this is about 50 minutes. >> how many of you can't respond to the question, who is john galt? if adding something to you, you love this next program. by the way, i don't know who is doing it, but when i drive south of jacksonville thursday billboard in i-95 that says, who

is john galt? vbr nick speaker will be able to explain it to us. if you hurt our poster prediction yesterday, you know there were fireworks. well, don luskin was the gentleman who lit the first match and got things really going. he is, if you've read the program, an avid believer in technology. but what happens if it stops? anyway, to tell us today with the future could be, please join me in welcoming, don luskin cb on "i am john galt." [applause] >> thank you. thank you for the great introduction. there is one substantial inaccuracy. i actually and john galt. but you all are, to. and that is the secret for ayn

rand's enduring posse later date. her books are lessons. her books are guided on how to live. we cannot be john galt. we cannot be heroes. just read within their. my new book, "i am john galt" is a readers guide to help you learn to live like an ayn rand hero at the same time teach you what in the world when there are ayn rand type villains have their. now, i assume everyone in this room has heard of ayn rand. how many people has read atlas shrugged? i'm actually stunned that not every single hand in the room when a. two big thumbs up for the virtue of selfishness.

fantastic. in a way i envy you because you have before you a fantastic treat. it is a transformative experience that when americans are asked always in the top two or three. the other masterpiece errors in the top two or three. i've got to say there's a message or not, that we libertarians come individualists, one of the curses as they sometimes think we're alone. i can tell you i feel that way. i live in northern california we libertarians can feel very, very alone. i saw the same with cisco, so i'm not luckily nancy pelosi's congressional district, but i can smell it from where he lives. i can feel very alone, so it's fantastic to be your freedom fries. i think mark scouts and for hooking me for years to be here. it's great to have like-minded

people they just don't admit it though. that to ayn rand. probably the second country in best-selling book that written language. it sells more copies ever you. it sold more copies than ever before in its history. in 1857 as a best then. now, there is a narrative about that being promoted by the conservative community. we don't know if it's different than a libertarian community, saying the recent ayn rand is having the surge in popularity is because atlas shrug portrays a world that is eerily like our world. so for those of you with a predicable immensely without relatives. it is tk, economic collapse, corruption and despair come at things getting worse and worse, an invasive parasitic government that takes over private capital and everything it does makes things worse. what makes things worse it just

does them again. that does sound and off a lot like our world. you could almost say they ayn rand had some amazing powers as the conservatives own nostradamus so we have to embrace her ideas. those of you who have studied ayn rand's life know the conservative movement has always looked ayn rand. she is an atheist. the conservative movement is thrilled with religious faith, says she's never been possible. we preparing for a little lightweight now. we're going to tuck in a minute about how that is actually a bit of a misreading. the world described in atlas shrugged talks a lot about more things involved in big government and what is wrong with big corporations. so we're going to get into all that. but on the surface, the narrative of conservatives is actually very good. you read atlas shrugged and sometimes you think you're reading from today's headlines. one of the most memorable

villains is a fellow named wesley milch. if you've seen the recent new fee, they chose to pronounce his name. i just don't get it. when i read atlas shrugged two ways mooch. we have our own real-world wesley milch. his name is barney frank. now, i don't normally use notes and i apologize for leaving these notes around, but i have them because they want to make exact quotations without error. you might remember one of the refrains is every time he wesley milch did some ridiculous thing and the economy even worse, he and his cronies have made in washington and david say, we need broader powers. we know government is the only enterprise makes the mistake

bigger. let me quote her in a frank. after the collapse of the housing industry, a collapse any other engineered from his position in the u.s. congress getting fannie and freddie to loan money and subsidized loans of money to people who couldn't possibly ever own a home, could never pay that mortgage is. that was all barney frank's work. when asked what we should do to clean up the mess he said quote unquote, that we could carry that is give us broader powers. [applause] you can't make this stuff up. the amazing thing is ayn rand did 54 years ago. frank is more like a mooch and you can imagine. starting to get on the infrastructure of gallic shrug. he started as a lobbyist. he was the luckiest for henry

reardon who is one of the great heroes. he gets into government by petri reardon. that is a certain kind of corruption. this is one of these things that liberals are corrupt it doesn't get reported so you might be surprised to know that arnie frank was censured by the congress for a scandal in which she ended up admitting to have used male and paid them and sustain them in an apartment at the base of operations for them. did you notice a member of congress, regulating fannie mae and freddie mac he placed one of his lovers as a financial analyst at fannie mae. as a libertarian, i have no objection whatever to his preferences. i have a serious objection to corruption. we are talking about it deeply, deeply corrupt man whose corruption very nearly destroyed the world.

