>> no, one of the reasons is that everyone knows of macarthur banks. and i have written about this. if you look of the central banks in the world, they are doing the same thing or a to convoy and people don't know who you're they never come out. talking about aaron this individual died and no one knew who he was. what if they stopped by -- that no one had really known what happened to him. he faded a faded away. on the margin we need real so try to get that in my book. at-risk investment to buy a trillion dollars of debt a year or maybe even more. >> his newest book is trickier. i think that is the day of reckoning that can arrive. if you go to can see many videos >> okay. with victor davis hanson talking about is love, as well as a longer version of him in fresno [applause] talking about this book. >> you are watching the tv on

c-span2. here's a look at our primetime lineup for tonight beginning at 7:00 p.m. eastern. our court systems take revenge >> booktv attended a party in into account in the adjudication of criminal cases. and then eric schmidt shares his washington dc. mr. stockman made informal view about everyone being remarks about his book, it is digitally connected. about 40 minutes. followed by her weekly "after words" program. his lookouts are in trouble, the birth of the 21st century. and it concludes with 11:00 p.m. of attorney general edward levi. as a booktv.org for more on this weekend's television schedule. >> how often do you do things by >> it comes from the decision to chris? resign from the saturday night massacre, which should be called >> they tell me when the book is coming out. an involuntary manslaughter, [inaudible conversations] because nixon didn't tonight.

>> remember you talking about. he just wandered into it. that is great. some believe that the president i also have this. has the ability to control everyone and fire and subordinate herself. interesting thing is that we have to have the ability to includes insubordination on reform the title. national tv. whether a president is wise to exercise that authority history to decide. this attorney general had promised the senate that he they have all of this footage. would maintain the special prosecutor in place. and he ought to be how to resign they are going to say, who is this guy. when nixon asked him to fire the cost. but he had not made any such promise and he thought he was [inaudible conversations] entitled to dig his own grave. on sunday morning i talked about he also thought that he should a little better. not appear to be part of this. >> yes, you were on bloomberg. but i've seen you on cnbc. the deputy talk to my

resignation. [inaudible conversations] >> they had become an are you the line of succession and the department of justice after the solicitor general. sit down and all ofa t. so bob had walked the plank on department of justice would've been leaderless. no one knew what the president might install. and we talked about the apocalypse. [laughter] that was great. it is crippling the department. >> hello, how are you? >> oh, good. he quit in protest and he probably would've been treated as a national hero and onto the >> scheel is there. concord 1987. perhaps he would've been >> okay. appointed in 1976 with john paul i heard about that. i can tell you that i read your stevens. he was on the list that edward book and it was wonderful. leavy sent. >> it influenced me. >> okay, it is such a great

responsibility. so he stayed in office. >> okay, good for you. he was so determined not to benefit that he turned down the opportunity to be at point it is attorney general and the chance to work from the attorney general's more elegant office >> well, i will give it back. and he avoided the attorney general's private dining room and he even turned on the attorney general during the time >> is that right? he was acting as attorney >> okay. general. but everything bob says in his there is a lot of work book, he said in 1970 as well or available. [inaudible conversations] it and the people who work with him they tell the same story. >> i'm on the warpath of the current budget. this is consistent with the man that i knew for order years.

full employment, gdp, we hope considering consequences before acting and absolutely honest. the economy springs back or that is what it is about. he is also the funniest man i ever met. that didn't come through in his you stay on the path of 1987 hearings. but the book is full of his wit. potential gdp forever. the life of the solicitor it hasn't happened in the last 13 years. why are we using models like general in the light of the this that results in a judges react. other people decide what suits projection. to bring and we controlled the supreme court. what petitions to file responses to file an oral arguments. and we also decide and the and i don't see how it will get any better. when you do that, we have this solicitor general has the story area and i'm not trying to make it worse. authority to decide this and the >> okay. [inaudible question] ability to learn fast.

it has never happened in human history. and it includes litigating division of, antitrust, and >> yes, we think the economy is going to grow at 3% on average. natural resources on the environment. they make rest recommendations >> we had 1.7% since the first quarter of 2000. in the department of justice include those people who want to there was 3.9 that is nominal. include prisoners. this is also what we had last three years. it is pretty ugly. >> thank you. somebody has to resolve listings. >> okay. i saw yesterday. the solicitor general has to resolve those issues personally read. you read the op-ed and then i

heard this. and also to hear presentations by private counsel. and it can be heard by the solicitor general personally >> it is an attempt to be before the united states in the sprinkler. bob prepared carefully and ask entrusted with the public dialogue. things about the reagan era that questions and as he said, he republicans believe -- things tried to advance the positions of the executive branch. about the new dl. i never saw him favor h own position and misunderstand an argument. >> you can watch this and other programs online at the tv.org. there was an accidental massive >> charles johnson is next on stimulus they didn't realize all booktv. he recounts the tenure and the veterans in the nearly subsequently disregarded. this is about an hour. 3 million never see them are so desperate. they thought that they would be over 10 years. it was the equivalent of a

