footage, this week we look at the investigation that followed the deadly 1993 siege at the comp pound in waco, texas and the events followed. saturdays at 7:00 p.m. eastern on c-span2. >> c-span is your unfiltered view of government. we are funded by these television companies and more including media com. >> at media com we believe that what you live here or right here or way out in the middle of anywhere, you should have access to fast reliable internet. that's why we are -- >> media com, public service, along with these other television providers giving you a front-row seat to democracy. >> on surday former president donald trump speaks to members to have national rival association at their annual

meeting. watch live coverage at 3:45 eastern on c-span, c-span now, free mobile video app or c-spanonline.org. she was interviewed by arizona state university president michael crowe. [applause] >> welcome, everyone, so nice to see so many of you here as you join us on this wonderful weekend that i hope you enjoy as well. it's my job right now to introduce someone that i just literally just recently met today, but -- during the course of our conversation i found a very warm, very charming, a very understanding and also someone

that's extremely sharp and that's our secretary yellen. most women in these kinds of job are very independent. and so i'm very honored to be here, to be able to introduce to her and i'm reminded of what we all know and certainly what john mccain stood for and that is strong democracy needs a strong economy and without that, we don't have what we need to keep our country free and democratic but have a stronger economy so they can save their children, build safe and strong communities so i'm very honored and proud to be able to introduce to you secretary janet

yellen. [applause] >> thank you so much, good afternoon, everyone. my thanks to the mccain institute for the invitation to speak at this year's forum. this event brings people with diversed backgrounds and perspectives together and togetd values. senator mccain was a hero from. perhaps most important legacy is the belief of the unifying power of american democracy. he stood up for our country, we 325 million opinionated individuals. we argue and compete and sometimes vilify each other in public debates but we have always had so much more in common with each other than in

disagreement. today i will talk about how john mccain was right. it's impossible to overestimate how important democracy is to america. it's the founding idea to the declaration of independence to the constitution it's how we define ourselves. amidst those who questioned democratic values we must reaffirm basic democratic principles, our commitment to values and declaration of independence and our constitution. for americans, democracy is not really the basis for our serf conception, it's also for our success. americans work hard to support themselves and their families but beyond that, most care about the serving their fellow americans. if there were ever an american

that exemplify this commitment it was john mccain. mccain refused special offer to be freed as a prisoner of war in vietnam. he did so because he would not accept treatment that was preferential. it is americans respect for their fellow citizens views and needs, truly underlies america's success. that is what allows us to work out our disagreement and to address legitimate concerns and explains why america is commonly viewed as one of the hardest-working and most successful countries in the world. as expressed by your work recorded in michelle lamont dignity of working men if i become rich i'm going carry the same mind i got now.

the people that don't have it, i would never turn my back on them never. people's hearts should come first. don't put money before people or use people to get money. these are the feelings of american patriots. we do our jobs to support ourselves and our families but we also do them to fulfill the duty that we feel to the fellow members of our democracy. cywe must accept the democratic spirit as we must work to protect other pillars of democracy from political accountability to economic freedom, institutions that uphold the rule of law. i admit this doesn't seem like typical terrain but democracy isn't just important in and of

itself. .indeed, the argument made by defenders, the chipping away at democracy is a fair or even necessary trade for make gains is deeply flawed. undercutting democracy undercuts the foundation of sustainable and inclusive growth. recently democracy has come under threat, the challenge was especially terrifying on the notorious day of january 6th when rioters spurred on by lies stormed the capitol. they attempted to block the peaceful transition of leadership at the heart of our democracy but the trick to democracy is not here at home, in europe putin's authoritarian regime continues to wage a

brutal and unjust war. that war is devastating to ukraine's future and also undermining the rules based international order. around the world we see examples of increasing repression. freedom report and civil liberties decreased in 2023. in the face of such threats we must reaffirm our conviction in the importance of democracy based on mutual respect. our democracy is far from perfect but that respect is always been the basis for americans' ability to cooperate with each other even in difficult circumstances. we must do everything possible to protect it for democracy itself and for the economy.

