| 00:00:04 |
HOST, -
WHAT PROMPTED YOU TO WRITE A BOOK ON CAPITALISM AT THAT TIME? GUEST: WELL, THERE'S A LOT OF MISUNDERSTANDING ABOUT WHAT TRUE FREE MARKETS ARE. HOW THEY...
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| 00:00:33 |
GUEST, -
HOW WORKS. I THOUGHT THE BOOK WITH A QUESTION AND ANSWER FORMAT WOULD BE USEFUL. THEN THE DISASTER CAME ALONG IN THE ALONG2007, SO WE HAVE TO FOCUS...
|
| 00:01:31 |
HOST, -
OF VIRTUE IN TERMS OF ECONOMIC POLICIES. SOMETIMES DEMOCRATS GET IT RIGHT, SOMETIMES REPUBLICANS GET IT RIGHT. MANY TIMES. BOTH IT TIMES THE CRISIS ITSELF...
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| 00:01:46 |
GUEST, -
REGULATORY ONES. IT MADE FOR THE PERFECT STORM. SINCE THE FALL OF 2008, UNFORTUNATELY SOME OF THE MISTAKES HAVE BEEN PERPETRATED. A BORING BUT DEVASTATING...
|
| 00:03:30 |
HOST, -
CAPITALISM. YOU WRITE IN YOUR BOOK ABOUT DEMOCRATIC CAPITALISM BEING THE MOST MORAL HUMANE SYSTEM, BUT HAS THE SYSTEM ITSELF HAD SOME MAJOR PROBLEMS...
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| 00:04:08 |
GUEST, -
WHEN THE EGREGIOUS BEHAVIOR OF THOSE ON WALL STREET BREAKS THE LAW AND WILL BE PUNISHED -- ONE OF THE THINGS TO RECOGNIZE IS THAT HUMAN NATURE WILL NOT...
|
| 00:06:00 |
HOST, -
ORGANIZE 27 MILLION SMALL BUSINESSES WHO ARE AGAINST HIGHER TAXES AND REGULATION. IF WE GET THEM FIRED UP DOWN YOU THINK THAT COULD BE AN INCREDIBLE FORCE?...
|
| 00:06:39 |
GUEST, -
PEOPLE ARE ALSO UPSET BY THE MASSIVE DEBTS IFDEFICIT SPENDING. YES, PEOPLE RISING UP, ESPECIALLY SMALL BUSINESSES. THEYi] ARE THE JOB CREATORS. THEY WILL...
|
| 00:07:36 |
HOST, -
AT ALL. THE BANKSNinr MAKE $10. YOU PUT YOUR HEART-EARNED MONEY INTO THE BANK.
|
| 00:07:43 |
HOST, -
IT GOES AT THE SPEED OF LIGHT TO THE FEDERAL RESERVE AND THE BANK GETS CREDIT FOR IT. SAY, CHASE, AND THEN THEY GET FRONTED-WEIGHTED INTEREST. THE BANKERS...
|
| 00:09:22 |
HOST, -
THEY GET IT VIRTUALLY FREE AND THEN CAN BUY GOVERNMENT BONDS YIELDING UP TO 3%.
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| 00:09:29 |
GUEST, -
THAT IS A VERY NICE SPREAD. THAT IS ONE REASON WHY THE SYSTEM IS NOT WORKING. ANOTHER REASON WHY THE SYSTEM IS NOT FULLY WORKING YET IS BECAUSE WHILE...
|
| 00:11:01 |
HOST, -
YEARS AGO DID A SURVEY OF THE AMYLASE-- THE TOOK A HYPOTHETICAL
|
| 00:11:10 |
GUEST, -
FAMILY TAXES AND GIVE IT TO 46 TAX PREPARERS AND AS FOR THE RETURNS. WHAT YOU GOT BACK WAS THAT THE 46 PREPARERS, NO TWO COULD AGREE ON WHAT THE FAMILY...
|
| 00:12:56 |
HOST, -
HAVE HAD THE ECONOMY FOR THE LAST 25 YEARS AND MADE MONEY. YOU FORGET ABOUT THOSE LEFT. THE OBJECT OF THE GAME IS TO MAKE MONEY, BUT TO PEOPLE LIKE...
|
| 00:13:46 |
GUEST, -
WHAT OPEN A THE ECONOMY WAS THE FEDERAL RESERVE. THAT IS A GOVERNMENT INSTITUTION DECIDING IF NEEDED TO HELP THE ECONOMY BY PRINTING TOO MUCH MONEY....
