Skip to main content

tv   Book TV  CSPAN  August 4, 2013 6:00pm-7:01pm EDT

6:00 pm
we're open. the books in the locked cases are not checked out. it ensures there's one copy of everything we have available for anyone who would like to look at it. .. here is a short clip from the president's address.
6:01 pm
simic in the period after world war ii in the middle class was the engine of our prosperity. whether you owned a company or swapped its floors or worked anywhere in between this country offered to a basic mark. a sense that your hard work would be reworded with fair wages and deep benefits, the chance to buy a home save for retirement, and most of all a chance to hand out a better life for your kids. but over time, that engine began to stall and a lot of folks here saw. the board and began to fray. >> we start with kevin williamson in this event mr. williamson talks about the imbalance of wealth in america. >> you remember this oliver stone movie wall street and the
6:02 pm
character who gets hung around our necks as a poster board for capitalism. what i like is the famous poster using the motorola cell phone from 1984. because i am under i have an interest in technology and cell phones and such. this is the 40th anniversary it's been a mixed blessing obviously. the motorola brick that he had cost almost $10,000 in $2,013. would cost nearly a thousand dollars to operate, a couple hours stand by coming you couldn't play angry birds or trade the stock or check your e-mail or send a text message or anything else. you had to be gordon gecko to own one. they are expensive. i want to say that there was an 16 candles and it's in a rolls-royce because that's where
6:03 pm
they were. now you talk to college students, you talk to people who are not gordon gecko, who are not millionaires, and everyone has this in his pocket. there is a lady that owns a coffee shop down the street from my office in new york. she is from bangladesh and she has the same cell phone the president of the united states has to be amazingly the egalitarian outcome. but you can bet, you can bet everything for her kids don't go to schools that are as good as the president or someone like that since her retirement certainly won't be as good, her health care certainly won't be as good come at least health care financing and excess. so we have this weird situation. one of these ideas you come up with when you write a book but it's kind of a useful idea where
6:04 pm
you have essentially to separate economies and different types of economies and one of them is everything is better and cheaper and any other one they don't. we have three important sectors dominated by politics. there is the education which is almost entirely local monopoly of 91, 92% of students go to public schools. u.s. healthcare which even before was 54% government spending as a half socialist system before we got around to making it a worse three-quarters socialized system, and then you have pensions dominated by social security of course and medicare is a piece of that if you look at retirement more broadly and a system which people are paying 12.5% of their income for their entire life and getting something out of it that isn't at all related to.
6:05 pm
one of the debates that we lost is the social security investment. this country is full of people that believe there is a fund somewhere into which their social security taxes go and it's supposed to be there waiting for them. one of the great frauds ever perpetrated on the american people and you try to explain to them the trust fund is just a figure of speech. it is an accounting fiction and you can call them 100 times, 1,000 times, 100,000 times and it's hard to get people to appreciate that that just isn't there. it was a thing that was made up. so we end up in a situation we have to be important parts of the economy and others, too but these are the ones that keep out the are dominated by systems that don't work. there is a tendency among those of us the right about politics and yell at people about politics all the time to free all of this in a familiar
6:06 pm
ideological filter. i wanted to take the argument a little bit beyond how markets work and government or christie's don't and that is the end of the discussion because there is more to be said then that. the question why markets work is something that isn't particularly always understood. most people think it is about the incentives but i don't think that tells the whole story. being in the auditorium there certainly been more sophisticated versions made than mine. but not everyone is going to be reading that. so we have a problem that is related to something they both got into which is the problem of complexity. i start of the book with flu a retelling of the great essay that is one of my favorite things that's always sort of
6:07 pm
stuck with me. you have a process not only in the marketplace but the non-profit sector of things like to kickstart you have lots of people working on problems from different angles making smaller improvements, since then end up in the aggregate 03 period of time into the real dramatic improvements in the motorola bricks to the iphone from $10,000 to we will give you one for free if you sign up for our service. iphone is sent free, there may be a couple hundred -- are they now? that is six months ago. but obviously the schools aren't improving at the same rate it they aren't getting better and better and cheaper. we are spending about twice in real dollars per capital we spend on education. you may notice we are not getting twice the results.
