Transcripts For CNNW Your Money 20111105

i'm ali velshi in cannes, france. g-20 turned out to be something other than what i and the entire world thought it would be with the crisis in greece and more pressure on the eurozone. here to discuss this and impact on the world economically, politically and financially our chief national correspondent and sheila behr, former children of where they grow america's favorite potatoes. everyone knows idaho potatoes taste great. fdic. before we talk about this i want to bring in christine romans to but did you know they're good for you too? explain why this has been such they're high in vitamins and potassium. an important deal in the united and idaho potatoes are now certified to carry states. while i've been out here in cannes, the u.s. has been the heart checkmark from the american heart association watching closely what's going on here and in athens. for foods low in saturated fat and cholesterol. so they're good for my family, and for yours. >> there's a growing understanding that u.s. and europe are in it together. heart smart idaho potatoes. anything negative for greece and always look for the grown in idaho seal. united states isn't good. europe is the number one tradesing partner. we don't quite under how the domino effect would be. if greece goes down, the first domino in interconnected trade, banking, financial system. $400 billion of exports go to europe every year. that makes it a huge destination for our goods. if there were a severe recession in europe because of a financial crisis, it would definitely hurt the u.s. there's a trillion dollars of direct investment in the eu from the u.s. and another $2.7 trillion in loans and commitments. everything from banks, companies, municipal governments, retirement funds all wrapped up and tied up in business with europe. it's two very close allies, two regions that depend on each other financially. it shows we're in it together. what's good for europe, good for the u.s. not good if this thing doesn't get solved quickly, ali. john i'll bring you in. you've covered things like this, international summit. when you're here with the president of the united states, most eyes are on the president of the united states. interesting things are happening at this g-20. first of all the president of the united states is here, treasury secretary. premier of china, hu jintao is how. all eyes are not on these people. is this a sign of shifting global sands that the u.s. is not the primary player in a week like this? >> i think that is certainly a sense. you see it there when you're in the summit and hear it back in the states when you watch whether it's people in washington. i'm in des moines iowa covering the election. when you talk politically about the future, there is a question, is the united states still the preeminent economic leader in the world. can president obama go there and make a case about european debt when washington is concerned about u.s. debt. when you travel the country, this is not a business term, but you sense there's constipation in the economy. corporations won't spend the millions animals they have because they have anxieties. they have concerns about europe and u.s. debt and tax structure. i met a woman who got laid off the jobless rate stands at from a hotel because she said the owner can't get financing for a big renovation. 9%. tlgs a sense of uncertainty. that doubles when you look at you see the president on the world stage, feel it on the underemployment, including those that want to work full time but local stage, it's impacting the can only find part time. world. that's 6.2. guess what, it's going to impact each month brings slight progress at best. the next presidential election what are the real long time in a big way. solutions. i want to turn back to diane sheila, let me ask you, you swonk. spent years trying to keep the let's start with you. banking system safe. at the heart of this is the what needs to happen of the days banking system, the risk. of 200,000 jobs added each month explain what they are doing right or wrong to keep the banks and 5% unemployment. >> it's going to be difficult. afloat and why it's important. there is no easy bullet. >> european banks are thinly if there was a silver bullet to be smot, it would have been capitalized. there's differences among institutions. shot. changing in regulations, easing as a group they are much more up on regulation and if we did thinly capitalized than u.s. banks. have more stimulus, i think that one of the reason, the rules that european regulators follow would help. we're not going to get it, are much more per missive in unfortunately to go on with the terms of letting bank management ongoing monetary stimulus in the decide their minimum capital u.s. economy. i think it's important the issue we talked about discrimination levels. so i think what we need to do against long-term unemployed. we have to eliminate that. that can't happen. now is have a rigorous stress you close those workers out for test with banking thought, good of the labor force. we see many states pass laws realistic loss rates, true that say i'm not going to look distressed economic scenarios at you unless you're employed already or have been unemployed and capital level