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| 00:00:04 |
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30 YEARS AGO, AMERICA'S CABLE COMPANIES CREATED C-SPAN AS A PUBLIC SERVICE. TODAY, C-SPAN IS THE POLITICAL... |
| 00:00:24 |
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| 00:00:25 |
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THE ECONOMIC STIMULUS BILL AND THE OUTLOOK FOR THE NATIONAL AND WORLD ECONOMY ARE DISCUSSED THEATCHICAGO... |
| 00:00:37 |
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IT'S A UNIQUE AND DYNAMIC SERIES THAT TAKES PLACE IN CHICAGO NEIGHBORHOOD BARS AND MUSIC VENUES. ... |
| 00:03:19 |
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THANK YOU. BEFORE WE BEGIN, THE COUNCIL'S YOUNG PROFESSIONALS. IT'S A MEMBERSHIP SERIES THAT BRINGS... |
| 00:04:37 |
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THANKS. THANK YOU ALL FOR BEING WITH US TONIGHT. WELCOME, CHARLIE. WELCOME ADOLFO. WE LOOK FORWARD... |
| 00:05:55 |
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YOU WANT A QUICK ANSWER? PROBABLY, NO, BUT I CAN ELABORATE ON THAT. IT'S A VERY BROAD PACKAGE, AND... |
| 00:09:34 |
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SO IT SOUND LIKE YOU ARE SAYING YES AND NO BUT PERHAPS LARGELY NO. IT'S NOT ENTIRELY THE RIGHT PACKAGE... |
| 00:09:41 |
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NO, IT'S NOT. THERE ARE SOME USEFUL PROVISIONS, BUT THERE ARE SOME PARTS THAT IS -- ALMOST $500 BILLION... |
| 00:09:58 |
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YOU DIDN'T USE YOUR WHOLE FIVE MINUTES. I WANTED YOU TO HAVE A CHANCE TO CLARIFY. CHARLIE, YOUR VIEWS.... |
| 00:10:04 |
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MY SHORT ANSWER IS THANK GOODNESS FOR THE SENATE BECAUSE I'M HOPING THAT THEY MIGHT FIX THIS THING.... |
| 00:14:48 |
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THANK YOU BOTH. THERE WERE A NUMBER OF LEADS THERE THAT WE'LL PICK UP ON IN SOME OF THE SUBSEQUENT... |
| 00:15:25 |
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THE MOST IMPORTANT PART WAS REALLY ON THE QUESTION, WHICH IS WHAT'S THE PRIVATE SECTOR'S ROLE IN JOB... |
| 00:16:25 |
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IT'S AN EXTENSION OF THE FIRST. WHAT DO YOU SEE AS THE PRIVATE SECTOR'S ROLE IN GENERATING ECONOMIC... |
| 00:16:41 |
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UNFORTUNATELY, I DON'T HAVE A GOOD ANSWER TO THIS. IN FACT, I HAVE A QUESTION, MAYBE ADOLFO CAN ANSWER... |
| 00:18:52 |
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LET ME REPEAT THE QUESTION. MANY LIKEN OBAMA'S STIMULUS PACKAGE TO NEW DEAL EFFORTS EMPHASIZING GOVERNMENT... |
| 00:19:09 |
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I WANT TO TAKE IT, STEP BACK ON THIS IDEA OF NEW DEAL. I THINK THAT OVER THE PAST SEVERAL YEARS, THERE... |
| 00:23:49 |
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WE HAVE ABOUT A MINUTE THERE. MAYBE I WILL ASK A QUICK QUESTION, 20 SECONDS EACH. IF THE CURRENTLY... |
| 00:24:04 |
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I BELIEVE WE ARE PROBABLY GOING TO BE OUT OF THE RECESSION IN 12 MONTHS, REGARDLESS OF WHAT THE GOVERNMENT... |
| 00:24:25 |
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CHARLIE? |
| 00:24:26 |
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I'M NOT THAT OPTIMISTIC. I AGREE THAT THERE WILL BE A NATURAL RECOVERY. I THINK IT WILL TAKE LONGER... |
| 00:24:57 |
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SWITCHING GEARS A LITTLE BIT, MOVING TO A GLOBAL VIEW AND ADDRESSING THE ISSUE OF KEY COMMODITIES,... |
| 00:25:34 |
