Congress to allow puerto rico to get the financial help that it desperately needs. Currently, the commonwealth is struggling with a 72 billion debt, a debt the governor says puerto rico cannot pay. Here to discuss these resolutions and what they can do the sponsor of two of the bills, bronx councilmember and our good friend Ritchie Torres no relation. Next to him, we asked author nelson denis to come back to tiempo. His book, war against all puerto ricans, is on store shelves now, provides great Historical Perspective, by the way, on the issues facing puerto rico on the island right now. And its in english, and itll be out in spanish, right, starting next month. Good to see you, my friend. Todo bien . Good to be here. Yeah, good to have you. Tell me about the resolutions, the bills that you sponsored specifically in relation to puerto rico, and helping it move out of this financial debt that its in. So, as you know, puerto ricos facing over 70 billion in debt. Big time. And our positio
And we begin in chicago where the superintendent of the Police Department has been fired. For the past week, hundreds of people have been on the streets, calling for Gary Mccarthy to go. And today, the mayor answered those calls. Critics of his leadership are angry that it took more than a year for White Police Officers to be charged with murder of a shooting death of a black teenager. The Community Leaders want it gone as well. Diane eastabrook has more on this now. Reporter tony, this really was a bombshell announcement today, because the mayor had been very supportive of mccarthy, but the calls for his removal had just gotten way too intense. Chicago mayor, rob immanuel held a News Conference that he fired Gary Mccarthy because he had become a distraction. I have a loyalty to what he has done, but a bigger loyalty to the city of chicago. Reporter but hours later, he told a local reporter that he had no plans to leave his job. Im not going to give up on the chicago Police Department
Manufacturing according to the institute for supply management rising , contracting by the most since july 2000 nine because we did see an unexpected contraction in that manufacturing number. Despite that we are seeing a rally. Hits in the session took a but Still Holding up relatively well. Everything that we here between now and the next fed meeting effects what it will do beyond that meeting. I know this is one of alixs miprs. This looks at the forward rate curve and Interest Rate swaps in that market. We are seeing a gentle curve although it is a slightly more aggressive than it was historically. With every piece of Economic Data that is a little more negative, we are going to likely see the expectations for the pace of Interest Rate increases to get a little more benign and indeed that is what the fed has told investors as well. Alix also what is interesting in terms of what is leading stocks is the momentum, not those related to the fed but the stocks elected poor a lot of money
The s p is higher by 1 while the dow is fractionally lower. The russell 2000 dropping 6 in a month. Take a look at u. S. Equity futures this morning. Did you check those before you came in. Nice, right . Or were you waiting to see. I didnt know what numbers were. S p 500 looks like it will be up by nine points now. If it were to open up now it would be open 23 points. Have someone that drives me in. I know all of this stuff. Foreign exchange. But it changes often times. No, no, pretty good idea. If its down 200 you know its down 2000. I knew it was probably just positive. Europe trading things like that. Nice. Just like a professional sort of. Do you know, can you do i cant. Whatever it is, i cant. You cant do the call of the consumer . Do the call of the consumer . What do you think . John, do you have any stuff like that that we can thats not bad. Anything else . Not bad. Hes fast. Hes fast. I dont know. What is the call of the consumer. Do you know . I dont know. I said it. I heard
Well xblor. A weaker than expected report on manufacturing out this morning. Will this change the feds mind about the strength of the economy . Steve liesman joins us now. Were looking at a contraction here. In the Manufacturing Sector. The belief is that fed will look through this week, at least for a while in manufacturing. The reason is because it seems the result of a crash in the oil and gas industry, a strong dollar and weak overseas growth all risks the fed knew before the report. The numbers were coming in at 48. 6, a level that is contraction in manufacturing. You need 43 for it to be a contraction in the economy. It is the lowest level since 09. New orders, production is declining. Back logs in exports remain at low levels. Heres some comments from respondents that they made public. One says the down turn in china and european markets are negatively effecting our business. Another says the strong dollar is slowing our sales to china as they can buy in europe. That gentleman i