Real money. The world breathes a small sigh of relief because Economic News out of china was not as bad as feared and that gives you a sense of how nervous investors are right now. Chinas gross domestic product, the broadest measure of a countrys Economic Health rose 7. 3 cam compared to a year ago, down from 7. 5 . The slowest rate since 2009. All of this is way down from the 14 growth back in 2006 before we even started this chart. 7. 3 was better than what many economists expected. Now, we are living in a world with so many unknowns that expectations take on huge importance. Now, i want to remind you why what happens in China Matters do you meanly because chinas spectacular growth helped to prop up the rest of the world. You are invested in Chinese Companies through 401ks and irks. China is the biggest foreign holder of u. S. Trsh ris. We are all interconnected and china is so big and important that any slowdown or recession there will be felt by all of us. We are nowhere close to a recession, but moodys analytics recognises that a 1 point growth in china shaves 2 tenths of a personnel in american growth. The International Monetary fund expects the u. S. Semi to grow 2. 2 this year. We need every 0. 2 growths we can get. Here is the problem china is at a crossroads. The leaders want to wean the economy off dependence of selling independent goods to the world, and lean on chinese consumers to fuel the economy with spending. That may work for china in the long run, in the short it means Slower Growth than what the world comes to expect from china. Remember what i said about expectations. The signs of chinas Slower Growth are numerous. Inflation is at high levels. Debt is rising. Commodity is plunging. Foreign investment is shrinking. Another area of concern is how the Chinese Government will deal with a slumping real estate market. Mary snow has that story. Reporter real estate and construction fuels chinas economy, making up 20 of gross domestic product. Because its so big the slowdown poses risks to the broader economy. Housing dropped 10. 8 for the first eight month compared to 2013. In the real estate sector in 2018 boomed. Banks became cautious. Lending and declining prices comes in may, on top of a glut of empty homes and buildings. In chinese urban areas, one in five homes are empty. 49 million homes sold but vacant. Consumers had bought multiple properties seeing it has a safe investment as the economy soared. The market cooled. China stepped in to count it. It cut some Mortgage Rates and downpayments boosting financing for developers. Now the question becomes will china avoid a painful bursting of what some are calling a real estate bubble. Soft landing its a favourite phrase of economists to describe the ideal scenario of bringing an economy like china that has been flying sky high down to earth without crashing. When it comes to China Engineering a soft landing from 14 g. D. P. Back in 2007 to something more sustainable, no one should take a soft landing for granted. Thats the view of a prominent economist. Professor of economics and public policy. Ken served as the chief commist at the International Monetary fund from 2001 to 2003 and joins me from watertown massachusetts. Good to see you, thank you. In is partly a chinese problem and the world. We have depended on China Growing at a fast rate. Ultimately what does it matter how china affects its landing, and do you think its managing it . Well theres an economic aspect and a political aspect. The economic aspect is yes, a lot of countries depend on china a lot, and we do indirectly. Germany, for example, depends on china for the Capital Machinery exports. We do as well. Many countries export commodities. China doesnt have a lot of timber and metals and oil. At least they consume more than they have. So in china, when they slow down it slows down demand for things. Canada produces brazil produces germany, i mentioned, and, of course the whole world is slowing, it hits us a bunch of ways. They buy our stuff, like the chinese do. It hits markets, because it a lot of our Companies Sell goods all over the world. China has been a big part of Global Growth for many many years. They are almost as big as the u. S. In many ways. They are bigger than others and when they slow down it could be a big number. They were growing 14 to 7 . Thats huge. They could be growing a lot less. I have to say, the world breathes a sigh of relief when they set the g. D. P. Numbers, you never quite know what they really are. I dont think they do. So when they report you know, it was 7. 3, and the analysts were expecting 7. 