This is real money, and you are the most important part of the show. Tell us what is on your mind by tweeting us. President obama landed in brussels tonight in the heart of europe for a summit of seven industrialized countries. There is drama given the big topic is what to do with the big bear not in the room, russia. The g7 wants to show an united front. Today german chancellor Angela Merkel said act or face stricter economic sanctions from the west. In a way the g7 meeting is a slap in the face for the russians. The summit was originally build as the g8 meeting to be held in sochi, but after they were disinvited the venue was moved to brussels. Weve got new data illustrating europes economic problems, and those problems are hurting us. Americas trade deficit with the rest of the world s the imports to exports. A lot of it has to do with europe, the trade gap with europe grew 23 in april. So while americans can now afford more imported goods as the economy here improves, europeans are still feeling the pain. And its limiting their purchase power for american products. If europe continues to drag, it will be felt across the atlantic and squeeze us even more. As canada and japan wants britain, france and italy to increase their public spending to boost their economies. European Central Banks right now would be supportive of that stimulus effort because of the threat deflation poses to europe complies. A little inflation can be a good thing. It can push wages up, putting more money in peoples pockets, which gives them confidence to spend more and grow the economy. Thats why the u. S. Federal reserve and the European Central bank have set target rates of around 2 inflation as benchmarks for healthy growth. The associated 2 inflation with good economic conditions. A strong growth rate is also a steady growth rate. Reporter the latest reading on annual infliction was a 2 . But europe has been fighting with low inflation. It fell to half of a percent, well inside the danger zone. The big fair is that low inflation could ful tip into fullon deflation. The kind of scenario that sends chills down the spine. Reporter greece, portugal and slovakia is already in deflations grips. They enjoyed growth fueled by debt in the run up to the great recession. It has made it that much hard for pay down that debt and get their economies back on track. When the inflation is really weak the rate of gdp growth is also very weak. Its hard to generate the income and resources to pay off that debt. Thats what were seeing in places like greece and spain. Reporter while the threat of further deplacing bolsters the case of lending more money, whether these tools can offer a lasting fix is far from uncertain. I think bankers around the world are struggling to understand why these deflation near pressures seem so strong, why its been so hard to bring it back up to targets . Is it the legacy of the 20072008 crisis or is there something broader going on like globalization and weak demand . Reporter al jazeera, new york. The economic pressure facing europe complicate any coordinated g7 response for russia meddling in ukraines crisis. Europe depends on some russia some 40 of its energy supply. Mike viqueira is traveling with president obama now, what does the president hope to achieve in the next two days . Reporter well, david, here it is hot off the preys. The g7 communique on Foreign Policy notwithstanding the denials of vladimir putin, this very day the g7 convinced that russia is behind the un rest fomenting and provoking the unrest in the ukraine. The central question as the leaders gather on the g7, they say that the g7 stands ready to impose further costs on russia should events so require. Quote unquote. Thats the problem all along here david. There were triggers beforehand. The president was in europe two months ago threatening the broad sanctions. If russia from to interfere by the accounting o , if Russian Troops on the border of eastern ukraine, if they were to spill over or intentionally spill over into ukraine and start an overt military action, well, those more draconian stricter sanctions should be triggered. The question for this gathering what will be the trigger . And that communique makes it very big. The french depend on russia not only on energy, but trade, two warships. A sale going through to russia. The british depend on russia for the Financial Sector and germans in the Energy Sector. If anyone has skin in the games, if the costs of these burdens are shared not only by europeans but by the United States as well then everyone can speak with one voice. Thats president obamas challenge as he meets with these g7 leaders this evening in brussels and tomorrow over the course of the afternoon. Mike, does the issue are russia does that make it easier or perhaps more difficult for president obama to say to the european leaders to say, hey, we need to you have this economic stimulus to pick up your economy in the part because your economy is now being hurt by problems with russia . Reporter well, you know, its well documented the disagreements between the United States and germany in particular on that score. The United States government at least believes officials believe they are much more singing from the same hymn book. Lose now officials are encouraged by the moves in poland where president obama began his day and landed yesterday after a series of meetings. They want to increase their lng