break but states you because there's still a lot more coming up from our show here asking that roots nation conference in providence next hour we'll talk to a man the start of a new tech company about advertising and getting what you want to see advertised now will do a little monetary policy talk with the matthew yglesias so facing. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you knew you don't know i'm sorry welcome to the big picture.

hi guys so here we are at netroots and obviously one of the big topics for discussion here is the economy a lot of talk about unemployment a lot of talk about tax policy not so much when it comes to monetary policy if anything they have one panel about the federal reserve but it seems like it's more of an introductory class to the fed then

a real honest discussion about it and so to talk more about that with me is matthew yglesias from slate and also author of the rent is too damn high so matt thanks for joining me tonight and you know why do you think that is like i just said that we don't really hear a whole lot about monetary policy or debt and deficits interest rates when you're at a progressive conference like netroots but you know for a long time i think the federal reserve was doing its job fairly well and the economy was. very stable ie you know for decades and so it sort of slipped out of you people start to think of it is very arcane because like all policy you know it's a little complicated so little technical but it sort of completely fell off the political agenda and people are only now just starting to remember that this institution is probably the most powerful force shaping the labor market and so in that sense you know one of the things we keep hearing about this election in november is it's going to be a referendum on president obama's economic policies what about ben bernanke is policy is you know do we need a referendum on the fed chairman as well but i mean exactly we should the primary

institution that's responsible for sort of stabilizing the economy for fighting unemployment things like that is the federal reserve not something that the president the congress deal with directly and we've lost a little bit of sight of that but the president has also lost sight of it he spent a long time not nominating members for the fed board he simply reappointed the guy you do heard it from george w. bush didn't sort of deliver change in that front and he's paying the price for it do you think that ben bernanke he has a way over president obama meaning bring about this in more of a historical perspective we want to talk about the relationship between clinton and greenspan right where greenspan had this ability to on. issue threats is going to have that all i mean he may you know it was very clear at the beginning of the clinton administration that alan greenspan wanted deficit reduction and he wanted deficit reduction as the price for sort of monetary policy that would fight unemployment whether that same thing is happening now we can't really know but it

seems like it may be one factor that's motivates the white house sort of deficit reduction agenda. in that sense i mean if you look at the economy right now it's just not good news anywhere right we had another horrible jobs report for the month of may if you look at europe and what's happening unemployment is at record highs not only that we're seeing growth slow in india we're seeing growth slow in china and russia as well so. what do you think is in store for the global economy well you know it's a very rocky situation and we saw a testimony this week from central bankers in europe in the united states where they've looked at this slowing growth they said you know it's a problem it's really bad but they don't really say that we're going to do anything about it they don't quite seem willing to sort of step on the gas and try to help stabilize things even though everyone agrees that the world economy is moving in a down direction. but ben bernanke i mean in testimony he says that that they're ready to act if need be right finally someone is saying that we need to pay attention to what's going on in europe but i want to work in the fed really do it right if interest rates are already at zero is another round of quantitative easing

really going to do more than perhaps provide or you know a really temporary boost to the markets well i think that kind of fun davies and that they've done has had a big impact but there's a lot that you can do and it has to do with influencing expectations of the future and try to make a clear statement that he wants to see an economy with more demand and if that produces a little bit of inflation if you have millions of unemployed people go get jobs and start commuting to work and start moving out from their parents' basements you know gasoline prices will go up rents will go up and the federal reserve need to say that they're ok with that that that's a healthy sign for covering the economy and that will help give a boost to to investment. real estate to investment in expanded production and really could accomplish a great deal but they haven't been willing to take that step but do you think that people have become a little bit too dependent on central bankers i mean obviously we still have this attitude of too big to fail on wall street if you think about it and i mean same thing and i know that the markets are volatile you can't necessarily base