>> and want to thank you all for coming here today. it is quite an honor. 1 trillion-dollar retail that took off. i often find myself wishing that i were in the company of people that i meet here. and then the veterans sent her last hours. and i truly wish that i had and it ended and it had nothing known i had applied to school to do with the treasury many years ago. secretary. calvin coolidge was her last classically educated >> so when you talk about this, you said it will be constrained to wall street and i wouldn't try a that. but my sense was there was enough in the equity of community banks. >> this is putting 11 trillion of asset balancing. there is 100 billion of

securitize mortgage debt. which is nothing. it is like a 10th of a percent. >> it would have been written. >> in that case, i am so sympathetic to. >> okay. >> i'm sympathetic because they were panicked. they couldn't could have looked into it. they could have realized that all of this, all the cbo's come all the rest of them, was either on the inventory. >> i call it what they

instituted at. >> if they had known that, they probably would've said the same thing. >> okay. >> i think it is a very well-meaning thing. >> these guys know what it's like. they are doing this, and this guy got himself all hot and bothered and sweaty. and all of a sudden he basically thought he was running the world. and they took over. i call it an internal coup

d'état. [inaudible conversations] >> is part of the call. i think i laid it out pretty well. our industrial economy changed. and they think that the pflugerville was part of this. here, we were basically a huge importer area it bottoms. it wasn't good.

>> how are you? >> it is good to see you. >> does this part of this. how long were you there? >> six years. okay. [inaudible conversations] and i was part of transportation and financial services.

>> that was the late 70s. they were having all of these battles. it is a pretty interesting thing. so if you're going around the country looking for places that speak, another former senator invited us to come to the organization around the area. >> in late it? >> after i think it was 20 to. okay, that would be great if you can do that. >> thank you, everybody.

you may have seen these commercials and where they have had some nice. kathy a mile or the two people responsible for that. and a couple of other quick things. setting up a wireless network. if you would like a live tweet, you can follow us. what i have to do is to quit

things. twenty-seven years ago i was coming back from a trip to wide. is grammars is as that sounds, mr. engravings and three-hour briefings. we got a copy of this. then he signed this 20 years later. and the other thing i was mentioning this before we began. i have vivid memories about military pensions. he said something to the effect of how he was outraged. but it was a terrible thing the

generals were more interested in their pensions. i say this today because yesterday, almost three decades later, the secretary of defense said almost exactly the same thing. and everything had to be done a certain way. when you think about how chuck hagel said this, it is almost rearranged. i should also mention that the secretary used much milder language. that is not surprising. it's not a book, it's an indictment. who is being indicted. in that particular order.

republicans and democrats have a particular thing for that. okay that i'm not going to repeat what was said, it is a strong director that includes what david said 27 years ago in this book. given the people he has indicted, rather than me telling you this, here is david stockman himself. >> thank you all for coming. i would like to warn you that i am wired.

it is probably not a healthy thing to do. i would like to take a bunch of questions. i'm happy to sign the book and so forth. i have to start by confessing that i am gratified that our aim. according to some, actually him on twitter i am and the man who got lost somewhere 700 pages according to the professor. i have to say that when i did this and the reaction came not only from him, i was amazed. a 700 page book. i am not typing on my own book.

it normally wouldn't think of that would go right on the amazon list in one day, the first day of his cell. i want to point out what is ahead of me. there are books ahead of me there is one book called the walking dead, which is a novel horse point. this really is a book that we are going to have to have over the next decade or longer that there is any hope whatsoever. and i don't get much chance of getting a massive fiscal control, it has really done an enormous amount of damage and is to do so. so what i thought would do here because you can't possibly get into all the details of all of these families is that i would

give four or five very provocative soundbites. be happy to answer questions that may result from anyone who is not convinced. and i will invite you to buy the book. so hopefully you will be convinced at the end. this is why i think we are heading into america. i think we have a massive failure of the machinery of government. that is a little ironic because the dialogue for decades in america has been about the failures of the private economy, then perfections of capitalism. when responsibility after another and through the fiscal authorities and tax codes and

entitlement, so many poems that i don't even want to listen today that you were totally familiar with them. take care of this location between regions. have a social safety net in place. including the medical system. and all these things come crashing down. the inability of our democratic system to deal with it is not transparent. because what are the proponents? republicans essentially turn the irs and the revenue code into another arm of government to make this happen and if

something else happens in the financial industry. so we ended up with a massive government in the eyes of everybody. we get revenue depleted down to 15%. we end up with the spending being wounded to gdp. and then both parties paralyzed and it is defending the date of the treasury and paying the government bills but they can't cut spending which is that we did pre-1980. that is why he's one he is one of the great heroes. we ended up with people computing.

