| 00:00:22 |
Unidentified Speaker, -
COLVIN DID A PIECE THAT WAS TRANSFERRED TO "THE
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| 00:00:28 |
Lamb, Brian - Host
WASHINGTON POST" AND ED HAD A HEADLINE ON IT, THE GUM BUT ENOUGH ALREADY." -- " ENOUGH ALREADY." >> WE HAVE BEEN WE THAT -- WE HAVE BEEN AT ENDLESSLY...
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| 00:00:48 |
Sloan, Allan - Senior Editor at Large
IT WAS DECIDED SINCE THERE WAS NOT GOING TO BE ANY INTELLIGENT CONVERSATION, WE PROPOSED SOLUTIONS. WE SAT DOWN AND WROTE IT. >> HOW DID YOU GO ABOUT...
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| 00:01:10 |
Unidentified Speaker, -
PREMISES. THE TWO OF
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| 00:01:12 |
Colvin, Geoffrey - Assistant Managing Editor
US WENT A COUPLE BLOCKS DOWN SIXTH AVENUE AND WERE JUST BY OURSELVES. WE WENT TO THE BIG ISSUES HERE. WE FOUND THAT EVEN THOUGH WE DO NOT AGREE, AND...
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| 00:02:08 |
Lamb, Brian - Host
WE DID NOT DO IT IN THE PEACE. IT IS CAREFULLY WRITTEN SO YOU CANNOT TELL WHICH ONE LIENS WHICH DIRECTION. THE WAY WE ARE
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| 00:02:18 |
Colvin, Geoffrey - Assistant Managing Editor
SEATED IS THE OPPOSITE OF THE WAY WE ARE. I AM NOT TO THE LEFT OF ALLEN. HE IS NOT TO THE RIGHT OF ME. IT IS THE REVERSE. >> WHAT ABOUT ECONOMICS? WHAT...
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| 00:02:35 |
Lamb, Brian - Host
I NEVER STUDIED ECONOMICS. I WAS CAST OUT INTO THE WORLD TO WRITE ABOUT THIS BY ACCIDENT. I
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| 00:02:41 |
Sloan, Allan - Senior Editor at Large
WENT OUT AND TRY TO LEARN WITH NO PRECONCEPTIONS, WITH NO COURSES, WITH NO GRADUATE DEGREE. I CAN ADD AND SUBTRACT. IT IS NOT THAT HARD IF YOU JUST DO...
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| 00:03:21 |
Lamb, Brian - Host
ECONOMISTS WILL TELL YOU FOR THE MOST PART THEY AGREE ON 98% OF ECONOMICS. I THINK THAT IS CORRECT.
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| 00:03:27 |
Colvin, Geoffrey - Assistant Managing Editor
IT IS THE 2% THAT THEY DO NOT AGREE ON WHERE ALL THE IMPORTANT POLICY DECISIONS HAVE TO GET MADE. I AM NOT MUCH -- FOR THOSE WHO ARE NOT PAYING A LOT...
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| 00:04:21 |
Lamb, Brian - Host
STIMULUS PROGRAM, WAS IT A GOOD IDEA? SOME WILL SAY YES.
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| 00:04:25 |
Colvin, Geoffrey - Assistant Managing Editor
THE OTHER SIDE WOULD SAY IT WAS NOT A GOOD IDEA. IT WILL NOT WORK. MY VIEW WOULD BE I DO NOT THINK IT WAS A GOOD IDEA AND ALLAN AND I DISAGREE VIOLENTLY,...
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| 00:04:58 |
Unidentified Speaker, -
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| 00:05:00 |
Sloan, Allan - Senior Editor at Large
I WOULD HAVE, INSTEAD OF SUBSIDIZING PUBLIC EMPLOYEE JOBS, MY FRIENDS ARE PUBLIC EMPLOYEES. THAT WAS A BIG PART OF THE STIMULUS. I WOULD HAVE STARTED...
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| 00:06:05 |
Lamb, Brian - Host
LEADERS ARE NOT LEADING. THE CHILDREN WOULD RATHER STAND THEIR FEET AND HOLD THEIR BREATH THAN SOLVE MOMENTOUS ISSUES OF ECONOMIC POLICY. THE GAMES ARE...
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| 00:06:43 |
Colvin, Geoffrey - Assistant Managing Editor
OVER DRAMATIC. YOU CAN LOOK AT THESE CHARTS. THEY ARE EASY TO FIND ONLINE. DO A LITTLE SURGE. CONGRESSIONAL BUDGET OFFICE. TREASURY. WE ARE FACING FISCAL...
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| 00:07:17 |
Unidentified Speaker, -
IDIOTS,
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| 00:07:20 |
Sloan, Allan - Senior Editor at Large
AND DECIDED WE CAN HAVE THE COUNTRY DEFAULTS ON ITS DEBT AND THAT WOULD BE FINE. IF YOU HAVE EVER BEEN A BANKING REPORTER, WHICH I HAVE, IF THERE IS ANYTHING...
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| 00:08:01 |
Unidentified Speaker, -
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| 00:08:03 |
Sloan, Allan - Senior Editor at Large
SUDDENLY, YOUR CAPITAL IS GONE. A LOT OF CAPITAL IS TIED UP IN GOVERNMENT SECURITIES. >> WHAT HAPPENS IF I GO TO THE BANK AND WHAT MY MONEY? >> IT MIGHT...