minimum ratios for less than six months, a in the u.s. other than soft year. you have to do things like weighted risk ratios the eba has unpaid internships, keep the been using in european banking, young engaged at some level. and other european regulators even if they are not getting money they are getting skills have used. important going forward. confidence in the european there are things on the margin to keep them employable. banking system is important. they need fortress balance the key issue is to not have a sheets right now. this is not the time to be lost generation at the older and younger end of the spectrum. fudging numbers or be less than >> that long-term unemployment completely forthright about the issue, it was part of the levels of capital and what president's jobs bill that be additional capital needs to go made illegal on a federal level in to stabilize that system. to discriminate against somebody >> what's your sense of their out of work. you can see recruiters do it, understanding of that? we've heard from the french job posting boards, a group of president nicolas sarkozy, angela merkel. senators saying, please stop these are countries whose banks doing this, you're leaving people out. are most concerned. it's not fair. stronger companies. is there a sense the players peter, my advice is fill your understand what you said and are resume, if the job says do not generally prepared to move in the right direction? apply, apply anyway. >> no, i don't think so. >> you better be careful with there's been a lot of focus on that. >> you think so? >> lying on your resume is a the problems of the sovereigns. serious issue. ultimately the impact it's going >> i mean filling it with to have, the banking system is volunteer work, unpaid what's going to cause a severe credit contraction that could internship, offering your cause broader problems for the services, fill that so there isn't a big one-year gap since european and global economies. your last job, make sure you've i don't think enough focus has been put on this. done something. they need to get those levels up >> one thing older workers can with real capital. do laid off, do that volunteer it may require dilution of work. you can only send out so many shareholders, temporary resumes. you should do something every nationalization. much more aggressive action day. if you budget your time needs to be taken on this issue. properly, you can then do some of the things young people do >> that shared pain or and that can lead to other work. aggressive action is exactly what is causing countries like i don't mean internships but greece to be concerned. volunteer works where you continue your skill and keep it's disallowing people from your cutting edge. doing what might be necessary because they are fearful of the working at a nonprofit even on a impact on this. john, i have to tell you. volunteer basis if you're a you're on that campaign trail. this is not the kind of financial person can help you discussion, this fear of get another job. contagion, this debt, the idea it's a date and place on the what christine described a slowdown in europe affecting the resume and fills that gap. we're talking about we micro can united states, this is not making it into the campaign do about something that is a trail at this point? >> they are not talking as much macroproblem. in the fine detail as you were some people do everything we tell them and still out of their talking about with sheila. control. they are talking about in the at the end of the day america has to increase demand for its view of the republicans campaigning, i sat down with goods. >> absolutely. texas governor rick perry, he several things we can do. one deal with a huge trade says president of the united states can't go to the meeting deficit, half of which is oil. with big leverages because he certainly electric cars are doesn't have anything positive helpful but they are a decade to say. the united states has not dealt away having a meaningful effect. with similar problems of that's an issue you'll hear, criticism what oil we need, we could start of the president's leadership. more importantly, ali, 9% producing here again. we're not doing anything from the environment like shifting production to nigeria, just unemployment, creating jobs, putting it someplace less 80,000, not near enough to bring manageable. the rates down or put confidence that does put to work a lot of people unemployed by this into people. are people here discussing the recession. namely construction workers. european debt crisis in the fine also there are real things we detail the leaders in europe can do with regard to underwater are, the conversation you just mortgages far beyond what the president has suggested in terms had with sheila? no. are they aware it's a huge drag on the economy and not just the factory up the street? of restructuring that debt. they are about that. when you travel the country and have the banks carry interest on talk about economic anxiety they the mortgages. they are going to lose the money. talk about global precious, more they are going to lose the money when the houses are sold. about china than europe. get those balances down and not they are aware this is a big just refinance at lower rates. global