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I WOULD MAKE A DISTINCTION BETWEEN SOME OF THE ECONOMIES RELYING HEAVILY ON COMMODITY AND FOOD THAT... |
| 00:29:16 |
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POLITICAL DIMENSION IS VERY IMPORTANT. THANK YOU FOR THOSE OBSERVATIONS. CHARLIE, THE PRICE OF OIL,... |
| 00:29:33 |
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I THINK WE SAW SOME BUBBLES, CERTAINLY IN THE OIL MARKET, WHEN THEY WENT UP REALLY HIGH WHEN WE HIT... |
| 00:34:32 |
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THANK YOU. QUESTION FOR BRIDGING THE LOCAL AND REGIONAL TO THE GLOBAL AGAIN AND GETTING BACK TO THE... |
| 00:35:51 |
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I FEEL VERY RELIEVED BY THE STATEMENT FROM THE WHITE HOUSE TODAY BECAUSE THAT WAS REALLY A MAJOR CONCERN.... |
| 00:39:13 |
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THANK YOU. CHARLIE, YOUR VIEWS ON THIS ISSUE? |
| 00:39:16 |
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IN SPIRIT I AGREE ENTIRELY. THERE ARE SO MANY REASONS THIS IS A BAD IDEA. THEY HAVE ALL BEEN RUNNING... |
| 00:42:48 |
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LET ME ASK YOU BOTH ANOTHER QUICK QUESTION DIGGING IN ON THE TRADE ISSUE. IF BOTH OF YOU AGREE SO... |
| 00:43:31 |
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LET CHARLIE GO FIRST. |
| 00:43:34 |
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I THINK IT'S BASED ON THIS MYTH THAT IS BASICALLY IF WE BUY AMERICAN STEEL, IT IS' VERY OBVIOUS WE... |
| 00:44:46 |
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I WANT TO SAY SOMETHING ABOUT OUR LOCAL ECONOMY HERE IN CHICAGO AND IN THE MIDWEST. WE REALLY SHOULD... |
| 00:46:13 |
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THANK YOU. LAST QUESTION. NUMBER FIVE. I'LL ASK BOTH OF YOU TO KEEP IT SHORT. AT THE RECENT WORLD... |
| 00:46:48 |
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I THINK BASICALLY, OTHER MAJOR ECONOMIES AROUND THE WORLD NEED TO BE HAVING THE SAME BASIC DISCUSSION... |
| 00:49:42 |
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THANK YOU. |
| 00:49:45 |
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I CAN ONLY REINFORCE WHAT CHARLIE JUST SAID. I REALLY THINK WE NEED TO BE ALL ON THE SAME PAGE GLOBALLY.... |
| 00:53:36 |
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IN A CONTINUING ATTEMPT TO FIND SOMETHING YOU DISAGREE ON, ASK FOR A QUICK 20-SECOND RESPONSE ON THE... |
| 00:53:57 |
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I'M NOT SURE WE WILL FIND AGREEMENT BUT MAYBE HE'S GOT AN ANSWER THAT'S BETTER THAN MINE. AIM NOT... |
| 00:55:33 |
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ADOLFO? CHINA AND INDIA. |
| 00:55:36 |
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CHINA IS A GOOD EXAMPLE OF BEING TOO BIG TO CHANGE IDEA. IN THE SENSE THAT THEY OWN $1.3 TRILLION... |
| 00:58:03 |
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THANK YOU VERY MUCH, CHARLIE AND ADOLFO. WE WILL NOW OPEN THE FLOOR TO QUESTIONS FROM THE AUDIENCE.... |
| 00:58:30 |
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SHEILA WINEBERG, INSTITUTE FOR TRUTH IN ACCOUNTING. DIDN'T WE JUST GIVE THE FEDERAL GOVERNMENT $700... |
| 00:59:14 |
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YOU HAVE TO KEEP IT TO ONE QUESTION. WHAT'S THE ONE QUESTION? WHERE IS ALL THE MONEY COMING FROM? |
| 00:59:18 |
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WITH WHAT MONEY WOULD BE THE QUESTION. |
| 00:59:20 |
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OKAY. GIVE EACH OF YOU A CHANCE TO RESPOND TO THAT. |
| 00:59:24 |
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WE ARE BORROWING THAT MONEY. THERE IS REALLY NO OTHER OPPORTUNITY. WE ARE BORROWING. THANK YOU FOR... |