increase, an facility, and lng and even lifting the ban on export of domestic oil is making head way in terms of congress. But all that have is medium to longterm solution to what is happening here. In the meantime that is front and center. What can be done in the Energy Sector to wean Eastern Europe away from russian dependence on the extraction of oil and gas. Mike viqueira at the g7 summit in brussels, as always, we appreciate it. Back in the United States for many middle class families with a mortgage to pay and mouths to feed the reality is that mom and dad both have to work. But that means paying for someone to take care of the kids. There is something systematically wrong when an associate proffe professor with a partner who is making some salary cant truly cant make ends meet. Coming up were going to look at the challenges of child care and how some families are trying creatively to meet them. Plus help wanted if you dare. Well take to you north dakota and show you some of the most dangerous and lucrative jobs in america. That story and more as real money continues. Saturday on techknow. The earthquake business, its similar to the weather business. Understanding our earth. But everything happens faster. Limiting disaster. These are the guts of the Early Warning system. Saving lives. Having 30 seconds of advanced warning is like a lifetime. Techknow, every saturday go where science meets humanity. This is some of the best driving ive ever done, even thought i cant see. Techknow. Weekday mornings on Al Jazeera America we do have breaking news this morning. Start your day with in depth coverage from around the world. First hand reporting from across the country and real news keeping you up to date. The big stories of the day, from around the world. These people need help, this is were the worst of the attack took place. And throughout the morning, get a global perspective on the news. The life of doha. This is the International News hour. An informed look on the nights events, a smarter start to your day. Mornings on Al Jazeera America the list of Financial Burdens squeezing American Families include rising rent, property taxes, transportation and health insurance. Tonight as part of our series americas middle class rebuilding the treatment focusing on another major cost that is causing hardship for many familieschild care. In 31 states in washington, d. C. Annual child care now costs more than an entire year of instate public college. As mary snow reports finding affordable child care is not just a problem effecting working class parents any more. For working parents karla and todd taking care of their 9monthold baby and getting 4yearold tessa up and ready could be nothing short of a miracle. [ baby crying ] but nulling the costs of child care for their two daughters has become the real daily struggle for this new york family. I would say that the third of our budget went to child care. The next third went to rent. When i buy the groceries i think ill check to make sure i have not overdrawn. A professor at a college. Todd run teaches music at a nonprofit. Despite an annual income of 110,000 they can barely pay for tessas preschool fees and daycare once a week. Which means working from home and getting anything done is tough. There is something systematically run between an sort associate professor with a partner making some salary cant truly make ends meet. Its the middle class thing. We fall in between. Child care is typically the highest household expense, and most regions, exceeded only on the west coast by housing. Lynette is a director of a nonprofit that studies the cost of child care. Their findings show that fees vary state to state. Massachusetts ranks at most e penstive at 29,000 for two Young Children in daycare with mississippi the lowest at 9,200 a year. But nationwide Child Care Costs have been growing at a rate five times that of family incomes. Were seeing a time in the United States of america where people are having babies literally off an economic i have. Cofounding moms rising, a Grassroots Organization with over a million members across the u. S. Though some Cost Increases can be explained by rising expenses at Child Care Centers she said the larger issue is a matter of supply. Daycares in 19 states had waiting lists or turned away families all together unable to keep up with the rapidly rising demand of todays labor force. 50 of our entire paid labor force are women for the first time in history, and threequarters of moms are in the labor force. At the same time nearly 50 of families are relying on moms wages as the primary bread winner. Yet the economic squeeze of child care has increasingly forced moms like Jessica Christie a washington, d. C. Mother of three out of full time work. Working for the Environmental Law Firm was one of the most satisfying jobs ive ever had. But it didnt make sense for me to continue there financially. Reporter christie gave up a litigation assistant job when her second son was born in 2009, but like many families in todays economy she could not forward to give up a second income all together. She picked up freelance work to keep their budget afloat. But even parents with fulltime jobs professional sacrifice is a constant. She landed a teaching position in the fall but worry they wont be able to afford the extra days of babysitting theyll need. The only hope is salary raises in the commonning months. If we cant get the Salary Increase