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tv   [untitled]    November 4, 2011 4:00pm-4:30pm EDT

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world leaders are smiling for the cameras in france but spending a lot of their time focusing on the crisis in the eurozone meanwhile other serious global problems are getting the cold shoulder as the g twenty summit wraps up can world leaders really help save the global economy. or wait for. endless questions and treaties. and yet all eyes are on greeks as the prime minister prepares for a confidence vote so is this greek drama continues what will this mean for the global economy. if you're going to look for the person that has nothing wrong in their background of you know or their example or what happens in washington doesn't
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necessarily stay there especially when it comes to the mainstream media's love for political sex scandals so should a politician's personal affairs affect his professional career and with more than a majority of americans saying political correctness has gone too far is it out with the old and in the way of thinking. it's friday november fourth four pm in washington d.c. i'm christine freeze out there watching r t well let's begin today with the g. twenty summit which has just wrapped up and it's been a little drama filled even before the g twenty started greek prime minister george hopkins rael was summoned by german chancellor angela merkel and french president nicolas sarkozy it was called by some an emergency meeting and by others a scolding up and where you may remember wanted to let his people the people of
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greece vote on whether or not they would accept the bailout plan that was fought so hard for he has sensed. change his mind about that vote cancel it later tonight there will be a vote on him a confidence vote which could decide whether he stays in power so you can see the focus of the entire summit this year the euro crisis and what's happened in greece so what came out of it well essentially european leaders want to set the guidelines the rules and they have demanded that for countries that want to remain in the euro zone well i want to play by those rules also coming out of the summit an increased role for the international monetary fund which will now basically be able to keep a closer eye on italy another country in major financial trouble with access to its finals the i.m.f. is also hoping to bring more i.m.f. money to the table but it looks like that will not be happening i want to break this down in terms people can understand and to help me do that i have the marketeers karl denninger standing by and i still for. you do it hey karl let's
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start with these i.m.f. discussions of what happened what didn't happened and why should anyone care. well nothing happened that's the sense the headline i suppose the i.m.f. attempted to get more funding commitments from the g twenty they orderly failed to do that they attempted to get some kind of a deal hammered out that would isolate this to greece and the reason is that greece does not have any hope of actually being able to be saved there isn't it's all to the future for them but the concern is not greece because the exposure there is this is able to be handled it's going to hurt but the problem is italy and if it spreads beyond greece and into italy in portugal and italy's bonds in particular have been under attack for the last couple weeks and despite all of the arm waving in feel good promises of backslapping that has gone on this has not slowed down so we get to a point here where in the next few months there is some rollover that has to happen
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in the italian market but most of italy's debt is a fairly long duration so is the fear level that's associated with this implies that there is something more involved maybe in the credit protection market for example as credit default swaps that we talk about all the time yet in this here time it was largely over sound and i live happening in greece and i know we're just a couple hours right now i found a confidence vote there how does greece knock this time tomorrow. i think the confidence vote is a coin toss but the the real problem here is that whichever way it goes the problem doesn't get solved because if you have the confidence vote fails and then you have snap elections the question becomes whether or not the next traunch of eight will be released and the cancer that we have been given it least at this point from angela merkel it's a cosy is that the answer is no. if the competence will passes then we have a new coalition government that is basically form but there from that process and
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the date does get released but at the end of the day what this means is that greece is going to have to continue to stop spending more than they take in. taxes they've not managed to figure out how they're going to do this the retraction of all of these government programs that are going to be necessary to make this happen it hasn't taken place and you know they had this now for a year and i am we're still the same place we were ethical so i don't see any answer from greece a standpoint i think a default there is inevitable the the bigger issue for them is you heard angela merkel and it's our closing say this is a vote on whether or not you want to remain in the euro that's not up to them there is no mechanism in the european union's founding documents to allow them to expel the country so you're greece leaves it will be on greece's term start on serco so it's interesting i wasn't aware of that. what about and anything good that has come out of this it seems to me there's a lot more talk this year about countries like greece that have these weird