| 01:00:26 |
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CHARLIE? |
| 01:00:28 |
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I WOULD SAY THE ONE THING WE DON'T KNOW ABOUT T.A.R.P. IS WE DON'T KNOW WHAT THE COUNTER FACTUAL IS.... |
| 01:02:07 |
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THANK YOU. THANKS FOR THAT GREAT QUESTION. |
| 01:02:12 |
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MY NAME IS PAUL, AND MY QUESTION IS TO EITHER ONE OF YOU BUT ONE OF THE THINGS THAT HAS NOT BEEN MENTIONED... |
| 01:02:47 |
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THIS IS THE TENTH ANNIVERSARY OF THE COMMON CURRENCY IN EUROPE. I THINK THE EUROPEAN UNION IS COMING... |
| 01:05:42 |
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THANK YOU. NEXT QUESTION. |
| 01:05:49 |
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MY NAME IS JOHN ANDERSON. I WANTED TO ASK A QUESTION THAT PERTAINS TO THE FACT THAT WE'RE GOING BROKE... |
| 01:06:34 |
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WELL, I THINK THEY STILL HAVE SOME ROOM FOR OTHER KINDS OF INTERVENTION. SO ADOLFO MENTIONED THEY... |
| 01:07:50 |
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I'M MORE OPTIMISTIC ABOUT THE RECOVERY WHICH MAKES ME MORE PESSIMISTIC ABOUT THE SPECIFIC POINTS BECAUSE... |
| 01:10:43 |
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ONE TINY THING. TO FOLLOW ON THAT, THE PROBLEM, THE POLITICAL CHALLENGE IS THAT UNEMPLOYMENT IS A... |
| 01:11:35 |
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THE NEXT QUESTION. |
| 01:11:39 |
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MY NAME IS PABLO AND I'M HERE WITH ERNST AND YOUNG. THIS QUESTION IS MAINLY ADDRESSED TO CHARLIE WHELAN,... |
| 01:12:10 |
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SO THAT'S A VERY GOOD QUESTION. THE MOST IMPORTANT THING TO DO WOULD BE TO ENGINEER THE TAX IN A... |
| 01:13:12 |
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I'LL BE HAPPY TO PASS ON THE PARTISAN POLITICAL QUESTION. |
| 01:13:16 |
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MAYBE I COULD INVITE TO YOU TALK ABOUT THE QUESTION OF ENERGY CONSUMPTION AND FUEL USE AND CLEAN TECHNOLOGIES... |
| 01:13:38 |
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IT WILL. IT'S AN EFFECT THAT WE HAVE ALREADY SEEN. IT'S REALLY ALL ABOUT THE PRIZE TO BE QUITE FRANK... |
| 01:15:16 |
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NEXT QUESTION. |
| 01:15:18 |
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JUST GOING ON THE TITLE OF THE PROGRAM, MAXED OUT, HOW THE WORLD IS GOING BROKE AND WHO GETS THE CREDIT,... |
| 01:18:30 |
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IN CHICAGO WE ALWAYS ENJOY TO BLAME NEW YORK FOR ANYTHING, SO THAT'S ANOTHER GOOD POINT, BUT I THINK... |
| 01:21:02 |
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SO ARE YOU SAYING WE CAN JUST CONTINUE, LIKE WHEN WE GET OUT OF THIS, ONE YEAR, CAN WE JUST GO BACK... |
| 01:21:14 |
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I HOPE WE LEARN. I HOE WE LEARN A LESSON. IDEALLY AFTER THIS RECESSION AND AFTER THIS CRISIS WE WILL... |
| 01:21:47 |
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EACH LINK IN THE CHAIN THAT WE TALKED ABOUT, BEHAVIOR IS GOING TO HAVE TO BE INVESTIGATED. IT WILL... |
| 01:23:15 |
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MY QUESTION RESTS ON THREE DATA POINTS YOU GUYS HAVE ALREADY TALKED ABOUT, THE FIRST ONE BEING BASILI,... |
| 01:24:04 |
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ANYBODY WANT TO TAKE A CRACK |
| 01:24:05 |