|
| 00:15:03 |
HOST, -
I CANNOT GO TO A BANK AND SIT AT MY HOUSE IS WORTH $200,000 AND GET A LOAN. MY HOUSE IS WORTH $150,000. YOU DID NOT MAKE ANY SENSE, STEVE. GUEST: THIS...
|
| 00:15:38 |
GUEST, -
ALWAYS BEEN HOW TO VALUE ASSETS HELD FOR RESERVES FOR REGULATORY PURPOSES? UNTIL 2007 FOR 70 YEARS THE TRADITION HAD BEEN THAT IF A BANK BOUGHT AN ASSET,...
|
| 00:18:24 |
HOST, -
RECOVERY IN 2010 WILL NOT HAVE ANY KIND OF THE VIGOR WE NORMALLY WOULD GET GIVEN THE RATE OF DECLINE FROM LATE 2008. IN THE MEANTIME, HOWEVER, THERE...
|
| 00:18:45 |
GUEST, -
BILL. IT IS AMAZING THAT NO ONE HAS READ THIS. WE KNOW THAT IT WILL PUT A LOT OF NEW TAXES ON. IT WILL TURN INSURANCE COMPANIES INTO UTILITY. ASK THERE...
|
| 00:20:04 |
HOST, -
MILITARY BASES WORLDWIDE AND EXPANDING SOUTH AMERICA PRESENTS -- A $700 BILLION MORE FUNDING BILL THAT ZIPPED THROUGH CONGRESS WITH NO REAL OPPOSITION...
|
| 00:21:34 |
GUEST, -
PROPORTIONALLY THAN WHAT WAS SPENT IN THE 1980'S. FAR LESS THAN WAS SPENT IN THE 1950'S AND 1960'S. IN TERMS OF BOTH IRAQ AND AFGHANISTAN -- LET ME BE...
|
| 00:23:18 |
HOST, -
MOBILIZED NOT BY GREED BYE-BYEBUT BY SELF-INTERESTS. TELLUS THE DIFFERENCE? GUEST: YOU MENTIONED ADAM SMITH'S. ONE OF HIS GREAT OBSERVATIONS IS THAT...
|
| 00:23:50 |
GUEST, -
IT IS A MUTUAL EXCHANGE. IN TERMS OF SELF-INTEREST YOU MAY WANT MONEY AND A BIG HOUSE AND ALL THAT -- BUT THE ESSENCE OF FREE-MARKET SAYS THAT YOU DO...
|
| 00:24:59 |
HOST, -
HE SAYS THERE IS AN OWNER CAPITALISM AND THEN THERE IS MANAGEMENT CAPITALISM. I BELIEVE THAT HONOR CAPITALISM IS WHAT YOU AND MOST PEOPLE MEAN BY CABALISM....
|
| 00:26:29 |
HOST, -
GARAGE. SAME THING WITH APPLE. . .
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| 00:26:35 |
GUEST, -
STAGGERED BOOFEREDS ELECTIONS AND THINGS LIKE THAT. THOSE WERE PUT IN THE 1980'S AS A RESULT OF OUTSIDERS COMING IN AGAINST MANAGEMENTS. I THINK A LOT...
|
| 00:28:02 |
HOST, -
S.E.C., YOU CAN PRETTY WELL FIGURE OUT AT LEAST 9 % BEHALF THESE PEOPLE ARE GETTING AND WHAT THE PROSPECT THAT THEY'RE GETTING IF CERTAIN PERFORMANCE...
|
| 00:28:14 |
GUEST, -
THAT -- AND I THINK, BILL, IN THE 1990'S AND EARLY PART OF THIS DECADE, IN REACTION TO WHAT SOME CALL CRONY CAPITALISM WHERE THE C.E.O. STACKS THE BOARD...
|
| 00:29:42 |
HOST, -
YEAR. THEN I HEAR CONGRESSMEN SAYING WE DON'T NEED TO DE LVE INTO WHAT THE FEDS ARE DOING. ISN'T IT TIME WE DID DE L VERY INTO WHAT THEY'RE DOING? ...
|
| 00:30:16 |
GUEST, -
BUT WE'VE HAD BIGGER MILITARY FINANCIAL BURDENS BEFORE. IT IS AMAZING THIS MOST POWERFUL INSTITUTION IN WASHINGTON HASco VIRTWEAL NO ACCOUNTABILITY...
