And scott, very good friend of cbs, jordan goodman joins us again. Welcome to the show. Lets talk about spend now and pay later in this Financial Literacy. You know, terry we talk about this in any way imaginable. But it seems like the more that we talk were just not finding a solution. And these kids in college and universities are mounting debt. What is missing . I think part of it is the culture weve created in terms of things are important. Getting access to stuff, right. You see it, you need it now. And i think one of the things that we really have to start doing is capturing and educating our youth. And educating everybody frankly, about financial we call it Financial Literacy. So our purpose is really building trt solving important problems. And one of the very important problems we think is youth early on are not getting the insight, the background in terms of financial skills in general. And i think that some of it comes from lack of insight, a lack of perspective often from t
School, Christian Camp and homes to evacuate near sonora. One person was injured. Firefighters said its growing at a dangerous rate of speed, now 20 contained. The area is going to get considerably hotter over next few days. In yosemite, the fire burned 500 acres with no containment. It was spotted last night in indian canyon, burning dead trees, creating a large plume of smoke. Yosemite is expected to get hotter, like the bay area. So well check in with Spencer Christian to get the latest on our weather. Turning your attention to the heat. My goodness, it was steamy out there. The variations of color confirms it was very hot all over today. In alameda, people kept cool with a dip in the bay off crown beach. There is nothing like a heat wave to make you crave ice cream. That generates a lot of sales, meaning long lines at mission city creamery. Now, take a look at our power cam over in emeryville, pointing at downtown San Francisco. You can see smog over the bay. Its hot and is going t
The way. You just heard the voice of a British Airways bielt after a plane enjoin burst into flames during takeoff. The crew ordered passengers to evacuate from the boeing 777 on the runway. 159 passengers escaped on slides. Two passengers went to the hospital with minor injuries. You can see smoke rising in the picture tweeted by a passenger aboard a jet. Firefighters put out flames quickly. They moved in and put out the engine fire as well. And everyone is okay. Good evening, im dan ashley. Im ama daetz. Now, our other breaking news, wildfires burning here in california. Were is a look at orange county. A 12 acre fire forced home evacuations in la habra just beyond a gated community. Police have gone door to door on ten streets in order to order people out. Firefighters are working to keep the flames away, hosing the grass and hitting from the air. Theyve done a good job putting out the flames. A wall of flames burned above the neighborhood. You can see the progress in the past hour.
When we are doing automatic adjustments . With that said i think it would be an improvement however we did it so if we to indexing when it came to when it came to individual parameters that would make sense as well. One thing i would notice we should be sure to index both the benefit side and the revenue side as in fact Peter Diamond suggests. To be critical of such an automatic mechanism would not simply be solvency. Our Current System would probably be made solvent. Congress will just get around to it later and focus changes on later generations. So the idea here is to spread the adjustment of properly and especially to share risk across generations but i also dont mean to suggest this is the way we will get to solvency from where we are today. Right now congress and the president do need to agree eventually a compromise. The point is we can build on these kinds of mechanisms and to compromise legislation so as to preserve the dealer has made an spread risks across generations rather
That discussion for davids i think we really have to all think very seriously about it not just in our normal thinking about longterm fiscal policy that we have had for the last 25, 30 years but in terms of what has happened in fiscal and Monetary Policy in the last seven or eight years. So on one hand i think much of the premise of what we did in the 90s was precautionary savings. You can see that we have to project not only that you might have a down turn but that you might need a stimulus effort and what that does. The other side of that, though, is that to look at the other extreme, germany, where a bias towards this has been one of the most harmful things in the world. And where i just think that in fact, i believe that we have some Great Central bankers here, that we are seeing heroic efforts by bernanke, kohn and others, draghi. They are efforts that are exceptional things that Monetary Policy has to do because fiscal policy has completely failed in europe, is trying not to fail