problem. >> that's a very good point. that would help a lot. >> it would help to clear the china tends to be the focus but market as well and i think europe is, in fact, as a group that's very important. the largest trading partner. what the implications may be the >> peter and diane, have a great weekend, as always, thank you. realization while everybody is >> take care. mad at washington for what they blame game. did or didn't do right the president blames the legitimately, the fact is the rest of the world may have a congress, congress blames the president. shouldn't both sides be focused bigger impact on jobs back at on who can fix the economy and home than congress can even. let's continue this conversation how, not to make it worse. in a main. john, sheila, stay where you next we'll duke it out on "your $$$$$." the postal service is critical to our economy-- are. you're watching a special edition of "your $$$$$" from cannes, france. along with support,nnoun] chantix is proven to help people quit smoking. chantix reduced my urge to smoke -- and personally that's what i knew i needed. 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[ both ] ♪ emma, emma bo-bemma ♪ banana-fana-fo-femma ♪ fee-fi-fo-femma ♪ em-ma very good sweety, how do you feel? good. yeah? you did a really good job, okay? let's go back to drawing. mine can. td ameritrade can. they've got trading specialists i can call for help. and paper trading. free practice trading that helps me hone my technique. complex options. and free tutorials online or in person. can a trading site really make a difference? if it can't, why are you trading there? number one in online equity trades. td ameritrade. welcome back to "your $$$$$," hosts of sirius xm [ male announcer ] trade commission-free for 60 days. plus get up to $600 when you open an account. standup. president obama saying he can't save the economy all by himself. listen. >> the truth is the om way we can attack our economic challenges on the scale that's needed is with bold action by congress. they hold the burpurse strings. it's the only way we're going to ali velshi in cannes france. put hundreds of thousands back to wo, now, not five years from we have a group discussing the now, ten years from now but now. affects on you. the host of jkusa and sheila >> he's blaming congress for failing to jump-start the economy going to buy him five years or is the other side going to blame him for the policies bair, former chair of fdic, a he's already had. >> you can look at it many different ways. body important to americans politics is perception. during the financial crisis. most people don't pay attention john, sheila bair has a broad to day to stay politics but role she and the fdic she played what's happening in their house. he's the president he will take during the financial crisis. a lot of blame. i want to ask you, sheila, people saying out loud, david people watching the show, called axelrod saying that republicans may be trying to hurt the "your $$$$$." if you're not inside your money, you're probably not watching the economy for political purposes show unless the batteries are to get re-elected. it's hard to disagree with that. gone on the row motor. we don't all know the details >> really hard. >> hard to disagree with the about banking. most people would be surprised steam. people keep less money in core >> absurdity. capital or safe capital than we the president's statement think they do. when you look at this crisis in encapsulates all the problems with jobs bill, stimulus, europe, with the hindsight of what we went through in the keynesian economics. united states, is this problem all this built in is wrong. in europe imminently solvable or that's like asking pete to be seven feet tall. should we in the united states he's not built that way. or the rest of the world be it's not going to happen. fearful this is not solvable and could send us into another you assume efficient, but financial crisis. congress isn't built that way. >> i think it's solvable if jobs right now, one thing about people face up to reality. one of the harder pieces of infrastructure, might be stimulative but doesn't do it now. reality is that the low capital president obama admitted we learned what shovel ready was. levels in european banks. >> more to talk about than jobs, they really need to get the there's the super committee, capital levels up. really big structural things. if you get into a period of >> there's things you can do, economic distress and banks have too low capital levels, that you could spend money on will threaten solvency, threaten infrastructure. jobs won't be created right whether they remain viable, away. you agree they will be created. whether they can keep lending. there's a lot you can do and has building what we call fortress balance sheets, getting capital done in the past to get up, it matters. together. it's a job of regulators, a good >> i want to talk about press next candidate newt beginning rch. example of why regulation he wants to attach a mandatory matters to our broader economic training requirement to all health. >> christine romans will take it unemployment compensation. from here, i'll go back to >> you say if you need unemployment compensation, fine, covering g-20. but