6:08 pm
we would be lucky in most places if we are getting the same results as 30 years ago. health care is one of those things where you have the system paying for things that is a disconnected from the market itself, so we have incredible things in the marketplace with, simple little things. it's basically a straw with model medicine unplanted but it is open heart surgery. it used to be something wrong with your hard they had to hustle you open and to open heart surgery. it was crazy. now we have outpatient procedures you are in and out but the system of paying for that is of course what you think, 19th century? meteor early 20th century. and it shows up throughout the marketplace. one of my -- one of the things that drives me crazy in life if you are going into a doctor's office you ever notice the had yet to clipboard and ask medical
6:09 pm
questions and you shall dealt with a pen and paper for your medical records? if you owe them money they do the credit reporting system which is an enormously sophisticated piece of technology that can find you anywhere in the world and discover how much money you go to home and for what terms when it comes to your actual health records. if you are coming through this and that we are using technology that isaac newton had and we are one step up from the quilt and this is what happens when you have a marketplace in which there is no need for consumers and producers to negotiate with one another where everyone is interested and there is no -- buhle enter the repeated relationships that make life so much easier everywhere else. so the thing about where we are with the money end of the situation is that these obligations are never going to be met. they are not.
6:10 pm
we've got by my account something like $140 trillion of liabilities and $0 to pay for them. if you ever try to talk to people about the national debt and things related to meet you notice the kind of go the numbers all sell like. anything above like 16th. i have to check twice. you know, 100 billion, 100 trillion, i was over at the house speaking to a couple members of congress and they didn't know the difference between 100,000,000,100 tralee can also do wouldn't necessarily know it. to give you a scale of that, 140 trillion is two times the gdp of the planet. it is approaching the value of all of the financial assets in existence in the world. all of the money and all of the bank accounts, all of the stocks and bonds.
6:11 pm
anything else doesn't add up to that and keep in mind of course we are not the only country with liabilities. you have others with other liabilities. everyone going into the same marketplace looking to take this limited pool of capital and finance obligations that are a multiple. i don't political member is not set to in the government overhangs. estimate because of president obama's recent speech on the state of our economy there's issues block with programs that have issued on booktv also related to economics. president obama spoke about unemployment during his speech. >> technology makes some jobs obsolete. global competition says a lot of jobs overseas. it became harder for the unions to fight for the middle class. washington drove out bigger tax cuts to the very wealthy and smaller minimum wage increases
6:12 pm
for the working poor. so, what happened is falling to between the higher productivity and people's wages and salaries was broken. it used to be as companies did better, profits went higher and workers also got a better deal. and that started changing. so the income of the top 1% nearly quadrupled from 1979 to 2007. but the typical family incomes barely budged. and towards the end of those three decades, the housing bubble, credit cards, the turning financial sector was keeping the country are officially to stop so sometimes it tapered over some of these
6:13 pm
long-term trends. but by the time i took office in 2000 - your president, we all know that the bubble had burst and the cost millions of americans their jobs and their homes and other savings, and i know a lot of folks in this area were hurt pretty bad. and the decade-long erosion that had been taking place in the middle class security was laid out for everybody to see. >> robert also talked about unemployment in his feb author presentation. in his book back to full employment, he reports on the factors that contribute to the current and planned rate in the u.s. and argues the u.s. government should be pushing less than 4% unemployment also known as full employment. here is a portion of that program to the estimate what we are not measuring when we say 7.9% of the number of people that are not trying to get jobs
6:14 pm
immediately because they become discouraged. and also is not including people who wanted full-time jobs but only got a very part-time jobs. the labor department does count these people. they're just kind of buried in the statistical stacks. and if you take just those two groups, the people that wanted full-time but maybe only got two hours a week, they wanted 40 hours and about five hours or ten hours, and the people said they were discouraged from the unemployment rate today officially -- this isn't something i've made -- is 14.4%. 7.9 is bad enough, but 14.4. now, 14.4% is 23 million people. now, just to try to ground that out a little bit. if we think of the population of
6:15 pm
the ten biggest cities in the country starting with new york, l.a., chicago, houston, san diego, san jose is ten -- dallas. anyway, take the ten biggest cities and add up to their entire population and a mention all the people in all of those cities and that is 23 million people. so, that is how severe the unemployment crisis is. and again, there is no precedent since we got out of the great depression. so, another statistic. we had this thing that we now call the great recession that followed the wall street crash that was caused by excessive speculation on wall street.