that we need for next year, what will we do . What is plan b . There is no plan b. There is only reaction. We have a tiny bit in our savings that will go away, that wont be enough. Thats that. Mary snow, al jazeera. Studies have shown the expense and difficulties of finding child care hurt the overall economy according to a nonprofit focused on business and Early Education employee absenteeism related to Child Care Cost the country 3 billion each year. Lets discuss whether any Solutions Exist to help middle class families, we turn to our guests. Doctor, lets go to the policy level, are there any National Policies out there to try to help middle class families. With child care in particular . Remarkably little. Im sure that some of your viewers know. There are programs for poor families. But for those above the poorest of the boor, there are only two areas, there are two areas that would help families in two segments. One is the national tax credit. There is a tax credit. Its help 68, its not enough, but its important. Essentially parents who spend money on child care can deduct about a third of those costs up to a certain limit it depends on their income. It comes to about 1,000 a child per year. About 4 million families use it. Given the costs that we just heard, thats not really enough. The tax credits dont go as far as a lot of families need. Are there subsidies or things that other countries are doing that might have a greater impact . Thats true. But before i go to the other countries, let me mention something that is important in the United States and growing, and is very important in europe. Thats the development of preschool which were hearing a lot about in new york city, new york state and all over the country. We dont have a federal program for preschool but 40 states have public support for preschool, and its growing in new york as weve been hearing. Neither of these are the tax credit or preschool, they dont cover enough children. Preschool does not kick in until kids are four, which is too late. Its wellknown that these programs are much more developed in northern and western europe includes child care, paid family leave and the regulation of working time which is an important support for working parents as well. Those countries and the policies of those countries see this as an investment. Explain what that means. Where is the pay off when countries engage in the policies that they have . Well, i would say its a multi facetted pay off. First of all there is interest in school preparedness. A lot of studies show for every dollar spent. Does seem to bethere do seem to be invest paves later in life. Also very important. Something that would hint at in the segment is there is a tremendous loss of women in labor because of the poverty of these programs. Because the absence of strong child care and paid leave in this country we have this persistent gender gap in the labor market, and it is a big deal and it remains and in some places worsening. There is a pew study that found 30 of moms now stay at home and thats a greater share than at any time in the past two decades. Whats causing that . This is very interesting. There was a study done by two labor economists at cornell last year that got a lot of attention, and they started with a startling fact. In 1990 among the 22 richest countries in the world, womens employment participate rated 6. 20 years later, its near the bottom. Why, because these other affluent countries developed packages of policies and shoring up womens employments and all of other countries pass this. While the United States used to be regarded as a leader in womens employment, were now considered a lagerd. There are some things that companies and businesses might be able to do to make sure that their employees are not missing work taking care of the kids. What are some of those things . Thats a good question, and i might add people ask why do we have so little Public Policy . Because we do have a history and tendency to leave things to the market. We leave the child care to Consumer Market and employers. There is good in that, but, indeed, some employers provide child care subsidies, paid lea leave, flex time. Two things to say, its not enough. Not enough employers. Thats why the average level of provision in all of these services is way below the countries that provide it publicly. But also as im sure you can imagine its very regressive in the way its distributed. Its highly scored workers who have access to these workplace packages through their employers, but lowerskilled workers have almost none of these rights or benefits. Professor of Political Science and sociology, thank you for coming in, appreciate it. Thank you. You have not made it in america until you own your own home. Thats what generations of middle class workers were raised to believe, but thats changing. These days a lot of americans say its not worth it to buy when you can rent. Well have more on that coming up. Plus chinas great economic divide. Well look at who has gained ground and who has gone nowhere in the 25 years since Tiananmen Square. Al jazeera americas presents the system with Joe Burlinger observing a crime a shocking number of these eyewitnesses get it wrong how much would you remember . Dark complected. Medium height. You described most of the majority of the men in america sometimes witnesses get it right when you have an eyewitness to say i saw him do it, that is