2009 where suddenly republicans decided they didn t like stimulus anymore, and that the way to restore the economy was by cutting things. and then, of course, when defense was going to be cut in the sequester, that again is terrible for the economy. it s only cutting things that poor people like that is good for the economy. so, again, they ve strapped themselves to this kind of economic dynamite that has caused double dip recessions in great britain and spain. but it s not like they re going to back off it in the next four days. well, liberals in this country are concerned that maybe the president has strapped himself to doing things to the big three that people don t want. is there a chance that the president would give in to republican demands and go the austerity route? well, i think there is look, in his first in his first term, you know, he inherited this economy that was in absolute free-fall. we were losing 800,000 jobs a month, and he passed this $800 billion stimulus
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all this as britain and spain are officially in double dip recessions of their own so that means the early recession they were in, they are back in them, a big fear here and this young man has been talking about that, worrying about that and predicting that, tag about my friend, todd. guest: you look at 2008, the u.s. government was borrowing 20 cents on the dollar for debt. so, for example, to cover our obligations we borrowed 20 cent more to issue treasury debt and now it is 40 cents and it is rising so that kind of debt and what we have already seen in europe, with the double dip recessionary pat help, that is because of debt. it is a poison. so in the u.s. we have to be concerned and you mention the g.d.p. rate slowing down, things are not looking good. neil: i wonder, you have gone through a lot of the recoveries where they get bumpy. but, by and large the data is more if data than bad or more
we begin from drought stricken texas where people have died as a result the wildfires. a 20-year-old woman and her 18-month-old daughter were killed when flames took their mobile home. one is now threatening 1,000 homes. central texas dealing with the worst fire season ever. a record 3 1/2 million acres have burned. tropical depression lee has gotten weaker, but it is unloading lots of rain as it marches north from the gulf. louisiana and mississippi have seen flooding and power outages already. there was a lot of concern about new orleans. but the mayor says the city is okay. even though we ve got nearly a foot of rain. some people in south alabama believe the storm sent them a tornado. i didn t hear it. all i heard ws wind. if it was wind, it was a held of a wind. the lights went out, they came back on and then everything opened up. it was like a machine gun going off. lee s leftovers could dump more rain on upstate new york, new jersey and vermont. the last places th
are we post crisis, post talking about double dip recessions or are we still muddling through? reporter: no, i think you re all of those things and more. the theme of davos is the complexity of the issue. two years ago it was get out of the mess. last year it s what would the rebuild look like. this year it s china with fast growth, but inflation. the uk heading towards stagflation. the rest of europe, low growth. the united states with a budget deficit and a state of the union and questions about investment and austerity. it s the balancing act between east and west, north and south, post globalization. i can t remember a davos where i have waded through the treekal of what is the issue, what is the core here as much as this year. but the fact everybody is going through this agonizing process can only perhaps be to the good. richard, i m glad that you
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