another villain from atlas shrugged, alive and well in our world is alan greenspan. no wet character is alan greenspan might? anybody remember dr. robert stadler? a very key character. he is one of two college professors to the young john galt. when galt was still a young man, statler left academia to fund the state science institute. so he could do his experimental physics, theoretical physics for you to grab supportive capitalists of people who pay tuition and things like that. john galt disowned them. he damned him. now at the climax the world totally goes down the drain, the claim that extremism in the government, have been

expropriated dr. statler cirque and physics to create a weapon of mass destruction, the weapon almost accidentally detonate the doctor staffers present in the description of his death at the hands of this weapon that is science created is one of the moving passages in atlas shrugged. alan greenspan is that to robert stadler. he is the most to him because he better. it is one thing to make these mistakes out of ignorance or pure power like barney frank day. alan greenspan is better. alan greenspan for 30 years as a close associate at a postal ayn rand. he was a ayn rand the day she died in 1982, best friends forever. he had no excuse. he knew better. when he went to washington in 1976 as president gerald ford's chairman of the council of economic advisers, ayn rand and her husband frank o'connor were there in the white house as he was born in a gerald ford. why didn't ayn rand dammam

clicks she actually said to the press that alan is madmen in washington? she didn't live long enough to see him go to the federal reserve. she probably thought that he was a double agent for capitalism red in the heart of washington. it sounds good if you say it fast, but in a few geysers anytime in washington, just the atmosphere there is an addictive drug. washington is like an aquarium that instead of being filled with water is filled with power. after some around for a while you want her. alan greenspan day. federal reserve chairman is the most tightly powered, most unaccountable of economic valor on planet earth. it's better than an economics are, master of the universe. and they ayn rand accolate got that job. well, the rest is history. yet an 18 year run as chairman. seems like it was okay for a

while. a lot of bad habit on his watch. cindy always bailed us out. i remember seeing him on "time" magazine with the headline was chairman of the save the world committee. i met greenspan recently in washington. let me tell you what happens when you go into his office. ece shriveled little man who was wearing a sign saying broken. 85 years old. his mind is still totally fair. his spirit isn't there. he is a broken man. look, i'd be broke into if i was hauled before congressman henry waxed and. have you ever seen henry waxed them? the sky looks like a combination of the original phantom of the opera with lon chaney senior and mortar mercenaries. waxman crewed greenspan, coming to admit that all of that

self-interest i've come all the virtue of selfishness, the self-regulation instead didn't really work very well in the credit crisis, did it? and greenspan's fed yeah, i guess it didn't work so well. he basically recanted. so when i met him, he said e.g. really we can't? you know, i thought a submenu to. he said no, not at all. it's completely taken out of context. no it's not. dishes like a year at pass. so i had my copy of elect the virtue of selfishness. my favorite ayn rand nonfiction book is capitalism from the unknown ideal, which has two chapters written by alan greenspan, which is called gold and political freedom. and in the first edition of that was the rams name on it. i said you still stand by this?

yesterday saying this? he said every word. i stand by every word ayn rand were set in every word i ever said for ayn rand. if false the test of time. well, go to youtube because that is what he said to henry waxman. some of the lessons you can learn from atlas shrugged is if you don't want to end it being a broken man, how the little integrity. stick by your guns. now, one of the secrets of alice shura pop enduring popularity fade is also a profoundly. the. it's the best of times in the worst of times. the heroes in it are absolutely inspiring. you can read that book and not identify with characters like dagny taggert francisco takagi at and a very, very inspiring

