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tv   Consider This  Al Jazeera  April 19, 2014 10:00am-11:01am EDT

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see it yourselves. >> taking viewers beyond the debate. >> don't miss al jazeera america's critically acclaimed series borderland on al jazeera america also available on demand >> high frequency trading has revolutionized how stocks have been bought or sold. but is it hurting your investments and your 401(k) (s). also a powerful new picture of the boston marathon bombing. and was jesus married? hello i'm antonio mora. welcome to "consider this." here are the headlines.
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>> systematic corruption in the market. >> you outsore human thinking. >> main street now has the advantage over wall street. >> two years ago a document was discovered, critics cry foul. but now critics say there's mounting evidence it's real. >> the most exciting fragment, jesus said, my wife. it is clear that some christians thought jesus had a wife. >> borderland talks about why immigrants risk their lives to come to this country. >> all these walls, all these barriers, they were torn down. >> it will change your mind. >> we begin with the financial world and the growing controversy over the phenomenon known as high frequency trading. on thursday new york's attorney general subpoenaed a number of firms that specialize in that trading practice. that coming on news earlier this month, that the justice
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department was also looking into the sophisticated trading. >> i can confirm at the united states department of justice is, investigating whether this violates trading laws. we are determined to follow this investigation wherever the facts an the law may lead. >> meanwhile the debate rages on with many saying it's bad for the markets and an equally vocal group saying it helps investors. we're joined by ali velshi, host of "real money" with ali velshi. he's going to bring us a five part series, next monday, april 21st, also the night that the show expands to a full hour. you're going to be a busy man. good to you have as always. this has been around for a long time, high frequency trading. most americans haven't even
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heard about it let alone worried about it. simplistic question, what is it? >> the speed is a misnomer. it is the ability to gather and analyze information in less time than it takes to blink an eye. literally. so in less than a second a high speed trader can get information, make decision about it and trade stocks before most happened. >> when you talk about high speed trading, you mean computers. >> engineers, coders for financial world but what it seems to be doing is giving people who have the money for those algorithms, the ability to rent server space next to exchanges and have evaporating over us. >> first the speed. the speeds are absolutely crazy, a half millionth of a second,
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faster than you and i can make a decision. >> evaluate did quality of the decision, these decision are made because they find key words on social media or on are press releases because of can earnings reports, allowing are stocks to go up and down faster than we could. >> sending the information back. >> that is right. >> as you brought up some of these investment firms are paying fortunes every month just to have their computers closer to nasdaq computers for example. >> believe it or not, places like the nasdaq and the snawcts, new york stock exchange, if you want space next to that server so you can trade faster, you are paying more rent than other investors do. >> sort of the market is rigged. what is the problem?
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>> there are lots of ways that make you think the market is rigged. this works because everybody's got access to similar information at the same time. you know there are lots of regulations that say you can't trade on information you have ahead of time. in this case we're talking about a fraction of a second ahead of time and we're talking about technology that is further ahead than the regulators are. so it's unclear. is any of this illegal? you showed that the attorney general in new york and the federal attorney general are looking at this what is clear is that reergts are fa regulators are far ahead on this thing. >> aim getting the advantage of my frequency trading? >> i don't think you're getting much advantage at all. some argue it advantages a small investor, i don't see where that's coming from. if you're a long term investor it shouldn't have any fundamental effect on you.
