neighbors x there's sething happens. thnext thingou wldow eouay d t yb a exng y , lot of people heard it. my dad used to call my mom the community radio. [laughter] and imagine, i said now my dad will call me the national public radio, don't you think? [laughter] bee maisst ipt tre ys dic iwh i en endell stories or reading his book, i lose track of time, and i've done it again. we're going to wrap up now. wen, we've run out of time. sorri didn't want ave time for questions, i'm a bad der. ano fom a an'srioks tha you so much. [applause] thank you.

>> next on booktv, the rise o deca isdrcreedtty of the past tisuthour and 15. >> thank you for oin a is david andrew singer, associate professor at m.i.t. in political science. before he intoduced the speakers i want to say a little bit about the form of this event. we're going to start with faster cotsra w housed saking aou and a mental open up the floor to q&a. during q&a we ask you come forward and use the microphones available on thefloor.

so fir of all, we're happyt have pjri today. he's the chair and government business relation and university of texas ataustin. senior scholar of the economic to two and chair of he board of ecomis feaad cu aobposl twanit a column and commentary in many other publications including "the texas observer," american prospect in the nation. the new book which we'll talk about today is "inqund stit s oe d omstore tci other books include the predator state, how conservatives abandon the free markeby the brushes to come the balancing acts, technogy, finance and the americ fture andreted pa.a t cris iamca bocotenuo rey seat d today today we ask you beat for

approximately 20 minutes and then we'll move to discussion and q&a. thank ou. >>nk v,r singer, soon to be professor wellhausen university of texas. on the day when the election results are in for an and grece por od a ea m to a changing s the world of unresolved economic crisis, and certainly very pleased to beere at m.i.t. to talk about abotat

y oe eshie vao the on-site at the events with which we are faced with. and it's certainly a pleasure to be back in cambridge, which as you know is my o stofcoc nli has been a coming thing and economics only for the last decade and a half or o as brdormn years following the end of world war ii and the postwar. come on they began to catch the interest of the economics profession inthe 0en eaclr hiswr an, t w developments of interest in

particular would affect inequality especially in the united states any worse. over the years sinc and paicullyth9 e developed a dominant narrative on the subject in which the classical eonom notion of supplya mndtordinate,s to say there developed in literature next donation of inequality that is based upon to knowledge he and demand or imraaded tetion and the decne ly illed labor, considering wose is to operate in the labor market, but operating in ways that economists understood to be ma dn erly microeconomic,

they suggested that the environment in which these were operating, substantially so contained labor market might you thnd cel thbtn described. diffusion of technology, migration of orkers, trade in goods with differing compositons in th labor tt puts them togr ou tthjuf omliterature today and ask how you would be able to classify an article on macroecomics and inequality, where do you find yourself such assica? sy rid in about the problems of inequality in those terms. with it something i've been

engaged in trying to change for quite a long time. i did a book called created uaeces icayi19w ewhe literature, particularly focusing on the united states and came to the conclusion that the narrative frewk was noquate hain tonedta ly have a much clearer picture of how inequality -- movement of inequality fit into the ongoing evolution of economic conditions. thbeqlan stitxt oto the world at large. and it does so in the first instance. as t earlier work also attempted td,blding on

a very substantial project of the collection of information and data, a measurement, of inequality inhe movement of inequality around theorl igi tbh ttuoonm mbe actt esayer, about the proper role of information gatheringat the root of ths kind of project of nry asestbvly to realize that in order to understand something about the movement of inequali you had to have good information on it. very capable eople had done a eaalfnttind paul ie t s ae orld bank and later i wager in helsinki, the

world institute for development ecomics reearchchors mb the massive measurements, surveyed measurements inequality in the world that do not point. the problem with the work was not in the collection of the data, but in the fact that the origin or aaa a chnuhel ur wwain on. one is that surveys re expensive and they work in many places where so that long. those years upon years in which asver ultyw not taken in countries around the world and second they were surveys did exist, the object being sueys were often quite hemorrhaging to say sometimes e eys ith inomend nde lngt omtepts are not