the best evidence. And sometimes sometimes they dont no one is listening to us. George is innocent. The system with Joe Burlinger only on Al Jazeera America start with one issue education. Gun control. The gap between rich and poor. Job creation. Climate change. Tax policy. The economy. Iran. Healthcare. Ad guests on all sides of the debate. This is a right we should all have. Its just the way it is. Theres something seriously wrong. Theres been acrimony. The conservative ideal. Its an urgent need. And a host willing to ask the tough questions how do you explain it to yourself . And youll get. The inside story ray suarez hosts inside story weekdays at 5 eastern only on Al Jazeera America these days for Many Americans it feels like the ability to attain that dream of homeownership is slipping away and fast. So much so those who do own homes cant afford the homes theyre in. 52 of American Renters and homeowners have had to make Financial Sacrifices in the last three years to pay for roofs over their head. That means not paying a credit card bill, no longer saving for retirement and putting off trips to the doctor. If that does not shock you, consider almost half of americans no longer see homeownership as a good investment. Well dig deeper into the findings of the study and look at the perceptions of homeownership we go to the firm that conducted the survey in partnership with the m mcarthur foundation. Rebecca, welcome to the program. What is driving this given the other date tha data that were not. Seven in ten americans think were still in the midst of a housing crisis or that the worst is yet to come. Only 25 of americans think that the housing crisis is over. I think that what what is driving that for americans is the practical he reality of their lives. We found through the research the Second Annual Housing Matters study that is commissioned by the macarthur foundation. We found that people have a very, very real sense of the obstacles and challenges that many, many people in their communities face when trying to find quality Affordable Housing. That applies not just for the low income people in their communities, but a solid majority of the American People think in their own neighborhoods and communities its challenging for middle class families to find quality Affordable Housing and that applies to rental housing and housing to purchase. For those americans who have had to make sacrifices, you call some of them distressed owners, and some of them on edge owners. What is the difference between the two, and what are the challenges they face about the over all housing market. Well, its a continuum if you will. Distressed owners are individuals that spend more than 30 of their Household Income on either their present or their monthly rent or mortgage payment. On the edge, owners or renters are people who are further down that continuum. They are people who either selfreport that they feel unstable in their current housing situation, or that they worry a great deal about a number of factors that we asked them about, things about being foreclosed upon, being evicted or having to move because they cant cover their rent or mortgage. The reality of the situation is that particularly with distressed owners and renters is that sadly the proportion of the American Public that makes up that group is growing. Particularly among renters. 50 of all renters now fall into this category of spending more than 30 of their income on housing. Thats been traditionally and is today sort of the bench mark, the respected benchmark for people who find themselves in a really bad place and hard situation. And spending that much of your income on represent youre not building any equi equity. Youre not investing in your future. Is there anything that has helped certain areas . I tell you, in the poll we didntwe explored perspectives on sort of what the publicwhether the public thinks there is a role for policy. We did not reallywe tested a few specific policies, but what i can tell from you the poll is that the American People definitely think that there are things that can be done. The majority, 60 of the public say that there are things that can be done to address the Housing Affordability problems that we face, and solid majorities of the public think state and local government should be doing more on this front in terms of ensuring there is more, there is a sufficient level or number of affordable quality housing unites, and thats both rental and ownership. At the federal level what the American People really want is balance. They want a balanced approach. They dont want policies that favor ownership over renting. American dream of ownership is moving away from lots of americans. I dont know about that. The solid majority of the public aspire to own one day. And among young people, 85 of people under 25 aspire to own a home. The problem is the path to the American Dream is steeper than it used to be. A lot steeper. Thats where the problem lies. Well said. Rebecca, Senior Vice President of Hart Research associates, thank you for being on the program. Thanks for having me. Politics is only part of the story. Coming up, well tell how has made huge economic strides in china, and who has missed out. Plus if youre looking for a job here in the United States, theyre hiring in north dakota, but the risks may not be worth the reward. We will show you why. Every saturday join us for exclusive, revealing, and