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but when i tell you you should buy this stock because there's an ipo coming out or it's a immigrate business, the computer's making decisions on high frequency trading are not basing it on the fundamentals of the company, the company, these are trading decision he that are made really quickly. you are at a disadvantage if you think stock trading are about fundamentals, when in fact the real trading is being made by speed access and proximity. >> if a lot of this high frequency trading is done on blips, they buy and sell very yiblg so they're not holding, if you look at the statistics on how long americans now hold their stocks, in the old days it was an average of eight years now average is five days and for these high frequency traders it could be -- >> fractions of seconds. we've had at least a custom instance he of flash crashes,
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everybody knows the big one where the dow dropped a thousand points and came back up. even when they came up very quickly, somebody is selling their stocks. all of a sudden the stock drops 5% and you're burned, this is your retirement money, you sell and you lock in that loss, the market comes back and you weren't in it. there could be danger to you in these little crashes that happen and there's worries that one day there will be that crash and it won't come up that quickly, people will actually lose real money. >> is it one big event, there's only one that we know of. >> what this is doing to the value of stocks, i have spoken to mutual fund managers, by the earnings report coming out at 4:00, add 4:01, this was a computer look for key words that
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didn't understand the analysis and they are running your retirement money and they are at a disadvantage even though they're big companies. we don't have time spent to understand what the long term damage is but it does have a sense of an unfairness about it and advantage to the people that can pay for the speed the algorithms the proximity and the flals. >> how they move forward how about positives? does this really save me some money? because in the old days you had to go through the old fashioned broker and you had to buy -- >> and you got your numbers through the newspaper. trading has become more efficient and faster and lower cost over time. that's definitely been going on. this is taking it to another degree. again, these are highly highly sophisticated injuries who can come out of school and earn $150,000 in their first year to be doing nothing but developing more faster and complicated ways to trade.
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i think the advantage to the trader as far as cost and efficiency has been had. our trades are pretty cheap these days. i think the advantage to the regular person is gone. but if i were to argue on the other side i would say it does make the market a little more efficient but to me, when you take fundamentals out of investment, whether this is a good company with a good management and good future, you're only investing on the face of the momentum, that's momentum trading. >> in 1999 there were a thousand quotes per second and 2 billion shares sold every day. second. that is two thousand times more. >> not two thousand stocks, two million quotes per second, many, many many, many times in a mill millisecond. why there is any value having people around in this
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transaction. call me old, but i believe there is value about having people in sound thought about whether you should buy did stock or sell the stock. if you have to make that decision in the fraction of a second, i don't think that's a way we need to be thinking about our capital markets. >> i hope there's sound and sober thought about programs no overregulation too. >> i'm glad this is getting the attention it has now. >> good luck ali and that you're an hour like the rest of us are. >> thanks. >> you can see more about this five part series flash trading how speed beats strategy. "real money with ali velshi." there week marked the one year anniversary of the boston marathon bombing. a new report from harvard
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university press, the man hunt and boston's recovery was published. the authors are two reporters at the boston globe that shed new lights and new perspectives on the tragedy. earlier i had l the opportunity to speak to two reporters at the globe who along with their colleagues at the globe just won a pulitzer prize. their book, long road home, boston's incredible recovery and search for justice. >> can't planning two people better suited to write this than the two of you. can't imagine how difficult it was to relive this. >> it was difficult but this is what we do and we saw a lot of value to go back to the story and going deeper and bringing the stories of individual people involved in these events, bringing them together. >> that's what you do, tell the
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story through eyes of different people, the police officer, the marathon director, one of the people injured, someone who died, a doctor who was running the marathon and was there when it happened. why did you choose them? >> when you think of that week that everything happened, we wanted to find a way that people could really attach themselves to the narrative. not have 8 million different perspectives but focus on five people who have more authority on the story than anybody else in a sense. we thought that telling the story through their eyes you could have a sense, essentially guides throughout the week to help everyone understand the larger implications, the larger context, the larger tragedy. >> giving those perspectives really brings a lot to the story and connects yourself to the story in a viive different way. there is a new report out by the harvard press that praises the
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city's response to the bombing, it said the city was, quote, well prepared for the attack. you said, in a serendipitous way, with the finish on boyleston street, and hospitals level 1 trauma centers so close, it is true. >> it is really true. the finish of the marathon within a mile or two of these hospitals that are best equipped. a massive setup to deal with massive situations that runners could have. doctors and nurses were there. people were stunned as awful as it is to have three people die it could have been so many more had you not had these kind of resources in place. >> it's incredible when you are looking at these images that
