>> we need smart regulations. >> we have to dee pend on the publics government. >> politicians always say that and they always pass more rules and create entire regulation producing agencies. >> but who needs government when reputation works better. >> i don't make any decisions about who to hire. angie goes firs. >> you can be refused by real patients who have seen the doctor. >> reputation. it's what allows people to enjoy this delicious food. >> coming to a stranger's home and shirking them blindly.

>> reputation is better than rules. that's our show tonight. >> joy, john stossel. >> whenever there's a problem politicians claim the answer is more laws, more regulation. obamacare will make medicine better. dodd frank will stop problems in banking. >> they believe paper and pro r proub will fug- -- >> smart regulation. they always say that. apparently this dodd frank, this is smart, except after the collapse in enron a law called cher bane was supposed to stop but it didn't stop persbernie f

madoff. >> you get more rules. government is a hammer government is force. when you have the hammer everything looks like a nail. but there is a better way a private sector way to protect consumers without force. the power of reputation. i will go to a movie any more, i won't go without checking the rotten tomatoes web site. when i travel i always look at what other tourists wrote about hotels i might stay at. i trust this more than any certificate of approval from department of business regulation. libertarian radio host, liberal host says... >> look at all of the trees that died for that, huh? >> stop financial fraud not just the beginning. >> if we hadn't had the collapse in 2008 maybe we wouldn't need to have furl thurr legislation. >> they put them on steroids including bailouts telling

lenders if you red line or discriminate, your predatorial ending. they have no choice. you keep doing what we say at had you had or anyplace else if you do we will have an orderly liquidation. there is a lack of regulation that caused the economic collapse. republicans for years and certainly libertarians less governme government, less government and reege layings and dodd traings corrects them. >> it was lack of regulation that caused the credit bubble? >> lack of regulation that caused the he caecclesiastes am collapse. >> how? >> how did it cause it? >> the collapse? >> yeah. >> no one was minding the store. >> we have # # 4,000 and you have these banks doing whatever they wanted to do and murging banks and lending institutions that could do all of these different things and there was

no line. >> the moral hazard that was the cause of this was the fact that the government came in there and said we will ensure all of these mortgages under many and freddie. once you tell somebody go ahead and make a bad loan. they tend to make bad loans. now with dodd frank this is the large bailout and they will keep making more risk and more risk. >> why would we be now? are they not safe at the banks. north b bush. >> how old we be better off? >> no privileges no bailouts if you use money you lose your own money. >> the united states is the center of the economic system in the world. >> how many times have we bailed out companies and bailed them again. >> was chrysler a big mistake?

>> they would go to profitable companies. >> gaets go on to another bubble. tuition costs doubling the rate of inflation for years. now they have deepened it can't find jobl dsh -- jobs. president obama has a solution. >> i am directing the administration to come up with a new rating system for college. >> is that a good idea? >> ai a government rating syste? >> whether it's colleges or -- >> they do know. they get the u.s. news & world report. let's go to a web site she we don't know who is running it we need web sites sometimes. they have to meet a market tip. it turns out not to be a great

toj. >> government makes a mistake before you pes fired. >> another way is require person workers that have a license. government always grows. dozens of professors, barbara's tourists. you go to a new business you check his bovtment lances or do you with friends to ksh ksh you know that they were in the united states he has a license. he is lanced to do business. so anybody can hang up a signal i am a dentist without any ser fissi certification. >> you would check the private listing. is this good he go to school there would be other testing. >> allan has pint. p only thing worse, unlicensed yoga instructor.

>> preventing someone from getting hurt what do we do that we don't have? >> one example. the licensing rules outlaw improvements. i am a stutterer. remember the movie "the king's speech" it told the true story about the king of england went to an unlicensed speech therapist. >> my physicians said he likes the effect. they arity yodz. you have all been miss. make it official then. bad timing. no diploma. lock me in the tower. >> it's entertainment in a movie but it is true an unlicensed guy that helped him, unlicensed operation that helped me. >> because of a scene of a movie

i am not sure we can make the point there is no regulation. when a business knows they are protected they are not just going to some quack who has not been vetted in some way. >> do you deny the rules prevent some ideas from starting? >> why would it prevent new ideas from starting? >> because it doesn't have government loans. >> the people in the business it is more difficult for competitors to come in so they can charge more and you don't have a market competition. how is that a good thing? >> if there is no bar to entry any quack can go in. >> oshea. tax crews are dangerous. say we have to have law and look at this chart. since oceshea was started workplace tragedies have dropped. >> need i make any more point than what the chart already made. >> look at this chart it shows