you have to sign up for a >> i want to bring in ian, business offered job training program. if you have 99 weeks of unemployment, that's an associate degree. in 99 weeks you can train president of euro asia group. anybody. establish the principle we do not do money for nothing. >> will, does newt gingrich have when will the threat for recession, crisis in europe and it right? i point out the president's own what it could mean for america, jobs bill pitch included -- it kbhen will that subside. >> it can't subside for a while. showed the georgia works program. they said we'd like to do that's part of the plan. reforms to unemployment insurance. if you're germany, france, core >> the president and newt gingrich have an interesting european states or european idea. at the point you have institutions, you know that the unemployment lasting 99 weeks, you have a question about only way you end up fixes european institutions is by incentive, are they holding out continuing to use market pressure to ensure austerity what they want. >> will, there aren't any jobs. continues. so you can't write a check. >> there's three people for talking to angela merkel last every one job or five. year at davos, she was basically >> not holding out for jobs that don't exist. in georgia and germany they have saying the only day she really done jobs training programs, they help in a lot of ways, help has leverage is right before she with psychologist, happier, more cuts the check. productive but doesn't fix the everyone understands that. it's not going to be a german economy. >> i'm not really impressed wit. marshall plan. this isn't the post-war to be honest, i'm not impressed environment. you have to change european with training programs we have. institutions. this is not a matter of weeks or you have to start from scratch, months. we'll be talking about this finds one that work in the country and do it. european crisis frankly for more people from political stripes than a year. >> what does that mean for the say 99 weeks of unemployment is president and re-election. a very long time. every minute we're talking about at what point do we say that's greece is a minute we're not enough. >> germany does work sharing, talking about jobs in this for another segment, another country are pretty blah. show i'd love to talk about. is there any bearing on a listen, there's this idea that people are sitting around and president in campaign mode. >> he is in campaign mode, not wanting to work. that idea is pervasive because trying to do two jobs at once, be president and campaign for we all know that person. election. look what happened in recent it's anecdotal but not true. people looking for jobs. days. greece has a plan, markets there aren't any. the fact is how are we going to rally. he says wait, a referendum, find money to pay for retraining. last thing i would say, markets go down. europe gets a deal, up, down, unemployment, it's insurance. it's not a benefit. up, down, italy, spain, if we you pay into it, you get it back. it's one of the most stimulative have this roller coaster heading things you can do, unemployment, into the election year, you'll food stamps, it goes back into the economy. have volatility in the markets. they are spending that money. ben bernanke said persistently >> true. the last chunk of that, federal high, 8 to 8.5% unemployment bit emergency benefits, they are paid for by the federal time the president seeks re-election. government. the first part, the state stuff this is number one issue in the country. it is for him as a leader and it runs out. is for voters. >> money goes right back to the economy. food stamps are stimulative. voters after being promised the >> members of the house, stimulus would help, you can't republicans and democrats blame it all on the president, signing a letter urging super guess what, when you're president of the united states committee to consider all in a tough economy, you take a options to trim the national hit. debt. >> any steps the administration one organizer said he will make should be taking to best the ultimate political sacrifice position our economy for if that's what it takes. possible fallout from europe? >> i'm willing to give up on the one hand the u.s. can't also go there and say you should anything, including my next election, if what we are doing do this, because we're still today gives us that opportunity blamed for the financial crisis for success for tomorrow for the in 2008. we don't have the moral next generation. authority on these issues. >> if a democrat is going to >> the u.s. doesn't have moral authority on social dissolution. sign off on serious cuts or a i thought sarkozy's speech republican endorsing tax cuts, do they need to be prepared to talking about any plan from the give up their job? imf is going to take into >> schiller is a democrat, a account the fact people are former quarterback, a very hurting on the ground is a successful businessman. reflection of occupy wall street i looked up his net worth, worth in the united states. so the u.s. does have this $33 million or much more. issue. there's not much obama can do, i'll give up my job here as a quite frankly. he's very much frustrated legislator and go back -- it's because he lost -- his party like