consistent from place to place. not the fault of anybody working in this area, but a poble for scholars attempting to work with ane heseceong ta collectons at was that the literature built upon this work is quite indefinite and what seemed to show. in particular, what s the great ecic echfa ult ti inequality to income level as the development of a process progresse state aid and iatuallyhave woershexgef esdewiau el talking where he wrote to me in his view he was right until he was ebright at me more a knows paul's view is

asonle b onhe ens asntee. e lsagl literature, which weighs empire by the rorschach test quality of the information that te em waal ere iequality and to save to a more rapid rate of growth or with a higher degree of inequality fostering savings and investment, the tter wellspring of stronger economicpera. st oecoc research. what we did was to find sources of information which had not been tpd prove urtseliyad tu oob different to be very easily drawn on

osayou d inlian calculated. i won't go into the technical details here. they are readily available. however, i will lk very briefly about whatwe found ewlvladte little bit at the national level. at the world level, it turned out that this work -- my work strongly validate same in business quarr,hich ithat thng cebehi uasetth transitions in the process of economic development and change. and in particular the changing patternsof industrial

devepmenagte tola. i tylization of that argument, which holds that if you are in the initial phases of sa mgmiy development, that i me ries because you have the differential between the factory in the fire. that differential tends to moderate and decline in the oces o dizn agltcnyecause you have ongoing processes of the growth of democracy in the process of development. in thatsorytl mbe substantially true. we still found for their britches countries, countries which are supplying advanced

techlogical goods and financial services to the world ecomy, a period of strong economic gwtrii e an yav relationship in which income continues to grow rapidly, inquality actually gets more extreme in countries like the united stat. put innhelln ey yl n,the argument they made in the opening part of this book, in the 1980s in the 1990s, one had prbabla following phenenonppead in ray.ncome is vas s sg owth of income, particularly in the u.s. in the late 1990s as a result of the credit and equity driven bot and finance,ncom equaty gw iy.

mufherlus edb rses,cause of the stress of high resource costs and low commodity prices for those who were exporters, things nt backwards. and if the model is crec ctuy er el d iat how so you have kind of -- it's a bit too simple, but still an explanation for rising inequality under the conditions in the entire world.

x in 2000. th ie odt ge s rs h pe l i d cl t the super crisis for much of the poor population of the world. it's interesting that this measure of quality colin it's almost exactly with an entirely ca cast iet of measures which

quity as beten t coies on the weighted basis and the same pattern that you take the profitshare up in the oecd countries. they all have the sae tuing intnd t aepan refr98 0. thgestt movement of any quality is not something which is idiosyncratic , dependent upon the policies of individual countries except in some cases where countries tid isole thmlvrte co lbal c which was, i suggest, driven by manly changes in the financial regime. that is to say from the early 1960's to early 71 founder to inhediomind iu ia si credit bust around the world latin america and central europe, soviet union, for soviet union and asia inthe 1990's and

thats aave ed ri ialhch n yps o a as we can tell in 2000. i do have data on what happens over the period from 2,000 util the present in the united states and at we find i that there is kind otper i ceba o that momentarily. the ability to measure in a quality in a lot of different wa nqal ies ao ua f wage structures depending what your ata source may be enables us, enabledme and mymostlstudent assistants wotoo study of a number

of important economic relationships and to call into question in certain ways soe otheaspects of the economic on ic hinkhe ime vedywsla europeans has been a claim that the united states holds an advantage in employment over europe because we have more flexible lbor markets and the claima eope ufrsm rollghmpencaofcmmitmnt he egalitarian wage structures. that is a proposition that depends entirely upon the frame within which you are maki the comparison sute. ave look inequality in relation to employment inside europe. we find that there's a very stable systematic relationship in which countries would with

more the egalitriawage unoyt er nw oy prm tth ouries with more of equal wage structures. and it's very good idea that even in the conventional economic theory why o might expect thatto be true. pele who are again, equal baoploo oobed e aremed it is also true the insight behind the scandinaum model that countries which have maintained reasonably compress wage structues tend to attract better industrie and so their itlsnttue a incoml it has often een claimed that the wage structure in the united states is radically more unequal than it is in your upcoming and the reason that finng comes dienhtexi betentho e countriethat are very