book and i am here to tell you that our world, as weak as it stands is absolutely populated by those kinds of heroes. like all heroes, some humans are tragic areas, like some of the heroes in atlas shrugged in fact. so let's look at some of the heroes. henry reardon come to steel tycoon who invented a revolutionary metal, had it taken away from him by the government was blackmailing him. ring any bells? how about bill gates, exactly, everything. college dropout, created a revolutionary type elegy to transform all of our lives, extended, extended all of our lives, all of our wealth, became the richest man in the world in the process, well deserved. in 1999 counties in tax dollars that bill gates himself is sent to washington, washington sent to bill gates a lawsuit from the department just is seeking to make up microsoft on antitrust grounds, which assisted politically is seen because he

succeeded too much. not just lake reardon, when that happened, deeds couldn't be bothered to dirty his hands going and hanging out with the i.t. people in washington. i don't blame him. microsoft is a gigantic company. it only had two or three lobbyists that at times. boy did he learn his lesson. he kind of won the suit. he in terribly favorable terms, but microsoft is still struggling with the echoes and antitrust issues in europe for example. but there is another broken man. he stepped down as ceo as soon as this it was settled. using the microsoft stock price lately? you can try tax were bill gates to town. dx is way above the current stock price. it hasn't treated there again for 11 years courtesy birkenstock because bill gates is a broken man. bill gates created the world's largest portion.

if he stayed at the homecoming could've taken the world's largest fortune and made it even larger. now he's giving it away. what do we call this? .there is called the stockholm syndrome, when you identify with your kidnappers. our culture vilified opiates for making money. now we love him because he is giving away money. by sending a wrong message to her children. what is the lessons of bill gates could isolate less than an dark lesson. the life lesson is you can drop out of school and become the richest man in the world. and by the way come the spillover effect to all of us coming out from people rail about income inequality. the good site about and about income inequality. the music as rich as bill gates, that sets the bar. that means something is possible for everybody it wasn't possible until he proved it could be done. it was like the first guy that wrote the four-minute mile.

thank you, bill gates for showing what can be done. it can still happen in america. the other lesson of bill gates' watch your back. don't make the mistake of ignoring washington. let me switch to the fountainhead for a minute and talking a hero from the fat man appeared yet to be character is powered work, the rebellious architect camille to an individual, one of the most fascinating characters in all of literature from page 12 page 1000, however long that book is. he's the only major hero in the history of literature who undergoes absolutely no transformation during the boat purity is presented as perfect on page one and perfect on the last page. and what is perfect him quite he is an absolute individual and every step he makes, every success he has come every trial he faces is faced with absolute

utter integrity and his individualism and the sheer joy in his work. in our world, that man is steve jobs. steve jobs dropped out of college. he is an orphan, guy who just came out of nowhere, just like howard roark. think what he accomplished simply because he loves it. he's obsessed with this stuff. as a canvas for him to pay none. when he found apple computer, he completely transform the computer industry from a command-and-control mainframe model to an individual empowerment of top auto. he made that happen. a few years later, he thought anixter digital rendering company on fire sale when george lucas needed to get rid of it called pixar. he had this idea is to be used to create full-length animated movies. he thought there would be pretty cool and would like to see a movie like that. he found this guy named john

lasseter and worked in a movie that would eventually be called toy story. i spent so many years on it he came near to bankruptcy funding and almost discontinued story at the last minute. finally did a hail mary pass in a deal at disney. toy story is now in the top 10 biggest grossing movies of all time in his tattoo sequels are also the top 10 list the biggest grossing movies of all time and he did it not make money. he just thought it was cool. i remember meeting steve jobs in the kiddie pool in a resort in hawaii years that covered both had young children and i went with my daughter in the pool and of course i recognized him. he sticks out his hand and said hi, my name is steve. i need movies. what do you do? the secret is love your work. what else has he done? he created itunes and the ipod. that is his third industry.