6:16 pm
according to the official arbiters of the land of recessions, the recession started in the last three months of 2007 and it officially ended by june of 2,009. that is three and a half years ago. we've been without a recession for three and a half years officially. one thing i recently calculated is let's look at this recession relative to all of the other recessions that have taken place since the great depression. and all of the other recessions their different experiences, but the economy does bounce back to get when you say the recession ends and actually does. you can see that in the statistics, and on average the unemployment rate for the other
6:17 pm
recession sometimes it is severe, but the unemployment rate in the other recessions average three years out. it is 6.3%. and in this recession, the average three years after it ended was 9.2%. so for the three years -- i'm not talking about the recession itself, i'm talking about after the recession and it was 9.2% as opposed to the previous experiences. including 1988. it was very severe but then we came out of it. 6.3%. now the difference if we actually had a 6.3% unemployment rate today instead of the average of 9.2, officially that's for a planned 5 million people that would have jobs now
6:18 pm
that don't. so we have a very severe problem by any measure anybody knows it. the presidential race romney was talking about that. there is of course the question of what you do about it. i will mention a few things about what we can do about it but let me make a couple points. first is this is pretty simple basically why do we care so much about unemployment? everybody knows the answer but it's worth saying it any way. people needed jobs. most people are not independently wealthy and therefore the need jobs. either they themselves or a member of the family supports other people in the family and need to have jobs. so basic jobs in terms of money. jobs are also basic in terms of people's stability, the
6:19 pm
stability of the family, stability of the community, the sense of self-worth. being integrated in a community life. if you don't have a job coming you spend all of your time worrying about the fact that you don't have a job and makes it much more difficult for you and other members of your family to function in any kind of a normal way. so, jobs are intrinsic to the wellbeing. they are intrinsic to have money, material well-being but they are also intrinsic to psychological well-being, to participation in the community, to family stability to the nitze when you have massive unemployment, it is a way. and it really destroys the basic fabric of society and that is what we've experienced over the -- since basically 2008 when this great recession started.
6:20 pm
so i will get to some ideas on what to do but i want to mention one other thing which is that the idea about fighting for full employment is hardly original to me. i don't want to claim any of original the hall and in fact it was pretty commonplace mainstream orthodox idea for about 30 years coming out of the great depression and the 1930's. the basic capitalistic economy is coming out of the 1930's. the legitimacy of the system would be destroyed if you couldn't provide something akin to be set in a plan that opportunities for people in the society will.
6:21 pm
so it would be coming out of the 1930's and would remain as the central organizing idea to get the governments came and went and some of them are more or less committed of course, but the idea of providing decent jobs was the whole edifice of the mainstream macroeconomic policy was organized around this idea how can a society get the full employment at once you, are there, stay there. there are a lot of debates as to whether this is voluble, whether it is desirable, and over time, the idea became merged that really what the government should do is worry about inflation, that's the most serious problem and unemployment will take care of itself and this is what some of us call neoliberalism.
6:22 pm
when you go out and a bargain yourself with a potential employer if they don't want to hire you, lower your wage and somebody is going to higher you the value that your work to them it is derived entirely through what will happen through bargaining in the market. and that idea has prevailed. it overtook the notion that society should build a full employment economy should care about this. if you want to set a date since the beginning of the reagan administration in 1981 that even in the late 1970's you have the decline of the idea that the government policy should be focused around achieving full employment and the emergence of the idea that the market knows
6:23 pm
best if the government tries to do something they are just going to mess up. so the government should worry about keeping inflation down and let the market decide everything else. there was the idea what the market to decide how financial operations take place and deregulating the financial markets and that is what led to the speculative bubble and crashed which in turn created the great recession. >> denney speech july 24th in illinois, president obama touched on the topic of economic restoration. here is some of what he had to say. stomach as a country we have recovered faster and have gone further than most other advanced nations in the world with new american revolutions and energy and technology and manufacturing and health care. we are actually play is to
6:24 pm
reverse the forces that batter the middle class for so long and start building an economy where everyone who works hard can get ahead. but, and here is the big but, i'm here to tell you that we are not there yet. we all know that. we are not there yet. we have more work to do. even though the businesses are creating jobs in their record process, nearly all of the income gains in the past ten years have continued to float to the top 1%. the average ceo has gotten a raise of nearly 40% since 2009 to get the average american earns less than he or she did from 1999. and companies continue to hold back on hiring of those who've been out of work for some time.
