RK ARCHIVE - TRANSCRIPT: Ali Velshi of CNN explained the condition of the economy right now!

Here is the Anderson Cooper 360 transcript from Wednesday, September 17 where Ali Velshi of CNN in my opinion gave a very realistic and accurate explanation about the condition of the economy right now:
http://transcripts.cnn.com/TRA...

ANDERSON COOPER, CNN ANCHOR: "Another 450 points gone from the Dow today. New word of possible buyouts and mergers with tens of billions of dollars in the balance, hundreds of thousands of jobs on the line and tens of millions of retirement plans in the quick sand. So how bad is it?

ALI VELSHI, CNN CORRESPONDENT: Let's broaden this out beyond the stock market, because that's not all we do. Most of us work. And the numbers, the unemployment number for the country is 6.1 percent.

You'll hear people telling you that's not so bad historically. But look at where it's gone. This is just this year. It's gone up to 6.1 percent.

And that's not really even the big story. The big story is that, in this kind of economy, just to keep up with the increase in the number of people who join the work force every month, economists say that we have got to increase our work force by about 100,000 jobs a month. We've not done that. We've lost an average of 76,000 jobs a month since January of this year.

VELSHI: Per month. So we're negative 176 from where we should be. We are down 605,000 jobs so far this year. People without jobs don't have mortgage payments to worry about and don't have energy crisis to worry about. They don't have an income.

VELSHI: Inflation is the other thing. We just had new numbers on inflation. So as of August over the course of one year, your inflation is running at 5.4 percent. Doesn't sound like that much. But did you get a 5.4 percent raise? Probably not. Did you get 5.4 percent in your -- in your investment portfolio? Probably not, given the investments that we've seen lately. In fact, you're not getting 5.4 percent, generally speaking, anywhere.

That's not just the problem. Five point four percent is what the government calculates as a basket. But look at gasoline, up 35 percent in a year. Energy for your home up 17 percent in a year. So a lot of people -- a lot of people say that 5.4 percent is not even a real reflection of what the average American is seeing.

COOPER: What about home prices. They dropped an average 20 percent from their high.

VELSHI: Which means that one place -- if you weren't making it at your job and you weren't making it in the stock market maybe you could at least see the price of your home go up. There was value in that. That isn't there either, which means you have no source of spending more money.

And this economy is entirely dependent on people having money to spend. If we don't have money to spend, two thirds of this economy starts to drive to a halt. And that's why we are where we are.

Ali Velshi in my opinion is a very credible reporter when it comes to the topic of the economy!

Unfortunately the economy has been getting worse and all of the evidence I have seen so far shows that if he is elected, then John McCain would be a third Bush term when it comes to economic philosophy:

I really wish that CNN had made a video of this report from Ali Velshi. Here is the search link to access the videos that CNN has put up of some of Ali Velshi's previous reports and also to see any of his new reports which they decide to put on video in the future:

http://securingamerica.com/ccn...
RESOURCES: Speeches, Articles, and Career Highlights to help define Gen. Clark!
Submitted by Mitch Dworkin on July 7, 2008 - 2:51pm.

http://www.securingamerica.com...
Listen to Gen. Wes Clark fight for Dems on Sean Hannity's radio program: An excellent example for all of us to follow and what we all need to be doing to help fight back against extreme right wing Neocon smear propaganda!

Comments

The government is "printing money" to pay for these bail outs: (Mitch Dworkin - 9/18/2008 12:14:54 PM)

http://transcripts.cnn.com/TRA...

CNN ELECTION CENTER

Wall Street in Freefall; Major Hillary Clinton Supporter Backs McCain

Aired September 17, 2008 - 20:00 ET

CAMPBELL BROWN, CNN ANCHOR: "Can the FDIC cover all of these customers who have money deposited in WaMu if that bank -- in that bank if it fails?

ALI VELSHI, CNN SENIOR BUSINESS CORRESPONDENT: The FDIC still has money. If we were to go off that kind of a cliff, there would be some issue with the FDIC being able to cover it all. But, for now, it is covered and people are insured.

So, that shouldn't be too much of a concern. There are some basic rules you have to follow about how much money you have to have in a bank account and how it needs to be divided up in order for you to be insured. It would behoove everybody in America with more than $100,000 to go to FDIC.gov and just make sure you're covered.

If a bank fails today, you will have your money by tomorrow. It's a very simple process. We will keep you posted if the FDIC starts running out of money and your money's in danger.

BROWN: So, where is the government getting all the money to do all this?

DIANE BRADY, SENIOR WRITER, "BUSINESSWEEK": Well, that's the issue. They're printing money, essentially. And I think that's one reason the markets fell today, is people are starting to get worried about the U.S. dollar. How much longer can Washington continue to step into these situations? Certainly, we're seeing foreign investors get very nervous about the country as a whole.

BROWN: Do you think we have seen the worst of this?

BRADY: I don't think we have seen the worst because every day brings more bad news. That was one reason why AIG had to be contained, is because there's a domino effect. That's why Morgan Stanley and Goldman Sachs went down today. People get scared and they start to look elsewhere but where the damage might be..."