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YES. I CATCH A PARADOX. YOU ARE PERFECTLY RIGHT ABOUT THE TOO BIG TO FAIL PROBLEM, BUT OUR POLICY... |
| 01:26:42 |
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CHARLIE? |
| 01:26:44 |
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MY FEAR IS BASICALLY WE KNOW THE PENDULUM ON REGULATION IS GOING TO COME WHIPPING BACK AND IT WILL... |
| 01:27:50 |
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NEXT QUESTION. |
| 01:27:51 |
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GOOD EVENING. MY NAME IS REG MONTAGUE. I'M WITH ERNST & YOUNG. |
| 01:27:58 |
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WHO AGAIN? |
| 01:27:59 |
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ERNST & YOUNG AND MY QUESTION IS REALLY LINKED TO AN EARLIER POINT THAT YOU MADE ABOUT THE LINK IN... |
| 01:28:28 |
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WELL, IN THE SHORT RUN IT'S NOT SO GREAT BECAUSE WHENEVER YOU'RE SAVING NOW, HOWEVER HEALTHY IT IS... |
| 01:30:02 |
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I THINK YOU NAILED IT. RIGHT NOW WE ARE IN A TRANSITION PHASE IN WHICH WE NEED TO REBUILD OUR SAVINGS,... |
| 01:32:12 |
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THANK YOU. NEXT QUESTION. |
| 01:32:18 |
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MY NAME IS SAM BERELLI. MY QUESTION IS FOR EITHER PANELISTS. I THINK IT'S VERY IMPORTANT TO UNDERSTAND... |
| 01:32:56 |
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WELL, THE INTEREST RATE IS SET BY THE MARKET. THE FEDERAL RESERVE CAN ONLY SET SHORT-TERM INTEREST... |
| 01:34:24 |
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I'M SYMPATHETIC WITH SOME OF YOUR -- SOME OF WHAT YOU IMPLY. I HAVE SEVERAL FRIENDS WHO ARE A SUPPORTER... |
| 01:36:25 |
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ONE THING WHICH IS THE ONLY WINNER OVER THE LAST TEN YEARS I WOULD ARGUE IS THE BEHAVIORAL ECONOMISTS,... |
| 01:37:29 |
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WE'RE ONLY HUEMENT. UNFORTUNATE, THIS WILL HAVE TO BE THE LAST QUESTION AND, SIR, HAVE YOU THAT HONOR.... |
| 01:37:35 |
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I'LL MAKE IT QUICK AND DIRTY. WHY OR WHAT IS THE RISK OF AMERICA IN THE TEENS BECOMING THE JAPAN OF... |
| 01:37:45 |
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WHAT MIGHT HAVE TO OCCUR FOR US TO GO THERE OR WHAT WOULD PREVENT US FROM GOING THERE? |
| 01:37:50 |
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I THINK IT'S A REAL RISK. FORTUNATELY WE HAVE LEARNED SOME FROM THAT EXPERIENCE. I THINK WE HAVE SOME... |
| 01:39:35 |
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ONE SMALL THING TO ADD, MY UNDERSTANDING IS THAT THE JAPANESE MONETARY AUTHORITIES, ALTHOUGH INTEREST... |
| 01:40:02 |
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AS WE ADJOURN THE PROGRAM I WANT TO THANK CHARLIE WHEELAN AND ADOLPHO FOR YOUR TIME AND YOUR INSIGHT... |
| 01:40:53 |
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WE HAVE A CHALLENGE. WE SHOULD BE REALISTIC ABOUT THE CHALLENGES WE FACE AND WE HAVE THE ABILITIES... |
| 01:41:11 |
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HOW LONG? |
| 01:41:14 |
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BUT WE CAN MAKE IT. I REMAIN RELATIVELY OPTIMISTIC EVEN WITH WHAT CHARLIE SAID. I THINK BY EARLY 2010... |
| 01:41:22 |
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CHARLIE? |
| 01:41:24 |
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I HOPE WE WALK OUT WISER. I THINK THE LESSON OF ALL OF THIS IS THAT THE WRITING WAS ON THE WALL, AND... |
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.
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