6:25 pm
today more students are earning their degree but the soaring costs saddle them with unsustainable debt. health care costs for slowing down, but a lot of working families haven't seen any of those savings yet. the stock market rebounds helped a lot families get back much of what they lost in their 401k but millions of americans still have no idea how they are going to be able to retire. so in many ways, the trends that i spoke about here in 2005 the eight years ago, the trend of the win or take all economy where if you are doing better and better while everybody else treads water, those have been made worse by the recession, and that is a problem. it is a growing inequality, not
6:26 pm
just the results of the inequality of opportunity, growing inequality isn't just morally wrong, it is bad economics because when middle class families have yet to spend, guess what businesses have fewer consumers. when the wealth concentrated the topic can inflate the bubbles that threaten the economy. when the rungs on the ladder of opportunity grow further and further apart it undermines the essence of america, that idea that if you work hard, you can make its share in america and that is why reversing these trends has to be washington's highest priority. >> john fielder sat down with booktv in april to talk about his book first principles to restore america's prosperity and the stanford university
6:27 pm
economist proposes solutions to the economic challenges from was desperate unemployment to the debt. watch a clip of that no and the entire program online at booktv.org. >> what are these principles the new speaker of? >> the idea is the principles of economic freedom yet it's the kind of principles life in teaching students for a long time, the idea that people have the opportunity to decide what to buy and sell and where to work, how to help other people while in the framework of the five principles oneness' predictable policy and the second is the rule of law, third is the emphasis on markets, fourth is the incentives people have and number five is the limited scope of government and women in the analysis for the government should play a role and should not play a role in getting that right.
6:28 pm
>> is one more important than another? >> they are all important. over the years, economists have learned that the first to far more important than we thought and that's why start with those two. we tend to forget the predictability and policies of people know what the game is and what we do have been with tax policy and monetary policy interest rates and also to emphasize how important a role of wall was until relatively recently but to me those are the hardest to things to teach students, markets, the scope for government goes back but those to high stress because they were not emphasized enough. >> those two principles we've been discussing the last two years in washington to get the budget right and tax policy right? >> the dangers of the unpredictable policy people don't know what is going to
6:29 pm
happen to the deficit and the debt and there's been a lot of quarreling about that. it seems quite unpredictable and certain. people like myself think that is one of the reasons the economy hasn't done well to get under the rule of law if you see for example on the bailout of the financial and institutions we have others, not everyone if you like, but that sort of question is how will law has operated. >> is that affect you make the first two rules does that say in any way that you are too depended on government when it comes to economic policy? >> we've gotten a little too dependent. people are beginning to expect more i think then the government can deliver at least in the way of doing this. what is best at least as far as i can see in the rule of law, it's clear what's going to happen if we take this action or
6:30 pm
if there is a regulatory rule for the financial institutions so they shouldn't take so much risk that they should have capital but the rules would be enforced by the regulators and you have special privileges to others one. it's not dependent on the government. i think it is a concern that we are depending on the government isn't doing so well. >> what happened in l.a. to in your view with? >> leading up to it, there are two main things. one is the total reserve in 2003 and in 2005 decided to hold interest rates very low and that caused people to search for the yields to get high interest rates that took on the risk, the banks, financial institutions and ultimately it turned into a bust and people saw the extra risk of speaking and that led to
6:31 pm
the crisis and ultimately to the panic in 2008. >> what about the tax cuts in the early part of the bush administration and the first term? and we hear often on the programs in c-span that president clinton left president bush with a surplus and he squandered it. >> president clinton did leave president bush and the economy with a surplus. a big reason for that is he brought the spending down during the nineties. as a share of gdp 4.1% of gdp, 4.1 percentage points during the 1990's, and that is what enabled us to have a surplus. in the 90's federal spending was reversed completely as a share of gdp. it's gone up as high as 25% from
6:32 pm
18.2 in 2000. so it seems to me that one thing that we have gotten quite wrong is that we have ratcheted up spending in the share of gdp more than is sustainable. >> should those tax cuts have to increase? >> the permanent tax cuts were good to do. they helped to the economy. i quarrel with these temporary tax codes in 2008 it was a part of the stimulus to get the economy going. but everything i see is reducing the tax rates, reducing the lowest tax rates and we took the lowest tax rate from 15% to 10% to reduce the taxes on people across the board i think that was healthy and helped people out. the problem is we didn't control spending and it's gotten worse. >> he writes about the time he was serving as the treasury
6:33 pm
secretary from 2001 to 2005 in the first principle key to restoring america's prosperity. secretary taylor, you also write about what you called the nixon shock. what is that? >> amazingly in 1973 president nixon imposed wage and price controls on the entire economy so the readers of a market approach. and i think there was a shock. it wasn't expected and was a factor in the performance that really lasted throughout the 70's and it led to other problems that need monetary policy easily because they could say we don't have to worry got inflation, we have everything frozen. ultimately you couldn't of the raising price controls for ever. it was an example of a deviation from these principles that i emphasized so much in that case
6:34 pm
to the first of all the was unpredictable and second, it went away from the idea of markets being able to provide incentives for people. we lost that. >> when you write about the crony capitalism what are you writing about? >> that's largely in the financial sector that i focused on. i think it is broader than that. one example would be the case where the banks had a lot of regulators and supervisors and the premise of the major wall street banks the somehow didn't see the actions that were taken that as an example why that happened, we don't know. the other term as the regulatory capture with the institutions are able to persuade one we or the other the regulators and supervisors but what you're doing is okay. so it shouldn't be concerned.
