Fox News
Expand
Browse All Video
Watch Live

You're watching...

State of the Race

Details

  • Description

    Obama leads nationally but poll of battle ground states show romney ahead

  • Duration 8:58
  • Date

Clips

Also in this playlist...

Power Play

Auto-advance: ON

Auto-advance
View All

Transcript

This transcript is automatically generated

And that is what it looks like when people have jobs in the manufacturing sector building things that people need exporting them helping the economy grow.

And this is power play and I'm Chris -- -- and it turns out there was not enough of that kind of stuff going on last month as we saw the sharpest decline in the key manufacturing index that we've seen.

Since the month right after September 11 when the bottom fell out of the US economy and at the lowest rate since the -- technical and of the recession.

What does this mean what does this mean of course for the election because that's what you want Internet that's what you want to know who's going to win the election and that's what we try to suss out every day for you.

And let me tell you something Internet.

We are very lucky in Washington this week because John Roberts.

That is with us and we are we're very lucky to have John I don't know -- that -- we'll -- after this we'll see after this.

But I loved being in Washington -- -- -- any opportunity I get you my history would say.

Heck you -- -- -- Washington for.

I love it here you know I spent.

Ten years here and it's it's great to be back and it's particularly great -- to be on your -- for a city that's Internet he knows what he's talking about the election.

And so here's the thing and this is what were trying to figure out.

The economy we've seen this cycle play -- on for -- you're trying to figure that the economy no no no you stop we did we'd be totally I was -- -- -- -- -- to me and the Internet here to try to figure this out but.

What we've seen in two consecutive years was in the first part of the year.

Good news.

Happy -- they've lived recovery maybe taking hold things are getting better I was beginning to look Dicey for Romney because his signature issue was kind of going away and we've given it's like the weather in Florida you know if you don't like it wait a minute that's going to change exactly so now we're seeing the same drama play out which is.

The green shoots of spring -- a little dusty in the summer time they'll give us give us your 30000 foot view that's gonna.

I really worry about the economy and it and I have been for a long time because it it is never really gotten on its feet again and now what's happening.

-- ended in Europe and what has been happening in Europe I think really could sow the seeds of some malcontent in the economy we -- talking about this.

And the special report made -- -- any progress here tonight.

And the fact that US manufacturing.

Is now hurting because of what's happening in -- I think is really troubling side.

And we're talking about that the market the other day -- like what was going on in Europe so was up 200 points -- Yesterday -- didn't really like it and so was down nine and today it's probably -- like -- even -- you know I -- the over all.

Story here is that things are not good in Europe by any stretch of the imagination -- -- -- right now and I'm working on a story.

Debt spending here in the United States as well.

And we are recorded just very learned people center for responsible budget.

They are saying we are headed in that exact same direction with the level of debt that we've got now.

It's possible to solve it.

But the way that things are going now with -- died in the level of detail that needs to you for voters understand where he's going.

For Obama being -- she is is the center for responsible budget said.

Being too timid about the whole thing.

There's nothing really for voters to grasp onto.

Now when you talk about manufacturing.

This is particularly troubling for the economy added to couple stories last year I was gonna point out you did some great reporting on the field and going to Wear and Wear the same sort of like hello -- you superlatives a percentage it's just well it's pretty it's pretty little theory -- -- that they were very interest in stores because we had gone -- to.

Manufacturing operations high tech manufacturing operations in.

Western Michigan.

Which you wouldn't necessarily think is doing well Wisconsin which you it was German -- actually just north.

Of Milwaukee where you wouldn't think that things were particularly robust when it comes to manufactured.

That these were entities that were engaged in high tech manufacturing.

Computer based manufacturing.

-- and stuff they were looking for employees as one company that we went to Gentex in western Michigan was looking for 18100 employees.

Another company in the one in Germantown was looking for a few hundred employees.

Now with the slowdown in Europe -- less people in your buying things that are made in America.

That whole business now -- beginning to slow down American manufacturing.

Looked like it was an -- that's -- look like it could be the driving force of the economy going forward.

The big question now is where is it -- You know there's there's -- there's another interesting thing here sort of -- Heisenberg effect where you have the economy affects the presidential race.

The presidential race affects the economy too because we have these two very very different visions for the future.

And that's those uncertainty.

Into the economic process because if you have capital that -- thinking about investing.

You might say this election we had seventeen weeks ago to the election which -- wait and see ground near Obama and then we'll decide let's also -- See if there's -- a plan for spending in addressing the deficit and in the death my mcginnis into the media center for work she responsible but as she's.

She's facts -- and she's one of the most knowledgeable people like this mean she's dampen the level of detail that none of us could even begin.

To comprehend it she's bipartisan she's worked with both sides.

And and she has said that there -- a real risk of a flight of capital from the United States if the debt deficit levels days they are the fortunate thing for the United States right now.

Everybody else so much trouble right if we look good by comparison exactly but it's not a great place to be looking good by comparison.

Is not where the United States wants to be.

The United States would love to be.

Where was back -- In mid 2000 remember or they're talking about oh my goodness what's gonna happen if we don't have a treasury market because in fifteen years we're going to retire the debt -- -- -- -- -- there was that plan to pay it off by Tony fiftieth.

Well there's no worry about that right wherever treasury market for.

The foreseeable future.

But she's worried about a flight of capital from the United States somewhere else and if that happens we're really.

She gets there that's you can say it is -- -- the Internet that's that that's totally allowed.

So as we when when you.

Talk to folks and you have you have the luxury you have the opportunity.

To go around the country a good bit and talk to like whether it's western Michigan -- where wherever you go and you talk to people.

Are we frustrated or worried which which of those adjectives is a better description by your way of high.

I think that both are probably applicable people who don't have jobs are frustrated people who are trying to make ends meet are frustrated people who look at our our budget.

And think that you know how much is it about 30%.

Of every dollar goes to debt service that's always what you want as much as forty much as -- -- -- And then when you look at the CBO projections that by 2035 we're going to be it debt will be 200%.

Of the economy and then and then the models don't even work after that we that is untenable so I think there's a lot of frustration among people that they see their -- they see that nothing's happening.

In the government and to solve this crisis in the Anderson.

What are we look at what we're doing here what was the other -- -- were you there are they were straight literally traded up I think both I mean I -- at the top of this.

I'm very worried about the economy I'm not a chicken little bit addressing this -- -- but I really think there's a chance.

Of the sky falling and I had this argument with my financial officers I think there's more likelihood -- in three months the Dow will be 111000 will be thirteen.

And Colorado -- you crazy crazy but the trend they're trying to sell stuff that's exactly but I remember -- -- -- it was December 1987 and I have a guy who was trying to -- -- hey you know.

Go leveraged into the -- because the market's doing nothing but up and had a bad feeling about it.

And it crashed three months later and -- listen to your gut and not not not not that I am.

Any kind -- it is thing like that but I just I got a bad since about buddhism.

-- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- --

Load More