2. It could be. A lot of people look at you know hate maps of chinas, you know energy out put to see whether theres more hate generated by factories from satellite images versus less to see whether their factories are working. The electricity consumption is down this year. They say its because they are turning to more services. Les dependent on experts. Im not sure. It reflects the economy growing. Let me ask you this. You study global economy. China has gone from a planned economy, centralized, where the government makes all the decisions, and and they are trying to emerge into an economy like ours in which consumers choose to buy things and make choices. What is the ipp herpt difficulty inherent difficulty going from one to the other. You want the spending to take place, but move if from the government to the consumer balance sheet. What is the trick . The government is good at doing big project, building a big railroad or a big road a big set of buildings. They are less good at subtle things like improving a toaster, all these things which are very important, you know in our lives, and so there are areas where you need to have the market and at a certain point you have built enough bridges, built enough buildings, and you have to fill it in and they are less good at that. They are better at exports because there the rest of the world judges them they say this firm produces good socks, this firm does not when you try to become more inward looking to be more dependent on domestic consumption, politics weighs in you can see this in giant ris around the world countries around the world where in germany the Domestic Services is less efficient. A lot of it is from lobbying and politics and monopolies. Let me ask you this. They have to stimulate behaviours. They need people to make money, people to be employed and stimulate spending. We struggle with it in america, what is the best way to stimulate spending tax cuts giving people checks or stimulus project. China needs to figure out ways to get the consumer to play a bigger role and stimulate spending in the right way. They do. Its not easy. There is a week social safety net. A lot of people have to pay for their kids education. When the parents are old, they have to pay for taking care of them. The government doesnt provide a nanny state at all. Not like in europe not like the United States. So people see that, and it makes them want to save. They are cautious. They have a one child policy. It gives them less of a cushion to fall back on. It makes them keep to save and its hard to coax them in spending. They dont have electricity, they are things you cant sell. Its not something where you can make a transition to say typhoon haiyan we have invested hey, we have invested knew now you consume. People have fear of not having enough savings, its part of the reason that most people think they do well to grow at 56 over the next 10 years, much less than 10 , as they did for a long time. A pleasure to talk to you. Yahoos report card is out. The pressure is on the boss melissa mire i look at her changes. And ebola rules that can keep tourists and dollars out of america. Tell me what is on your mind. Keep it right over the next 10 years, much tell me what is on your mind. [ music ] yahoos c. E. O. Melissa myer is breathing easier yahoo reporting profits thanks to growth in its mobile. Earning more than a billion dollars. One good quarter may not be enough to take the pressure off myer. Yahoo is losing to facebook and google. Last month it was recommended that it mermg with aol to boost value. Meier has been under attack over her ability to lead the giant. A defense of meier is featured in wired. Jessie, you know the cop well. Company well. True. You are not a blind cheerleader for yahoo or meier, you expressed doubts. Yes. The merger between yahoo and aol made me think two mules do not make a race hours. What is the answer. I dont think anyone nose what the answer is. Yahoo the business is a bizarre think. Anold business in a new industry. One of the oldest. Thats right. One of the oldest surviving names. When you think of the names from the days of the internet. Theres few left. Aol is not aol. Absolutely not. The only reason yahoo has survived this long is because of Smart Investments in yahoo japan. Alibaba went public last month. The pressure is on marisa to say what shell do with the core business. Its reasonable that by now yahoo would be saved. I think a lot of people are asking more marisas head. Do you think thats fair . Well fair or not, i think its the wrong time to ask for her head. Shes two years into the turn around c. E. O. For two years with the company. A lot of things are its like a garden where the flowers are coming up. You dont know if theyll survive. Lots was broken when she got there. Right. Just about everything was broken, right. And so i think that she has said look, i need more time. She has shown us and its fair to say in the earnings that she shows us with a little bit more time she could make some growth happen apt the company. Most important, she has created a board to support her in that. This is interesting. When we talk about yahoo competing in mobile growth in the end, when i think of the trouble, i think of a line you have written, and it says yahoo must once again become an idea factory fuelled by a hyper growth business. Mobile ads are interesting and important for the analyst and bottom line. That doesnt make a company romantic interesting and cutting edge. Thats right. That could be translated yahoo has to be struck by lightening thats how much that happens. They buy companies. They buy companies, and its possible theyll buy the next big company that has that. We have seen other Big Companies do that with acquisitions like facebook and instagram. The reason why marisa is the right c. E. O. Is she believes that could happen. I think you need the ambition to play the game. Theres few people with it. When you talk to people in the industry and around Silicon Valley what is the mood around yahoo. We think of a lot of these Companies Based on the mood around