surprising talks with the most interesting people of our time. Grammy Award Winning singer, songwriter Angelique Kidjo music transforms lives of people inspiring strength read, be curious your brain is your ultimate weapon hope for the future the only thing that can transform my continent is Girls Education talk to aljazeera only on Al Jazeera America now inroducing, the new al jazeea america mobile news app. Get our exclusive in depth, reporting when you want it. A global perspective wherever you are. The major headlines in context. Mashable says. Youll never miss the latest news they will continue looking for suvivors. The potential for Energy Production is huge. No noise, no clutter, just real reporting. The new Al Jazeera America mobile app, available for your apple and android mobile device. Download it now i think that al jazeera helps connect people in a way they havent been connected before. Its a new approach to journalism. This is an opportunity for americans to learn something. We need to know whats going on around the world. We need to know whats going on in our back yard and i think al jazeera does just that. Today is the 25th anniversary the chinese governments violent crackdown on demonstrators in Tiananmen Square. In the years since 1989, reforms have transformed the staterun economy and made it far more market friendly. While that has benefited a big portion of the population, not everyone has shared in the gain. At the heart of the Tiananmen Square protest prodemocracy students camped out for weeks before the chinese army moved in killing hundreds if not thousands of people. The revolt set in motion Economic Reforms that has political changes. Private industry, and the educated benefited the most. A middle class was born but not everyone stood to gain in the reforms of the 1990s. The government restructured staterun companies and Blue Collar Workers lost out. 30 Million People were laid off between 1997 and 2001, and blue collar citizens. They absolutely lost out. Reporter those urban workers especially in their 40s and 50s were forced to retire early and never made up for lost ground. The government is much more concerned with inequality that will stop the advancement of people who have High Education. And because they have High Education they have high expectations. With chinas economy threatening to cool, how can the government del with those expectation. The tiananmen protest opened doors for chinas middle class that otherwise would have have remained close. Author of the u. S. Can learn from china and joins us now in studio. How did tiananmen change chinas middle class . Well, we have to also remember what happened then in the context of what was going on, and then what happened elsewhere around the world. We also know that the tv yet union had collapsed. They had wanted to have Political Freedoms before they had true Economic Growth in the institutions that developed before. So china clearly was worried about that situation, and china was going through high inflation at the time. China policymakers really needed to get a handle on changing a country that was completely communist economy. This was a major transition. A lot of these leaders come from the Cultural Institution where they know that chaos would be destruction for the country. The narrative that they have told the chinese, and lots of the chinese have bought into it is that largely, hey, if we just had too many changes at once, we couldnt have implemented the reforms that weve had, and that allowed you to enjoy all the freedoms that you have now economically like going abroad. The fact of the matter is because you had so many more who participated in tiananmen, and their concerns became much more apparent to chinese leaders at the time. So they were awarewe have to understand that they came from a situation where they had everything that was state owned. They basically had everything that was mandated from a Central Authority to something that was more market oriented. There was no playbook, no model for this in the world. They were dealing with how to make it pay off. What can we learn from the last 0 years of chinese nick growth. One of the things that i talked about in my book that i thought the chinese did particularly well that we ought to look into is the idea that they were very systemic about measuring their progress and measuring whether policies worked and had the intended effect. So all the leaders had scientific degrees, they were trained to think that way in testing hypotheses. In the way the west is run, were run by lawyers in washington, d. C. That create laws that is not testing out anything. Nobody goes back to do a postmortem analysis if it had the intended effect. S more about proposing things and getting it through lobbyists. This is a completely different approach. I would say that a lot of our economic potential is probably untapped because were not really getting the data that we need. Its an interesting point that the United States policies are a reflection of our things rather than test things. Development and urbanization. Is there a crossover for the United States in that lesson . Well, we had a similar situation a century ago. Were sort of ahead of china in that sense. When we look at china, they are a reflection of us where we had immigrants coming from europe and from everywhere else coming to our shores, china basically has all the western peasants flowing into their