don't always want to basis
everything on ratings, right?
|
| 00:45:47 | >> Yeah.
|
| 00:45:47 | But I think the polls are pretty
good for the house as a whole.
|
| 00:45:50 | Congress as a whole.
|
| 00:45:51 | They're up.
|
| 00:45:51 | Because they're doing things.
|
| 00:45:53 | They look busy.
|
| 00:45:53 | I think the republican leaders
have really gotten beat.
|
| 00:45:56 | I think he's partially
responsible.
|
| 00:45:58 | They did what bush told them to
do for eight years.
|
| 00:46:00 | He told them to do the wrong
thing politicalally.
|
| 00:46:04 | >> He's trying to say it was
bush.
|
| 00:46:07 | >> They weren't seen as leaders.
|
| 00:46:09 | Bush was seen as the leader.
|
| 00:46:11 | >> What can they do to be seen
as the party of growth and ideas
as opposed to a party that says
no to a popular president?
|
| 00:46:19 | >> Play your own strengths.
|
| 00:46:22 | I can logical, taxes.
|
| 00:46:23 | Always the republican strong
suit.
|
| 00:46:25 | They oppose taxes.
|
| 00:46:26 | When you vote in a congressional
race, you think we'll pbably
have to pay more parking
tickets.
|
| 00:46:32 | You're going to get parking
tickets.
|
| 00:46:34 | You're goingget sessment
going up.
|
| 00:46:37 | You'll have to pay more money
from the government.
|
| 00:46:42 | Erhing gets taxed.
|
| 00:46:43 | I have a little better shot
votingepubcan becausethey
ve le of an agenda with
social spending.
|
| 00:46:48 | They tend to survive by being
the anti-tax party.
|
| 00:46:53 | Specifically come out for
full-out amorization.
|
| 00:47:00 | Defend charitable contributions
to your alma mater.
|
| 00:47:04 | Everybody wants to give money to
the college they went to.
|
| 00:47:07 | 100% To your church or
synagogue.
|
| 00:47:11 | Why are they chintsing on the
stuff that has kept america
growing?
|
| 00:47:18 | If republicans focus on that,
like a football game, focus on
the weak guy in the line, and
the weak guy is taxes.
|
| 00:47:25 | And particularly itemization.
|
| 00:47:27 | Don't go after high rates.
|
| 00:47:30 | Because everybody thinks high
rates are for the rich.
|
| 00:47:33 | >> Hope they listen to you on
this.
|
| 00:47:35 | >> The smart move if you're a
republican, come out for an
immediate cut in the payroll
tax.
|
| 00:47:44 | Working people who pay a very
high payroll tax, back into
their pay envelope next week.
|
| 00:47:51 | That means real money to spend,
not borrowed money, earned money
to spend right now.
|
| 00:47:56 | Republicans can do that.
|
| 00:47:57 | >> Who says this guy would ever
run for democratic senator?
|
| 00:48:02 | You've got the slogan.
|
| 00:48:05 | Thanks to chris matthews.
|
| 00:48:06 | Good to see you.
|
| 00:48:07 | Jim cramer up next.
|
| 00:48:43 | (announcer)
box or hanger?
|
| 00:48:45 | Paper or plastic?
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| 00:48:47 | Yellow, blue, purple or pink?
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| 00:48:50 | This is america.
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| 00:48:52 | There are easy choices.
|
| 00:48:53 | ..there's what to do
with your hard-earned money.
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| 00:48:57 | Bank of america has special savings products
like - risk free cds andmoney market savings
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| 00:50:55 | ..
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| 00:50:57 | ...Now.
|
| 00:51:04 | >>> Breaking news right now on
bernard madoff.
|
| 00:51:06 | Matt nesto's at the alerts desk.
|
| 00:51:09 | Matt?
|
| 00:51:09 | >> Hi, erin.
|
| 00:51:11 | Thanks very much.
|
| 00:51:12 | We just got word that his
lawyers, bernie madoff's
lawyers, have filed for an
expedited appeal of that revoked
bail, saying they want a
decision on that as soon as
possible.
|
| 00:51:20 | As you know, he went to jail
yesterday awaiting his
sentencing in june.
|
| 00:51:24 | But for now they're asking, they
have filed.
|
| 00:51:26 | It's official.
|
| 00:51:27 | They want a quick appeal to see
if that could be turned over and
he can be free in this penthouse
apartment like he was prior to
yesterda
ck tyou.
|
| 00:51:35 | >> Thanks very muco "you, matt
nesto.
|
| 00:51:37 | And it is now time to stop
u5trading.
|
| 00:51:39 | "Mad money'sjim cramer isé.
|
| 00:51:40 | Here.
|
| 00:51:41 | And m is nd enough today to
take t timep a dw sort of a
little bit of a washington
focus.
|
| 00:51:46 | Right, jim?
|
| 00:51:47 | >> Certainly.
|
| 00:51:48 | Certainly, erin.
|
| 00:51:48 | >> Jim, so I wanted to give you
a chance to react to -- it was
interesting "power lunch" had
them all on the screen at once
to show the push from the
administration.
|
| 00:51:56 | You had the president.
|
| 00:51:57 | You had larry summers, tim
geithner.
|
| 00:51:59 | Everybody's been speaking this
week.
|
| 00:52:01 | What did you think of larry
summers today?
|
| 00:52:02 | >> What a great tone.
|
| 00:52:03 | This is the larry summers that
we remember from the clinton
administration, when he went on
you always felt like you know
what, it's in the government's
hands, don't worry about it, the
government's going to take care
of its end, you guys just go
about your business.
