people. that s around there. i want to play the bit of sound for you from alan greenspan. listen and we will get your response. if europe was not out there, we had the same problems we always had. basically construction in the united states. we would not have the threat to the overall economy. if we look at what s happening in europe, is the united states, is the united statissue? that concern we enough based on the effect on jobs here in this country? i think he is entirely correct. we would have the employment and the challenge of job creation regardless of whether or not europe were booming or busting. it s yet another head wind. another lay sner. and also a problem for future spending in the united states. the american jobs act still a key piece of legislation that the president is pushing right
our poppy harlow of cnnmoney join us now with the very latest details. poppy, at the crux of this, this may be a sad story about a man who is too ill to carry on, we don t know, because we have been told that he will still have a big function in the company, but what can you tell us about this and what it may mean for the apple brand? absolutely, candy. it s important to note that the letter that steve jobs just issued to the apple board of directors and the apple community, that is who he sent it to, it s very short, and he said, i hereby resign as ceo of apple. and he said i would like to serve as the board sees fit as chairman of the board, director and as chairman of the board, so he s saying that he would like to stay on. clearly if you read through the lines, there are concerns about what does this mean for steve jobs health. you remember he was diagnosed with cancer a while ago, that he took a leave of absence. he then came back to apple. he took a subsequent leav
escalating deficits, we are trying to fix those. if you are trying to take away the head wind hurting the economy and long term investment, they are right in the following sense. we have over 9% of unemployment and we have to do thing that is focus on job creation. when the president was in the big discussions with the speaker, was insisting we have unemployment for 5 million workers, a payroll tax cut for 150 million american taxpayers, we support infrastructure. yes. we need to have both short term measures to get the economy going. get stronger job growth. for long term confidence, it s important for the world to know we are going to get control of the deficit and it is important to take this threat of default off our economy right now. it certainly has been a head
that? well, you know, i went to the great wharton school of finance and i studied economics at length and i will tell you the one thing i learned is that nobody knows what s going to happen. and he obviously doesn t know what s going to happen and we re spending, again, close to a trillion dollars on artificial stimulus. it s ridiculous. this weekend, i was in scottsdale and it was very windy and the wind was blowing like crazy and there were hundreds of reporters there because i m building a big job in scotland and they said take off your hat. take off your hat and i took off my hat and they saw it was my hair. with bernanke, it s like if i was wearing a hairpiece. you d take off your hat. it s an artificial stimulus. by the way, they were shocked to see it was my hair. head wind. blowing viciously in the wind. but it s really an artificial stimulus and it s proven to be and now the country has another trillion dollars in debt. and it s absolute ridiculous. tell me about the g
new taxes and budget cuts are required as part of $160 billion rescue plan from the european union and the i.m.f. last year. the greek prime minister faces a resolt over the proposed measures in the socialist party which controls the parliament. he shuffles his cabinet and is calling on lawmakers for vote of confidence in the government. the obama administration gave the creeks a vote of confidence today. saying they have the capacity to handle their problems. and it urged them to follow through with belt tightening. we obviously are monitoring this regularly. we consider it a head wind if you will in terms of the global economy and therefore, the domestic economy. we re monitoring the situation. develop in the greece closely. at least one u.s. bank regulator is worried about more than head winds. sheila bare, chairman of the fdic said today she is concerned about hundreds of billions of dollars in debt of troubled countrys held by u.s. and european banks,