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| 00:08:17 |
Lamb, Brian - Host
NOT BE ABLE TO LAND. -- LEND.
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| 00:08:21 |
Sloan, Allan - Senior Editor at Large
IT WAS LIKE FOUR YEARS AGO WHERE YOU WERE FACING MASSIVE BANK FAILURES. YOU STILL GET YOUR MONEY BUT YOU WOULD NOT GET A LOAN. YOUR COMPANY MIGHT NOT...
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| 00:08:52 |
Sloan, Allan - Senior Editor at Large
CONNECTICUT -- BANKAMERICA WOULD END AND J.P. MORGAN WOULD CLOSE THEIR DOORS AND GOT A BUSINESS. BUT IT IS A SERIOUS HIT INTO COMMERCE, OR WHAT REMAINS...
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| 00:09:20 |
Colvin, Geoffrey - Assistant Managing Editor
REGIME WE HAVE. VERY SERIOUS CHANGES THAT WILL HURT. SO NOBODY WANTS TO DO IT. THE WORST THING THAT IS WE DO NOT DO ANY THEM UNTIL WE HAVE A CRISIS,...
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| 00:10:49 |
Lamb, Brian - Host
AN TOOK A WHACK AT THE REPUBLICANS. >> WHAT YOU ARE REALLY WILL WALK -- WHAT YOU ARE WILLING TO DO, NO ONE REALLY KNOWS UNTIL THE FINAL MOMENT. IN THIS
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| 00:11:07 |
Colvin, Geoffrey - Assistant Managing Editor
CASE, WHEN IT CAME TO THE FINAL MOMENT, THE DEFAULT WAS AVERTED. I CANNOT BLAME EITHER SIDE. IT IS A NEGOTIATION. I BLAME THEM BOTH. >> LET'S GO TO SOME...
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| 00:11:30 |
Lamb, Brian - Host
THE END OF LIFE CARE. HOW? >> THAT IS JUST WHAT YOU DO. I WILL NOT TELL YOU THE SPECIFICS BECAUSE I DO NOT KNOW THEM. I AND
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| 00:11:46 |
Sloan, Allan - Senior Editor at Large
GEOFF AND MANY PEOPLE WATCHING THIS HAVE SEEN WHAT HAPPENS WHEN PEOPLE YOU LOVE GET OLD AND SICK AND END UP IN THE HOSPITAL USING VAST AMOUNTS OF MONEY...
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| 00:12:25 |
Colvin, Geoffrey - Assistant Managing Editor
THE FIRST THING IN OUR ARTICLE IS GETTING MEDICARE COSTS UNDER CONTROL IS THE NUMBER ONE PRIORITY. IT IS THE MOST UNTOUCHABLE THING. BUT THAT WILL CAUSE...
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| 00:12:55 |
Lamb, Brian - Host
FROM? >> IT CAME FROM US. I AM THE PERSON WHO PUT IT IN THE MEMO. I DID NOT HAVE TO FIGHT VERY HARD FOR IT.
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| 00:13:02 |
Sloan, Allan - Senior Editor at Large
I RAN INTO THIS IN THE WASHINGTON POST, WHERE INSTEAD OF CALLING PEOPLE MORBIDLY OBESE, I CALLED THE MEGA FATTIES -- THEM MEGA FATTIES. I WAS REBUKED...
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| 00:13:51 |
Colvin, Geoffrey - Assistant Managing Editor
COMMISSIONS AND SO FORTH. A DEMOCRAT AND REPUBLICAN ALSO SAID THAT WITH REGARD TO MEDICARE, WE NEED TO DO SOMETHING ABOUT THE OBESE AND SMOKERS. THEY...
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| 00:14:32 |
Lamb, Brian - Host
I AM SKINNIER THAN I WAS BUT I AM
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| 00:14:37 |
Sloan, Allan - Senior Editor at Large
NODO NOT KNOW. >> INSURANCE COMPANIES MANAGE TO HANDLE THIS KIND OF THING. IT IS FEASIBLE. THEY WILL GIVE YOU A MEDICAL EXAM
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| 00:14:50 |
Colvin, Geoffrey - Assistant Managing Editor
BEFORE THEY SELL USE CERTAIN KINDS OF INSURANCE. THEY LOOK AT YOUR RATE, HEART RATE, BLOOD SUGAR, AND OTHER THINGS, AND USE IT TO SET YOUR RATE. WE...
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| 00:15:10 |
Lamb, Brian - Host
WHAT IS THAT? >> YES. ANYTIME ANYBODY MENTIONS TO YOU THE SOCIAL
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| 00:15:17 |
Colvin, Geoffrey - Assistant Managing Editor
SECURITY TRUST FUND, UNLESS THEY ARE TELLING YOU IT IS MEANINGLESS, WHICH IT IS, THEN THEY ARE PROBABLY ALL PLEADING YOU A STRIKE. >> WHY IS IT MEANINGLESS?...
