this should ring a bowl. 2011 s&p down grading our credit back then. it was the chicane early ahead of it that prompted us losing our triple a credit rating and never getting it back. steve moor is with us, dave dotson is with us. dave, it would be a kick and not necessarily a good one for the markets after this if they secure a deal and our debt is down graded. what do you think of that? it s terrific that we wouldn t default on our own debt, but we re the titanic headed for an iceberg. until we re ready to deal with the tax code that has ballooned three times and address military spending, social security and medicare, which is 80% of the
even in the ones technology arena where nobody was laid off, in fact, they always added to the payrolls, 300,000 lost their jobs and more are coming. let s go to dave dotson. that s accelerating here. i m wondering where you think this is going. well, i think we re going to know tomorrow, neil, when the jobs report comes out. the jobs report is the single most important indicator that we have of where the puck is going to be. it s the leading indicator. you know, we want a cooling of the job markets. we have to remember that some lay-offs like we saw with mcdonalds, seeing it at walmart is what we ve been aiming for. what i m looking for are three numbers tomorrow, neil. one is new jobs added between 225 and 250,000 jobs. that the number of average hours worked stays at 34.5 hours per
resign. they blew it so bad. i don t know anybody can have confidence in this federal reserve board based on what s going on in america. out of nowhere, janet yellen comes and says for no apparent reason because she didn t need to because these people can t learn to not shoot their mouths off that there was no real plan to provide insurance for broader than current fdic coverage, which then gets a lot of people going oh, that means we re going to have more bank failures. neil: all right. when billionaires have come out on record and say they have it with our financial leaders, whether it s jerome powell or janet yellen, what that means and the significance of seeing folks with not much competence in their own bank, their own fortunes and their own future. dave dotson is back with us. stanford school of business
professor. what to you make of this, dave? they re just the latest to say this stuff about losing faith. some wall street traders and others have said about the havoc that s been created in the banking industry by the missteps on federal regulators. what do you make of it? i agree. it starts with the fed has to stop playing god. they re on their way to snatching defeat from the jaws of victory here. they have forgot ten one of the most important tenants in economics. it about human behavior. they think that they can fine tune the economy by tapping the joy stick like we re a video game and get somebody to decide not to buy a tractor. the fed nets to get off the stage and say we raised it to 5%. fine. now we re leaving you alone and we re going to let the economy settle down. powell thinks he can tinker with the economy like it s a video game. neil: you know, then i want
i very much appreciate that you re going to give the commercial for sale. but if i don t have the numbers, i don t have anyway to verify that. you re going to get them immediately. you want to give me a ballpark right now? i don t have the number in front of me. do you know generally? this is a serious problem going on in this bank. i will get you the number immediately. i don t want to make it up. i don t want you to make it up but i don t want to wait another 2 1/2 months. neil: that s the way it went with elizabeth warren and jamie dimon of j.p. morgan chase. one of the biggest banks on the planet and the other ceos. a second day of with grilling. the end result, a lot of finger pointing. dave dotson joins us from sanford school of business. we see this all the time. republicans side, democratic side. the banks get to be the boogie man in an environment where