so he completely transform computers, completely transform of the spit and a completely transforms music and is not done. then he creates the iphone and completely transforms telephony. now he has created the ipod and gone back and re-transformed the first industry he transformed computing. so to not tell me they're curious in this world. on the panel yesterday i was the only optimist in the room. look, you can't meet steve jobs cannot be optimistic. that's possible. i know there's a lot of problems in this world, but there's a lot of solutions, to. another great silicon valley figures demanding tj rodgers, the ceo of cypress semiconductor. i think it's been a freedom fest asked in the past. at a pdc this year. if you are the cell phone, crack it open to all the miracles inside. quite a few come from cypress semiconductor, a leader in that

field. tj rodgers like to care for francisco dantonio. antonia showed up in critical scenes whenever they mean here is where having a moment of doubt and needed moral clarity, you would show up to tell them what his wife. one of the most often quoted passages is his famous speech about the mobility of money, where he's at a cocktail party and some heiress says money is the root of all evil and he then goes on for 10 pages saying money is the root of all good. tj rodgers is that kind of guy. he's completely politically incorrect, ceo of a major company who says things that ceo cites was to get away with and he does it by having absolute moral clarity. i am going to quote some tj for you. like many ceos coming console and resold by politically correct people trying to get them to have more racial

diversity can religious diversity and the boredom workforce. a couple years back merrie gormley -- sister for maytag site or semiconductor that they diversify their work more engendering race. tj responded in "the wall street journal," choose any board of directors based on race and gender is a lousy way to run a company. cyprus will never do it. furthermore, we will never be pressured into it because bowing to while many special interest groups is an immoral way to run a company given all the people at her. we cannot allow arbitrary rules to be forced by organizations that business expertise. i'd rather be labeled as a person who is unkind to religious groups and a coward who harms investors at my monthly filing false standards of right and wrong. and he is survived. [cheers and applause]

in 1999, jesse jackson came to silicon valley, part of this program yet at that time for you to wall street had declared wall street to be racist and declared silicon valley technology to be racist. tj, whose company at that time had 35% minority employees, everyone is a shareholder 40 or% of whose executive vps were minorities. give a quote to a new station and i say quote unquote, jesse jackson or manzanita siegel. he flies then, all over every inanimate flies out. [applause] the lesson here is the bull. just believe it. have courage in your conviction. if they sense weakness will kill you. don't show weakness. believe what you believe. the heroes are businessmen and a lot of people misread atlas shrugged to say what it is 20

was that all businessmen are good and all government people are evil. go back and read it. who is the main villain? the main villain is a businessman, james taggart, the great tension that runs throughout the book is the conflict between james taggart, the bad executives and his sister, dagny taggart, the good railroad executives. all of the political imaginations executed by wesley managed and all other government parasite are because james taggart is pulling the strings with his old crony capitalist schemes. someone above, we looked for an analogy to james taggart, we happened on a fellow named angelo dicillo. is that it makes for much of anybody? the founder and former ceo of a company -- countrywide financial. countrywide financial was the poster child for everything you could possibly do wrong in subprime lending.

after dicillo secretly sold his stock in 2007, the same week he gave a shareholder presentation saying everything was fine. from that .7 months later the company lost 80% of value which point acquired by bank of america. i'm sure they thought they were really getting quite a bargain. what turned out there was no bargain big enough to buy countrywide financial. not only did he carry a know my abilities, but bank of america is still paying. two weeks ago they paid $8.1 billion to settle lawsuits and regulatory complains about the fraudulent documentation of countrywide mortgages. let me tell you how fraudulent some of these mortgages were for someone who thinks all business is noble. it's not. some government is. a lot of business isn't. countrywide $1,339,000 to a part-time chicago housekeeper

who made $200 a week, $339,000, and after receiving the mortgage, she went home to poland and never made a single payment. $350,000 to an electorate california's dairy worker making $1100 a month. $390,000 to a woman unemployed since 1988. now, why would anybody lend money to people like that? it is simple. because you make a fee when you write the mortgage than the actual mortgage itself gets transferred to all of us, through government-sponsored organizations like fannie mae and freddie mac, thus the connection between angela mozilla on bernie frank. the unholy alliance of corporations and government is what ayn rand opposed, what atlas shrugged is about. that could make you are bankrupt