what was going on even before soesh yaw. workplace fatalities were already dropping. the shoep of the line workers redefsh ob protected how many centuries or we could trust every washing or go? that's why we had to develop unions because we could not trust employers. >> in the 19th century you had workplace accidents kids working on farms. it was horrible. why? kids were trying to survive. through capitalism it gets prosperous and all of a sudden kids can go back to college. it is happening now. >> thank you very much. jason stick around i want to ask you about your new project. >> finally a vir kul economy i

am talking about gjek i 0shg. organizing the way the left is organized. >> us meaning -- i us respect you are a conservative, libertarian. >> i am a libertarian conservative. the bottom line is those who believe in constitutional government smaller government has been out organized my entire adult life. you go to sa school board meetig the left there be will. in the academy or media as you all know public unions we don't have that. go dot io is an attempt to make certain people can go up one place give them their cause and form a network within a network based on market functions. the hoar people you get into --

>> gio. .org, dot net they were all taken p. east a little durter and different. >> sorry you had big success. you were trying to praise 25055,000 dollars you rai-- 2,5 dollars. how many like you or want to help you on your site. juanes that cross is you out there what people are going to be interested in is determined. >> now go to another new web site. this is already operating called thrust cloud. i say reputation solved problem. trust cloud gives people more ways to determine someone's reputation. you want to bor row money from me want to issue a credit card? is why should i trust?

had you reliable snf how will i know? i can check out your credit score but that only tells me how much. a man invented crotrust cloud. >> it helps you collect all of your trust worthy data you have generated on-line, on the web, on your mobile devices, linked in, facebook, twitter and puts it a all into pone place that yu could use anywhere. so when your thumb is buttoning over the buy button you don't have to him too search somebody or do a background check. in the fapast you were lucky enough to have a referral from a friend. now they are hundreds of millions of people out there on the web. meaning the reviews that people make of each other, the transactions they have completed

on these marketplaces can all go into trust cloud. >> you evaluate this into a score. you can't get that. >> that's what is beautiful about -- there's the idea of wig data. >> 818 you are not that fy. >> actually that's pretty good. >> and this is just somehow the computer it thrilled through all of this, with we have is we are a technology company. we have algorithms that go through thigese pieces of data. we apply the different filters that don't look at the content of your everybodying mail. th /* -- i mail. we look at overall behavior. >> if i want to hire somebody i can get the trust score, a

credit card store it takes much longer. the big need are trust and safety. to have that trust score next to the buy button is really going to help us out. >> thank you shin chunge i wof would like to finish the conversation let me know what you think. ment it's a home cookedmeal. p team didn't>> 8 people doctoring a feel in a did i knowinger's when jake and i first set out on our own, we ate anything. but in time you realize the bett you eat, the better you feel. these days we both eat smarter.

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john: are you a good cook? do you cook for >> are you a good cook? would you cook more often if you could get guests to cover your costs. if you travel do you like home cooked meals better than restaurants? both of you can have what you want. >> this is sheila's home in new york city. she likes to cook for people. >> i really reminisce back to the days when friends would get together for a dinner party and then maybe meet new friends,

magical things happen around the table when you put people with food and alcohol and great conversation. >> she was happy when she discovered eat with.com. it allows cooks here they call them hosts with strangers who like to meet new people at a dinner party. >> thank you for having us. >> the previous dinner parties ended up lasting friendships. >> we had the great conversation. at the end we couldn't stop hugging one another. >> she would have done it years ago but couldn't afford it. >> when i would host dinner parties secretly it would be nice if i could cover the 200 or whatever it costs. >> thanks to eat with.com at this brunch every guest paid $39. >> seems good to me. one more good thing made possible by the internet and the

power of reputation. in this case also by guy michelin who founded the reb site eat with. how did you come up with this idea? >> through a travel experience. i traveled to greece and i happened to be invited to a local family. such a fun and amazing experience. let's share this moment with millions around the world and build a platform called eat with. >> with the platform they can rate the home and the cook and say i had a good experience. >> we see the trust and safety is fundamental. we created all the mechanisms and give the host ability to reject invitation that is coming in from a guest if they don't feel safe. >> they check the facebook. >> everything is put together so both sides would feel comfortable and safe.

