Wall Street's Disconnect with the American Economy

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Wall Street is making money again and financial institutions could hit record profits, but the unemployment rate went up last month and businesses complain they can't get credit. Meanwhile, President Barak Obama yesterday cut a deal that will extend the Bush tax cuts for another two years. While it's hoped that the agreement will help stimulate the economy and job growth, there are plenty who say it misses the mark, that what is truly needed is a critical look at the workings of America's financial institutions. How can the financial sector be booming while the rest of the US economy remains sluggish? What roll does President Obama's extension of the Bush tax cuts play?

Credits

Guests:
Kevin Hall - McClatchy Newspapers - @KevinGHall, John Cassidy - New Yorker magazine - @TNYJohnCassidy, Nicole Gelinas - Senior Fellow, Manhattan Institute, Megan McArdle - Bloomberg View - @asymmetricinfo, William Fleckenstein - President, Fleckenstein Capital

Host:
Conan Nolan

Producers:
Katie Cooper, Sonya Geis