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| 00:15:33 |
Unidentified Speaker, -
IT MEANS THAT,
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| 00:15:35 |
Colvin, Geoffrey - Assistant Managing Editor
WHEN THE SOCIAL SECURITY TRUST THESE GO TO THE TREASURY TO REDEEM ONE OF THEIR TREASURY BONDS, -- DEPARTMENT KNOWS THAT. >> THE WORD SEQUESTER. I HAVE...
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| 00:22:01 |
Lamb, Brian - Host
IT IS SAID TIT WILL BE A DISASTER FOR OUR NATIONAL SECURITY. >> I DO NOT PRETEND TO KNOW. " CUTBACKS IN SOCIAL SECURITY AND MEDICARE, THOSE WERE THINGS...
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| 00:22:17 |
Sloan, Allan - Senior Editor at Large
GEOFF, HE THREW IN THE DEFENSE BUDGET. I WOULD NOT HAVE THOUGHT OF IT BECAUSE IT IS SO UNTOUCHABLE. WHAT WILL HAPPEN? I DO NOT KNOW. BUT, I THINK WE...
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| 00:23:01 |
Lamb, Brian - Host
I THINK SOME OF THEM ARE WONDERFUL. A LOT OF THEM ARE TRYING TO DO THE RIGHT THING AND WHICH THEY COULD. I THINK A LOT OF THEM FEEL
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| 00:23:13 |
Colvin, Geoffrey - Assistant Managing Editor
TRAPPED BY THE FORCES THAT WORKED IN THE SOCIETY THAT FORCE THEM TO DISTAIN COMPROMISE, TO TREAT POLITICS AS WARFARE, WHICH IT DID NOT USE TODAY. --...
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| 00:23:58 |
Unidentified Speaker, -
THAT IS
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| 00:24:00 |
Unidentified Speaker, -
NOT THE
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| 00:24:01 |
Unidentified Speaker, -
QUESTION. THE QUESTION IS IS ONE SIDE WORSE. >>
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| 00:24:04 |
Unidentified Speaker, -
ARE THEY DIFFERENT? >> YES. YOU COULD
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| 00:24:08 |
Sloan, Allan - Senior Editor at Large
ARE THERE -- YOU COULD ARGUE EITHER WAY. I AM NOT HERE TO TALK ABOUT THE
|
| 00:24:12 |
Unidentified Speaker, -
PROBLEMS. IT IS NOT
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| 00:24:14 |
Sloan, Allan - Senior Editor at Large
WHAT I WANT TO TALK ABOUT. I AM NOT INTO POLITICS. I WILL JUST RIGHT WITH GEOFF. OTHERWISE, I WOULD GET IN SERIOUS TROUBLE. >> LET ME GO BACK TO THE...
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| 00:24:32 |
Lamb, Brian - Host
OUR TAX CODE IS TRACKING THE NATION DOWN. "BROADEN THE BASE AND LOWER THE RATES." >> THE GREAT THING ABOUT THIS IS THAT THIS IS, AS A GENERAL PRINCIPLE,...
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| 00:24:51 |
Colvin, Geoffrey - Assistant Managing Editor
THIS IS SOMETHING BOTH SIDES IN PRINCIPLE CAN AGREE ON AND THEY WILL FIGHT OVER THE DETAILS. WE HAD THE SIMPSON-BOWLES COMMISSION. THE CHAIRMAN JOINTLY...
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| 00:25:28 |
Unidentified Speaker, -
SPECIAL
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| 00:25:29 |
Colvin, Geoffrey - Assistant Managing Editor
BREAKS IN THE TAX CODE TODAY. WE GET A READ -- WE GET RID OF A LOT OF THEM. BY DOING SO, WE LOWER THE TAX RATES THAT ARE APPLIED TO EVERYBODY ELSE. >>...
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| 00:25:53 |
Sloan, Allan - Senior Editor at Large
SIDES, AND THE REAL ZEALOTRY IS COMING FROM THE REPUBLICAN PARTY, BUT THE DEMOCRATS ARE NOT PRICES. WE NEED TO GROW UP AND DO THIS. WE WANT TO SAY WHAT...
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| 00:26:33 |
Lamb, Brian - Host
PEOPLE HAVE BEEN PREDICTING IN YOUR LINE OF WORK AROUND THE WORLD THAT THERE WILL BE A CATASTROPHE. SERIOUS
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| 00:26:41 |
Lamb, Brian - Host
PEOPLE SAY WE ARE HEADED TOWARD A CATASTROPHE. IS THAT POSSIBLE? >> OF COURSE. THE QUESTION IS IS IT LIKELY AND WHAT KIND IS IT? I AM 67 YEARS OLD.
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| 00:26:53 |
Sloan, Allan - Senior Editor at Large
I HAVE WORKED MY WHOLE LIFE. I HAVE SAVED. I HAVE BEEN THRIFTY. I HAVE BEEN A GOOD BOY. NO MATTER WHAT HAPPENS, I WILL SURVIVE. MY WIFE AND I WILL SURVIVE...
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| 00:27:14 |
Unidentified Speaker, -
METEOR COMES. [LAUGHTER]
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| 00:27:16 |
Sloan, Allan - Senior Editor at Large
I AM NOT INTO APOCALYPSE. I HAVE STUDIED RELIGION. I AM NOT INTO APOCALYPSE. I DO NOT KNOW WHAT WILL HAPPEN. I THINK JUST LIKE FOUR YEARS AGO WHERE PEOPLE...