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we're showing again, that the results were as good as they were despite the deaths and these terrible injuries. now the harvard report is critical about one thing in particular which is the shootout that began, once they knew it was the tsarnaev brothers and they went after them, the other thing you guys raise in the book is the decision to pretty much close down boston altogether. what are yours feelings about that? because you do think if a terrorist can do that, completely shut down a major american city does that give them too much power? >> i think there were definitely voices making that point at the time that, are we going too far? is this a step too much? no city had ever done anything like this. at the same time, you know you have to think back to what it felt like on that morning. and a lot of people woke up friday morning not knowing where this guy was, what his capacity was to hurt more people. whether it was just one more person. we didn't even know at the time
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the extent of the plot. was it one more person, was it five, was it ten, was this part of some larger thing? i think in retrospect when you talk to the political leaders, who got suspicious reports of guy running away, somebody getting on a train, they just didn't know how wide this thing was. i do understand it was the prudent decision to make. fascinating now, what do you remember that day, they remember the friday, where literally the city shut down. >> aand waiting for things to happen, ironically the city started opening up , tsarnaev finishes. >> the house he the been was
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extremely close to where he had abandoned the car 2/10 of a mile, they had to make some decision on where to search. there was some searching it wasn't complete. as a result you had a homeowner who rambled out in the yard who actually discovered -- >> saw the blood on the boat and ended up them getting tsarnaev out of there. >> it could have been worse, had the younger suspect not been unarmed and wounded, there easily could have been another victim here or one or two. so i think the authorities got very lucky that it worked out the way it is. >> boston being an historic city, so important a history, where do you think it will rank? boston strong has become a household expression has given the whole country even more respect for the city of boston. where do you think it will lie
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in the annals of boston history? >> in the long history, there are a lot of important things on that time line. but i mean the marathon you have to remember is such a special event and it's such a celebration of the city it's been around for 117 years and it is so engrained in the spring tradition in boston. so i think the fact that that was the target of this attack makes it that much bigger of a deal. not that it wouldn't have been a big deal if you attack a red sox game or another game. >> to turn something we all know about, that we all know exactly what happened, still manage to turn it into a crazy page turner where you want to keep reading and keep reading and keep reading. i circulate also say there are positive messages that come out
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of this book that will bring a tear to the eye of anyone who reads this. >> and that was very important. the experience of these events was very fragmented. it wasn't possible at the time to understand it as a whole the way that we hope that people can try to do now. also, underneath all the drama and all the action that makes this a very why suspenseful story, so many ways that people in boston and beyond reached out to each other, and came together, and that's one of the things that we found most compelling that we wanted to share. >> yes, it's definitely inspirational at times. and out of this horror really some beautiful stories that you both tell beautifully. really good to have you both with us. the book is long mile home, scott helman jenna ruffle, good to have you with us. >> thank you. >> straight had a ahead how did
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a small jewish sect become the largest religion in the credit world. while you're watching, let us
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>> on this easter weekend the new paper back edition of a thought-provoking book, asked the question, how did christianity become the dominating religion? just 300 years later, the official religion of possibly the most powerful empire in the history of the world. joining us now from london is celina o'grady. the co-editor of great spirits, the 52 christians who most
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influenced their millennium. and the author of and man created god. celina. i wanted to start with the title of your book, why did you choose the title, and man created god? >> it's really started with genesis, and god crateplan. i'm looking at the way religion and politics work together. i'm not looking at it from a religious point of view but from the view of the way religion suit societies and why societies choose the religions they do. that's the brief answer. >> in that context.you describe the world in the time of christ as small religions, somewhat competing for primacy. but then you describe the roman empire, as it took over the western world, would go to all these places and draw these
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local gods into their polytheistic religion. >> jude ah was the only religion with -- judah was the only religion that had a single god. hedging their bets and playing to all sorts of different gods, whatever, the jews alone had this stinl god and it was -- single god and it was a brilliant solution to a people without a land. this god says follow my laws and i will eventually take you back to your home land. the problem was, it was such a exclusive religion, built on certain rules and following this one particular god that it inevitably would clash with the roman religion, one was it had an imperial god, an emperor god
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and two, it had all sorts of ways of behaving that were antipathetical to the jews. that the emperor always had to make some concessions to them. so for instance they couldn't sacrifice to an imperial god but they could sacrifice to his health, but it was a very difficult religion for an empire. >> you talk about jesus and how jesus rises. he's historically described as speaking to very large crowds of supporters. but then you describe him and his followers as a cult, the cult of jesus, he was one of lots of miracle working preachers. and at the time of his death his following was quite small. >> yes, at the time of his death he had about 100 followers.