|
| 00:31:48 |
HOST, -
IF UP TO THE REPLY TO THAT AND TELL US WHAT THAT CHAPTER, HOW THAT CHAPTER WOULD ANSWER OUR TWITTER COMMENT THIS MORNING. GUEST: WELL, IT GETS IN, YOU...
|
| 00:32:18 |
GUEST, -
TO THE MID PART OF THIS DECADE TO SEE WHAT ACTUALLY HAPPENS TO PEOPLE'S WELL-BEING, THEIR INCOMES OVER THAT 10-YEAR PERIOD. AND WHAT THE SURVEY FOUND...
|
| 00:34:30 |
HOST, -
VERY ATTRACTIVE TO PEOPLE, AND HE FIGURES THAT IF HE HAD AN ATTRACTIVE STORE THAT BROUGHT PEOPLE IN, GET CUSTOMERS WHO NORMALLY WOULDN'T CONSIDER ...
|
| 00:34:39 |
Unidentified Speaker, -
THE THING COULD GROW. HE STARTED OUT AS A VERY FAR ON THE LEFT, BUT REALIZED IN TERMS OF HOW HE MADE HIS OWN BUSINESS WORK -- AGAIN, SERVING THE ...
|
| 00:36:18 |
HOST, -
MORE TO GRASS ROOTS. WE'VE BEEN TALKING ABOUT BIG BUSINESS AND THE ECONOMY. I'M A CONSTRUCTION
|
| 00:36:23 |
HOST, -
WORKER. I'M LIVING PAYCHECK TO PAYCHECK. WHAT ADVICE WOULD YOU GOIF A GUY LIKE ME THAT PROBABLY MAKES , SAY, 50% OR MAYBE MORE OF THE POPULATION, WHAT...
|
| 00:36:36 |
GUEST, -
YOU TELL ME WOULD BE A GOOD WAY TO INVEST IN MY FUTURE, RETIREMENT, YOU KNOW, I GOT A 10-YEAR-OLD SON WHO, EIGHT MORE YEERKS HE'S GOING TO GO GOING...
|
| 00:37:32 |
HOST, -
WHICH HAPPENS OCCASIONALLY. BUT YOU ALWAYS HAVE IT THERE AS AN ANCHOR, AS AN INSURANCE POLICY IN
|
| 00:37:37 |
GUEST, -
CASE THINGS DO GO WRONG AS MANIFESTLY HAS HAPPENED IN RECENT YEARS. NOW, IN TERMS OF LONG TERM ON THINGS LIKE YOUR YOUNGSTER'S COLLEGE EDUCATION,...
|
| 00:40:27 |
HOST, -
EXCUSE ME -- RAN OUR COUNTRY'S TAB UP TO OVER A TRILLION DOLLARS? MR. OBAMA HAS ONLY BEEN IN OFFICE LESS THAN A YEAR, BUT YOU WANT TO ACCUSE AND HOLD...
|
| 00:42:07 |
HOST, -
TODAY. BUT WE DID SPEAK OUT AGAINST IT, AND I BELIEVE THE BIGGEST DOMESTIC MISTAKE OF THE
|
| 00:42:12 |
GUEST, -
BUSH ADMINISTRATION, WHICH SADLY HAS BEEN CONTINUED BY THIS ADMINISTRATION, IS ITS WEAK DOLLAR POLICY. WEAK DOLLAR MEANS WEAK RECOVERY. YOU CANNOT...
|
| 00:45:37 |
HOST, -
FOR JUST A MINUTE. WE HAVE SITUATIONS IN IRAQ AND AFGHANISTAN, AND ALL THE GLOBAL SITUATIONS THAT EXIST.
|
| 00:45:46 |
GUEST, -
WE ALSO HAVE A CONGRESS THAT IS SPENDING MORE AND MORE MONEY THAT WE DON'T HAVE AND WE'RE BORROWING FROM CHINA, ARE WHO AT ONE TIME WAS ONE OF OUR...
|
| 00:46:42 |
GUEST, -
MISTAKES, WEAK OCCURRENCE SUCCESS, BINGE SPENDING, RAISING TAXES, AND THAT'S GOING TO HURT THE PERFORMANCE WE'RE GOING TO HAVE IN 2010, AS I COMPARED...
|
| 00:48:44 |
HOST, -
REFORMS LIKE SIMPLIFYING THE TAX CODE MOVING, HELP OUT CANDIDATES WHO ARE PRO-GROWTH, PRO-OPPORTUNITY. AND BY THE WAY, THAT'S WHAT PEOPLE SHOULD DO...