economists have long studied the importance of democracy to economic growth. one recent study analyzing 175 countries overyz a 50-year perid found democratization increases gdp by about 20% in the long run. but today i'd likelo to focus nt on the top line numbers but on three of the most important of democracy that i have seen throughout my life, accountability, economic freedom and strong and independent institutions that up hold the rule of law. at its core, democracy is about accountability and democracy free and fair elections gives citizens the opportunity to reelect or remove their leaders

at regular intervals affirming the country's direction or calling for change. and senator mccain understood the importance of the peaceful transfer of power well. in his 2008 concession speech he urged supporters to congratulate the president elect and to work together to get our country moving. democracies also provide for accountability between elections, citizens can voice their concerns by means that range from public comments to protests. the free press uncovers corruption and wrongdoing, checks and balances limit the power of each part of government and the list goes on. such accountability has far-ranging impact. first and foremost it drives make policy making that meets

people's needs. democracies tend to invest more in public goods like health and education as much as 20 to 30% more for health care to one study and matter for individual's outcomes. this is indictive to many of us. my fathers with a doctor and i heard stories good health lead to productive lives and i credit my own strong public high school education and to work i found meaningful. if democracy is working at it should, government is accountable to all citizens regardless of income, ethnicity,

gender and geography. governments take into account diverse perspectives, this includes caring for those who have been left out. third, accountability matters because it is not one-time mechanism. future elections and opportunities for voice between elections mean citizens can demand different economic policy making if their needs are not being met and in response government can correct its course over time. freedom too participate. the foundation of economy's productive capacity is its labor

force and yet too often the labor force is restricted by constraints on the political and economic rights of certain groups. .. .. ..

the ability to form a union because worker power according to recent treasury report, unions raise the wages of their members by 10 -- 15% bring nonwage benefits such as a more predictable scheduling. as treasury secretary i benefit from engaging with the public, private, nonprofit stakeholders who are not afraid to speak openly and that free press amplifies diverse perspectives.

democratic governments rely on freedom of speech and freedom of the press to make wise decisions that benefit every member of our democracy. which leads me to the third pillar along set accountability and economic freedom and democracy is associated with strong, independent institutions that uphold the rule of law. in a democracy, individuals and firms can trust arrangement such as property rights will not change overnight will be enforced fairly no matter who is in power. winners are not predetermined or subject to arbitrate unpredictable whims of leaders. democracy always widely obeys the law they do so because other citizens also supported.

it is their duty to cooperate with law enforcement. if they disobey the law you will see that is your duty to help the authorities as the lot requires and vice versa. such cooperation is the foundation of democracy. as respect for the lot that's typical of democracies. it is called legitimacy. since such legitimacy, democracy collapses but with this democracy thrives. the present in the san francisco federal reserve i saw how capital markets grounded in the rule of law help drive the dynamism of silicon valley. every day the rules what thousands of other economic decisions from purchasing a home because your note you are indeed will be upheld in court to expanding your business because you will be competing based on

your ingenuity and hard work and not on the biggest bribe to your local officials. i have also seen the rule of law can be bolstered by institutions that are insulated from political interference. as chair of the federal reserve i insisted on the fed's independence and transparency because i believe that matters for financial stability and economic growth. recent research has been consistent with my belief. it has shown greater central bank independence is associated with greater price stability which contributes significantly for long-term growth. the belief the impact of democracy on the economy is also influenced by observing what happens in its absence. again i'll take an example from my own experience.

just prior to the integration of east and west germany and 1991 i studied the economy of east germany. it has been believed strongly in the united states and elsewhere the east german economy is doing well under its communist government. on the contrary the data showed outside of the energy sector there is only one single enterprising east germany that would be able to make a profit after unification went as currency was exchange for joint marks on a one-for-one basis and the east germans had not only suffered greatly from the cruelty of their totalitarian regime but that's ever vigilant they had also done much less well economically than the west german counterparts on the other side of the border.

russia, which was for along the center of the soviet empire eight poster child for the economic success of those who disparage democracy. recent ims estimates of gdp per capita of russia relative to the uniteded states are about one sixth. repression has driven highly educated workers from the country taking their skills, ideas, and capitol with them. for example to launch some of the world's leading start ups not from a russia but the united states and other jurisdictions. inefficiencies that come from a totalitarian state seem to be far more than offset by the advantages of democracy. as for china there is no denying china's catch up growth lifted hundreds of millions of people from poverty.