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| 00:28:05 |
Colvin, Geoffrey - Assistant Managing Editor
IS PRETTY LOW. THE GREATER PROBABILITY IS THAT WEUNEMPLOYMENT REMAINS AT A FAIRLY HIGH LEVEL KIND OF LIKE IT IS TODAY, THAT ECONOMIC GROWTH REMAINS AT...
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| 00:28:56 |
Lamb, Brian - Host
YOU START IN LIFE? >> I WAS BORN IN SOUTH DAKOTA. A WONDERFUL PLACE. I STILL SAY I WAS INCREDIBLY LUCKY TO HAVE GROWN UP WHERE AND WHEN I DID.
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| 00:29:06 |
Colvin, Geoffrey - Assistant Managing Editor
THE FAMILY MOVED A LITTLE BIT BUT WE WERE ALWAYS MIDWESTERNERS. >> WHAT DID YOUR PARENTS DO? >> IT WAS INTERESTING. MY FATHER OWNED A PRINTING BUSINESS...
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| 00:29:19 |
Unidentified Speaker, -
MIDDLE OF HIS CAREER, HE
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| 00:29:21 |
Colvin, Geoffrey - Assistant Managing Editor
DECIDED TO CHANGE HIS CAREER COMPLETELY. HE SOLD HIS BUSINESS. HE WENT BACK TO SCHOOL AND GOT A PH.D. IN CLINICAL PSYCHOLOGY. THE SECOND HALF OF HIS...
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| 00:29:57 |
Lamb, Brian - Host
ILLINOIS.
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| 00:29:59 |
Colvin, Geoffrey - Assistant Managing Editor
IT IS WHERE MY FATHER WAS ON THE FACULTY. THEN I WENT OFF TO COLLEGE, WENT TO HARVARD, MAJORED IN ECONOMICS, AND CAME DOWN TO NEW YORK. I WORKED BRIEFLY...
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| 00:30:58 |
Unidentified Speaker, -
I GREW UP IN BROOKLYN, NEW YORK.
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| 00:31:01 |
Sloan, Allan - Senior Editor at Large
I WENT TO BROOKLYN COLLEGE. IT WAS FREE. MY FATHER WORKED PRIMARILY FOR A NONPROFIT ORGANIZATION. MY MOM WORKED BEFORE THEY WERE MARRIED. AFTER MY FATHER...
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| 00:31:54 |
Unidentified Speaker, -
FOUR YEARS. I WAS IN DETROIT FOR SEVEN YEARS. ALL MY CHILDREN
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| 00:32:01 |
Sloan, Allan - Senior Editor at Large
HAVE MICHIGAN BIRTH CERTIFICATES. I HAVE ENDED UP HERE AND THERE. I ENDED UP THAT "NEWSWEEK" AND I THOUGHT I WOULD BE THERE FOREVER. THAT DID NOT QUITE...
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| 00:32:33 |
Lamb, Brian - Host
NOT LONG AGO. SOME DAY IN AUGUST. >> THE LAST THURSDAY IN JULY.
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| 00:32:40 |
Colvin, Geoffrey - Assistant Managing Editor
I WAS GOING AWAY FOR THE MONTH OF AUGUST ON VACATION. THURSDAY, OUR
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| 00:32:45 |
Sloan, Allan - Senior Editor at Large
BOSS COMES TO ME AND SAYS, YOU AND GEOFF WILL DO THIS. ON FRIDAY, WE HAD LUNCH AND STARTED WORKING ON IT. >> HAS THERE BEEN ANY STRONG REACTION, AND IF...
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| 00:33:03 |
Lamb, Brian - Host
TREMENDOUS AMOUNT OF REACTION. I CANNOT RECALL GETTING A REACTION ANYTHING LIKE THIS ONE IN MANY YEARS. WE
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| 00:33:10 |
Colvin, Geoffrey - Assistant Managing Editor
HEARD FROM A HUGE NUMBER OF READERS, MOST OF WHOM WERE VERY, THEY SAID, THANK HEAVEN, THE SPD SAID. SOME OF THEM DID NOT LIKE THE PROPOSAL. WE HEARD...
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| 00:33:36 |
Lamb, Brian - Host
IT IS CROSSING AVENUE OF THE AMERICAS AT 51ST STREET. >> YOU HAVE STRAW HATS ON. ONE HAS A SUIT AND TIE.
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| 00:33:47 |
Sloan, Allan - Senior Editor at Large
YOU ARE DRESSED IN YOUR KHAKIS. DOES THAT SAY SOMETHING? >>
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| 00:33:52 |
Lamb, Brian - Host
THE FIRST THING IT SAYS IS THAT I HAD NO IDEA THERE WERE GOING TO TAKE MY PICTURE BECAUSE I WAS AT THE
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| 00:34:00 |
Sloan, Allan - Senior Editor at Large
BEACH WHEN THIS REQUEST COMES TO HAVE THE PICTURE TAKEN. I SAID TO TAKE ME TO MY HOUSE TO GET A SUIT. THEY SAID, WE DO NOT THINK WE WANT YOU TO WEAR...