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policies about taxes it seems like a lot of people there have been able to just get away with not paying taxes not reporting their income fairly and they're starting to talk about other countries where this goes on do you think that that in light of what we've seen in greece that we're going to see a closer eye kept on some of these countries. probably but at the end of the day it all comes down to the same question we have here in america as well which is that the government is spending more money than it takes in in taxes we have people both in this country and in those nations that are demanding the government provide certain services whether it be social pensions the jobs or people that you don't have you know in teaching positions or wherever you are it doesn't really matter where it is but the government is not taking enough money in taxes to pay for those things that the people demand and one of two things as they happen to be that the taxes have to go up dramatically in order to cover this or the services have to come down dramatically and what that means is that either way you slice this the
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size of the economy shrinks because if you stop giving away all of this free stuff then obviously the economy gets smaller by the amount that you take out and yet if you raise taxes you're just taking money away from the private economy in order to redistribute the other side so in that case the economy shrinks too and this is what nobody wants to face what i think you tend to think either either cut back to be made or taxes have to be raised and i would add a third thing maybe people just have to start paying their taxes that weren't paying their taxes before perhaps. but if people pay the taxes then it's still money that comes out of their pockets you know better how do we get from one place to another the bottom line is that the size of the overall economy it's all right i want to talk about i think the world leaders that were there including president obama president obama there today on talking and i want to play for you one of the questions he got while he was at the g. twenty summit given that you had just the difficulties of of averting
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economic problems beyond you for. what state do you think the economy will be when when you think relations jim i have to tell you the least of my concerns at the moment is. the politics of your from so what's going on i mean why are our reporters you know going to the g twenty summit and talking to the president about the election and things like the focus here should be on today and you know i think the president acknowledged that what's going on with these reporters asking these questions i think it's a legitimate question and we just had another report that shows that we have essentially a stagnant unemployment rate over in the area percent that's understating the chase dramatically the real unemployment rate united states closer to sixteen percent if you look at the people who have given up and you have to count them i mean if i don't have a job because i can't find one that's certainly calluses on employed in government statistics it does that. and when you look at it and you say well you know we've
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got one in seven approximately people that are out of work this is a major problem in this country and this is something that ultimately again goes back to government funding because you cannot collect income taxes so what you're told to have a job and yet this is the this is the dichotomy that we face in the united states i think it's a major problem for the democratic party coming into the elections the problem is i don't see any interest coming from the republicans either so we're do we find solutions here in the u.s. we are definitely in a tough spot that is for sure let's talk real briefly about the g. twenty and south we have this conference every year and you know it's always played have to be such a big deal you've got all the heavy hitters sitting around the table together what actually comes out of these things. very little and the reason for it is quite simple you don't or for someone to get someone has to give well who wants to give it serious nobody it's it's the the old question no you know we have currencies in
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the world today and everybody would like it we currency because it makes your exports easier but that means somebody else has to have a strong currency and of course nobody wants to take a hit on their exports or give it to you so we we have this very go round game that gets played with the g twenty hearings and essentially people sit around and feel good in the knees of these communiques and in fact nothing who hardly ever changes . i guess just my final question for you is you know we were waiting on results from greece of course. is there anything at this point they can be done you think that greece is not quite the biggest worry that that point at all and italy on that is there anything that can be time on in the next few days to remedy any sort of these situations now in the next few days absolutely not this is a problem that is thirty years in the making is not going to go away overnight the economies of the western world need to reorganize around sustainable of course in