them. Are they ipp aniesive do they ipp aniesive inquisitive. Do they have the best engineers, to they have a vision of themselves. Facebook fought to be your knew curator of the internet. Right. Yahoo actually has a remarkable following. Yes. Its not clear what they do. The mood is two fold. They are a grand group of people in Silicon Valley who came of age and have fondness for yahoo. Im one of them. I dont want to see something i used and love for so long not work. The problem is marisa has not said what she wants yahoo to be. Most people are scratching their heads. They dont know what yahoo is. It has been buying a lot of companies. They contributed to the bottom line who nose. That is marisas fundamental challenge. She has to tell investors, the people buying the advertisements and those she is hiring what they want to be. Your bottom line is she believes in the company, and deserves more time. Thats right. You know what. From your lips to investors ears, and users ears lets see what happens, always a pleasure to visit with you mcdonalds didnt deliver supersized earnings the Fast Food Company said earnings fell july though to september. They were dealt several blows. Namely russia closing some of its restaurants, and a meat scandal in china. It led to sales falling 3 globally. But the story is no better here in the United States. Salesdeclined more than 3 thanks to stiff competition. Cocacola lost some of itsified reporting flat soda sales in the july through september period leading the company to announce a new costcutting plan to save 3 billion by 2019. It intend to refranchise the majority of the north american bot lipping territories bottling territories by the end of 2017. They lowered the earnings target for 2015 warning that Exchange Rates wont be in its favour. Harley davison sparked a 3. 8 gape in sales for three monthsnding in gain in accepts for three month ending in september. Profits fell dealers were left with too much invent ris, meaning showrooms needed fewer bikes. When it comes to bigpicture plans, harleys strategy may be overseas. David osow has this report. Reporter Harley Davison has built it is as synonymous with the open round, an american icon. It has captured consumer imagine nations with a brand so distinctive that harley tried to trademark the sound of its bikes exhaust. That led to an imaging, lionizing films like the wild one and easy rider. Harley is freedom, an iconic name plate like the Harley Davison bar and shield. And the best part chicks dig it. Reporter it wasnt always easy riding. Bordering on bankruptcy they took a hit. They were forced to lean on a 3 million high interest loan from billionaire investor warren buffet. The company hit bottom from the 2008 2009 downturn. Since then sales have bounced back. The real Success Story may be overseas where First Quarter sales soared 20 in asia and 9 in latin america, and 8 in europe. Harley davison is known for building big powerful bikes. To win over new riders, the company is switching gears. It may be looking at what Companies May be accustomed to. They realised that theyd have to take down the size and the price point. The line of street 500 and street 750 bikes are smaller, lighter and affordable and shipped to markets in shane and italy and india. Where harley is building moses from scratch in overseas factories. Yet roughly twothirds of Company Revenue comes from north america, where baby boomers have long driven up sales. The prop now is demographics. Baby boomers is a shrinking segment of the population. A big concern is harley is so big among the ageing white male and that group is getting older, gosh will there be demand as we look forward. Despite the surge, sales in the u. S. Are low. And that led some investors to say not so fast in deciding whether harleydavidson is truly on the road to recovery starting tomorrow new rules go into effect for ebola screening at americas airports. I tell you who is affected and how. Coming up, why the first time home buyer is like app endangered species in todays america. Nearly 70 million tourists came to the United States from other countries in 2013. About 2 million of them came from china, here is why im telling you this. The average chinese tourist spent 6,000 during a trip here 21 more than the average international visitor. That was before people worried about chinas economic slow down. It was before we started to worry about europes economy, i. S. I. L. And ebola. I want an update on the outlook for u. S. Tourism. Im turning to chris thomp sop, the c. E. O. Thompson the c. E. O. Of brand u. S. A. A private company. Good to see you. Travel into the u. S. At the beginning of this year the First Six Months before i. S. I. L. Was a big deal and ebola was a big deal i think it was up more than 9 compared to the same time last year. Correct, it was. Up over 9 . We have a National Travel and tourism strategy calling for 100 million visitors and we are looking for growth the 4. 