cities. And so from that standpoint im not sure that we need to learn from them, but i would say that they have been extremely disciplined about trying to incorporate all these people very rapidly into modern society. These are people who have probably never seen the internet before. Dont know anything about how the modern world works. To assimilate them is a huge task. And the fact that theyve managed to maintain this growth while doing all this is really truly extraordinary. I would say there are a lot of things that the chinese have implemented that we should probably do more examination of, that we could try to borrow certain ideas. The discipline and the rigorous analysis of something that china has done that is so intriguing when you think about how the United States does it differently. Ann, professor, thank you for coming in. We appreciate it. Thank you. We received disappointing news, companies have created fewer jobs. Adp said employers added 179,000 workers, down from 215,000 in april. The economists had expected gains in may of 210,000. Adp reports a preview of the Labor Department employment report which includes government jobs. That number comes out friday, and economists suspect that job growth slowed from the 288,000 positions created in april. One state that is having no trouble creating jobs is north dakota. The hottest place in the country for people seeking work, but its also the deadliest. The u. S. Labor Department Said the workplace fatality rate in north dakota is five times the national rate. Many people who lost their lives on the job work in the states booming oil and gas industry. Diane, fair to say that this is a big concern where you are . Reporter oh, absolutely, david. You know as im sure you know its been a modern day gold rush out here. You have a lot of workers coming in the area to find jobs. Many of whom are inexperienced, and the combination has led to more workplace accidents. Jobs in north dakotas oil field can pay big bucks, up to six figure as year. Some workers say the risk is not worth the reward. Ty james is one. He severely injured his spine when drilling equipment he was loading on to a truck fell on him. The Emergency Response people, they told me that had the trailer went down another two inches i wouldnt have known what happened. I would just be dead. Reporter james was lucky. Work related deaths are on the rise in north dakota, up 45 in 2012 while they declined nationally. Any time we see the number of fatalities above zero, thats a cause for concern by osha. Reporter covering north and south dakota, with over a thousand active wells and hundreds of Oil Service Companies brooks and his eight inspectors have their work cut out for them. He thinks inspections have helped osha identify and correct hazards at some drilling sites but he says unexperienced workers and even employers are still the biggest problem. If we have someone with limited experience in the industry who started their own company, they may not be aware of the hazards that their employees are exposed to. Reporter when it comes to worker safety it all comes down to training. Here the kind of training rig workers get really depends on the company they work for. Company training runs the gamut. Nabors drilling is one of the most rigorous training programs. Where is the hazard here . No new recruit can start the game without first getting nine days of handson experience with a test rig, classroom training and finally passing a written test. If we have someone thats not progressing the way they should throughout the nine days, we dont hire them. But despite that osha has investigated two accidents at nab abors sites. Meanwhile other Companies Offer far less training. So unions are stepping in to provide training for workers who dont feel adequately prepared. We have to look out for one another. Thats the main thing, making sure that that person goes home safe. Reporter ty james said that he only watched a training video as he struggles with pain every day, the 4yearold wishes he knew then what he knows now. I heard stories, but i guess nothing can prepare you for what you see. I couldnt believe it until i saw it. Reporter the state is obviously seeing a lot more Worker Compensation claims. It saw an increase of 15 in 2012. Last year it was an increase of 5 . Diane estherbrook. Thank you very much. We appreciate it. So what does chicago have in common with seattle . Pretty soon it may be the nations highest minimum wage. The debate in the city raising its minimum to 15. You may be surprised who thinks its too much too fast. More than bragging rights, can a Winning Team Score economically for its home city . Well look at the numbers ahead at real money. Saturday on the stream. The superstars. I love the underdog role, its us against the world. We have this fight and this pride to play for the country. Pushing for success. Weve gone so far forward, the games really really grown. Gaining popularity. People are crazy for it. Is now the time for u. S. Soccer . Anything is possible. I believe that this u. S. Team, we can beat anybody. The stream, saturday 5 30 eastern. Only on Al Jazeera America. S, i. Al jazeera america. Misbehaving children locked up doing time while they should be in school. They have to prepare for jail throwing away our future were using the same failed policies in districts throughout the country are we failing our kids . Fault lines Al Jazeera Americas hard