large the rhythm of the national investor what portfolio investor what you find that the inequalities tha exist etwe fo sustantial and calculate those into the next their larger than those that exist in the united states. so the ability to look at thi problem with freshee d eshifronofvr kinds gives us the capacity to say interesting things about the world. coming back to the uted states and i know my colleagues are political scientistset me say very briefly sometiut erltiiptwn e eqtyoit outcomes are conscious moving into a territory which has a great deal has bee wrtten which iseesgt rtarthquality of

american states and whether there was any systematic relationship with political outcomes which are certainly wohy orio wih art it em t american states that have high degrees of income inequality which of lower voter turnouts. not a surprising finding as you might expect in th ituatin suss v o h poous it's not exactly out of line with historica experience. we also find more interesting perhaps more subtle anmaybe more eabepoont abo tast best itn er interesting paradox in the political science literature namely the finding

that while which people tend to vote republican rich states tend to vote democratic so-called bellmonpaaox do wetw abe explain the relationship gilman has as associates now and it does turn up if you measure in the quality and a special sene okoueeoli tjs eesf me hte loced across the state's and they tend to have less of a relationship between income and voting meretseaoctce ey ca oe lights on some interesting phenomenon in social science. heres by way of suming up a untanc eqtyofhto

as a a data in the united states the unequal the measure in this case which tracks very closely ought standard measures as taken by measuring inequality across the un hsd s rkistoh pakd rual after 2000 the stock market reaching other very precisely not only to the peak at t same timethey also rise so're yvonee ua i the united states is strongly reflective of the incomes of those of the highest part of the income spectrum those incomes tend to be heavily dominate sto optns a reat a aili in i paid to company executives out of the proceeds of ipo in this period you're

looking at the two measures of exactly the same phenomena. and you can verify ti rtelowontiomr iftke out just a handful of counties the measurof inequality i nsabes coes y n york plus three and more than california silicon valleys in francisco, santa clara plus can county shington seattle about half of the increase in ineualityin the 1990's t gosa whtunst oehi represents incomes that were extraordinarily spatially concentrated for the obvious reasons that the company's were achieving the hihest income games for theirtie b tte financing or

the silicon valley firms that were receiving the money. anis tat20the the ea a map its just been produced that shows the movement of any quality across the cntribution iiduacounes t inlinh tes tinanal cter f the late 2000 extraordinarily important of the incomes in south florida and southern california and other places thhuin boom and of those voting against housing which is the source of the dhaka that led cosion is the work that i've

done in this book i think tells us atqtcoc aby tho io e phenomenon. that when you see one, you are seeing a repsentation of the other and this is perhaps the single most mpota en ont a r aic discussion. we're live in a period in which we find that t instbili of e ncolin att isil ery rgepas of the country

here and it turned around the world are serious indeed and the likelihood to be political, economic and social if we dn't dealith emquy on t yerch nowe a going to discuss the commentsy rachel here at m.i.t. she is a spciist in international ocaon alt htha ecexis t relationship between governments and multinational corporations in particular in eastern europe and her emerging markets. so we will pass it over to rachel for comments and then we will invite your questions.

thofe'sk by that cpes of aie ase outside after. >> thank you so much for the very interesting presentation. and the book has s much and it's very rich and groveling i ghwo trt ifre praising you and say thank you for the data collection effort you put together not only collecng the data but playing a relatively straightforward metric to find entiely new sources ofnyqaesatreefnalds research agendas. and what is particularly important about using the geographic variables to the gephaca ve llows us to identify identifying what we even mean by the concept.