6 . Those are great numbers. If we continued on the trend, 2014, we will have record numbers. People coming to the United States and record spending in the United States. Im wondering, however, if with an airline nerve shut down earlier in the year and terrorism threats, and ebola, whether people are just not pulling back on interNational Travel not that they dont want to come to america. Is there a concern they are pulling back and staying home . You know one of the great things that has occurred since we came into existence four short years ago is we have a National Travel and tourism strategy. It has nine federal agencies engaged in growing our nations Number One Service export. When crises like these come up and the agencies that are responsible for responding to those, we have a voice here in washington that ensures that what they do how they react to those things is measured and its responsible. And so we are confident in their ability to be able to take on any. Crisis that we had, and any that may come down the road. The good news is most International Tourists coming from america. The mexicans and the canadians dont spend as much as the ones we want from overseas. No they dont. To get to the 100 million visitors, that is our goal. We have a path looking at 20 major markets around the world, plus two. We have established and merging markets. Canada and mexico are established markets. We have participation from merging markets, like china, india, brazil. These are markets whose visitors have to travel a longer distance. The ability to grow the emerging markets to where visitation to the United States is a dream is something that we are focussed on. Visitation in the United States changes from a dream to a pain in part of the body i will not say, when you get to the airport. Part of the plan to get more tourists involved. I would love to know how it happened. Some kind of stream lining at the entry point, customs. The worst part of any trip that i take internationally is coming back to the United States right after i get off the plane. Brand u. S. A. Was formed. Short thereafter the protect called for efficiencies in markets like china, india and brazil and called for the same efficiencies. We recognise that there are issues as it relates to the welcoming side of the process, and here in 2010 2012 when he called for the efficiencies on the visa we are encouraged and hopeful that what he called for, and enabling the agencies responsible to bring help to those areas. If youll report to the president , i returned from europe last week the efficiencies have not been fully implemented. Are you guys worried about the dollar. Its been strong for a while. Its good for some people bad for tourism. We have to keep up with how our currency is performing and those in the markets that we are involved in. With us having a footprint in 30 different markets that touched 90 of inbound travel. Its a daily, weekly and monthly look at what is happening around the world, and how to balance what we are doing, as far as the messages and to what degrees we can hit the numbers. Good to talk to you. The president and c. E. O. Of brand u. S. A. We were talking about the department of Homeland Security. It announced that travellers arriving from liberia, sierra leone and guinea will be funnelled through five airports starting tomorrow. Reporter the department of Homeland Security put in place travel restrictions for participationers that want to tlavl to passengers that want to travel from sierra leone, guinea, and liberia, to the u. S. Passengers may travel only through five different designated airports in the u. S. Those did already have enhanced screening to try to catch anyone that may be symptom attic of ebola. Now it will be a requirement to travel through those airports new yorks j. F. K. New jerseys newark airport, atlanta, chicago, ohare washington dallas. The concern is because there are no direct commercial flights between the west african countries affected as well as to the United States there are many who are criticizing this saying more needs to be done there should be a travel ban, it allows for the opportunity for passengers to come through another airport en route to the United States. Well have the opportunity to switch up passports lie about the original destination or city. A lot of criticism about the measures put in place by the department of Homeland Security the white house saying they are considering other travel restrictions and are open to discussions about other travel restrictions but at this point are recalling out travel bans from the three african west african countries. The World Health Organisation says dozens of experimental vaccines for ebola could be available in west african countries hardest hit by the outbreak as early as january if deemed safe. Clinical vaccine tests are under way in the United States, europe and africa with two at the forefront. One is tested by pharmaceutical giant glaxo smith klein, the other by canadas agency. Quarantining ebola sufferers is an effective way. Doing so means cutting off more people from their income. In junction in sierra leone is a busy trading hub. Now its deserted. Shops are closed and farmers that come to the towns market to sell fruit and vegetables are staying away. Some people die because of hunger. Because of poverty, not to ebola, no more. They are hungry. Reporter more than 20 homes in the town are cordoned off, under quarantine. All people lying in households where someone living in households where someone died or who have had contact with someone who is positive are required to stay in their homes for 21 days a measure Health Officials hope will stop the virus spreading. It comes at a price. Aid groups