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he was competing against lots of mess messiahs, a small band of followers that he went round with who exorcized demons, et cetera. he had a lot of competition. but none of them had paul, and i think it was paul actually who made this small jewish cult into what eventually would become a world religion, rather than jesus's wonderful teaching. >> talking about managing christianity becoming a world religion, your last chapter is called, and paul created christ. >> absolutely. paul made of judaism, adapted to a tribe of people and it had particular rules that you had to obey, what paul said was, this
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is not just for the jews, jesus when he died was only addressing jews but the apostles thought they were a smul jewish cult. what -- small jewish cult. what paul said much to the dismay of the jews, this is for gentile, for jew, for man and woman and slave and free. that immediately opens the market in a sense to a far wider potential group of converts. plus he did a thing, jesus just limited his preaching to villages. paul did again a hugely sensible thing, took his missionary work to cities and it's the cities that you get a huge amount of people but you also get in this phase of the world, i call it the first phase of globalization, these extraordinary disruptive places which are ripe for conversion in a sense. all these people are leaving their villages coming to the cities, they've lost their
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captain and they desperately need a new way of living, all the things that christianity would provide but it was paul that concentrated on the cities and therefore got these much larger potential groups of quite needy people. >> one final question. what's your reaction to the economist titling the credit credit book the origination of christianity, an atheist's guide, in the end wasn't the message the most important thing, the message of love as you mentioned what ended up being the deciding factor really in how it became the religion of the western world? >> well, i think there are lots of credit reasons and of course no one's going to take on an adopted religion that doesn't appeal to them more than the other. but one has to remember there were these different religions going on and the resurrection was, many gods had that idea
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before jesus had his resurrection. so there's lots of ideas that other religions have. but it's absolutely christianity, love your neighbor ask the most wonderful thing to say and christ gave he's mefnlings which were just better, more loving, addressed more of the needs of people. and in a sense gave you a promise of life after death in a way that for instance due date at that time were in the pharisees, jesus certainly gave this wonderful promise of life after death. >> well, it's fascinating and again the book is and man created god a history of the world at the time of jesus. celina it's a pleasure to have you with us. thank you very much. jesus said my wife, the
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papyrus, which became known as the gospel of jesus's wife, first found in 2012, is scientifically dated to the 5th century. nothing more than than a simple forgery. earlier i had a chance to speak with karen king. professor king initially announced the existence of this papyrus fragment in september of 2012. jesus said to them my wife, a new coptic fragment. >> good to have you with us. a thorough analysis indicating this is authentic. many are standing by the fact that it's a fake. the harvard review published a rebuttal to your work, a egyptologist, thinks its so
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fake, it could be done by a monty python performer. contains the same mistake as the so-called gospel of thomas. what do you say to him? >> well of course i've already replied to him in an article they harvard deilogical review. he had access to my entire review. it is a disappointment to me that he decided all of that was irrelevant. the discussion, this language that you have already pointed out of it being 100% clear that it was a fake didn't actually require looking at the data. so i suppose that what i do is, i point to the data. and in particular the arguments he makes about it being copied from a book called the gospel of thomas, of course the gospel of thomas existed in antiquity, and
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this would not have happened in the modern world, it wouldn't have had to be a modern reenactment for it being that. in part the kind of language that native coptic speaker would use. we have case he of them in ancient man you a scrips. ancient papyrus that are indisputably ancient. i haven't found anything in his work that with would actually indicate any positive evidence that this text was a fabrication in the modern period. >> you also said in an interview, this is a quote, when you have all of the evidence pointing in one direction it doesn't make it 100% but history is not a place where 100% is a common thing. do you think there's any chance that somebody could have taken some old papyrus and forged this? i know there are limits to the credit