money raising, special interest or process but i think dominates the system. the first thing that is the budget. that is a problem is far more structural and much bigger than anybody imagined in the 70 billion of ceos. honest economics, here is a simple array to explain it, they do a cut-and-paste job on last 10 years in terms of the rate and the gdp growth rate and interest rates and a few other rates. you will get 15 to 20 trillion deficit. there is no way the politicians will ever be able to deal with it. because anything they are talking about today, which is

minor, is debt. it is a good idea. there's only one or 2% of what is here. when they realize how common this is, it's going to continue every resolution. month after month, year after year card are going to be paralyzed. it's galore in the economy and undermine part of and not try to pay too much. i'm trying to get honest about this. and the fed is a serial bubble maker. they are doing untested theories that would've been considered laughable as recent as 199999 out of 100 economists.

they are expanding the balance sheet so fast. they are so deeply involved in all the financial markets that interest rates have been destroyed, wall street is frontrunning, and trading of defense ma therefore it the bond market is the greatest bubble that has ever been created in a huge problem will happen. the political parties that failed. i say in my book that basically they have become glorified concert is whose jobs are to introduce politicians money. and the political action committee and other mechanisms look at what the republicans did. rip it onto capitalism is now

part of the machinery of government. the bill that wall street in 2008. it was not a great depression coming down the pike. it was a demonstrate that aig was not a contagious disease. there never was going to be atms, there wasn't going to be payrolls that need to be paid. and it's occupation, on wall street, massive liquidity injections in order to bail out the last few investor brings

standing, which were really big gambling casinos and claire pointed headstones at would not have done great harm in the long run our economy. that is the thing that we are looking for. there are many other propositions in the book as well. that is mild compared to other propositions about. so as you can see, we cover a pretty expensive to run. there is a lot of analysis and data that supports this thing. but i hope that gives you a flavor for. i'm sure there are one or two people not convinced. so i'm happy to take questions. they do. [applause] >> taking questions, and then we will have book signings. >> looking forward, not back. do you have any ideas about

restructuring the fed, do you think that is the fault of the said members, if you have a collection going forward -- what is it? >> go back when it opened. the design was created by carter and he was one of the greatest monetary and financial thinkers ever to be elected office in the united states. not appointed, elected as secretary of state. and so forth. he basically said the job of the bed to run us in a penalty rate of interest. but it would not own any government that. it would not intervene intentionally or proactively in

the financial market. therefore it would become a national monetary planning agency and end up with people trying to run the world. the other was morgan freeman. second the great debate is friedman versus god. friedman was supposedly a free-market guy who created this monster of the discretionary federal reserve intervening in the debt market. he was a conservative. so he said only put monetary units on that, not doing anything, and every now and then, change this to percent. but he never.

>> teddy roosevelt was

president. [inaudible conversations] he said over the crisis and i will continue. by the time he got back, he had taking care of his own problem. all of the officers say, you screwed up, that includes the board of directors that were supervising you.

they have failed. now, i might point out that during this panic, which i compare the panic of 1907 to the blackberry panic. during that panic, there was no federal reserve. nevertheless, they got it under control. and the economy suffered for a couple of years. it is an indication to me that the mechanism that is missing today -- many days, this is unbelievable. on sundays the interest rate up when a 10%. it peaked at 5040%. therefore, all the speculators who have bought a lot of money to buy stocks or real estate, they were part of the next

generation. and then they got wiped out in for 40 or so didn't happen again. so i think we are really off the deep end. it is basically coddling wall street, how could anybody save money if you're getting 50 basis points or half a percent? so i say that our machinery of government has gone off the deep end and is doing it things that are harmful to any kind of healthy recovery. not only of our economy, better citizens as well. >> yes? >> i remembered it was 19% mortgage. but my question is when will we see the term? we know the federal reserve is talking about $4 billion of security to keep this all going.

when will we start back on our? >> they have taken themselves hostage. they are in a monetary prison of their own making. because now there are hundreds of treasury bonds on by speculators and fast money traders who buy the bonds and borrow 98 cents on the dollar and the repo market. and earning 180-point on the bond. laughing all the way to the bank because uncle ben is saying that they are going to keep an organized debate and it's going to be massively intervene. even a slightly detectable smoke

signal. it will pay back, you know, the repo. and prices will go up and down. and the redemption calls start coming in. so they panic and they start going and my point is that there is no good in this market is so popped out, artificial, unsustainable. a billion dollars a day for eternity. just have the fed print money

and pass it out this is not a sustainable idea. they don't know how to stop it. they have taken themselves captive. that's why we are in such a danger of time. >> [inaudible question] >> it's a good question, but the whole idea that the dollar is the reserve currency is part of this. we have it in the exchange rate system where something has to be the settlement. it can be dollars for dollar basis or as it was in the 1920s. but when you have a floating rate system where every government is manipulating and managing this rate, like japan does, like taiwan as, does come like all the rest of them do, it has no meaning as a reserve

currency. they are buying dollars, putting them in the fault of the central bank, expanding their own money so they can keep exchange rate down and their economic policy going. so what is happening is a reserve currency of the dollar that has been transformed into basically a mechanism for us of our money from everybody else in the world through their central