in addition to understanding what the any call the mit mean for the outcome of interest. the ate also alwfry odllofcnc ory. in the book you find a summary of que busbee five to economic history, argentina and brazil with a very interesting ways to gr ih oiety by thec ow tobut measures across the specters and geographic regions. what this data the new which is aew topic you thikyou aly ha sometoghta three deutsch is the inequality, and there is a consistent and strong corretion between meases feon ua

d urfe finacial utilization and i mean this growth of the financial sector a lot of growth of the sectors that use venture-apital so the specters thaare directly fid by a fanci sector keg with this enhanced the book takes on three topics at once. this idea of evangelization thheut a is that financial the nation is making a the largest sare of inequity, and this industry that inequality is leading to the is atnal itis tio inlihih oig he crisis although the factors built into each other.

to make this argument that there exists change we need to ha o thgsi hnkde ee make a bid for the important part of inequality. the need t know thaquy ofecfeotes stabity. that is why i had inequality to this change come why not focus on the fancial sector issues cr. that it relating to the on hispoth highlights the other questions to which the data is applicable. succb this financial position keen to inequality? ishe k te ovt quy.

academic literature provides that the determinant linked to inequality, and i don't se these considered ithe ok cessily r plez heicto h country the partisan balance of power unionization, redistributed welfare policies come all tse kind of factors th couldb eratinon te e l loleth eidu vad regional level different levels there are less factors out there that really can go to help explain the existence an the changes inequality, n e ok asiosat ," and that financl factors explain a large share of everything that can be explained about inequality.

but my concern is that without addressing thedetermints of the al then' loor state policies in determining the changes that have happened over time or the possibility that macroeconomics phenomenon migt be operating through local d ateee li. thougoing into too much detail, the idea of a worldwide relationship of any quality is stattimes euse of the . of hhe seem plausible, again without considering the other factors i'm not convinced that all the other explanations for inequality are not playing a role as el. ymineit e ex t financial

addition crisis providing an important service to the economic discipline and to the kind of public's spher to emphasize it was algt ot asa ntl hede p attention to what might be happening in the future. i would really like to see how usli nequalityicu edr ad post and other historical periodsor locations in the world. but on what kind of hallenge that maybe we ne not insert in eqty it e aie ncza ciis ife leave out inequality, i think we can tell the narrative out how we and many commentators have told how the

recent finnciacriscme to ntr i ght toitdingneqlity to the story does do is again, providedthis kind of beacon that allows us to pay attention a distribon measurements diul s economic outcomes. paulsacgaas i mentioned ork i indeed many research agendas by which the measure would be useful. the general issue with the books the empirical chapter is have the models used to estite the cteuy erouesfret are and this leaves the reader

on sure as to whether it is tharovivty imy inn h and provocative policies not left with enough of the debt to be sure if they are supporting hour not to read in the chapters on politics that model of choe inhe voter turnout can for ex ueoorvbl om rrcte field. and a very interesting chapter looks at whether democracies are more or less equal than other types of government regimes. is is imortant in sy tiss oaoe alhh pro tit dthqiof comes our results of the government regime or the government regime is because the inequality of come. the way that ever is coming

n these analyses and it's very important and indeed one of the reasons that kind of mmentorsn u ts feesng cri that are supposed to be part of the same unit. but again the argument the labour market subset of these agnncelated to the unemploent us fh under specification of model and unconventional methods and kind of an unclear ole as what the other forces in the internatnal economy play ke inrnatnaade,or crscrn depreciation. suggest to conclude then, th data put together that formed

the backbone of the but the ma major condition andryol encourage more researchers to the role of an equality in their questions. this means fewerproblems of the variables for all the rest of us yi to tanes tiscea economics. it faces these problems of not enough to really cut the meat on the bones with the answer if you cr at in pursuing the lead in any quality and stability on a time period and full model specification of the instances of the financial crisis n histy aidee alhepot g

atcttst quality can add to our understandingof financialization. >> thank you comer rachel. professor, would you like to respond? >> there's acouplepo i ra tacorn o simplification and the licy factors and detrmining what happens theeuy ur wiayor each of them. on the simplification i would plead no contest. in the work of this kind which is in trends ackle basd ar oeapcin wsues it would be extraordinarily ambitious to do the work of the application of that material and it's not

