Economist says Fed too slow to cut rates, hurting economy

The U.S. labor market slowed down in July and looked weaker than expected, creating 114,000 new jobs. The unemployment rate also ticked up to 4.3 percent. It's raising questions about whether the Federal Reserve has waited too long to cut interest rates. Economist Mohamed El-Erian is among those who have been very vocal about this. He joined Geoff Bennett to discuss his concerns.