have been supplying food to some of those understand quarantine for many who are poor its been a desperate time. Alfred recovered from the virus, to find 12 of his family members had died. In neighbouring liberia, the president fears ebola will result in a lost generation of young people in west africa. The deaths and illness, along with what is described as an economic catastrophe will be felt in the region for decades to come. Up next home sales raced to their highest level of the year. Firsttime buyers are missing in action. That is keeping the market from busting loose. Ill tell you why when we come back. America votes 2014 the race is still a dead heat filmmaker aj schack turns his camera towards elections in the swing states it shows you who these people are. In ways that you dont get to see from the short appearances unconventional. If i can drink this. I dont see why you should be able to smoke that. Unscripted. We gonna do this . And uncensored. Are you kidding me . America votes 2014 midterms the series continuesback. Only on al jazeera americaback. September delivered encouraging numbers in the Housing Market. The National Association of realtors said sales of existing holes rose 2. 4 compared to august. The seasonally adjusted annual rate reached 5. 2 million, the highest rate reached this year. Not to be A Debby Downer but sales were town from last year. Economists see reason to be optimistic. The biggest show that investors are retreating from the market and departures offset by buyers who intend to live in the home. Still missing are firsttime buyers making up 29 of sales. Well below the historic average of 40 . You would think lower Mortgage Rates and affordable prices would bring in participation home buyers. Mark zandy the chief economist at moodys analytics says its not the case. He said banks cut a pool of creditworthy borrowers by keeping standard high. Getting a mortgage loop is tough for lower middle income households where first hsts time home buyers lenders are cautious. In most most of the caution is around the credit score. If you look at the scores of people getting approved. They are higher than they are in a typical Housing Market. Im not comparing that Housing Market to a juiced up bubble market. But if you go back history and look at a typical market scores required are higher. Locking homes out of home ownership. Thats a problem for the Housing Market and broader economy. Out of 850 if you have a 740 or higher you can typically get the best rates. If you got a 720 or higher you can take advantage of the best rates. How do we get Housing Affordable Housing and mortgages into the hands of more americans without endangering the system by weakening credit standard too much. It goes deep into the plumbing of the Mortgage Finance system a lot of moving parts. A key constraint on the willingness of lenders to extend credit they are uncertain with regard to the risks faced when they make loans and sell them. The government lenders that provide most of the mortgage credit in the current Housing Market. There needs to be clarity with regard to how the lenders relate to the large government institutions. The good news ali, is that that seems to be happening. We have good news on that in the last day or two. That the lenders and fanny and freddy are coming together. Hopefully theyll ease up on standards and get credit out there are for lower and middle income households. When we talk to small bankers, their whole world changed. Six years ago and longer they made loans not just based on the credit score but based on other things about the customer. Now it is a commoditiesed business. Is that a Good Development in that it is standardized across the board. The day i get a mortgage it may be sold to someone else or is it a bad development. You make a great point. I think out of the recession, there was a thought that we need to have basic standards around what a good Mortgage Loan is a lot of bad loans were created during the financial crisis. We implemented rules and regulations and that has contributed. Now, i am hopeful that what is going on is a reflection of the adjustment to the new rules, and as lenders and borrowers figure it out, the credit will flow more normally. That will be the case and ultimately at the end of the day, it is important that we have good solid standards in place so we dont go back to the lending that prevailed prior to the recession. You think the standard are tough, where it applies to the credit score. We could lower it a little bit and it wouldnt necessarily endanger the Financial System to the point we are at where all sorts of people that have been gip home loans will be given home loans would be getting them. Thats right. Before the recession and the bubble. The pendulum was too far to the other end. Now its to the other side. Good creditworthy people cant get loans we need a balance i think its swinging back. I think we are going in the right direction, and with the changes described, i think well get there, we are not there yet. Mark zandy, an are chief economist at moodys analytics. We learnt that fanny mae will let some borrowers put as little as 3 down on a mortgage. The government is trying to encourage banks to issue more loans. Freddy mack is expected to follow suit. These lowmoney down loans are potentially dangerous and could encourage