|
| 00:48:57 |
GUEST, -
IN THE PRIMARIES WHERE PARTIES PICK THEIR CANDIDATES, GET INVOLVED WITH THOSMSE IT'S GOING TO BE VERY INTERESTING. HOST: AND YOU GOT INVOLVED IN THE...
|
| 00:49:25 |
HOST, -
GIVING PEOPLE A CHANCE TO GET AHEAD, BETTER THAN NOMINAL REPUBLICAN CANDIDATE, AND THAT'S WHY HE GOT MOST OF THE SUPPORT AND CAME CLOSE TO WINNING....
|
| 00:49:40 |
GUEST, -
REPUBLICAN CANDIDATE WITH DREW. THEY SAT ON THEIR HANDS. SO THE DEMOCRAT WON A NARROW VICTORY, BUT I THINK THIS YEAR IN 2010, WHEN YOU HAVE THE REGULAR...
|
| 00:50:18 |
HOST, -
A PRIMARY. IT WAS CHOSEN BY PARTY LEADERS BECAUSE IT WAS A SPECIAL ELECTION. IF THEY HAD A PRIMARY, I DON'T THINK YOU'D HAVE SEEN THIS SITUATION CROP...
|
| 00:51:44 |
HOST, -
CREATOR, GOD, AND THAT HAS THE BEARING ON TRUTH, JUSTICE, FREEDOM, HONESTY. WHEN WE GET AWAY FROM THAT, WHEN WE HAVE CRIMES COMMITTED BY WHAT THOMAS...
|
| 00:53:01 |
HOST, -
AN OPPORTUNITY, HAD A CHANCE TO GET
|
| 00:53:03 |
GUEST, -
AHEAD AND REALIZED THE AMERICAN DREAM. I'M GLAD HE DID SO. BUT HE HAD NOTHING TO DO WITH THE FED. AND IN TERMS OF THE FED, WE'VE TALKED EARLIER ABOUT...
|
| 00:54:37 |
HOST, -
I CAN LIVE REAL COMFORTABLE ON 5% OF THAT, AND MOST PEOPLE CAN. THERE'S A LOT OF PEOPLE WHO CANNOT AFFORD -- WHO DON'T HAVE THE ABILITY TO BECOME ENTREPRENEURS....
|
| 00:55:58 |
HOST, -
AS INEVITABLY THEY'RE GOING TO GO UP, THAT'S GOING BLOW ANOTHER
|
| 00:56:01 |
GUEST, -
BIG HOLE IN THE BUDGET. SO WE'RE FACING THE SAME KIND OF SITUATION WE DID IN THE LATE 1970'S AND EARLY 1980'S, AND THAT'S WHY WE NEED PRO-GROWTH ...
|
| 00:57:07 |
HOST, -
OR GIVE A GIFT TO YOURSELF. HOST: THANKS FOR JOINING US THIS MORNING. WE APPRECIATE THAT. GUEST: THANK YOU. HOST: IN JUST A MOMENT, WE'LL TALK...
|
| 00:57:18 |
GUEST, -
ABOUT CORPORATE ACCOUNTABILITY, CORPORATE POLITICAL SPENDING. HE'S NEXT, AND WILL JOIN US FOR AN HALF-HOUR. FIRST AN UPDATE ON THE NEWS FROM C-SPAN...
|
| 00:57:30 |
HOST, -
DELIVERS REMARKS FROM THE DIPLOMATIC RECEPTION ROOM AT THE WHITE HOUSE TODAY
|
| 00:57:33 |
GUEST, -
ON MAKING GOVERNMENT MORE EFFICIENT
|
| 00:57:35 |
HOST, -
AND EFFECTIVE. LATER THE PRESIDENT MEETS WITH SENIOR ADVISORS IN THE OVAL OFFICE. REMARKS TODAY FROM IRAN'S NUCLEAR NEGOTIATE FOR, SAID JAL I WILLEE,...
|
| 00:57:49 |
Unidentified Speaker, -
WITH ATOMIC WEAPONS, BUT SAID ALL COUNTRIES HAVE THE TRITE DEVELOP NUCLEAR ENERGY. MR. JAL ALI UNLESSES HIS COUNTRY'S NEW PROGRAM IS FOR CIVILIAN...
|
| 00:59:08 |
Unidentified Speaker, -
C-SPAN. >> "WASHINGTON
|
NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.