this is when the great global economic achievements of the past century. it's a result can opening up. china's future growth is far from certain. it's a gdp per capita is currently at one sixth of america's less than one third of that of the european union. i believe the absence of some that i have described will continue to post challenges as china navigates the transition to an advanced economy. limits on transparency and censorship give companies a reason to doubt the information they receive and coercive action against firms undermine fair competition. the new korean peninsula offers another striking example.

the 70 years of evolving democracy in south korea and dictatorship and north korea the country's economic trajectories have also diverged sharply. today per capita income in south skorea is estimated to be 30 times greater than and north korea l life expectancy in the south is a decade longer. what does this add up to? democracy is not just intrinsically good promoting democracy is also good economic policy. it creates the conditions for workers to thrive and for businesses to invest and grow among the many potential grains i have highlighted. the argument that aerobic democracy will be fair unnecessary trade for economic gains is wrong. and yet this argument is taken root abroad and even here in

america. i believe that's because economic success, even in a robust democracy is not one 100% guaranteed. democracies and economies take hard work to build and maintain and it is easy to lose faith. i turned to that now. i have spoken before about the challenges faced by america's working families. for decades communities across the country have been hollowed out from that deindustrialization. median real wages have stagnated. healthcare andnd education have become harder to afford. many american working families are uncertain about their future. there is been a significant increase in depths of despair. this insecurity and fear

persists today at not only in americanl but for people elsewhe around the world. many people understandably question whether democracy can affect deliver for t themselves, their families, their communities and their countries. over the past three years president biden and i have work to show here at home that it can. despite dysfunction and washington in the face of challenges still ahead. the president said last september and honor of senator mccain's i have made the defense and protection and preservation of american democracy the central issue of my presidency. we shown democracy can deliver it by addressing immediate crises in kitchen table issues through the pursuit of it medium and long-term economic a agenda

focus on economic opportunity for all we took office in the gaps of the recession brought on by the pandemic. president biden went big at this time of national emergency. we provide it casually for householdsds and supported small businesses to keep employees on their payrolls. our vaccination campaign saves lives, and able to return to work. the funding we provided was unprecedented. not just in its scale but in its flexibility. it was designed to reach every city and town in the united states it big or small, urban or rule and empowerhe them to meet their citizens needs. and america bounced back quickly achieving a rapid economicg

growth and unemployment that remains near historic low's. we avoided the scarring that workers generation of after the horrible financial crisis. it has been historically fast and historically inclusive. lives in the lowest unemployment rate sincewe the 1960s and that narrowing of the black white wage gap. nearly 20% gap metropolitan and rural rates of unemployment. that gap has now been eliminated. now designing and implementing choices for the president investing in america agenda. they will be felt broadly no community or working group left behind. the results so far are promising. treasury analysis has shown states with lower median

household becomes receiving funding per capita from the president's historic infrastructure law and wealthier states. that means new bridges, roads and airports clean water and economic opportunities the same is true of investments of industries announcements inflation reduction act was passed have been in counties below the national average with median incomeses below the national average.

the impact around myself and trips around the country and rural kentucky filled the way and other public servants to serve all americans. strengthening my policymaking with diverse inputs and making capital markets transparent. point simply, democracy is a living for americans and for our economy. with a democracy it's the americaus of all of us. all of us must figure contributions and listen to one another. that is what democracy is all about. if even when we disagree we must respect each other. let me end with this. churchill once quipped democracy is the worst form of government

except for all the others. he is right. you need to acknowledge democracy is not perfect. and it is messy. we havend made and will continue to make mistakes. everyone does not get their way. we are bound to seem dissatisfaction is essential we do not given to d the impulses f some of turning away from her democratic spirit and system. ultimately democracy provides the accountability, freedoms and rule of law to give us the best chance of learning from our mistakes and doing better. with democracy no man or woman and dictates how we solve our problems, we work through them

together. to afford childcare live in quality housing and retire with dignity. we need to do more than reaffirm our conviction and democracy. we must recommit to its protection we must also show that it can deliver. we live in a time of significant challenges. once in a century pandemic to millions of lives and livelihoods conflict in the middle east has led to humanitariann crisis. costs of climate change are a daily reminder of the is an existentialts threat. jon mckay meant more to him than