6:35 pm
we have the rules but they are not enforced, the suspicion always is some kind of cronyism special favor going on. and it's not only on a fair and not only makes people question how it looks but it's not good for the economy. >> we are showing portions that have aired recently about economics. the main topic of the speech given by president obama july 24 from illinois. he focused on the steps the country needs to take to maintain the presence in the global economy and here's what he had to say. >> we have parts that aren't ready for the new supertaxes that are going to be in passing through the new panama canal into years' time. if we don't get that done, they are going to go someplace else. we have more than 100,000 bridges federal enough to qualify for medicare. [applause]
6:36 pm
our communications networks and rebuilding them creates good paying jobs right now that can't be out forced. >> this isn't a democratic idea. this isn't the land of lincoln. lincoln was all about building staff. [applause] that is an efficient at the time it is a cheap as it's been since the 1950's to build things. it's an excusable at that time so many of the workers who bt
6:37 pm
stuff for a living are sitting at home waiting for a call. the longer we put this off, the more expensive it will be, and the less competitive it will be. businesses of tomorrow will not locate near the outdated parts. they will relocate to places with high speed internet, schools and systems that move faster and not to mention will get their parents' home quicker from work because we will be eliminating some of these traffic jams. and we can watch all of that happening in other countries and start falling behind or we can choose to make it happen right here in the united states. [applause]
6:38 pm
in the age the jobs know no borders the companies are going to seek out the countries that most of the most talented citizens and rewards folks who have the skills and the talents the need the reward them with good pay. >> we conclude the archive booktv programs from this past year related to economic issues with peter blair henrik who argues the u.s. should look to china, brazil, mexico and other countries to develop its own plan for prosperity. this is from march. >> growth is slow in the economies. 1.3% in the last year. europe was in a recession. and the emerging economies are for the first time for the first time how do we create a more prosperous future for all of us? and in a michelle it is about three things that allow us all
6:39 pm
to have a more prosperous future. we in the first world can learn from the history of the developing world to help us obtain that prosperous future. what are those three things? those three things are discipline, clarity and trust. what i would like to do is give you some stories if i may from the book just to illustrate the power of those to be a so discipline, this one is and what you think it is in the conflict of the policy. the discipline doesn't mean fiscal austerity or does it mean wasteful spending. in terms of eating habits this one doesn't do binge eating more sugar sold us from new york like
6:40 pm
ibm. this one is about finding the past to prosperity. discipline means the commitment to long-term prosperity that's both vigilant, flexible and important it puts what is good for the country as a whole over what is good for the individual interest group or person running for political office in the context of the fiscal policy which i think is appropriate to talk about is giving the current discussions are not the world, the fiscal policy this is no more complicated than a simple story that everyone already knows, the story of the and and the grasshopper. the ant had something to eat when times were hard and the grasshopper partied during these times and was really hungry.