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| 00:34:47 |
Unidentified Speaker, -
LET ME GO
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| 00:34:49 |
Sloan, Allan - Senior Editor at Large
BACK TO THIS ARTICLE BEFORE WE RUN OUT OF TIME. THIS IS THE ONE I
|
| 00:34:56 |
Lamb, Brian - Host
LABELED THE SIXTH SUGGESTION. "THE EXCLUSION FOR THE EMPLOYER- SPONSORED HEALTH INSURANCE." >> EXACTLY RIGHT. IT IS THE WEIRDEST TAX EXPENDITURE
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| 00:35:10 |
Colvin, Geoffrey - Assistant Managing Editor
IN THE WHOLE TAX CODE. IT MAKES NO SENSE. IT IS A HUGELY VALUABLE BENEFIT THAT EVERYBODY WHO GETS HEALTH INSURANCE AT WORK RECEIVES. BUT UNLIKE THE OTHER...
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| 00:35:37 |
Lamb, Brian - Host
THAT PROVISION IN THE TAX CODE.
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| 00:35:39 |
Colvin, Geoffrey - Assistant Managing Editor
IT IS VERY UNFAIR. IT MEANS A HEALTH CARE BENEFIT, MEDICAL INSURANCE, COSTS MUCH MORE FOR PEOPLE WHO DO NOT HAVE A JOB AND HAVE TO BUY IT ON THEIR OWN...
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| 00:36:04 |
Sloan, Allan - Senior Editor at Large
OVERALL DEAL, I COULD ACCEPT IT. WHEN MCCAIN WAS EXCEPT -- SUGGESTING THIS YEARS AGO, I CRITICIZED IT. IT IS PART OF AN OVERALL PACKAGE, WHICH I CAN ACCEPT....
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| 00:36:23 |
Lamb, Brian - Host
TAX DEDUCTION
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| 00:36:24 |
Colvin, Geoffrey - Assistant Managing Editor
FOR MORTGAGE DONORS." -- OWNERS." >>
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| 00:36:31 |
Lamb, Brian - Host
IF I WERE IN CHARGE, I MIGHT NOT WANT TO DO THAT. AS PART OF AN OVERALL PACKAGE, I THINK YOU HAVE TO. I LIVE IN A
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| 00:36:42 |
Sloan, Allan - Senior Editor at Large
VERY HIGH COST PLACE, VERY HIGH TAX, HOUSING PRICES ARE ENORMOUS, PEOINTEREST BILLS ON MORTGAGES ARE HUGE. A LOT OF MONEY FOR A LOT OF FRIENDS OF MINE....
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| 00:37:17 |
Colvin, Geoffrey - Assistant Managing Editor
NOT IMMEDIATELY CLEAR TO A GIVEN PERSON WHETHER HIS TAX WOULD GO UP OR DOWN UNDER THIS. IN ANY CASE, IT JUST, AS A MATTER OF LOGIC, IT MAKES NO SENSE....
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| 00:37:36 |
Lamb, Brian - Host
THERE IS NO LOGICAL REASON FOR THAT TO BE A TAX DEDUCTION.
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| 00:37:41 |
Colvin, Geoffrey - Assistant Managing Editor
IN OTHER COUNTRIES, SUCH AS CANADA, THEY DO NOT HAVE A TAX DEDUCTION. CANADA DID NOT HAVE A HOUSING BASEL -- BUBBLE. >> DID YOU CONSIDER THIS BUSINESS...
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| 00:38:03 |
Lamb, Brian - Host
INSURANCE? >> AGAIN, I HAVE A DAUGHTER WHO IS A DOCTOR. I KNOW MORE ABOUT THE HEALTH INSURANCE BUSINESS THAN I WANT TO KNOW AND THE FINANCES OF IT FOR
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| 00:38:16 |
Sloan, Allan - Senior Editor at Large
REASONS OF WE WILL NOT GO INTO. I HAD REAL PROBLEMS WITH THE OBAMA THING. I THOUGHT IT COULD BE HAVE -- IT COULD HAVE BEEN DONE MUCH SIMPLER. I DO NOT...
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| 00:38:55 |
Colvin, Geoffrey - Assistant Managing Editor
THAT FEWER PEOPLE WILL GET THEIR INSURANCE THROUGH WORK. THEY WILL HAVE TO BUY IT ON THEIR OWN. THERE IS STUFF IN THE AFFORDABLE CARE ACT TO HELP THOSE...
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| 00:39:24 |
Lamb, Brian - Host
COMPANIES THAT BENEFIT. THEY ARE YELLING. THEY ARE POWERFUL. >> THERE ARE ALREADY LIMITS ON HOW MUCH YOU CAN DEDUCT. I DO NOT KNOW IF THIS MADE IT INTO...
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| 00:39:39 |
Sloan, Allan - Senior Editor at Large
SAID IT SHOULD BE PHASED OUT OVER TIME IN THE "FORTUNE MAGAZINE" VERSION. I KNOW WHEN I FIRST BOUGHT HOUSES, I CALCULATED THE DEDUCTION TO FIGURE OUT...