companies and corrupt government is together. now angela mozilla was no deep in debt with fannie and freddie is ridiculous. countrywide had an exclusive deal with fannie and freddie to pass on toxic mortgages that are going rate and why anyone would want that i don't know, but skin and freddie did. it's because there is a program for countrywide club vip loans known as friends of angelo. this is where influential people in government were able to get long-term countrywide on a specially favorable terms. they'd have to be pretty darn favorable. when you get $330,000 to a part-time housekeeper making $200 a week. they were doing it. ltd. the list of people in washington were beneficiaries. this week that a who's who with some of the sterling characters of our age, such john edward. some surprising characters who have actually survived and are

in positions of special power. senator kent conrad with this very moment is the chair of the senate budget committee. i love this one. chris dodd, the guy whose name is part of.frank, the financial litigation bill was necessary because the stuff blew up. alphonso jackson, secretary of housing and urban development and this is the best. daniel h. mudd, the guy who grew up having to deal with the famous saying your name is mud. he was also the chairman and ceo of fannie mae. so this is what we libertarians need to watch out for. the unholy alliance of government and corporations. now, to draw the contrasts though, i don't want to leave you the idea that all corporations are bad or all

bankers are bad just angelo dicillo is. the hero given the most loving treatment in my book is a fellow named john allison. he is the former chairman and ceo of the bmt, one of the top dozen banks in the united states ranked by assets guys. they're absolutely dominant throughout 1370 united states. so out here you won't be a branch. but if you're in mississippi or alabama or washington d.c., you certainly will. allison built bbt i'm utterly different principles than angelo dicillo the countrywide. cruncher i grew up in the financial crisis, caused the financial crisis. bbt totally survived a financial crisis. and jpmorgan, village to large banks that did. how did allison do it? allison happens to be a ayn rand fanatic.

in 18 to five when he became ceo, yes to shoot a policy of having the sole executive group read atlas shrugged. he treated a statement of mission, purpose and values. i have a copy of it here. this is a remarkable book that i'm proud to say this is described to me by john. speaking of inscribed by john, after i'm done there is going to be a book signing of my book at the laissez-faire booze and john allison who is he will be speaking at 10:30 on the financial crisis. if you would like to have not only the author of the book at the main subject of the book sign the book, we'd be happy to do it for you and john is a wonderful turning man. i bechard has been a best-selling book, but there's 30,000 employees right now in over 25 years, who knows how many hundreds of thousands of

copies have been produced. this book embodies the famous speech at the end of atlas europe. this is basically a summary of object it is on on how to apply a business. all 30,000 bbnt employees are based on how they are complaining that these randian ideals. i want to quote to you from this and tell you where it bbnt statement of purpose is. have you ever worked for a large company? enoch curt a statement fire, is to serve our communities can i save the or something like that. here is bbnt's purpose. our ultimate purpose is to create superior economic long-term rewards for shareholders. we are in it for the money. who knew?

[applause] folks, they are all in it for the money. this is a guy who is honest about it. what happens when you are not honest about it? instead of having 30,000 employees your 30,000 lawyers. it works for countrywide. don't try that one. be honest with your employees. this is a noble mission. we all want to succeed and make money. we understand shareholders have to make money. just say it. there were 10 fundamental values that support this. i'm going to read them one at a time until you have this helps bbnt avoid the financial crisis. number one is reality. why say that, right? toilet in reality? do we have to have respect every phase of our lives? angela mazzola didn't respect reality. the people he ran aig didn't respect reality.

i don't know what fantasy world they were living in, but you look back at some of the stuff they did. it just makes no sense. he was not about reality. it's a reality as their prime virtue. their second virtue from every employee down to the teller line is reason. starting to see the ayn rand connection? what he should call her philosophy? objectivism. she says i'm a philosopher or reason. this is what it's all about. reality is what is out here. reason is what is in here, ritual for apprehending and dealing with them profiting from what is out there. you have to use reason to run your business. aig didn't use agreement. what did they use? fancy computer bottles that wants me for that year that worked really well. maybe if they turn a few more greek letters don't work out. the third virtue of bbnt it's independent thinking. how about that?

advanta want his employees to think independently. let me tell you what that meant to bbnt. while the entire u.s. banking industry was figuring out how to compete with countrywide and earned those big fees, in other words, to be short-term greedy, what were they doing? inventing all these crazy new exotic and is non-toxic and those mortgages consisted of things like negative amortization and you could do so could pick a payment. this was the way all banks in the united states made their money in the 2000, except for bbnt because there was an independent thinker who wasn't even particularly high up in the executive hierarchy. that said this is a bad idea for customers. were not going to do this. john allison did make that decision. he said i was the right decision. i trained this guy well.