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analysis of the fragment itself. the sample could be destroyed. >> the scientists have done a remarkable job in proving to me that the papyrus and the ink are themselves ancient. it would be relatively easy as people have pointed out before to get a piece of papyrus that's ancient and write on it. more difficult to -- much, much more difficult to are are recreate the carbon characteristics of ancient ink. this is practically impossible. >> jesus had a wife, if authentic what does it prove at least 700 years after christ was born that a community in egypt believed that jesus had a wife and that wife could have been his disciple? >> i think that the fact that it says jesus said to them my wife,
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someone produced to them this document. i really appreciate your saying that this was not evidence that jesus was married. that the historical jesus had a wife. this remains true whether it was a modern production or an ancient text but given it is an ancient text the question is who was writing it? early christians, what were thy they saying, why did they say such a thing? now we know because of radio carbon dating that noreen turas did, showing it belongs to somewhere around the seventh to the ninth century, she puts the document as about 741 as a mean date, this is early islamic period, quite fascinating. i myself think this is just a copy that we have now existing and that the text itself was probably composed much earlier. and at that period, it would
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have been during controversies over christian sexual ethics. that is to say, is it better for a christian person to be married, and to have children or to have a virgin and a celibate, or does one have to be a virgin and a celibate? that question circulate belong to the early period. >> it brings up all questions about the role of the modern church. that it's too perfect that it's a small piece of papyrus cut from a larger document, that this one little piece address an issue that's so hotly debated today. >> it's unfortunately or interestingly enough the case that the questions about women's disciple ship, about women being fully capable, especially -- i think the main issue in this fragment as we have it is that
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it says that women who are wives and mothers can be completely disciples of jesus. the fact that those kinds of issues are raging in the early church already in the first century in the letters of paul and continue to be raging in our own time period is very interesting. but it doesn't -- it doesn't show us that the fragment could only belong now or only belong continue. >> so many issues raised by this and it's really a fascinating conversation and a fascinating document. karen king it's a pleasure for having you on the show. thank you for joining us. >> thank you very much. >> straight ahead, the politics on immigration. we'll hear from two people who had their strong beliefs put in a test where whether they had to follow in the path of a young boy who died in the desert as he crossed the border. give yourself a break. >> all next week, trades near the speed of
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light... >> if you're not trading at those speeds, you're toast! >> billions of dollars at stake, is our economy insecurity now at the mercy of these machines? >> humans aren't able to receive information in that timeframe. >> we're looking at the risks, rewards, and dangers of high frequency trading >> there are no rules or regulations >> all next week on the new expanded real money with ali velshi helping you balance your finances and your life. now an hour, starting at 7 eastern / 4 pacific only on al jazeera america
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>> the debate that divides america, unites the critics, a reason to watch al jazeera america the standout television event borderland, is gritty honesty. >> a lot of people don't have a clue what goes on down here, the only way to find out, is to see it yourselves. >> taking viewers beyond the debate. >> don't miss al jazeera america's critically acclaimed series borderland on al jazeera america also available on demand
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>> today's data dive looks at easter by the numbers. the number of americans who celebrate easter will spend about $137 on easter related apparel, candy and gifts. that's down about
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$7.50 from last year. overall spending will be around $15.9 billion. down from christmas, valentine's day, mother's day. 41% of americans will attend church this sunday, one in 5 aren't sure yet. a harris poll from november found 65% of all americans believe in the resurrection of christ which is the religious meaning of the holiday. that's down from 70% in other years. 70% of people believe in the easter bunny. originally a pa pagan tradition. the easter bunny came to america with german immigrants that settled in pennsylvania dutch country in the
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1900s. flo 70 million chojt east he der bun -- chocolate easter bunnies. >> talk about candy, peeps.sam born invented it. sam's son bob invented a machine that could mass-produce peeps and we eat 1.5 billion of them just during easter. and just like the easter bunny tradition in america, peeps are mass produced in pennsylvania. coming up, americans are slammed and over-scheduled. ra america