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| 00:40:25 |
Lamb, Brian - Host
WE HAVE A COUPLE TO GO. WAS THERE ANY
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| 00:40:30 |
Sloan, Allan - Senior Editor at Large
ONE OF THESE YOU GOT THE MOST
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| 00:40:32 |
Lamb, Brian - Host
REACTION ABOUT? HEALTH INSURANCE, MORTGAGE, SOCIAL SECURITY? >> I CANNOT SAY THERE WAS ANYONE WE GOT MOST REACTION TO. I THINK THE ONES YOU'VE TOUCHED...
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| 00:40:46 |
Colvin, Geoffrey - Assistant Managing Editor
MEDICARE IS THE HOTTEST BUTTON. THE MORTGAGE INTEREST, YES. LATER ON, WE SAY WE SHOULD ELIMINATE THE DEDUCTION FOR CHARITABLE CONTRIBUTIONS. >> A TAX...
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| 00:41:10 |
Lamb, Brian - Host
IF YOU MAKE OUT A CHECK TO YOUR CHURCH OR SCHOOL YOU WENT, IT IS A DEDUCTION. YOU WRITE A
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| 00:41:24 |
Sloan, Allan - Senior Editor at Large
CHECK TO A RELIGIOUS ORGANIZATION OR ANY SORT OF NONPROFIT. >> ALL OF THOSE COUNTRIES AND UNIVERSITIES WILL ALL -- NO LONGER BE? >> STOP LOOKING AT...
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| 00:41:37 |
Lamb, Brian - Host
THAT. [LAUGHTER] THAT IS THE
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| 00:41:44 |
Sloan, Allan - Senior Editor at Large
ONLY ITEMIZED THE DOCTOR AND I GET THE BENEFIT OF ANY MORE. THAT'S THE ONLY CLEAR DEDUCTION I HAVE. AGAIN, AS PART OF AN OVERALL THING, I WOULD BE WILLING...
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| 00:42:47 |
Unidentified Speaker, -
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| 00:42:48 |
Unidentified Speaker, -
THAT INTO THE FISCAL CLIFF?
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| 00:42:51 |
Colvin, Geoffrey - Assistant Managing Editor
DO YOU LIKE THAT TERM? >> A PERFECTLY GOOD TERM, IN MY
|
| 00:42:55 |
Lamb, Brian - Host
OPINION. IT MAKES IT SOUND DRAMATIC AND THAT IS GOOD BECAUSE IT IS. >> THE CAPITAL GAINS WOULD GO
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| 00:43:01 |
Colvin, Geoffrey - Assistant Managing Editor
FROM 15 UP TO 20 IF THE BUSH TAX CUTS WERE ALLOWED TO EXPIRE. >>
|
| 00:43:07 |
Lamb, Brian - Host
THAT IS EXACTLY RIGHT. >> BASED ON WATCHING WASHINGTON, WHAT WILL HAPPEN? >> WHAT I THINK WILL HAPPEN
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| 00:43:15 |
Unidentified Speaker, -
IS A SHORT-TERM SOLUTION WILL BE
|
| 00:43:18 |
Lamb, Brian - Host
ADOPTED. IT WILL SOLVE THE PROBLEM
|
| 00:43:22 |
Colvin, Geoffrey - Assistant Managing Editor
SO THE CLIFF AND DOES NOT HAPPEN. IF THERE IS STILL ANYBODY WHO DOESN'T KNOW WHAT THE CLIFF MEAN, IT MEANS TAXES WILL GO UP ON THE FOURTH OF JANUARY...
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| 00:43:52 |
Lamb, Brian - Host
I THINK THE CLIFF WILL
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| 00:43:56 |
Colvin, Geoffrey - Assistant Managing Editor
BE AVERTED, BUT IN AN UNSATISFACTORY, SHORT-TERM WAY THAT DOES NOT HELP BUSINESSES. THAT IS A LARGE PART OF OUR FINANCIAL -- >> YOU HAVE LISTENED TO...
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| 00:44:15 |
Lamb, Brian - Host
REELECTED, WHAT WILL HAPPEN? ONE SIDE OR THE OTHER WILL HAVE TO CAVE. >> I SUSPECT TAXES WILL GO ON UPPER INCOME PEOPLE. THIS DEFINITION OF WHICH INCLUDES...
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| 00:44:27 |
Sloan, Allan - Senior Editor at Large
LAUGHTER. I AM NOT SURE WHAT RICH MEANS. HE IS. I THINK TAXES I PAY SHOULD RISE BUT THEY SHOULD BE MORE RATIONAL. I NOW PAY A 15% ON CAPITAL GAINS, BUT...
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| 00:45:55 |
Lamb, Brian - Host
PARTY OR ARE WE BETTER OFF HAVING IT? >> THAT IS A GOOD QUESTION. IN THE CURRENT SITUATION, WE ARE BETTER OFF WITH DIVIDED GOVERNMENT. THE REASON I...
|
| 00:46:09 |
Colvin, Geoffrey - Assistant Managing Editor
GET LEGISLATION THAT PASSES ONLY BECAUSE ONE PARTY CONTROLS EVERYTHING, IT IS NOT STABLE. THE GREAT EXAMPLE IN THIS IS THE AFFORDABLE CARE ACT. OBAMACARE,...