when president obama said lost the midterm elections. i'd rather be a good one-term he doesn't have the ability to president than a poor -- this is actually get anything through, just politics. >> no, no, no. through 2013. that's relative humidity any's >> it is good they want to get best opportunity to beat him. obama can talk about the fact together and that 100 house numbers are starting to go down members said we're up for very, very slowly, talk about spending cuts and tax increases. the fact american growth looks a that's good. i applaud that. lot more resilient than european >> that cynicism is out of place. any rational person knows in growth, those are all true facts but this election is going to be order togs under control new tax about the economy. revenues and entitlements. the economy is going to be that means republicans giving up fundamentally weak. jobs addressing taxes, democrats really it's about the power of giving up jobs talking about entitlement cuts. the american in coupcumbency whs good for schiller. >> him saying i'm willing to give up my job, who cares. it's not a big, some brave thing very strong against that. to do. >> makes him one of 300. >> what is the risk in european >> i'm saying that looking at the polls, the public wants them all to lose their jobs quite banks? it's such a global interconnected financial system. frankly not just whoever is i'm still trying to get my head losing something. will and pete stick with us. around, i don't know if any of us will know, what the exposure i need you two to help answer is for credit did he fault the following questions, why are more and more americans like swaps, credit derivatives that banks and investors put on just pete dominick living at home with their parents. in the very case something next on "your $$$$$." happening in these countries. because there are those who still believe what is the risk? in the power of a firm handshake. >> there's a lot of relationships, not much direct exposure to the peripheral the cadillac cts-v. sovereign debt either through coverage or cbs. manual or automatic, that's entirely up to you. there's exposure to the european system generally in european banks generally. we don't just make luxury cars, we make cadillacs. i hate to sound like a johnny one note but there needs to be a laser like focus on building the balance sheet, resilience for what's going to be a long time period as ian indicated. as you indicated earlier, huge export market, certainly an economic drag if their economy facilitiers and exports to europe reduce. it also could have a knock on impact on our banking system which could lead to further credit contractions here, which would not be good. some folks call me a rock star, >> uncertainty is not something some call me the mayor... and i love it. anybody needs. and, i make everybody happy. sheila bair, ian bremmer, john, i keep my business insurance with the hartford because... thanks for your analysis of the they came through for me once, and i know they've got my back. situation. for whatever challenges come your way... latest jobs report evidence that we may have avert add the hartford is here to back you up. double dip recession at home. helping you move ahead... of potato. with confidence. ♪ meet some of our small business customers at: what's that? 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>> maybe. there's a lot of things to look at. take an hour or longer. i would love to see what the freako economics take a look at this. there's a lot of positive things too. these young people are saving money. not having to pay your biggest expense which is rent and the aspercreme breaks the grip, with maximum-strength medicine new health care reform allows a and no embarrassing odor. lot of them to be under their break the grip of pain with aspercreme. parents health insurance policy. there's a lot of family, cultural problems. my parents come down for four days there's always problems. >> i love the first economic impact you point out is the impact on your love life. 80,000 jobs in october, not >> i noticed that as well. nothing but not enough. you need 150,000 to keep up with i want to take it back to politics. population growth. there's no doubt that young this is what it looks like, people have entered an economy 80,000 in october. where it's difficult to find a it slipped a little to 9%. job. they have historical record levels of college debt on top of private sector created 100,000. that. i would have to say, do you notice we don't have massive if you looked at august and september, those months were better than we thought. there was more job creation end inflationary numbers on computer. of the summer early fall we had no lack of demand. we have massive inflationary thought. i guess you could take that as pressures on health care and good news. you've got a full year of job education. two industries where the government is most involved and is subsidizing. you subsidize something prices creation. diane swonk with messi row go up. >> two industries where there's a huge demand. all right. so much for that, bank of america $5 a month debit card financial. so many companies don't want to fee. we have listened to our customers over the last few hire people to turn around next weeks