something that i set out to d, and i'm sure tt aos hpoth oepit omrlet r n t up and make of it what they can. on thequestion of state and cal,hernsbe teio dlo e d local i think that the fact that there are strong regional and common in the dathat tells on anithg ve dfnit nihent specific models. it tells you that horses are at work that may be in countries in similar ways and similar times. forces that affect countrie which areiaertain tiipth r onad dt we e

oil consumers and the other one of countries in the opposite revision producers and cditors in a different wa o t ala the fact that there are common forces that are pushing up in a quality and around the world does not necessarily exclude the presence of local forces and in fact when you look atheat mee ets vr me you see that there are significant exceptions to the pattern of global pressure. ina and india do not experience rapidly rising inequality with the ont of the btciis er on 1990's it is a sign of we're talking about is a global is the global pressuref those that

are on the country's that were cose od.tot dind i would add to tat the countries with strong institutions that were in some cas able to wistantee ess tloth fles o matter influences which for a stronger than impact by what's happening from the ouide. we have a comment about which of the pressure on inequality can be attributed the global or. acly calculation if you

take up the time affects that is the whole of the inequality goes away so it is getting a sense of how much of thetrn that one stti tmere as truism that is showing that things are moving in a common way around the world. final plant which has to do in the question of cause of the. i try and i don't claim to have thaft aiosab making the ausal cm some inequality after all in a statistical concept measurement concept is somethg that you calculate from a body of data and en to turnounda ut tolhm society strikes me as a risky thing to do. what i am trying to do in the books show the relationship of livable at the time in that

sense it is very clear that financial the season, the rise of the financial sector around the world of the efendants in exioo credit on the swings of the global financial sector is very clearnd very strong. i try to becuio a ib ulity per say but the models understanding how infected worksnd people have tried to come up with the model that is in the exercise that is engaged in here. > thank you. >>e weomur io

i'm from the security stdies og thi asnaot e t in france. so i would love to hear your comment on that in the conxt which i'm interested in your responses reflect my terest loroe where u.s enjoye o your work relative to the inequality hterfrnciv pf pe deal with that particular question and greece as well on this if you could go ot futen

aha utn. let's talk abou greece first because it that we are observing increase the disiteratioof gr icotry which is being steadily destroyed and doesn't have strong social and institutions after thedof ea 90. but what it has is being taken apart systematically. i was in athens in october and you get ld if you go to public hospitals you leave in of box it iatatonthi h thd s neteme degree and they are practically people there to observe them no longer functionally.

this is a very serious attrition because it is a travestyfor he liluo. id stiy the european system doesn't carry enough. it's more intent upon preserving the political coision in germany an itis in the nseqnce iniai otcoie as well. that is the outcome of the election of establish coalition parties where they are reduced to the poin where they said today tenondthe thha tew rising debt parties that we probably will not be a will to form the leaders in fance. the socety is much more here a asas a

itn of discurse and resistance and you have a repudiation in the government that this too complacenis metopr of a european leadership whose focus is on stabilizing its banking system at the expense of revenue trin u room and to take it even if he does. but is now in the position where he is i think basically expectedo start raising questions about stratey o hs w o ec t inl partner this is going to be very interesting problem for mrs. merkel she doesn't have

the same kind of troubland she might be able to get her and it elrathaspe ine holland. some things are moving. and i think it's interesting and tentiallyexciting. cad bsee t possibilities are not that great >> thankou. i guess my question build on that question and a couple comments each of you made. and it has to do ihtnth t rented nations states that have not en as heavily -- have not experienced the same degee of impact of inequality andtevipee ed denmark and one of

your graphs denmark appears as being relatively equal. so again, what are the oppotunies heone aveown osd de re still able to mitigate the impact of the naturalization with a variety of policies which is what is being contested now litically in greece and frce. there is note is e aerna? >> basically is there a link between -- is there a way to have oiticaleuy th cete rssr om eqtys i the united states we've both come tremendous income inequality and very little access to the political systefor people who don't have money and so it is in