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| 00:47:29 |
Lamb, Brian - Host
NO. NO OBJECTIONS AT ALL. I WAS SURPRISED.
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| 00:47:36 |
Sloan, Allan - Senior Editor at Large
BASICALLY, THE BOSS TRUSTS US AND HAS SOME IDEA OF WHAT WE'RE DOING. IF YOU THINK OF OUR CONVERSATION WE HAVE HAD TODAY, THERE IS SOMETHING IN YOUR TO...
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| 00:48:01 |
Lamb, Brian - Host
BY FAR IS THE DEFERRAL OF TAX ON INCOME EARNED BY MULTI-NATIONAL BROAD." EXPLAINED. HOW DOES IT WORK? >> THE WAY IT WORKS, TO THE EXTENT I UNDERSTAND...
|
| 00:48:20 |
Sloan, Allan - Senior Editor at Large
GERMANY, YOU DO NOT PAY U.S. TAXES ON THOSE GERMAN PROFITS UNTIL YOU BRING THE MONEY BACK TO THE IN UNITED STATES. IT SOUNDS RATIONAL AND OK. WHAT HAS...
|
| 00:50:22 |
Lamb, Brian - Host
WILL IT MAKE A DIFFERENCE? WHAT WILL THAT DIFFERENCE BE IF YOU ELECT MITT ROMNEY OR BARACK OBAMA? >> WHAT IS A DEFINITE DIFFERENCE? IN RELATION TO THIS...
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| 00:50:39 |
Lamb, Brian - Host
I WILL NOT GO THERE. I NEED TO LIVE. ALSO TELL ME WHO WILL BE IN THE
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| 00:50:47 |
Sloan, Allan - Senior Editor at Large
SENATE AND WHO WILL BE IN THE HOUSE. YOU WILL TELL ME ALL OF THESE THINGS. >> WHEN WE DISCUSS THIS ELECTION, NO ONE EVER FACTORS AND THE HOUSE. THEY...
|
| 00:51:00 |
Lamb, Brian - Host
AM WORKING ON SOMETHING ABOUT HOW LITTLE THE PRESIDENT HAS COMPARED TO WHAT PEOPLE THINK HE
|
| 00:51:05 |
Sloan, Allan - Senior Editor at Large
HAS. IT IS REALLY NOT A QUESTION OF WHO WINS. IT IS A QUESTION OF WHETHER PEOPLE GROW UP PICTURED. MAYBE THEY WILL BECAUSE THEY KNOW THEY NEED TO AND...
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| 00:51:51 |
Lamb, Brian - Host
WE WANT DEFINITELY SOME OF THE VOTERS TO GROW UP.
|
| 00:51:56 |
Colvin, Geoffrey - Assistant Managing Editor
AND REALIZE THAT SOMEONE WHO WAS WILLING TO GO TO WASHINGTON AND COMPROMISE IS ACTUALLY WHAT WE NEED. WHEN YOU ASK WHAT WILL BE DIFFERENT DEPENDING...
|
| 00:53:14 |
Sloan, Allan - Senior Editor at Large
DEMOCRATS -- AND YOU WILL NOT REPEAL OBAMACARE. IT WILL NOT HAPPEN. YOU WILL HAVE GRIDLOCK IN THE OTHER DIRECTION. BECAUSE NOW, IT IS NO LONGER, THE...
|
| 00:53:47 |
Lamb, Brian - Host
TAX, AN ADDITIONAL 0.9% ON YOUR MEDICARE TAX. WHEN DOES THAT, IF YOU COMBINE IT, IT IS ALMOST 5% INCREASE WITHOUT REVERSING OF THE BUSH TAX CUT. >> IT...
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| 00:54:12 |
Colvin, Geoffrey - Assistant Managing Editor
THE PART OF THAT I WOULD ENDORSE IS
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| 00:54:14 |
Sloan, Allan - Senior Editor at Large
THE INCREASE IN THE MEDICARE
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| 00:54:18 |
Colvin, Geoffrey - Assistant Managing Editor
TAX. IT IS ON PLEASANT AND IT IS UNPALATABLE. THAT IS STEP ONE. >> WHAT WILL THE AVERAGE PERSON PAY FOR THEIR MEDICARE TAX A MONTH FOR HOW LONG AND WHEN...
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| 00:54:44 |
Lamb, Brian - Host
IT IS A GOOD QUESTION. >> IS ADDED AFTER ONE TO $25,000? >>
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| 00:54:53 |
Unidentified Speaker, -
I THINK IT IS ADDED AFTER $200,000,
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| 00:54:59 |
Unidentified Speaker, -
OR $250,000. I AM NOT SURE. RIGHT NOW, THE MEDICARE
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| 00:55:05 |
Sloan, Allan - Senior Editor at Large
TAXES 1.45% ON ALL OF YOUR SALARY INCOME. IT WOULD GO TO 2.35%. >> BOTH SIDES TALK ABOUT THE $750 BILLION SAVINGS. [LAUGHTER] WHO IS RIGHT? >>
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| 00:55:25 |
Lamb, Brian - Host
WE HAD BOTH BECOME INCREDIBLY FRUSTRATED. IT HAS TO DO WITH THE WAY THIS
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| 00:55:35 |
Colvin, Geoffrey - Assistant Managing Editor
IS TALKED ABOUT IN WASHINGTON. IT HAS NOTHING TO DO WITH WHAT REAL PEOPLE TALK ABOUT WITH REAL MONEY IN THEIR LIVES. THE CURRENT PROJECTION IS MEDICARE...