and recognize their year and fire them. concern with our proposed debit >> most people forget they are usage and with that the fee went people, too. away. they don't like firing people this is an example that the after they hired them up. customer wins, that a company, a look at icebergs we have floating around out there. corporation is caving to public europe on the front page every pressure. day and going to be for some wasn't good business. >> is this an example of the time to come as the earlier free market at work? >> yes. yes. segment pointed out. both. our own impetus, dealing with both. yes. the people -- we're screaming. we're protesting. >> they were walking. people were walking. the situation in the u.s. hundreds of thousands of people there's so many uncertainties out there, it's really hard to have joined the weekend. >> this is the weekend. get vision. we don't have vision without move your money weekend. cash on the balance sheet. that whole big campaign. hard to make the hire because you don't know what the economy listen, bank of america this is just one of their problems is is looking like going forward. the $5 fee. looks like they won't extend they foreclosed on military families. payroll tax. they did lots of illegal things. even if we make it through the there's tons of reasons not to fourth quarter looking okay, worry about the beginning of be a bank of america customer. >> we got to do something about 2012. that's just not a good environment to be hiring up in. this. can you believe they are putting these fees on these consumers? >> all right. you know what the free market economist at the professor of just solved it. university school of business, a friend of the show like diane don't lament the need for is. peter, long-term unemployment, government intervention. this is a trend. the free market solved your these people out of work six months or longer, a real problem. >> up guys agreed that the bank problem, a real problem when you start to talk about structural of america dropped it's fees unemployment. is that reversible at this it's a good thing. point? >> there's more to this and will do you see any signs we can reverse that? >> not until we get demand made the point last week about growing a lot quicker. dick durbin. with the debt overhang, the i said last week, do you side heavy level of imports we have with retailers or banks? and so forth, demand is growing i side with mike's hardware. not adequately. it isn't that people aren't i want the retailer to get more buying, demand for domestic products isn't strong enough. money than the bank. in that environment people >> i plant myself on the side of unemployed for more than six months are the last ones to be voluntary interaction. hired back. if retailers and banks can't at least further down the ladder. people who have recently worked come to a mutual compromise -- are more attractive. >> that's why you're seeing the >> we'll see you. there are more fees that are job -- there's a big controversy popping up and i have no doubt about job ads, all these job ads that say you must be currently that -- if you're -- employed to be considered for >> they will find a way to raise the money. this job. >> we'll be talking about that soon. don't go away guys. that means it's impossible. the markets never stop moving. >> that adds insult to injury. >> absolutely. >> employers will lose good people, too. some people are victims of all this, perfectly good employees, of course, neither do i. this is the whole problem of the solution? td ameritrade mobile trader. i can enter trades on the run. even futures and 4x. labor market. ted places people throughout the complex options, done. world. he knows firsthand to know what it's like to hire, who is hiring [ cellphone rings ] thank you. and what it's like to hire now. live streaming audio. advanced charts. you point out, ted, temporary look at that. workers are not being let go in all right here. wherever "here" happens to be. large numbers right now, a sign mobile trading from td ameritrade. corporations are going to the temporary worker and they need number one in online equity trades. those workers? >> absolutely. where companies absolutely need plus get up to $600 when you open an account. capacity, they are going first to a flexible solution. that means they are coming to temporary and contract workers as a first step. we saw that in a jobs report with 15,000 temporary jobs. that's more than what we expect with a seasonal increase in the fourth quarter of that's a good sign. more and more people are getting their permanent job opportunities having completed a successful temporary contract assignment with clients. >> that goes to underscore what we've been talking about, companies are just too -- they are too timid right now. they don't have the clarity of two of the most important are energy security next year. too much uncertainty, too many and economic growth. north america actually has icebergs. >> too much uncertainty. one of the largest oil reserves in the world. consumer confidence is at a level you can't look at this and a large part of that is oil sands. say 70% of economy driven by this resource has the ability to create consumers, it's going to take off here. hundreds of thousands of