acceleratiothe intensification of t rcssesta onrihro li is maintained and people make choices about how much inequality to allow blacks reon i e direct.nthe what s expressed in has been my favorite sentence in the wealth of nations is perhaps the shortest sentence in the book adam smith writes power as refence that is it possible to have public politics that is sent run out of the pockets of the financial sector? yes, it's possible you have ha tituste countervailing power that

provide the countervling power, but the public setor, the scientific engineering community, all need tplay ro andsainrl. cul til now at least has been possible for 20 years or so to have the best of of strong economic groh driven by banks and by the financial markets generally that they will enbadlynd at o ci b bseiwa fundamentally wrong on a deeply corrupt basis. was fundamentally wrong on the basis of mortgages hat the issuer's knew it wouldn't be paid commit to be renegotiated on the default. a ln period before wee work our way out of that if indeed that we do. the small countries that sweden has it experieed in h risg

areyas m. s h to be careful about using them to exclusively as models for the united states, and i try to be restrained about that. a country which is much arger itmoy over time and reducing poverty and inequality one can see that veryclearly over the next 12 years now for e three presintial i k y i sign that if one is persistent and develops stronger education, heth care, housing, that you can hve sociaoga arinson'ed e crisis in a case like brazil. so the answer to the question is

yes there are ways to do that but one s to be prepared to implement them et's say lot aca de quite quickly. >> i'm not an economist and an rab.eer and -- ie asejyr rva npr. what are the measures of inequality that your using and the measure of instability? caatroe roup dataneqlityi they are very readily available and the comonent wih a hierarchicalcoped n

is ouho m ry easy calculation of the dispersion between groups and that measure if the data is in a consistentlyoeiey mple iso calculations can be compared in a reasonable way so that is the strength of the approach enabling us t mind large lathiicn government records and in international relations records and to make calculations of inequality and that information. >> that depends upon the the data source is and what problems you areattempting to answer. abthn arer fe s aloking at basically payroll by economi sector industries, were you are

lookin at income by geographical regions in t co ddin tn y ta collection agencies in their infinite wisdom is the site. estimate your measure for instability? >> instability is just what say buemotntruie mtfar the data shows you can calculate a measure of instability. but i don't have a -- of not directly computing and measure of ineqality in a different asurof iabily inrd oprete. u oinasgle ries and asking how once did with this. >> i am from the pharmaceutical industry, and i would be re aok n

distributions of the differential pring of medications. i wonder whether your model can dien pngate callate fft contries like selling the medication to africa the price would bedfen ma y 1 dollar africa compared o more here in the wh aue enstalong the same fundamentals n the models

wo f cry like dubairii and in the middle east within the country the ccou 17% of the woers in the country, buwhen you measure the inequality, my concern is are you measuring with the ontr in national? >> the moment in time -- >> the measure that we ue for inrnational opri edn slisht and

jobs and therefore does not distinguish between national and immigrant labor,so a country gu oria ofr let's sapersian quy h ling the and planet of people who are not national at a loss of occupations, so i think tat is appropriate for looking at the economic structure of the country if you are looking at ciizthouldt ship ft take a different measure in a different source. >> if i find that those national occupy in a very high position. >> of course. woghr he economy's of deficience they have with the

degr working there and the >> i've got to be a little cautious, too, about not claiming too much for what you can learn about sme countries qua some places youta want to take the sourcesthat we use and approach them with at least some degree of caution alas hto e evaluated. mes i aut very difficult. pi movement? there is the enormous

inequality, and people are responding to writ not within i would saye u stlwere vo ts ulsyta e that they are approaching the political system is out of the two-par system but it's not in a non-pitical way and oefch outcome what i mean as the income inequality. it's not -- it's not there to -- i think that is the primary reas. i k aistsma tlnsssues b e, so why alana nonobservant europe would like you to comment on that it just kept hiing me over and ov again you coul colot i otheya thatthis i

standpoint of the people that are actually in occupied that are going to be the next generation of rulers. we could n henkek sy. >> there is a comment on the occupied movementf you look at the bk cover taken in tea d do think and we have sufferedundamental failure of the basic ison. wea in t ealg fuc longer than the economists particularly the