>> she charged $39 others charge less or more. >> it's a free marketplace. we are adding a small commission on that. >> 15 percent not so small. >> some charge 20 and 30 percent. so we choose to be in the middle. >> some of the meals are 20 bucks some are under 50 bucks. >> we have chefs that work for restaurants and they give you an 8 course meal. they will host you for a pizza and a beer you get the authentic local experience. >> i am often stunned the way my profession embarrass themselves. my first job was at wcbs they hired me to be their consumer reporter. here is a consumer under cover investigation from one of my successors. >> 8 people sharing a meal from inside a home. they are completely unregulated. >> oh my goodness completely

unregulated strangers in a home and she brings in a hidden camera? like this is a crime? but you must face now bureaucratic regulations. >> right. so like every country is trying to create a new category and culture. they are working with lawyers to find the right framework for these kind of social dining experiences to happen. >> i can have a social dining experience i don't have to be regulated. you must be regulated simply because somebody is making a buck? >> i am not sure we will be regulated. we are looking into it. so far the industry is at the beginning. i am sure like any other economy we have seen a lot in new york there will be challenges. at the end of the day i am sure we will over cot wime the challenges. >> you will.

wait until the first time somebody gets poisoned they will pounce on you. >> i hope that doesn't happen. we have insurance if that happens. >> at the party everyone said they were thrilled and want to do it again. >> this is my new favorite restaurant. >> i loved coming into someone's home and being a part of their space, being the cooking going on while we were dining. it was a really unique experience and getting to know other people. >> in fairness, looking at the web site everybody is reporting great experiences. >> coming up, i just learned the wonderful prediction market in trade might come back. also how technology and reputation will cure universities of a problem highlighted in the movie ghost busters. >> i like the university they gave us money and facilities.

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esurance. backed by allstate. click or call. >> one important part of america, reputation seems to so far have little impact. is k through 12 education, it's a government mondopolmonopoly. every teacher is paid the same. the teaching reputation doesn't matter. even if ms. crunchable is known for throwing kids out of the window your kids will be stuck with her if she is the assigned teacher. she is paid as much as every other teacher. that is about to change how the information age will save them from themselves. why will education change? >> it is already changing. people have alternatives. my daughter went to internet high school or on-line high

school. it went very well and she graduated early at 16. it let mer work the way she wanted to work which was take a year's worth of course material go through 10 weeks and move on to the next class. >> until that happened you didn't realize how controlled you were by the government? >> it is so true. you take it for granted but you are under the thumb of the public school in so many ways. your property values go up and down whether you are zoned in or out in a district. if you want to go on vacation with your family if you would rather not get up at the crack of dawn to take your kids to school, too bald. >> your daughter enrolls at the web school and you are freer. >> you say this will apply to colleges. what do you mean? >> colleges have their own problems. they have a higher education bubble. k 12 model is in germany and it

is looking obsolete now. a lot of times when they graduate over 40 percent of the time they wind up with jobs they could have gotten with a college degree. you know what the difference between the coffee barrista that went to college and one who didn't? debt. >> i read in the new york sometime times on-line courses are kree thought after set backs. only 4 percent of students finish. >> we would be a lot better off if traditional education was thought back. >> now the best guys might have 100,000 stew dents and make a

million dollars. >> absolutely. >> all based on reputation? >> that is not so bad. it 2k3wi6s people incentive to be better. >> there's a great scene from ghost busters he is explaining why he speaks out. >> they gave us money and facilities. we didn't have to produce anything. you have never been out of college. you don't know what it's like. i work in the private sector. they expect results. >> hasn't been much change since 1800 but you say it will happen suddenly the rubber band will pull and pull and pull and then break. >> i think it's starting to happen now. enrollment is falling and expensive colleges parents and students don't think offer much. especially employers as opposed to a ditch mroem maui could mean anything. >> i can't wait for technology

to rescue a student. >> coming up the wonderful prediction market entre it let's people bet on elections on the academy awards even natural disaster disasters better than pun bits or polls. it is coming back sort of that's next. coming back sort of. coming back sort of. that's coming up skincare for lips? with fewer layers of skin than your face, lips need extra attention. introducing new chapstick hydration lock. it has a unique formula that locks in moisture a full eight hours. chapstick. put your lips first. i have a big meeting when we land, but i am so stuffed up, i can't rest. [ male announcer ] nyquil cold and flu liquid gels don't unstuff your nose. they don't? alka seltzer plus night fights your worst cold symptoms, plus has a decongestant. [ inhales deeply ] oh. what a relief it is.