jobs. at our kearl project in canada, we're in good shape. we're going to keep being we'll be able to produce these oil sands cautious as we move forward and with the same emissions as many other oils look for flexibility in the workforce. and that's a huge breakthrough. >> diane, i want to bring you that's good for our country's energy security back and talk about young and our economy. people. there's a good report about how we have this whole generation that may be unemployable. all these people that don't have the first foothold in the economy. you have people out of work six months or longer and people who haven't had a chance to work. what kind of a challenge is that for a modern economy? >> it's a huge challenge. they are not learning the simple things like what it's like to go to work every day, be responsible, do menial work. i was a maid at one time, worked at a burger place now defunct. it's important to learn skills. they teach you you don't want to stay there, believe me, if you have an ability to get out. we're losing that. this summer i made my 16-year-old take an unpaid internship, i was afraid if she took a job she would take it from an older worker. she took the unpaid job to get the experience. i think that's important. without experience you get a compounding effect of people not having experience and not wanting to hire them either because they don't have experience and practical skills in the workforce. >> you look at some big issues in front of the labor market right now, would the president's jobs plan, anything congress can do, are these temporary measures? what can be done, if anything, in the near term about this? >> more debt relief for people with underwater mortgages would help a lot. infrastructure jobs bank would help. freeing up domestic oil and gas. a lot of that creates same jobs welcome back to your money. i'm christine romans. as infrastructure, roads, dams. ali velshi is in cannes france when you do oil rigs, things at the g-20. like cement, pipelines, so i'm taking over the show. forth. that would help a lot and wouldn't cost a lot of money. we have will and pete for your >> diane, you want to jump in viewing pleasure. >> we want to take over the show there? >> i don't think they are going to do anything. from you and ali. i'm concerned they won't extend we're forced to read and buy the payroll tax cut, defacto tax this book, which is by you and your work husband it's called the bald and the beautiful. hike. the fed is trying to do everything they can. it's a big burden for them to >> it's called "how to speak carry on their shoulders. money." i throw it to my co-host. i think that's unfortunately >> thank you, sweetheart. central banks of the world christine you write in here carrying the burden of growth everybody speaks money globally. as we've seen in europe that's a differently, they have different precarious situation. there's just a lot out there that's very difficult still. the only piece of good news i dialects and accents. will put in here, small >> my worry is since the crash in 2008 we're as financially businesses do like they are being created again. we did see small business pick literate as we were before. up. other small businesses are a we run up credit card as soon as little more optimistic. we get a chance to downtown again. even though we're trying to make new business births looking like mortgages simpler and student they are catching up, a little loan debt easy to one i worry about these kids coming out college. i'll tell you something interesting. i'm profiling a university that's giving college credit for kids with financial literacy. >> how much of it is financial literacy or individual responsibility? people using their credit cards, how much is it responsibility versus understanding what's going happen if they run these up? >> also for so long the whole game was rigged towar eged towa more money. it was beaten into us. >> you can't do that any more. >> old habits die hard. >> the point was ali and i are very different. we speak and understand money. velshi can negotiate for things i didn't know you could negotiate for. that's typical a lot of women negotiate differently or don't know how to be bolder about it. you have to negotiate a different way. i learned so much about that. i wish i had known it when i was 20 because i would have negotiated a long time ago. >> women are catching up in terms of equality in terms of wages and salary slowsly but surely but not in terms of the tricks of the trade like you said negotiations for more. just certain politics at work. is that what you mean that they just haven't been in certain industries or jobs as long? >> you know -- >> are we men keeping these secrets. >> women are motivated by different things. >> such as? >> no. women are motivated by different things. women hit their peak in their career at the same time they are hitting their peak in their family. their ability to have family. that's a whole different dynamic. the cool thing so are men. you guys are working dads. it's cool how the generations are different about it too. the workplace is changing and some of the old rules are, i don't know, i think they are going out the window. >> we have to wrap

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