business forecasters prdicted. we look back n ,009 th an pctist d a mlymenby now we would be dealing with an entirely different set of problems, and that is based upon and had of the post wei tehr h nomy and the motion that nothing fundamental has happened. it's clear that if you look a lot -- if you step outside of the fecasting frame and looked ath ol ht we a lot in the financial sector out of control and to discredit itself in the world while at the sam time itnedtl

ndse nttigs ice gog to be repaired quickly removeto texas 25 years ago. it took seven years for that to cland are tko meg oththst the world to >> something you just said prompted me to be wondering about the impct of the war. second of the world war seemed to bringith it for whaever reasons admnn eqty tese e in ud es portnit, the much touted sort of building of the middle class. and you may have interesting

perspectives on this as well. reenafthn finally after i don't know how many years and a budget surplus the we hear a lot about, then there was t launchi of the invasion of iraq on the bush administration and huge amounts ininanro war and the question then other rises is it coincidence whether war is good or bad or what is that was the most recent fhe f hereteicn nqlor is it sort of incident with? >> a second world war was as you said fundamental to restructurin amercan cia lil ie

it created a world in which the american middle class had financial reserves which they didn't have a 1930's. from 1940 onward they did and that is in prtecausta edce t spent during the war and so they had the foundation for developing the ddle class thraqua that can ferws. wonebeeteece lder he another conflict of that kind of industrial scale. all future wars wileither be of -- iectn ct wwll t e nor aeonu ecet iraq experience was such a debacle, but the validity of that kind or theywill have an element of

instt of liberation that will save us l a t o trouble. the actual consequences of the iraq wamet in the economy were so far as i can tell quite transitory. in 2002, 2004, you do seome us sef oow eopnd thinme differentials benefit one region of the country over all of the affairs. and that, guesswhat, there is surrounding washington, d.c.. so you are lookingt th governntndinths que inic adstonye rty ovg the values of the democrats in the country. and then that stays out basically. the phenomenon in theater part fiia etr thar is much mo rtcountry by the

housing bubble. i think t probably answers your question. i don't suspect we will go back -- tseenher n a se o thny ieso dt vr >> ghanian an mit student from i'ryneed r i u io ois sian countrto remain in that position that they are in in the years to come. can they actuay keep their position in the world where they thyou. them as equals >>reti iitn e scandivian social stem and a large pool of offshore oil. i congratulate you on thatad

unsolicited calls from the press asking the texas economic miracle and i recommended to all the state's holding presidential primaries the lare pools of cae scninavn untries called on to the institutions if they are determined to? i think that is a choice that they would make or not meet. that isn't entirely clear to me en parcularly some recent veen with political systemof the countries will in fact choose to hold on to the institutions of the social craticea.

stomaches it possible for a country like ours to reach a pinpoint of which the income epns? power idifsed d that encompass on the supreme ths liac t alis e possible. >> i'm not going to go that far. the situation becomes very armid single oh constituencies in this area and this will result ofthe theology. and i think we saw too much

contuityi heci seor fm bu to obama kutz very clear and to come to grips with the need to reform ad fi o but it is a tax to read the truth is they were private and spported by the state and become the kind of dumping ground for the place inutbseve. all other nancl i ataet them as a private sector. this is a pat of governing coalition that is causing normous damage. i'm not going to say that we never arrive heoi hr coy de and achieve. it did so in 1933.

it got a lot of benefit out of that and on hul d beg opmist are distinct. >> you ere saying where inequality might lead to social fwea n heithat i thinkwh we seeing any rise in state fascism? i can actually seeing the overt reaction from the government taking away ou constitutional liberties? athati e. tintynfactu at i happening is we are getting these laws like the nd aa negate the right to a free trial or even chaesbaithnditten

thaic citizens and where a the director of the fbi when they ask whether he's alive to assassinate american citizens he says he dosn't knw. these thin jut rt opunc me it's kind of lead to social instability. what about the government overreacting to the kind of clpdown actually to ockown e oy. ismosm'term use lightly. but i share the anxiety and the liie n basic rights andhat we procedures of justice as