any other association. when born to live here america gave me the opportunity to acquire an excellent education. in my own career democracy as hs made me free to examine and question economic orthodoxy. being a a woman and economics ws not always easy. i stood on the shoulders of women's democratic rights and pave the way for me and other women economists to reach the heights of our profession. and now i feel a special obligation to strengthen the institutions that i have benefited from my whole life. i realize there are many across this country and around the world who have not had my

opportunities.ie that might give us reason to doubt the power of democracy. but on the contrary it should be the reason for us to redouble our work.ts to bolster democracy for its own sake and also for america in thd the world's economic future. so america it can be the land of opportunity for everybody. for my own heart i promised to do everything i can to make this happen. a strong democracy is critical to building and sustaining a strong economy. and also it is the job of all of us to do everything possible to protect it. our commitment has been central to who we are since july 4, 1776. thank you. [applause] >> please welcome back doctor. [inaudible]

doctor michael crow. >> medical secretaries great to have you here in this beautiful place. i may been traveling across the entire planet trying to find ways to advance the interest and success of the united states. but i want to go back in time a little bit and much of 1963, he went you into brown and later picked up a rapid phd at yale. you're done and start to finish in eight years which is shocking. and so what iet would like to gt at is 1963 -- 1971 has to be one of the most complicated periods in american history. the war, fighting in the war, the things that went on in 1968 to things that follow that the reshaping things were happening. what was driving you to go into rieconomics? take on this very, very complex form of political mathematics

and economic modeling and so forth. was driving away back then? >> i felt bad about economics and concern some things of every american and every citizen around the world. i learned of economics i studied there really was no better system than free-market capitalism and ways in which markets can mis- function or fail to deal with the problems that are critical to welfare. whether it is climate change or the need for public education or healthcare or regulation of financial institutions. from the onset good public policy plays a critical role in,

ensuring an economic system that works well for everyone. i was fascinated. fascinated what i learned about what might be possible. it is what motivated me into economics at that time for. >> i went back and did a quick survey so people been treasury secretary for the united states are just closest to was hamilton. [laughter] what i mean by that hamilton done the finish because the revolution can money off to be a soldier. but later as you a know the concept of the central bank the whole concept of many aspects of our economy. and you were in san francisco and out treasury secretary has been writing for all these decades about complex subjects.

at founding goes to the root of the question about democracy. we really decided and designed the united states with the capitalist. democracy of further personal developmentt including wealth ad development of wealth and enhancements that protect intellectual property as it is in the constitutionas itself. all of these things were laid out at the design. you implement that design 200 plus years later in a world that no one could have imagined. particularly on the aspects of his you're saying in your speech democracy and our success economically. democracy in our success socially. what are some of those design elements that you think are most important? >> is a mention in the speech, accountability, the ability of a population to weighn in

periodically and how things are going in the policy needs to move in a different direction. i think that's critical for. >> economic theory than there are a common us who do not agree with that. they are not in democratic societies there are other societies but what is the essential nature of the weighing in process the way the political process works which seems inefficient to outsiders who art benefiting from our democracy. help the audience understand how that's important economics? >> listening to an informed debate about what is the right path and understanding different viewpoints. allowing people to weigh and is critical to actually understanding what the issues are that we need to deal with and figuring out what the best way is to dealing with them.

treasury we have an important role in writing many of the rules for relating almost all of the rules pertaining to clean energy now. her lie prescribed administrative guarantees will listen to every voice wants to weigh in. every interested party that we put out. sometimes people point out things that are flaws.

i have to respond to that. i thinknk that ability for peope to weigh in to explain carefully sometimes it takes a long time to get something done is essential to economic success mention russia in their 16 of the per capita income. you look at their economic performance to help figure out

ways to helps to make the economy and tighter dictatorship or democracy is loud and boisterous and argumentative but we have. laboratories of democracy called the states to states over is a place called texas. every strange odor you could possibly imagine popping up. and yet their economy is larger than the russian economy. the texas economy is not larger we debate and take time to deliberate and put people in office with your people out of

office. how do you help project the success of the model the economy of texas is larger than the economy of russia. by the way with about quarter as many people. >> i guess as i travel around the world with success of the united states early on in china when often heard theof argument americans cannot get anythinger done. i, mentioned some of these we have had we've had deep-seated structural problems of adversely affected many people in our country with dispraise of good jobs in many parts of the