these guys didn't blow up the world and they didn't blow up in the world pull-up because of independent thinking. next value is part of dignity. probably nothing is to be said about that. the next dishonesty. of course thinkers are supposed to be honest. let me tell you, this honesty pervades business, especially when you buy at the beginning with the purpose of the business is. this honesty pervades businesses when you come out and gave power to you perks to look the other way when somebody fudges and bends the rules. that doesn't happen at bbnt. the next virtue of his integrity. it's one thing to say fancy words. let me tell you how to put this in practice. if everyone you remember the supreme court k-kilo decision? this was the decision affirming the ability of governments to

seize private property and handed over, not just for governor use, the two handed over to other private parties played for real estate development. scandalous, scandalous decision against property rights. when john nelson heard about that, he said there's nothing more fundamental to a banks and property rights. we can't support this. what are we going to do? i know, let's declare that bbnt will never make a loan to a real estate developer to put up one where corporate or in property acquired through eminent domain. [applause] now it just so happened that the guy got about a million letters from customers, saying, you know, yeah baby, we do go. there's a banks with integrity.

i'm sending my checking account to use. steve can do well by doing good. another principle is justice. it's very important for a company like bbnt. lots and lots of acquisition and evil and merger takeovers. a very hard thing to do because i'm a big company like bbnt takes over little company, the employees of xyz are afraid to lose their job. i bbnt they look at the employees and say okay, you were in that particular functional area and you do it better than the sub nine incumbent who does that. so it's only justice to give you the job. that means bbnt a preferred acquirer because it can acquire more predatory companies. justice has another meaning. bbnt is in the assailant, an area where racial discrimination has historically been a big issue. racial awareness is obviously big issue coming national

obsession. let me read to you from that book about what they say about their policy on race. at eent, we do not discriminate based on nonessentials, such as race, sex, nationality. is that cool to colorways nonessential? it gets better. they go on to say, we do discriminate based on competency , performance and character. he's got to love these guys. now, bbnt is the think that atlas built, absolute bulletproof. came to the crash so i'd like a rose, but there's a tragic end to this story. the summer of two dozen after lehman fell in treasury secretary henry paulson came up with t.a.r.p., during a tour for a week. where was hotly debated and

among the american public, john allison to keep your courageous stand opposing t.a.r.p. the fact is his being didn't need it, video posted in general. you posted on the grounds of moral hazard him on the grounds he didn't want to see government taking in the industry including being keen. then a very sad thing happened. when t.a.r.p. past, henry paulson had the idea that if the treasury said okay to think music, the sun doesn't come in the sun does in this one doesn't, all the ones who did need it with the identified as pariahs, depositors would run. you know were going to do? all of you in this remark sake that will view of the medicine because we don't want you to know which ones of you are sick. so, what was the medicine? that medicine was that the government became a preferred shareholder in your bank or the government took options on common equity in your bank. the government using it any two

and 50 page contract for the last sections of the government developed in the future, rules for executive compensation. further, the government might come up with other rules with respect to you, tentative contract you will not question. bbnt had been audited the previous week, passed with flying colors. then one evening, bbnt's regulator met with john allison inside you really need to sign this contract. he said i don't need to sign this contract. my bank is absolute bulletproof. you just audited us. and the regulator said that was last week. we've changed the capital requirements. would it be changed into? meagerly passing capital requirements. we don't know what they're going to be, but we know you didn't pass. please sign this. what is john allison to do? is a terrible position to be in a nicely morally opposed. if he doesn't sign that, the government destroys the bank.

so we signed it. he is now the former chairman and ceo of bbnt. he is john galt, walked away, retired. when john galt last economic world he became an agent for morality of capitalism and that is what john allison is doing. he is endowing programs that dozens of universities throughout bbnt's footprint in the south to teach the morality of capitalism, were assigned reading is "atlas shrugged." [applause] said he is doing the work. the last rant carrot for in the real world i want to talk about. i'm going to end on a negative note that the villain, back to the fountainhead. everybody ran to the main villain with ellsworth to be? he was a socialist.