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consumption within those economies without this government borrow and spend so forth and that also means without the central banks or that we have both from the e.c.b. at the federal reserve this is not something that's going to come willingly but eventually the mathematics just work out the the way they are in these institutions and governments are going to be forced to do the right thing even though it's politically very unpopular right always good to hear from you karl denninger from the architect i thank you. well it didn't take long the twenty twelve presidential field for the g.o.p. is still wide open and as we could have probably predicted one of the front runners is embroiled in an alleged sex scandal with politico breaking that story that several years ago two of his employees at the national restaurant association received settlements after accusing herman cain of sexually harassing them this is a story you will see just about everywhere but we want to look at things a little differently first of all how big of
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a deal is this and has political correctness just gone too far r t correspondent was wall as the story. going to talk we ask. the questions that you all ok don't you think the media fascinated by cain's alleged sexual harassment scandal has lie after have mine is he denying the cash payout to the two women what is this made people think of herman cain cain's accusers have yet to come forward to tell the public what exactly happened yet the media remains fixated on the issue that the restaurant association was accused of sexual harassment falsely accused i might add but do voters really care apparently not in iowa where they seem unfazed by his alleged promiscuity back in the ninety's doesn't pass misstep makes someone unfit to lead if you're going to look for the
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person who has nothing wrong in their background let me know where that is i'll go for him but despite the revelations cain is keeping his position on top the day after the story rare and herman cain his campaign so the best one reason they ever was one of the in two thousand dollars in one day a post scandal poll shows cain is still in the lead but twenty six percent of likely republican primary voters supporting him. and we're going to go with the person who makes the most who has the most interest that i consider important hard could it be that americans are realizing they're just too politically correct a recent poll shows seventy nine percent of americans see political correctness as a serious problem in the nation so does america need to learn how to take a joke and who knows once we find out what these allegations were what if it's just the way herman cain is that he jokes and somebody look at the wrong way well in the red hot race to become the next republican nominee we're likely to hear
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a lot more about the candidates past the question as you voters care as much as the mainstream media are they more concerned about who will best lead the country out of its current quagmire and washington let's walk artsy. all right so is the mainstream media does hyping up the latest political sex scandal to boost their dismal ratings or is there a real story here we want to explore this question at the end of the day does a political what does a politician's personal affairs actually affect the way they do their job so joining me to talk more about this is chris chambers a journalism professor at georgetown university and daniel ferrazzi a president of grassroots peace the first question fellas daniel let's start with you has political correctness gone too far i think so and there's a fundamental difference in this story between allegations from anonymous sources of sexual harassment and inappropriate sexual behavior and i think the underlying foundation is that voters are exhausted but in
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a lack of leadership in this country and well they're focused on dysfunction in congress the economy in shambles just look at recent polling nine percent approval rating for congress which is pretty much family and staffers record lows for the president politico rasmussen just had a poll that eighty two percent of americans feel that they are worse off than they were five years ago gallup paired one saying seventy five percent are in worse economic shape than they were and looking forward to the future as well i think that's the bedrock of the problem right now and what do you think ross well you know if it's political correctness there is a dearth of common sense and tolerance in this country. and there's a difference over want to the words common sense and tolerance mean depending on what side of the pool spectrum you might you want to know that's the key is politics i don't think people don't care about it's personal life i think they
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don't care about the candidates personal. is targeting their target demographic so in other words if you know you have a crew that's marketed towards a certain target if you could be. african-american. could be very conservative republican base voters if they're ramped up and hyped up and sparked up know they don't care but it's not i don't care because it's not important it's i don't care because i think that's a really good point and if you look at history there seems to be not a final answer here there isn't to be a split decision remember back in the late eighty's in one thousand nine hundred seventy i think presidential candidate who everyone thought was a shoe and gary hart photo surface of him on vacation with a model who was not his wife and that was his political career was over but then let's fast forward bill clinton in during the campaign season we have the gennifer flowers scandal we have during his presidency the monica lewinsky scandal and guess what he seems to be the most one of the most beloved present presidents of alive