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predictions on in trade even the capture of sadam hussein were employer accurate than those by bun dits and polls right after the election bob beckel was smart. >> they had barack obama at -- >> the gap luop poll hopes it all. it is 51 to 45. >> no, gallop poll didn't tell it all. then it was banned by the new president's bure rats an agency called the cftc says in trade are unlicensed and contrary to the public interest. they shut down inseed of fighting the american government. their closing was a loss for the world. now in trade ceo plans to start

them again. >> we still think there's a need for them to be brought to the public and we would like to do that. >> it is based in ireland. you are in new jersey. how are you going to do it with new jersey. >> it will allow us to meet customers? >> we are going to begin with supports but there's no reason why which can't do all content recoveries. there is football some forms of sports betting. how is yours different? >> instead of a bet we have a contest structure. it is a contestant speeting against all other contestants in a contest that could ex tenged top american idol or the grammy awards or oscars?

the cftv says this is con trier toe to the witness. >> they say it could effect the election results. >> it could but many things can including unrestricted television acts. >> here's what your former ceo said american rig layingses, i have been told i don't look good in an orange jump suit. something worse happened to him he tried to climb mount everest and died. >> very, very tragic. completely put the company in the management pellston. >> hshut it down until now? >> the business relied on mostly american customers where we would say the presidential elections were like the super bowl politics. there just wasn't enough business to keep the prediction mark where it is going. >> as far as the value of redirection mark why they are better depends on the wisdom of

the crowd. it sound dubious, crowd. the crowd usually knows better than any one expert. >> you see this on millionaire when a contestant is stumped they can call an expert. or i am going to ask this geographically oriented audie e audience, these. they get the answers right about two-thirds of the time. audience gets the answer right 91 percent of the time. >> good job, audience. >> who needs intrade there are alternatives to something called american civics e-change that offers a prize of $5,000 and you can bet on the approval numbers. >> that's a contest. >> somehow legally it fits in the room.

there's something called predictions.com. prediction.com was taken on the internet. it is pretty similar to intrade but doesn't have as much accidents. lun important distinction is that he uses bit coin. we love it and we love the idea of bit coin. but the part that we have a problem with is that we have learned from our own experience that regulatory avoidance isn't a good business model. >> it may work for a whirile bu then government will crush you. >> when awareness picks up people pay more tanks. >> thank you. as you said predictions exist because it takes in bit coins. that he is a new form. loss vaeg gas, when we return.

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>> i believe this is yours. >> oh.

>> i did something different this year for christmas. i bought gifts for my family and tv producers without going to a store. i didn't give my credit card number to an on-line retailer. in fact i didn't even use dollars. this year i bought gifts with bit coins. what are they? here's an explanation from a wall street journal reporter. >> what is a bit coin? it is invisible virtual form of currency called gold for nerves. the only ping that gives them valley is people believing they have value. >> i believe. i bought bit coins. here's why. >> no central bank controls it so government can't print or mint more currency. bit coins are mine instead of shovels, miners these powerful computers to solve complex matt problems. when they succeed they inhair rate more bit coins. >> a computer algorithm limits the number.

i barely get it yet i was willing to invest my own money to buy bit coins from this new company. one of several that offer bit coin accounts. i don't know anybody who works there i trusted them simply because of their reputation. i trust the entrepreneurs more than i trust will the politicians who have power over these things. i fear american politicians will devalue these. i bought my bit coins when each was worth about 140 of these. now each is worth more than 700. i am so smart. glad i put all of my money in bit coins. i didn't put all of my money there that would be dumb. it is going to diversify. all are based on reputation. bit coin's reputation so far has held up. hire to educate this is the owner of the coin shop and and entrepreneur. she is been called the queen of bit coin. why do they call you that?

>> some say leading women of bit coins but there aren't that many women in bit coins. >> what's your interest? >> i was living in silicone valley and learned about bit coins. it was one of the few things that could disrupt and revolutionize the financial institution. and the way we sepend money. >> more stores are taking them all of the time? >> including michael's store. >> you work for nasa with your partner and you decided to startstart like an amazon where they could use bit coins. >> we started last april. this is new. i trusted that the gifts would come. i didn't order them all at once i tried to few to make sure they came first. business is based on trust. reputation. >> you have to grab people's confidence and make sure they get what they ask for. >> your accent suggests you are from a former european communist

country. >> great ear, john. >> you have a healthy skipt sichl of government control. >> correct. >> that's where you are have - interested in bit coin? >> it is a global currency that no government has control over. >> it is also a settlement method. why does it take so long and so expensive to send money. >> it is the equivalent of text message. >> you are convinced bit coins are here to stay. i hope you are right. i am surprised how many sneer at the idea. >> this is a joke. >> i am not a bit coin fan. >> a georgetown producer says i would not trust my savings to some mysterious algorithm.