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>> politicians and pundits once predicted that 21st century americans would be kicking back and enjoying a life of leisure right about now. instead our high tech world has increased. less well off americans often work two jobs to survive. the leisure hours of scattered and skimpy if we have them at all. working moms may be the worst off at all. trapped between an unforgiving
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work culture, that celebrates an ideal with no human attachments and a motherly affection that few if any can meet. no wonder more people feel overwhelmed. bridget, work and play when no one has the time. bridget, good to have you with it. the welcom overwhelm, how bad is it? >> right, i absolutely did. the sense of everything all at once. i described it as feeling like you're burning your candle at both ends and out the middle. there is a very strong pressure on mothers, really everybody, long work hours with technology coming at us all the time, also a sense of busyness how we show
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our status rather than daig a taking a long leisurely weekend. >> one thing you found in the course of your research was this overwhelm can actually change our brains and our behavior for the worst. >> that's right. that i found i really wanted to understand why circulate we care overwhelmed? this is something that people have often dismissed. well, we have to work hard. this is what our economy requires. and i found a couple of things. stress, we've known how much stress affects the body, it can lead to cardiovascular disease, even cancer. i looked at neuroscientists who are looking at stress, they find if you have been through stress and who hasn't, you
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have the perception that your stress is around, your prefrontal cortex shrinks. it can be overtaxed. >> the most interesting thing you bring up, even many more mothers work today than did back in the '60s that mothers today are actually still spending more time than back then with their kids. >> that was a surprising finding to me because as a working mother myself i always felt really guilty. that culture seemed to be saying that i was somehow selfish or abandoning my children or i wasn't doing sort of the right thing. and then when i started looking at these time studies and working mothers are spending much or more time as stay at home moms, the important thing is it's very high quality interactive time. so that is a huge pressure.
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you're trying to be this ideal worker and this ideal mother and both of those standards have risen for everybody, kind of out of proportion to reality in the last couple of decades. >> and certainly fathers too, because fathers are spending more time with their kids and sharing more in their household anchors. >> absolutely. that was one of the more interesting things, i started looking at women and mothers and i quite started looking at women and men, you can't look at anyone in a vacuum. as younger men want to be more involved at home, more than just the fun dad or the helper parent they're beginning to feel this same work life conflict that mothers are feeling a few years ago. research at the pew center find that fathers are more stressed out than mothers are. >> you bring out how we have especially bad in the u.s., the
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review in nerng's -- england's the guardian, what they're referring to is that americans have few rights, when it comes leave. >> that's right. it surprises a lot of people. part of the reason why, is we have not had a national conversation how we work and live. it's not seen as a priority since the early 1970s. and at that point all debate was cut off. we did have a universal chiect chiectd chiect childcare policy, that was taken off the table, how do we support families? family leave act took ten years to pass and it doesn't cover 40% of the workplace. you contrast that with what other countries around the world
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have. paid parental leave, paid vacation policies. >> the book is not just about the overwhelm, the overcoming work and plac play in our lives. only have about 30 seconds left. if one had only one or two things to do what should they do? >> recognize that how important it is to play. and have leisure time. flip your to-do list, stop being tyrannized by everything you have to do. do the stuff later. >> welcome home, work love and play when no one has the time. bridget schulte, good to have you with us. >> thanks for having >> the show may be over but the conversation continues. you could also find us at twitter @ajconsiderthis. we'll see you next time.
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>> results of analyses were skewed in favor of the prosecution >> the fbi can't force the states to look at those cases >> the truth will set you free yeah...don't kid yourself >> the system has failed me >> welcome to al jazeera america. i'm morgan radford. >> i give my apologies to the families of the victims. >> the captain of that ferry now apologizing and explaining why he told passengers to stay on board. and a tense it stand off in ukraine where pro-russian separatists that remain defiant. a goodg