country's disappearance of jobs without a college education. >> aspirations not being realized. it goes into effect immediately. the president of china decides what he wants to do. to be implemented nextte day. we don't have that in the united states united states is a very strong economy. you compare how the united states is doing with every other

developed economy the united states has had stronger economic performance. >> isn't so strange i was mentioning briefly to a great job of summarizing the world since 1990. in the world since 1998 the 199e united states outperformed everyone. and everything literally. every one and everything yet we seem to have difficulty understanding that. what you think is at the root at the difficulty other than what you were describing in the job i have at the university last 22 years what i see is disappointment. you said would have these opportunities and they are not here. it's too difficult to get there. what is at the roots of not understanding the relative success of the united states? >> i think recently the pandemic

has been a profound experience for most american families who went through it. profoundly disturbing way of life. it was eight. in which there were couple of years varied by inflation. and right now people are very concerned that cost is slipping. in fact, we have gone up more than prices have gone up. it is been profoundly disturbing to people to see things whether it is ait loaf of bread so much higher than they were they wonder if they are going to be able to keep up. and on top of that of course we have challenges that many americans have faced for a long time. in a healthcare system work

health insurance is not always beennd available. they have been expensive and difficult to afford a college education. offensive to obtain the cost of housing a tremendous burden on many households. where we need to do at work. is trying to address the high cost of living that has been for a long time. explain rainier is speaking earlier we won one of the carbon homes with carbon capture hubs chips and science acts. the new efforts to create whole

new economies with new areas of rapidly evolving technology. those have recently been funded. so for us that things are on fire and every possible way. all the initiatives and economies making progress. things making progress. we try to explain ourselves and others the role of democracy, the central role of democracy, what are the lessons you try to say to our allies, stay the course or newly emergent democracy like hungary's train fare with the word democracy means. weom are coming along and evolvg and so forth. how do you help them to understand the importance of the centrality of democracy?

>> there are threats to democracy in many parts of the world. including some of our closest allies. i think people appreciate what the strengths of the democracy are. just the certainty of rule of law you count on creates an environment for business that is essential. it is not something to think about every day. but a person who wants to build a business to invest in it really has to be able to count on predictability and enforcement of the rule of law to feel they're not throwing away their life savings. the innovation in america. >> it is amazing.

people see that. they are impressed by that they are a dynamic economy. we have vibrant incubators entrepreneurial activities. >> all of that is accelerating it. >> we are investing again. president biden's work with congress to increase funding for basic research and development. really critical. it declines substantially over time. when you think about hiring higher living standards. a lot of it comes from rnd, basic rmd that spills over into all sorts of innovations that make our economy strong and more productive pick of the flashing the red light we're just in china you are justt in china we

have many, many, many interest in trying to print thousands and thousands of companies and all of these complexities and everything going on. this is were i was attributing design level thinking. you're over there negotiating if you will, howeverno going to wok together for the purchase large amount of our debt. they have all kinds of intricate connections into the american economy what was your general sons? i don't think they're becoming a democracy next month. >> i don't think they are. i didn't think is all going to be successful in convincing them to make that change. a more peaceful and stable world they can get along and live successfully together.

we have vital national interest. national security interest. we sometimeses have to restrict the export of technology. or of other things or protest human rights violation. has a broad swath of activity between our countries. this is beneficial to us. beneficial to the chinese. we need to allow space. make sure in addressing our national concerns we do not needlessly destroy something that is very beneficial. my objective was to be straightforward without concerns america has about china in the economic realm to seek to get

janet to address ways in which the playing field conference is not level treasury dress that and make clear we will address our national security concerns but, look for peaceful dialogue with talking with him at some of the samee arguments. full contact hockey between us and them. you can actually be put in the penalty box for cheating. they seem to understand that but did not know what i meant by hockey. [laughter]nk thank you madam secretary. [applause] >> saturday for present donald trump speaks to national rifle association tondte meeting dallas. watch live coverage 3:45 p.m.n

c-span now are freed mobile video app or online at c-span.org. >> click c-span has been delivered on filtered congressional coverage for 45 years here's a habit from a few moments. >> let it stay with you. this is a symbol of our -- and this wart we stand, we fight, we will win because we are united. ukraine, america, and the entire free. [applause] [applause]