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Impact of jobless and foreclosure numbers on economy

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    Economic experts weigh in on recovery

  • Duration 6:24
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Plus -- new information on the economy today 386000.

Americans filed for unemployment in the latest week that number continues to go up as we've seen.

Over the last several weeks.

Now take a look at the housing market we have new news on foreclosure activity.

Foreclosure activity jumped last month at 9%.

Big questions about the housing recovery and what's ahead joining us now Robert Morris -- -- founder and president.

Of the institute for America's future and the co director for the campaign for America's future.

And Peter Schiff president -- Euro Pacific Capital and author of the book the real crash.

America's cutting bankruptcy how to save yourself and your country welcome to you both gentlemen nice to have -- Pleasure to be here now we have to -- campaign -- come out today.

Both of them supposed to be on the economy when we see numbers like this and we keep on seeing numbers like this Bob.

-- has to question what we're hearing about there being no new ideas presented.

By either side when it comes to the economy it aren't there any new right is out there that the American people should be asking for.

Well I think there's some new bad ideas out there that the American people lot of definite question Bob that's not on -- -- terms of getting the economy going.

I think there's been a set of ideas put out it's just we have gridlock here in Washington and a Republican congress that's intent on doing nothing as far as we can tell.

Republican congress Peter if the Republican congress is different with things he got.

Well I doubted me first of all there there's no doubt that the president was dealt a bad hand.

But it's not Bush's fault that he played that hand as poorly as he did in fact Obama was a senator before he was president so.

He helped to stack that -- Can he needs to correct the mistakes of the Bush Administration.

Not expand it already did and -- or actually that's what he's doing you know I tried to bring some new ideas to Capitol Hill a week ago today I testified before congress and I tried to bring the idea of capitalism of free markets the state Capitol Hill and I was shot down I mean it -- -- what happened is voting YouTube -- -- premarket -- you are you go to Washington.

And look at what happens when you try to bring common sense to Washington DC.

Idaho and it would put a stopper once again -- -- is minus specifically what Peter.

And we -- your try to bring capitalism back to Washington DC can you give us a specific about something that you recommended that you'd like to see.

While I was there I wanted to get out the housing market can you believe that these guys in congress after what Freddie and Fannie did.

To single family housing.

They -- do the same thing with apartments they want the government to guarantee securitize mortgages on apartment buildings I mean the worst thing you can possibly do -- -- about to do it.

And they had a bunch of industry lobbyists lining up to try to.

And you didn't want to hear anything they were just ridiculing me and shooting me down and so -- they're not open to new ideas they just want to rehash the same failed socialist policies that have been pursued for years in this country know.

-- President Obama wants to keep criticizing George Bush that why does he keep following his playbook why does he have the same borrow and spend and regulate tax and -- agenda that bush had.

So why we have maybe real meaning why do you think that that Robert and every one that Obama -- wants to implement on Peter -- work let me get Bob Dotson has not entry disagree with a lot of things that Peter is saying there but it is what -- the problems that everyone is just too much the same at this point.

Is it to fit a line that divides everybody when it comes economic -- Look that we have a huge difference in economic philosophy in Washington now and -- Peters one of the few people in America or in the world who would think George Bush was a socialist.

The reality is you've got an economy that slavery from the worst financial -- the collapse since the Great Depression.

It was -- the private sector not the public sector.

And you have people facing.

You know massive losses fed just came out with their report.

Showed that from 20072010.

Families lost 40% of their wealth that's most mostly in the value of their homes their wages -- -- You have got a little hot opponent Peter what do we do really do by the there's one thing that you could say we happen.

That either President Obama or Mitt Romney can champion what is the number one thing we should do to get better numbers in the things that we saw this morning on the job market and -- housing look.

We have to put people to work and the only way we're gonna put people to work is -- it is to actually do it.

And the question is who does it CEOs have a lot of money corporations have record profits they are not doing it so had injuries and they're not doing a consumer I don't have any consumers.

So what we -- to do is take -- -- edge of the market to market will now lend us money cheaper than free.

To the US government -- we got to borrow that money and we got to use it to rebuild the country when we have more massive way.

If I need is very proud of the roles we should hang our somewhere they actually ripped the ball Jordan went digital ready for -- -- It is hard for unfortunately we did we need area fast finish lead productive jobs creator of the -- It's an example we're not -- telling -- wow that sounds like I know I don't -- that we've got to Washington -- Plus I think it -- -- -- we're not going to be able to hear anything our viewers to get very frustrated if we had an item by -- talked Peter I'm negated a final thought the body where it -- -- -- set up and Peter.

I you can -- -- and then.

Then we can hear John talk.

I had we have.

We have a construction industry that's totally -- flat on -- back we have massive internal needs for improvements and we can borrow money cheaper than free.

So.

Basically so there's free heroin we should use it.

He's -- he's advocating what Greece did.

Greece borrowed a lot of money when it was cheap they spent it on government and -- interest rates went up and they're broke the same thing is gonna happen to us if we take advantage of all -- cheap money and go into debt and squandered on more government more consumption.

This whole economy is gonna collapse and unfortunately.

That is what's going to happen that's -- subject of my book that's why it's called the real -- Because it's coming because for repeating all the mistakes of the past we're learning nothing.

Peter Bob Hope you both will come back and talk more about this feel like we just got on the surface.

There is Caroline reference there is that now I don't know where -- can possibly go but we look for to have you both thank you George Bush is socialist.

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