people to bite off more than that can chew. In response to concerns the regulator said if they are sold bad loans they can force banks to buy them back. Next imagine turning your tap for a drink of water and nothing comes out. That is happening in one town in california. The drought turned wells dry and residents are forced to take drastic measures. Ill take you there when we come back. Just how bad is the drought in california. Well, be glad you dont live in East Porterville, a town in the sierra foothills, north of bakersville. The taps ran dry, forcing residents to rely on drastic measures like having Drinking Water delivered. Joining us is jennifer london who visited East Porterville to see how the residents are getting buy. Residents in East Porterville are barely getting by theres no water for the gardens or the animals, if it wasnt for the help from the county and the kindness of neighbours many would not have Drinking Water at all. Blame it on the drought and the fact that the majority of residents role on water from private wells, and they dont have the money to dig deeper ones. These people are out of water. They recently went out of water. If water is life the community. East porterville california is dying. Turn on the tap in jc coates bathroom. Theres nothing. Toilet you dont want to look in there. Reporter across the street in the kitchen. We dont have water for washing clothes, dishes or bathing. 1500 people 20 of the towns population have no Running Water and have not for months. How are you living like this. Is this any way to live . No its not. What are you going to do . Californias drought has been harsh in the Central Valley where residents rely on water from private wells. With little rain over the last three years, most of the wells are dry. I watch people. If they have nothing, they are taking their kids and bathing them in a bucket. Longtime resident Donna Johnson would not have water if it wasnt connected to her neighbours garden hose. It hasnt run out. It makes me realise how people can be forgotten people. Some people didnt have a voice or know where to turn. Many are turning to johnson. She is delivering water to neighbours with the help of donations. Its so bad residents are surviving because of volunteers and Community Members who organised a sunday afternoon pick up. Members of the Junior Football League are here high schoolers, nursing students are helping out. In less than an hour 40 cars came through to get water. Officials have have been delivering bottled water to residents. Every other day 5,000 gallon tank is filled by the fire department. You cant dripping the water, but it can be used for baiting and flushing toilets. Andrew is the office of Emergency Service managers. You have up word of 300 homes with families living in the homes with no water. They turn on the tap and nothing comes out. How is that possible. How can it happen . What it comes down to is a drought is not a traditional disaster. When you think of hundreds of thousands of homes, you are thinking of earth quakes wild fire and flood. Drought is impacting people in their homes. We dont have any way of knowing this is going on in peoples homes, unless they tell us. I worry so much. Its a terrible struggle. Sorry. Its a struggle that will get worse. Most residents cant afford to drill deeper wells. All anyone can do is wait for the rain and bottled water to arrive. Donna johnson, the good samar tan who has been delivering bottleded water is looked for the Silver Lining and is grateful because she met a number of neighbours she has not met. In a strange way she is more connected to her community than before. Wow i havent met a lot of my neighbours but im happy to do a christmas party. The Emergency Management official said we dont know everywhere that doesnt have water. Why wouldnt everywhere have reported they dont have water. Its like a county emergency. It seems very obvious. Everyone would say i dont have water theyd raze their flags, racing their hands. But we were told that there are a number of reasons that people may not tell country officials. They may be undocumented and dont want to be on the radar of government officials. Others believe that their house could be red tagged deemed upin habitable and they could be forced to leave. Others believe that Child Welfare could remove the children from the homes, falsely, and a lot of people have pride and dont want to ask for help. What a story. Thank you for joining us. Jennifer london joining us from los angeles. The danger of americas wealth gap. We may have got a taste it of with the wild stock market swings. I explain when we come back. Its not hard to get people interested in finance markets, even economics, when the world goes to hell in a handbasket like it did in 2008. People listen they are outraged engaged and care. Theres a big price for financial ignorance or illiteracy. Its a reason americans dont save for retirement. A new film project is tackling the project. Called we the economy 20 short films by 20 filmmakers, answering questions like what sa recession, what is money, what is globalisation, and how does wall street influence the economy. Director Joe Berlinger tackled the film and featured me in it. Hes an Academy Award filmmaker known for paradise lost, about the memphis 3, and brothers keeper. Thanks for being here. Thanks