hitting. Theyre locking the doors. Ground breaking. We have to get out of here. Truth seeking. Award winning investigative documentary series fault lines the school to prison pipeline only on Al Jazeera America National Hockey league stanley cup finals get under way where the l. A. Kings take on the new york rangers. And tomorrow the nba finals tip off where the spurs take on the defending championship the miami heat. There is obviously a lot of money on the line, but what about the host cities . The San Antonio Chamber of comebers said that it generated 12 million. But will the games matter much for new york and l. A. The countrys two biggest cities. New york versus la. Is it just a drop in the bucket when they have a sports team in the championship like this . No doubt about it. In terms of the economics of them. It really is just a drop in the bucket, especially for cities like new york, which is a huge economy on its own, the double Million Dollars that could generated from a championship series is not going to make a huge difference in the over all economy. Economy is driven by consumer confidence. I have this theory when fans are happy and excited about how their team is doing, they spend more. We saw that in london when welcomin in wimbledon. There is no question that people are happier, the main benefit of this is that people in those cities are going to be happier. If there is some economic byproduct there is a chance that theyll spend a little bit more, but its really about the secondary benefits. Now the spending that they do have, is it mostly on merchandise, the championship tshirts, is it more going out, going to games, going to restaurant, how is that split . These are cities that are hosting the games. Theyre not going to have a huge influx of fans like you see with the super bowl game, for example. It really is just fans going to the games, going to the local bars and restaurant, buying the merchandise. Walking down the street and youll see tons of rangers gear. But a lot of that means that theyre doing that instead of going to the movies. Theyre going to go to the bar instead of going to the movie or Something Else which means there is limited economic benefit. As far as san antonio versus miami, weve seen this match up before. Does that cut in to the economic benefits a little get if its a series or a set of teams that have battled before in these championship series . It does. People in miami are excited, but theyve been there. Theyve done that. Same with san antonio for that matter. So there is a little bit excitement, and the economists say the little economic benefit tends to be more muted because people have gone through it before. Have you seen anything particularly creative out of new york, los angeles, san antonio or miami where the teams are doing Something Special to squeeze out a little bit more Economic Activity out of the fact that they may have a Championship Team . There is always, always marketers in every city, restaurant, bars, hotels trying to squeeze every little dime out of it. Youre going to see sports retailers having promotions and getting people in the doors. You know the leagues are promoting it, so there is always going to be people trying to capture every dime and every dollar. Fair to say its still better if youre a player to be on a Championship Team in new york, miami, los angeles and san antonio. The right player in the right city can still generate huge endorsement deals. You saw lebron james even when cleveland but certainly in miami generate huge excitement. In some ways Michael Jordan and other huge stars have put cities on the map to some extent by bringing that excitement to the place. Executive editor of the fiscal times. Thank you for being on the program. Thanks for having me. Youre welcome. Finally, a debate over the years most popular books. French economy Thomas Pickety predicts were headed towards Dangerous Levels of wealth, and talks about progressive taxes. Some question pikettys theories, and he responds. Company analysts prepared an exhaustive internal report using different data forces and they still found that wealth inequality is still going to increase. The analysts highlighted ways that merrill could profit from the trend. Its nice to hear that merrill is thinking about wealth inequality. Much of our nation is as well. But its time to just stop thinking about it. If Merrill Lynch is creating a plan to deal with wealth inequality, maybe the rest of us should as well. For all of us here at real money, thanks for joining us. [ music ] theres more to finical news than the ups and downs of the dow. For instance, can fracking change what you pay for water each month . Have you thought about how Climate Change can effect your grocery bill . Could Rare Minerals in china effect your cell phone bill . Or, how a hospital in texas could drive up your health care premium. Ill make the connections from the news to your money real. Let us bow our heads for a word of prayer. Our father and our most gracious god. As this family, the murdough family and their friends, as they gather, we ask that you send your comforter, your holy spirit, your guide, to be with them. Queens, new york. Jerome murdoughs family is laying him to rest. Four months ago, 56yearold jerome was arrested for trespassing, and booked into new yorks Rikers Island jail. You going to be missed big bro. Me aim
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