6:41 pm
who is the ant and who is the grasshopper? at one point in time, they went around the board room about how to be more ant-like. in 2001 in this country it to record $236 billion fiscal surplus, which we decided again during these times we would return this to the people, the tax cuts. during 2002 to 2007 during the period of growth they were about 3% of gdp that became more in debt it. so by the way they used discipline to turn themselves around and become emerging
6:42 pm
markets on a fiscal surplus during that period. the country in particular, the story that really resonates, again, coming out of this record period of growth in 2008 to 2007 experienced a boom due to the prices comparable to chile. there is enormous pressure on the finance minister to spend that surplus to give it back to the people. mr. velasco resisted that pressure in the streets but said no this money is for a rainy day. he didn't use those exact words that is the essence of what he said. of course you know the rest of the story. we have a financial crisis and in the depth of the financial crisis, chile had stalked away billions of dollars that allowed
6:43 pm
them to implement a 4 million-dollar tax cut to stimulate the economy to provide a buffer exactly as we learned in economics 101. that is the cyclical policy. no more complicated than the story of the ant and the grasshopper. that's discipline. clarity comes a clarity i want to tell you the story of another, not jamaica but the tiny island of barbados. in 1992, brazaitis -- barbados faced an enormous financial crisis. they were about to run out of the foreign-exchange reserves. the u.s. economy was in recession and as an economy heavily dependent on the unused
6:44 pm
tourism and the exports for the rest of the world, they were in trouble and they received a visit from the international monetary fund. barbados at that point in time also had what's called a fixed exchange rate much like the countries in the euro zone with a certain value. in this case it was 1.7 to the u.s. dollar. the imf said your country has become very competitive in the same way that countries of europe have become competitive. the wages have risen very quickly, much faster than the productivity and the cost had risen. what to do? they said well we think you should devalue your currency. it will make your exports cheaper and imports more
6:45 pm
expensive. that will allow your economy to readjust and will make you more competitive. the leadership said we don't think so. we don't like the idea of cutting wages without people's consent which in fact is with the devaluation is because if you move from 1.7 billion to the two u.s. dollars that is essentially cutting people's wages without their consent and the prime minister said we want to convene a discussion. we want to bring together the private sector, the unions and the government, and we are going to talk about this problem. over the course of the next several months, there was a very heated discussion. the alternatives were laid out. the leadership said we have a
6:46 pm
choice. we can either do with the imf says, which is to devalue the currency which very few of us want to do, or we can cut wages. but we have to do something. ultimately, the discussions got to a very difficult place. the government consulted with the private sector in the union's and agreed there would be a 9% wage cut. people were very unhappy and they took to the streets. roughly 30,000 people took to the streets. in barbados of an 800 population so that is the equivalent of 40 million people marching on washington to protest wage cuts. somehow, the center of health, the leader of the trade unions
6:47 pm
to have everlasting credit said we have to do this in the same country. the three parties can together and the wage cut helped and barbados the economy recovered quite quickly. for those efforts, the prime minister and his party held that in power for 14 years. the economy recovered after that and was similar dismissed from office. in retrospect when asked what she do it again, the primm minister said the price i paid was a small price to save the country. clarity matters. people often ask me barbados is so small. what can you possibly take from
6:48 pm
barbados and my answer to that was it's not so easy to do things in a small country. in a small country the person whose wages get cut is not anonymous. it affects your brother, your cousin, possibly even your mother and father. so if a tiny country, close-knit society can find their way to make difficult decisions, to find their way to make the economy more competitive, not through austerity, but through a reform, and by the way there is a story that i left out. the private sector agreed to open its books and agreed that in the future there would be wage increases could and other words, the benefit of the future state would be shared among other workers and the company's. a special contact, compromise, clarity about what needed to be
6:49 pm
done. if a third lesson from the emerging economies about what needs to happen in order for us to have a more prosperous future is in this issue of trust, discipline, clarity contrast. i mention the imf. let's go now from chile and barbados to the emerging economies in the larger group and let's talk about the so-called brits. brazil, russia, china, south africa, the large emerging congress. the so-called breakfast -- bricks account for the global output and yet at the international monetary fund and the world bank, two of the world's most economic and financial institutions for
6:50 pm
sending the international policy agenda that together with the united states treasury they played a major role in the 1970's, 80's and 90's in teaching, again, teaching with the needed to do to turnaround their economies in the emerging markets. at these institutions, the bricks only have 11.5% of the voting share despite the contribution of the economy. in contrast, the country's of the bureau's own area account for 25% of global gdp and have 32% of the votes. why is that the trust issue? in order for the emerging economies to continue to grow, to continue to be the engine of growth that is pulling us, the united states, how did it to the
6:51 pm
economic indulgence, we need the bricks and the others to continue down that discipline of half. but do so and continue to do so for the political leaders to have the capitol the need to sell tough decisions to their electorates. if there is no reciprocation of the world's major institutions. i will give you another example. at the outset of the financial crisis, the advanced countries, all countries made a pledge to be committed to continuing free trade, open markets, and yet it in november 2008 and 2010, we know that there were more than 800 incidences of protection measures.