for having me. Its not a savoury topic, the stock market. One of the reason we did the series val can was created, and it was to give people tools. I did a bunch of interviews and was stunned how Little People know, and, you know the germ response is to fear wall street and run away. Of course wall street has problems. It has an image problem and issues. The answer is not running away from wall street, as you preach quite well. You need to engage with wall street. You need to understand what the tools are that are available to us. Lets actually listen in to one particular part of it where some of us financial journalists, are making a case for its existence. I mean that is no small feat. There are many americans, up to half, that thing not only am i not connected, i would rather it go away. It has nothing to do with me. When im on tv talking about the stock market theres a big part of the population saying i dont care its not about me. Lets take a look. Movie reel in a society where no one takes risks, nothing happens, economies fall flat. Investment backs provide an important role. They match up money with risk and create dine am. In the economy. It creates chances for individuals and entities that want to grow. We need capitalism wall street. It allows us to spread risk around in a way that if you didnt no one would take the rick. Its very basic stuff. Why would i ipp vent a drug ipp vent a drug or music player or car or space ship if its all on me and im the only one to lose money on it. Where did facebook come from how did google make it. The companies wept public able to connect. To basically access their money to take risks. Joe, i mean i get it and i believe everything i said and the others said. I cringe. The idea is you put your money in an Investment Bank and do something with it and someone else, more enterprising than you goes and does something with it that will make it grow. What we did in the financial crisis is we had people who were reckless, careless and cavalier who in order to risk and grow took your money. Absolutely. They are thieves, and thats a guy saying theres no more bad financiers than bad bus drivers and nurses. I think there are bad people out there. There are bad people out there. It was not to critique wall street but aimed at people with low fminancial wisdom and to give them a sense of what wall streets role in the society is when operating properly. If you dont open a stock or bond it is connect to everyone said life. When the economy prizes up when wall street freezes off, wept off the rails, people lost jobs. Credit companies couldnt access money. People couldnt access money. People were laid off, and we are still coming out of it. It in no way condones creed and excess i think theres a number that should have been led off in han cuffs. Handcuffs much but to run away from the system is not the answer to tear it down is not the answer. This is live online theres an app that can be downloaded you can watch it op demand. Who are you hoping watches this. Its an amazing thing that paul alan has done. He paid for films, doing it to increase Financial Literacy for people. And you can see these on 50 different different tall platforms, and the fact that the companies cooperated to give this to people for free is tremendous. Its aimed at anyone who wants to take control of their financial life. Its an important thing. I look forward to it. I enjoyed the ones i have seen so far. Theres 20 together. You produced one of then. And we look forward to it. Thanks for having me. Well you can find joes film the street, and the other films on the website www. Wethetheeconomy. Cox. A report from Credit Suisse says Household Wealth has gone up in america. The author says those signals suggest economic trouble ahead. Calculating the ratio of wealth to income in america, standing at 6. 5 to one. They say thats the highest level since the great depression. The ratio hovers around 45 to 1. The last time it came in was in the leadup to the housing crash in 2007 and the tech bust of 1999. The authors say every time the wealth to income ratio shot up a recession follows. Wealth in america shot up driven by a soaring stock market benefitting the rich. Income on the other hand has stagnated for average americans. The authors say its normal for wealth to outpace income specially after the recession in 2008 and twooup2009 its a problem when the wealth rises so fast fuelling volatility creating asset bubbles. Concerning people like janet yellen whose job it is to soften the blows to hit the Financial System. She sees growing income ipp quality in america as a problem that hamper economic growth. She said the last few decades of widening economy can be summed up as income and wealth gaips for those at the top and stagnant Living Standard for the majority. Thats food for thought. Thats our show for today. Im ali velshi, thanks for joining us. Hi, everyone. This is aljazeera america. Im John Seigenthaler in new york. Freedom. An american released by north korea, but what about the other two americans held there . Medical break through a paralyzed man walks again. Giving hope to millions. Travel restrictions, the new rules to stop ebola from reaching america again fetch. Army weapon, meant for the kurds, it may be in the hands of isil
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