cnbc chief washington correspondent john harwood joins me now. we re looking at a vastly different day. obviously this same time, 24 hours ago, we were watching the markets sell-off. is this positive news we re seeing today because of the jobs report? give us some perspective here. yes. and i think some of the panic yesterday was a little out of control, but look, we are as the president suggested in those remarks, in a situation where the jobs picture is going to be weak for a long time, where the economy is going to be weak for a long time. yes, we re in recovery, but we re looking at say in the second half of this year, maybe 2.5% growth, maybe 3%, 3.5% next year. that s better than we ve been, better than the first quarter, but it s not robust and you re still going to have millions and millions of americans feeling like this economy is not work for them. john, with the opinions that are out there, there are many as you well know. i heard a number of people say listen, this i
in a seductive photo for french vogue. the pictures are infuriating some people and this is not the only picture. we ll show you some folks say are too risky and call it kiddie porn. after george clooney split with his girlfriend rumors he has a new lady in his life. she s famous. the july jobs report saw growth across major sectors crucial while lawmakers fight to provide added investment into the economy. 154,000 new private sector jobs is a good start, but we could see big gains in employment if some of the biggest banks start investing some of the trillions of dollars in cash they are sitting on so to speak. here to wrap up our three-part series jobs wanted dylan ratigan. i really think this one draws a lot of emotion out of people because we have such strong feelings about the banks after t.a.r.p. and some of the things that were reported how they
individuals, but, you know, the hard truth is that this is a really rocky recovery and so this de-leveraging process is really going to take years. the consumer is about two-thirds of the economy. when you re talking about households readjusting to not having this drug, the home prices that are rising to fuel their spending that s going to a long-lasting impact on the economy. that s what this fear is in the market right now. it s the fear that our growth is going to slow. because for a while we thought we were in recovery and the coast was clear. politically everyone has their talking points but republicans including senator kaye bailey hutchinson of texas saying it s the uncertainty with the jobs creator creating the problem here and they re worried about how much they will have to forgo and pay with what she referred to as obama care. and some of the uncertainty surrounding those who would end up hiring some of the 14 million americans out of work. is that the core of the problem
engage in financial speculation, far more profitable to take the money given to us by the government, loan it back to the federal government, which what is they re doing to fund our own government, or take it overseas. the point is whether giving it to our government or taking it overseas or using it for speculation in current banking law, all of those things are more profitable than domestic lending. so in order to reverse the blower, we need to actually have a real debate in this country about laws that might encourage banks to lend as opposed to speculate and extract. it s not about whether i have the right idea to do that, or whether you do, it s about whether we re even having a debate that s saying why are our banking making money, taking money out, as opposed to making money, putting in, because what we know, prerequisite for jobs is money flowing into your country. we talked about that. and you cannot have job creation if you do not have a flow of money in and the banking syste