>> does he hold his money under his bed? in this country and in our country combuduring the depress they could have taken them. bit coins you own. >> how do i know somebody might hack into the account and take it all. >> how do you know people won't break a bank? >> reputation. you will keep them with a wallet that has good reputation or put it in cold storage which means it is not connected to the internet. >> show me that one. i like what you put on the cover. >> this would be my wallet the book title name on it. >> the only way they could do it is if they took it from you physically. there are different safe wa for

assume my government is going to make these worthless, eventually? >> there is a big danger. >> the government said they were excited about innovation and they want to prevent money laundering. >> you had a conversation with one of the regulators in the state of new york. >> he doesn't buy things on-line. these are the people making decisions about a virtual currency. political regulator never buys anything on-line. thank you. coming up, how i learned that reputation works much better than regulation. >> they have come out with natural rat poisoning. [ sneezes, coughs ] i'veot a big date, but my sinuses are acting up. it's te for advil cold and sinus. [ male announcer ] truth is twon't relieve all your symptoms. new alka seltzer plus-d relieves more symptoms than any other behind the counter liquid gel. oh what a relief it is.

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>> we need new laws. we need to de regulate. >> the government has a right to regulate. >> the obligation. >> the conceit of these people. politicians claim more laws are the answer. don't they see the damage the regulation causes? no, they don't. i should cut them some slack, if you are shallow you don't think very hard it is narlt to ynaturo assume. >> they have come out with natural rat poison. >> oops that's me years ago when

i was a crew aiding consumer reporter confronting convent. >> they say you are a crook. >> the way you are putting it, it is true. it does appear to be so. >> i chased down people that i thought tried to rip consumers off and tried to confront them. >> i am john stossel from abc news. >> we are not interested. >> we are not ripping people off. >> so then i demand government action. kong sumer don't have the time to investigate everything. government has to punish bad businesses orb shut them down. so they created consumer protection agency. i was instrumental in creating this one. then came the shiafety commissi, the consumer financial protection bureau and so on. no most every town is a

department of consumer affairs. what was weird i soon saw protecting consumers these government regulators made almost no difference. years ago con men convinced people that if you just pay a fee you could make 500 bucks a week stuffing envelopes. >> could you introduce me to any of these people making that much money? >> i can show you orders. no i won't either. >> that con artist is gone and there are rules against what he did. the rules don't matter, chees - cheaters still cheat. the hustlers ignore the rules or slime around them. then politicians say we have to close the gap. we have to pass more rules. >> the batch work system of regulations we have now has failed to prevent the abuse. >> they strangle us with more red tape and accomplish nothing. well, not nothing. sometimes years into the scam

the attorney general or postal inspectors or one of the 90 some regulators both parties have been eager to regulate. one of the regulators will go after the crook. after a million dollars in legal costs he will find a consent order. you know what that is a legal document where the cook says i do not admit to doing anything wrong but i won't do it any more. he goes on to a new scam in another state. i gathered my thoughts and put it into this book which argue competition in the free market protect con um suers much better than the government ever will. if you were skeptical of that then you shouldn't be today. now we the internet. feedback on the web offers much more consumer protection than government does. temperatures like lift allow people like me to offer taxi rides to strangers.

i know i can trust my passengers and they trust me because we rate each other. room renting sites like room-a-rama because of a reputation they establish onned web. the feedback keeps improving. movie ratings restaurant use et cetera. even google all by itself offers more consumer protection than i provided in 20-years of consumer reporting. and more consumer protection. we need some protection but most government and consumer regulation is harmful because it stops entrepreneurs from trying new things. bretter in the hands of millions

of free people freely making the right choices. i will trust reputation over government any day. that is our show, see you next week. >> tonight on huckabee. citizens just like me are targeted by the administration willing to take any action necessary to silence opposition. >> the president denies it. >> not even a smidgeon of corruption. but the e-mails suggest that the irs crack down on conservative was orchesterated from the top. and -- ♪ >> a song nominated for an oscar suddenly dropped and was it singled out for his christian message. >> and plus, why are more and more