|
| 00:52:18 | I love that speech.
|
| 00:52:19 | I thought it was most heartening
and it was very in keeping with
what we've seen in the market
this week.
|
| 00:52:24 | >> So what did you -- are you
sort of in the camp, then, that
says that overall the
administration's getting the
tone right?
|
| 00:52:30 | They're being honest enough
about how bad things are, but
also trying to take a leadership
role and inspiring people to
step up and look toward a
brighter future?
|
| 00:52:39 | >> I think so.
|
| 00:52:40 | No demonization.
|
| 00:52:42 | I think some interesting things,
that summers actually put the
health care context of listen,
business, this is going to help
you.
|
| 00:52:48 | Don't think that this is about
upending the system.
|
| 00:52:51 | This is going to make you more
profitable.
|
| 00:52:54 | Larry summers' speech reminds me
that there's a pro-growth part
of this administration that was
left over from clinton.
|
| 00:53:02 | This was one of those speeches
that made me feel like, you
know, what they are pro
business.
|
| 00:53:08 | That's something new from these
guys.
|
| 00:53:09 | I think they got some religion
when they saw the market go down
so much.
|
| 00:53:12 | >> Jim, you know, it was
interesting listening again this
morning on c-span radio to the
president's comments yesterday
to the business roundtable, that
he spoke about the magic of
capitalism.
|
| 00:53:26 | >> Right.
|
| 00:53:26 | >> The magic of free enterprise
was the words he used.
|
| 00:53:31 | He used the word "magic," which
I thought was interesting.
|
| 00:53:35 | And he then went on to reiterate
something he said during the
campaign, which is he's in favor
of corporate tax cuts.
|
| 00:53:41 | Obviously, that's an audience to
which he would say those things.
|
| 00:53:43 | But can we read more into it?
|
| 00:53:45 | >> I think anytime you hear the
word "tax" and then "cut" from
president obama your ears perk
up and you realize that, you
know what, this is not a pure
redistribution model president,
this is a president who
recognizes that corporations
create jobs, which is something
that had been called into
question.
|
| 00:54:02 | It's also a president who
basically is saying look, i
know, I know the deal, unless
business starts doing better,
unless people start making more
money, rich and poor, we are not
going to get out of this.
|
| 00:54:15 | Again, change in tone, which
would be, if you didn't know any
better, kind of a sign that
look, we're sorry, if we hurt
the market, we're not about
hurting the market, we're about
making everyone more prosperous.
|
| 00:54:26 | Look, that's a good message to
spread.
|
| 00:54:28 | >> And how high are your hopes
for the bank plan?
|
| 00:54:32 | The plan to deal with toxic
assets that's going to come out
of treasury.
|
| 00:54:38 | They seemed, jim, a whole lot
more confident about what
they're going to put out this
time than last.
|
| 00:54:42 | >> What I really hope for is one
plan.
|
| 00:54:44 | I do not like that every day --
I mean, when the treasury
secretary came on "saturday
night live" and he took those
phone calls, I said geez, why
did he humiliate himself like
someone else did and come on tv
and then I realized oh, my,
that's an act.
|
| 00:54:57 | It was actually an actor.
|
| 00:54:59 | But it would be great if
geithner just said listen,
here's our plan, I agree with
ben bernanke.
|
| 00:55:05 | Just agreeing with ben bernanke
is game over for the people who
keep shorting the bank stocks.
|
| 00:55:09 | Ben bernanke's got the magic.
|
| 00:55:11 | >> We'll leave it on that note,
jim.
|
| 00:55:13 | Thank you.
|
| 00:55:13 | >> Have a good weekend.
|
| 00:55:14 | >> You too, jim.
|
| 00:55:16 | 00
and midnight eastern right here
on cnbc.
|
| 00:55:20 | We'll be right back.
|
| 00:55:21 | >> And a quick reminder.
|
| 00:55:23 | All the recommendations
expressed by jim cramer are
solely his and are not the
opinions of cnbc.
|
| 00:55:27 | And may have been previously
disseminated by him.
|
| 00:55:30 | Before acting on a
recommendation, consider its
suitability for your
circumstances and consider
seeking advice from your own
financial advisor.
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| 00:57:07 | off
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[ Dog Barks ]
>>> All right.
|
| 00:58:26 | Well, we just wanted to update
you on something we'd asked you
earlier in the program, and that
was what automaker is actually
increasing production?
|
| 00:58:34 | It was part of our search for a
global crocus.
|
| 00:58:38 | Well, michael hartnett, as you
heard, had some signs of
stabilization in export-reliant
asia, but this one was one of
the most interesting.
|
| 00:58:44 | The world's largest automaker,
toyota, is planning to increase
production in japan as soon as
may.
|
| 00:58:53 | That's just something to think
about, especially when one
considers how tough the auto
industry has been lately, and
perhaps it adds to what we have
been reporting on earlier this
week, which was that auto sales
in china were up 24% to 25% just
in the month of february and the
best-selling cars in china in
february were none other than
joint ventures with general
motors, biggest gainer on the
s&p today.
|
| 00:59:16 | Let's hand off to "closing
"
>> Announcer:com
news now.
|
| 00:59:23 | >>> Lawyers for bernie madoff
file an appeal of the decision
that sent him to jail.
|
| 00:59:28 | They're asking the appeal be
heard quickly.
|
| 00:59:31 | >>> Stocks are mixed.
|
| 00:59:33 | The major average is still on
|