he was face teaming dwarf. he was a newspaper columnist who used his column to televise them in the early good you guessed it. i'm talking about paul krugman. [laughter] now, you can't make it up stuff, the analogy between krugman are so striking it is just downright eerie. they are both socialists. he says quote, an unabashed defender of the welfare state which i regard as the most decent yet divide. he said he advocates a state that offers everyone underpaid additional income. they both hate rich people. krugman once wrote that rich people must be defenders of the downtrodden otherwise they have no hope of quote unquote justifying their systems. so we have to kill them if they

disagree with paul krugman? there is a little bit of a hypocrite thing. are we surprised? paul krugman happens to be a very wealthy man. it's a million dollars home in a million dollars apartment in new york on a multimillion dollars estate in princeton, new jersey where he teaches. if it is a 6000 square foot home with 12-foot ceilings and music room and have the fire pit outside where he and other princeton faculty members have been known to burn an effigy various republican politicians. so he hates the rich except for himself. julie and krugman excelled the incompetent at the expense of a competent. here's one of my krugman quotes. the official ideology of america's elite remains one of meritocracy. that won't last. both julie and krugman are simply outraged buyers. no less than did not pokhran, the public editor of "the new

york times" one-stroke paul krugman has the disturbing habit of selectively citing numbers in a fashion that pleases his acolytes. they are physically very small. if napoleon complexes. freud said anatomy is destiny. i agree with that. krugman once i'm not an imposing enough person to be inspiring. "newsweek" once called him gnomish lee hanson. [laughter] i agree with the gnomish part of peace. so what i want to know is the reason the bush tax cut, he said they are a step on the way to a system which only the little people pay taxes? you be the judge. i report, you decide.

group and is also probably a little crazy. he wants her daneyko, and the economic theories no vote been influenced by my relationship with cats. this explains a lot. okay, this is the part where somebody said, didn't he win the nobel prize? isn't he a respect that economists? combine. yassir arafat won the nobel prize, anybody can win the nobel prize. all you have to be as a liberal or a terrorist. [applause] the real testament of an economist is whether you can make a correct or diction. in 1982 when krugman was part of the council of economic advisers in the reagan white house and he wrote a paper in 1882 when we had just come off like the all-time peak in u.s. inflation. he wrote a paper called the inflation time bomb, predict to you that inflation would

skyrocket after the world back into recession or a basically ever since he wrote that paper, inflation has been nowhere. it's been practically a zero. he hates big government deficits as long as they're in the bush administration and is terrified kukri by high interest rates. he loves deficits now a neocon administration. he says don't worry about interest rates. the u.s. has infinite arrowing capacity. in 1883, i create a project called the krugman truth squad. nowadays the fancy word for what we did with the crowd sourcing, where you use the internet, blogs, to get dozens of like-minded people to participate in a joint project of the project at the time is every time paul krugman writes a column, all members of the truth squad stay up all night, fact check yet, catch every lie, every error, every distortion from every other context

quotations, e-mail me with it. i'll have it published on national review online the next day for the krugman truth squad column. we did about 100 columns over seven years. it resulted in dozens of major retractions by krugman of errors and lies, distortions and missed quotations. but before he did that, it had to result in not once, but twice getting "the new york times" for the first time in its more than century long history to institute an official policy under which its opinion columnist are obliged to correct the errors. they didn't have that policy. [applause] now, let me tell you was so powerful about that. when they can't lie, liberals have nothing to say. [cheers and applause]

i just got the two-minute mark, so i'm going to end by saying that i had a personal experience with paul krugman that wasn't entirely pleasant. in the midst of all this that i've been talking about, i went to work signing of his and i listened to him give a lecture to an audience that hung on every word. at the end i went out and hunt them describe a copy to my boat. i identified myself to him. the next week, he went on national tv and said that i was stalking him. stalking is a felony. he went on national tv and confused we have committed a felony because i paid for his work and asked him to sign it. no one ever tells you what happens in the age of the internet when paul krugman accuses someone like me have committed a felony. for the ne