robert reich, thank you so much. and jimmy p. as always. >> good night. >> coming up, will the fha be the next housing domino? and the receiving end of the taxpayer bailout? in other words, housing domino bailout nation? that's the big issue. # tdd#: 1-800-345-2550 tdd#: 1-800-345-2550 i want everything right where i can find it. tdd#: 1-800-345-2550 anything that makes trading easier. tdd#: 1-800-345-2550 i want to be right in the middle of the action-- tdd#: 1-800-345-2550 you know-- i have to see what's going on. tdd#: 1-800-345-2550 and when i pull the trigger... tdd#: 1-800-345-2550 ...i've got to get the best price out there. tdd#: 1-800-345-2550 (announcer) try the new schwab.com tdd#: 1-800-345-2550 for yourself. tdd#: 1-800-345-2550 call 1-888-4schwab tdd#: 1-800-345-2550 or visit schwab.com/trader today. tdd#: 1-800-345-2550 'course a trade doesn't always work out my way. tdd#: 1-800-345-2550 but when it does... tdd#: 1-800-345-2550 ...man... do i love that feeling. with cialis for daily use... a clinically proven, low-

. >> i'm joined again by robert reiche. thank you for your time tonight sir you want to briefly explain that complex economic principle that argues against mr. steele's belief that the olympics starting in the summer of 2016 only means jobs start in the summer of 2016? >> it's not terribly complicated, what we know from previous olympics like 1996 in atlanta or salt lake city, we know that almost immediately after the olympic decision is made, there are jobs and a lot of jobs, construction and infrastructure and sales and marketing, white dollar, blue collar jobs, this is a jobs machine, starts right away. >> sports and economic analysis are always dangerous things to mix especially when it comes to pro sports. do you think the games in chicago would boost the economy? >> i think boosting the economy is what we have seen in previous olympics. an independent study done by the dean of the business school of cal state, california in sacramento, found about $22.5 billion of net new economic activity in the chicago area, but als

robert reich has spoken very clearly, we're fixed in the city on debt. what we need to fix on is the human -- but, at a time when government, when private businesses, when consumers aren't buying, when exports aren't working, government is the last resort. we need to spend to rebuild this country. but to people back to work. not to spend on wars that we don't need. >> we just heard two senators agreeing on extending unemployment benefits, cobra, that's all stimulus money that will be more debt. >> but this is a national emergency in this country. we need to think -- and not dance just around the good edges of unemployment. >> the white house addressed it by saying to do everything at once. the president said yesterday, the principal focus will be jobs. he opened the doors to look at other ideas. the question is, how does he pursue that now or wait for health care? >> they keep saying what the president and the administration does. they keep saying what their priority is. you have to maintain a priority for at least some period of time, at least for a cou

read an interesting op-ed by robert reich, former advisor to president clinton, a smart economists, liberal, that the economy is only going to get worse. he double digit, he says, jobless numbers in the next few years. >> this is a real pick-me-up this morning, guys. >> yeah and coming up next, but also, what has also, i think, telling of the pessimism is that the numbers of people who are-- believe that their children's future will be worse off has spiked since even just the beginning of '09. that's--7%, now, it's 62. ments so people are getting very concerned. that's the definition of hope. >> let's hope a year from now, once we pull out this have thing the number is well under 40 or 50. we need some positive vibes this morning. >> i don't think i can do that with the headlines. >> maybe later. >> because we do start with an update on the typhoon. at least 16 people are dead following that fierce typhoon in the philippines and victims include two families whose homes were buried by mud. dozens of villages are dealing with severe flooding this morning. and typhoon parma, a week after anoth