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| 00:56:21 |
Sloan, Allan - Senior Editor at Large
ARGUMENT -- THE OBAMA PEOPLE, TO MAKE THE AFFORDABLE CARE ACT LOOK BETTER, SAYING, HERE IS ALL THIS MONEY,. IT IS NOT THAT THEY ARE PROPOSING TO CUT...
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| 00:56:47 |
Colvin, Geoffrey - Assistant Managing Editor
TODAY. THIS IS WHY YOU CANNOT TALK ABOUT THIS ISSUE. PEOPLE'S EYES GLAZE OVER. UNDERSTANDABLY SO. THE GRAPHIC IN THE WASHINGTON POST SHOWS THE ELEPHANT...
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| 00:57:12 |
Unidentified Speaker, -
HE DID NOT AGREE ON IT? >> THAT IS
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| 00:57:14 |
Unidentified Speaker, -
A GOOD QUESTION. >>
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| 00:57:16 |
Lamb, Brian - Host
NOTHING. >> WE SAID WE COULD NOT AGREE ON THE TAX REFORM. I THINK THAT WAS
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| 00:57:22 |
Unidentified Speaker, -
IT. WE TRIED TO
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| 00:57:23 |
Unidentified Speaker, -
GET MORE DETAIL, THEN WHO KNOWS. WE DO
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| 00:57:27 |
Colvin, Geoffrey - Assistant Managing Editor
NOT HAVE A STAFF AND WE DID NOT HAVE 500 PAGES. WE DID NOT GET VERY DETAILED. >> ALLAN SLOAN, IF YOU WERE RUNNING FOR OFFICE, WOULD YOU SAY ALL THIS?...
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| 00:57:45 |
Lamb, Brian - Host
YOU WILL LOSE. >> I WILL NOT SAY SOMETHING IN PUBLIC -- >>
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| 00:57:48 |
Sloan, Allan - Senior Editor at Large
WHAT IS THE SAYING ABOUT?
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| 00:57:52 |
Unidentified Speaker, -
YOU HAVE BOTH ALLUDED TO THE
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| 00:57:54 |
Unidentified Speaker, -
FACT THAT IT HAS TO BE SAID. WHAT
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| 00:57:57 |
Lamb, Brian - Host
DOES IT SAY ABOUT OUR SYSTEM? >> PEOPLE ON BOTH SIDES PANDER AND ARE NOT TELLING PEOPLE THE TRUTH BECAUSE THEY THINK PEOPLE ARE NOT READY FOR THE TRUTH....
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| 00:58:09 |
Sloan, Allan - Senior Editor at Large
TRUTH, THEY WILL NOT WIN. >> IT IS A PROBLEM IN THE CULTURE. FUNDAMENTALLY, THAT IS WHAT IT IS. YOU CANNOT FIX THIS WITH A LOT. IT IS A
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| 00:58:19 |
Colvin, Geoffrey - Assistant Managing Editor
PROBLEM WITH THE CULTURE THAT COMPROMISE IS NOW A SYNONYM FOR TREASON. >> YOU CLOSE THIS ARTICLE BY WRITING, "AS THE ECONOMY CRIES OUT FOR HELP, FOR ADULT...
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| 00:58:32 |
Lamb, Brian - Host
JUST MAYBE THE MOMENT HAS ARRIVED." WHAT CHANCE ON A PERCENTAGE THBASIS THAT THE MOMENT HAS ARRIVED? >> THE CHANCE THAT WE WILL GET A BIG, LONG-TERM REFORM,...
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| 00:58:50 |
Colvin, Geoffrey - Assistant Managing Editor
YEARS, 20%. >> WHAT IS THE RIGHT WAY TO PRONOUNCE YOUR LAST NAME. -- ? >>
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| 00:59:00 |
Lamb, Brian - Host
COLVIN. . GEOFF HAS THOUGHT ABOUT THIS MORE THAN I
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| 00:59:09 |
Sloan, Allan - Senior Editor at Large
HAVE. I WOULD TAKE HIS NUMBER. >> THANK YOU VERY MUCH P. PEOPLE CAN FIND YOUR ARTICLE. "FORTUNE MAGAZINE."
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| 00:59:27 |
Lamb, Brian - Host
EARLY SEPTEMBER. THANK YOU FOR JOINING US. >> FOR A DVD COPY OF THIS PROGRAM CALL 1-877-662-7726. FOR FREE TRANSCRIPTS OR TO GIVE US YOUR COMMENTS ABOUT...
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| 00:59:53 |
Unidentified Speaker, -
PERFORMED BY NATIONAL CAPTIONING INSTITUTE] [CAPTIONS COPYRIGHT NATIONAL CABLE SATELLITE CORP. 2012] >> I
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NOTE: The transcript for this program was compiled from uncorrected Closed Captioning.