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right now so are people changing up people become becoming more forgiving what do you think i think again i would separate the situation between mr cain and a lot of these other individuals i mean you have foley flirting wiener tweeting larry craig tapping his foot bill clinton in his situation i think right now is there it is mysterious you know i think right now the big problem that people are focused again on the economy the dysfunction in congress the dysfunction the political process and the frustration lies with one of these guys have the time to do this stuff so perhaps if the economy was good and things were good then we could care about what actually was going on and we are and then again we forgive as well as in bill clinton situation which you are to kill it it's so. it's. there is what you said earlier but ratings i mean this keeps the news keeps this true and it's
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good for everybody if you're if you're directing a certain slice of voters especially the republican side and you are or all of a sudden cast now was a as a victim and you were a champion you start raising. more than a quarter of a million dollars through fifty thousand dollars you know in two days so it's good for everybody let's talk about the media coverage of this chris you're obviously a journalism professor at georgetown for the last few days this herman cain story this has been all in that anyone is talking about it's almost as if nothing else is even going on in the world but i think jon stewart kind of put his finger on it because i want to play a little clip that he did last night and we'll talk about it. for the congress are debating the motto of the united states. part of our national heritage ever since our founding fathers created our motto back in one nine hundred fifty six. eight. is that what we're doing or are we are we taking suggestions for new models
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like a couple of the america you've met or drones and i mean are people. you know it's speaking of drones there has been a lot of drone attacks recently and there is a almost a war going on in somalia right now i'm not hearing about you know jon stewart talking about what congress is talking about there are things going on in the world but why is the herman cain story taking up so much of the airwaves well this is simply the bogus nature of what is perceived there's quite a tabloid here in town being politico going up with this story feeding the narrative from anonymous sources the other problem being i met with some of campaign senior leadership on wednesday and this surge in the polls contributions except for a did not in eagle them it happened so recently they haven't been able to hire an adequate staff to be able to deal with this situation so they in turn as well fed into this narrative if they are able to redirect back on to his strengths talking
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about the economy talking about we're also have a looming crisis with iran you've mentioned somalia we're gonna eccentric separate there are so many fundamental huge issues that voters care about that that's where it needs to get redirected on and this is purely a spectacle media it's just a question though you know does the media are they giving us what we want are they telling us we should want well we've talked about this numerous times i mean it is a sort of the lunar but begin to. what they're trying to do to keep their viewers that they feed to their sponsors happy so in other words you know on you know on fox you will see you know the kind of defense mechanism triggered now might not be for any other reason but to make those viewers happy the target demo happy so they deliver them to the sponsors and it depends on how much
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they can get there is however and i really want to bring this up because this is really interesting you. evidence out that perhaps these cable networks that mainstream media isn't giving viewers what they want now this is not directly related to herman cain but i think it's a good time to bring this up a recent study published by the pew research center basically shows that viewership for all cable networks has gone down now by the end of last year the three major cable channels c.n.n. and fox news channel and mysteriously they lost a combined thinks teen percent so you see their fox is that was down by eleven percent and seventeen percent and that's anything down by five percent i mean this is a really interesting thing to take a look at on the one hand you have a lot of alternative media surfacing as well but perhaps this this chart shows us that maybe this isn't what the people want maybe sex scandals aren't always what people want to say and i think people are reading between the winds now you have social media bloggers media outlets of a global nature online now and
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a lot more people are going back to actually getting themselves educated compared to being fed what is largely the propaganda on each of those networks and so then i think people are it's a good thing becoming more educated and digging a little deeper and you can't reiterate enough what you brought up of international crisis we have the super committee who could potentially define the future of in totemic reform tax reform and so many large issues for this country was about to hit fifteen trillion dollars. that should be instead will conrad murray an anonymous source from fifteen years ago what do you think or what do you think when you see those charts that the viewership has gone down and sixteen percent. there are a lot of different factors here a lot of it is that their viewership their targets are getting older and they're not be replaced with younger people now you know younger people are using on true. beauty if there's anything worth by the solution even even those younger people are