6:52 pm
40% of those were implemented by former g-7 countries. so as much talk as there is right now about fiscal deficits, when we look at the world economy it seems to look at the trust deficit it's perhaps to the future growth. we need to build trust, and the unwillingness of the first countries, again to reciprocate and recognize the new stature, the games they have made by taking the long road to prosperity undermines our chances for the shared future of prosperity to the estimate all of these programs as well as president obama's speech and
6:53 pm
debate to an entirely can be viewed on booktv.org and c-span.org curious and a tour of the private mark twain collection of carson city nevada president jerry anbar fall mule who is a master of over 1,000 items since he began collecting in college. >> i've been collecting mark twain since i was in college, which has been at least 45 to 50 years ago now. when everybody walks in and they know tom sawyer when they were kids and those were special conditions that were made for kids. but if you get into the original works, you find out they are quite a bit different than everybody thinks they are. so i just discovered a whole different dimension to mark twain than you as originally get in grammar school or grade school. when i first got started i lived in l.a. for a time and there were dozens and dozens of used
6:54 pm
bookstores so i used to go down there on the weekends and sort through all the books, and i found all kind of interesting stuff down there in los angeles and all cities have an old town that's full of bookstores or used to be any way. not so much anymore. i have books in three different rooms. i would say there's maybe a thousand or 1500 different volumes. they are not all written by mark twain because i have reference books to biographies and books about mark fane, criticism, etc.. check out the first editions in here. this antique cabinet with the glass doors house most of my first edition mark twain. there might be a few in the
6:55 pm
other room. also, it has on the topic all of the mark twain limited edition books because they put out -- it must be a dozen of them he put out his small falls in the limited edition clubs so those are all signed and numbered and the norman rockwell administration's for tom sawyer and huckleberry finn. let's go over to the other room. >> this has more modern criticisms reference books, and
6:56 pm
i like to keep it cluttered because it looks kind of like an old used bookstore on this part right here and you don't come across those much anymore. on this wall behind the glass cages or the glass doors, i have the first original set by mentioned earlier. those are these green books in the back. i will show you how fragile they really are. they all have the title on the spine, and then you open it up and believe it or not when i first got them they were on cut on the bottom. back in the old days they used
6:57 pm
to print like for pages on a sheet and then they would have to cut them. some of them had to be cut on the bottom by hand. such is life on the mississippi, on -- what is the date on that? i can't read it. 1875. this book isn't that old. it's from the 20's or the 30's. i have the complete set of that edition. that is part of what got me by ian all these other books because when i found this set there were six or eight volumes missing. when i finally found out which ones were missing, i was on my way to becoming a full-fledged collector.
6:58 pm
so i finally collected all of those volumes for this particular set so it's complete. and in the meantime, i also collected several other complete sets like the one on the top which is basically the same books, they are just from a different publisher. then the ones in the middle with the yellow dust covers those are from the mark twain project in berkeley. they had been putting out scholarly editions for many years. and i have all of those. then on this wall over here are books about mark twain. also my 1601 collection this year. i'm not sure that it's appropriate for mixed company
6:59 pm
but there was a little racy story mark twain wrote when he was being a rascal. it's hard to see what that is. it's a manuscript edition of the adventures of huckleberry finn and there are two volumes. i will just showed you the first one real quick. it's not super rare but what it is if it is a reproduction of the of original handwritten manuscript of huckleberry finn and in mark twain's hand showing some of his changes and corrections it is kind of a, you know, a student or a scholar would be interested in half of this and it shows how she makes changes to the manuscript after he has written. so this is a two-volume set. i have one for tom sawyer, too,
7:00 pm
but it's very similar. .. >> do you want me to read what that says? >> sure. >> it says about 90 years after mark twain took this trip, ponds journal and photographs find their way to me, meaning nick. what a thrill it was. anything can be anywhere. happy hunting. so he encourages people to keep

82 Views

info Stream Only

Uploaded by TV Archive on