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looking at some of these web sites or looking at social media. store if occasion of this issue with herman cain and others and they're drawing their own conclusions now they on the other hand they are the people who probably say ok we don't care as in we really don't care but it colors candidates in that what is their credibility level what do i already feel about this person if this is just more of the same crap then that's how it it affects them especially younger people are going to see that my students all the time the actual sex angle of this what they're upset about is not our definitions going back to political correctness of how people should deal with one another but when you separate that out from the political aspect of it there is a general kind of who cares you like this is an important unless it rises to a certain level there are more allegations excel or etc etc then people then there
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is going to be a tipping point and then even then there are my students who are like well who is behind this a lot of my students think it's all the republican candidates so we should be talking about the liberal media that's going to. you know i want to bring up another theory that's out there that some people are discussing and have a hush hush manner i just want to throw it out there from people actually suggesting that herman cain's race i mean we talk about the fact that he was able to fund raise so much and i say that when he is right the fact is black is one reason why people are willing to accept you know this is definitely not my theory it's just something that people are saying chris when you think about that i don't know about that i mean i have friends who are conservatives and i don't mean mitt romney conservatives i mean you know eating raw meat with the koch brothers conservatives i don't know that pat's. people would accept that it's the truth because he's black and maybe black males are more now i think that if they go about be ok with that so i don't. i mean there will be but there are there is
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a situation and i think you. agreement across the board there's a situation in baltimore where the union member call was a teenager who was a video went viral of her performing oral sex on a bunch of boys who are. young teenagers and it was it was in a bad neighborhood in baltimore they were all african-americans and there was a lot of arguments about that about the dysfunctionality in the community but there was a lot of unity among liberals and conservatives about how it was you know you cannot be there as young african-americans with this brush and so we just accept that they're going to behave that way so i don't think that it's that's true i don't find race in this whatsoever all i find is pure media bias against conservative candidate off of anonymous sources you see a week of coverage all over the country all over the globe and we still don't have a credible story around i mean you know watergate first started with anonymous
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source radio i mean and there's also non-disclosure agreement and all that i mean i don't think we should discredit the story just i mean it's a pretty. great if there's more to this so be it except and then it all into the next and the next phase will be going towards a political correctness debate you know who are these women what was their comfort level what is right definition of a hostile environment. we don't quite yet there yet just last question i would like each of you to predict what the next big issue as i mean herman cain is a cancer survivor he had health problems in the past now we're talking about his health whether herman cain mitt romney rick perry what's going to be the next issue that everyone is talking about of the next can't really think of scared away to get only knows as far as issues are concerned hopeful that his team in the other teams are able to redirect the dire economic situation the country's in i fundamentally believe they'll refocus but they also have one more debate coming up next week on
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foreign policy so i think. some of the foreign policy debates can be very telling all right thanks so much fellows for joining us chris chambers journalism professor at georgetown university and jennifer usher president of grassroots p.c. and that is all the time we have but for more on the stories we covered could r.t. dot com slash usa also check our you tube page and youtube dot com slash r t america you can also follow me on twitter at frowsy i also want to mention new jobs numbers out today where the unemployment rate dropped from nine point one percent to nine percent higher ring slowed down quite a bit with just about eighty thousand new jobs added to the economy this was the smallest increase in four months but don't take my word for it our laura lister will break it all down for you and dig deeper into just what those numbers mean her show the capital account is up next so be sure to keep it right here and we will of course the right back with you at five o'clock for now christine for us out.
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those who are fascinated with history. to those who have a sweet tooth. to those who can't live without the sky. and of course to the nature lovers this magnificent land offers its treasures. mush t.d.i. between earth and the sky. an arche. guitar sometimes you see a story and it seems so for life you think you understand it and then you've learned something else you hear or see some other part of it and realized everything you thought you knew you don't know i'm sorry welcome to the big fish.
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