everything on how the stocks are reacting rad day but if ben bernanke he gives a press conference then suddenly everything shoots back up after everybody was worried about spain yesterday let's say well exactly but i mean that's a sign of central bank failure you know monetary policy is always important but when it's being done correctly it doesn't move markets because people just expect it to be done correctly and so the banks the financial system wall street is all looking for other things that are outside the system it's because they haven't been consistently doing their job well they were instead always sort of on the edge of our seats trying to see what's he going to say right now it ought to be boring unfortunately it's become to enthuse. too interesting i mean that's interesting because we were we are in this era where you know the federal reserve used to be something that was kind of a mystery because it had lacked any transparency for most americans now we at least got some audits when it came to who they bailed out and how much money they gave to them now you have ben bernanke giving press conferences he's teaching lectures that are posted on line is this

a new era of the fad of the fagot to try to be cool i mean you also have this kind of ron paul wave of people that are really interested in abolishing the fed but nonetheless they're at least talking about it will prevent these mean response to taking a lot of criticism has been to try to become more open to become public to teach these college classes to speak more and you know that's nice but the main reason he came in for all this criticism is that the state of the economy is so bad and which really want a central banker who doesn't effective job of stabilizing demand which point no one cares about or you know criticism is limited to some cranks you know a couple of press conferences can't make up for years of mass unemployment i want to go. back to something you say i mean part of the problem here is that we have an economy you know where demand is of course an issue where we do have this fun employed generation that's now living with their parents how do you put that into perspective with you know what it is that you write about too in terms of the rent being too damn high for going to live in cities and how you know commuting everything really stalls our ability to grow i mean it's

a huge problem if you look even now in a depressed economy in a very let down construction market there's still lots of places words extremely expensive even if you were allowed to throw up some more apartment buildings in the san francisco area in the new york area around boston you know people would live in the price of housing and major american cities is through the roof and we have the ability to build more houses for people but a lot of times people say you know they want to walk renters from coming into their neighborhood but they don't like it if young people move in or lower income people and so they've zone people out of a lot of these desirable neighborhoods and you know it's a long term problem but it plays into our short term how does that play into housing which if you ask me is the most. underdeveloped part of the we nobody talks about how that affects our economy and why we're still in this right there right now you know it's linked in we had for the past several decades sort of policy around the idea of homeownership and of inflated home values as

a way to sort of build wealth into building we ought to see it as part of the cost of living that you know people need to be able to afford a house to live in to have kids and to fit their family into and it's not a source of wealth to have houses be expensive and then to have people borrowing against the houses and taking out these mortgages and that's the process he ran aground but we haven't yet built that kind of that new housing economy that's built around you know just having enough space for it and the meantime i guess you and i we both live in d.c. and it's not a cheap city's over just going to have to keep paying rent there's way too damn high that the way it is thanks so much for joining us tonight from slate and author also author friends through them i thank you. one of the big things here at the net roots nation conference is that it's about activism we want to know how to get young people specifically if you ask me engaged in politics or whatever it is that their cause is and one of the ways you can do that especially these days with this generation is by using technology and so today we have a very cool guest who's got

a company called loud sighs this is khan my chair who is the founder of loud sauce and so con i guess to start off by telling us what that is i mean it's simply an interesting name but it isn't tell me much yeah it's i think it's funny the name actually came from a crowdsourcing thing but it kind of means the sauce that makes things louder i think you know allowed sauce is a way for crowds of people to raise money specifically for buying advertising space for things that are under promoted in the culture so it could be for political causes it could be for nonprofit organizations but basically you know set a goal of like five hundred dollars a thousand dollars to spread the word among your friends and then if the goal is reached then we'll actually put an ad on national t.v. or put up a billboard or you know have a make a video that by media for a video that actually reaches people that wouldn't see it on facebook or twitter it was at this bar i mean how often does it happen that aside from when you pass this along to your friends it becomes this advertising campaign that people can actually see out there at the time that i was to reach the most people was in october where

that occupy wall street movement was kind of you know happening and somebody made a thirty second video on the streets of new york somebody found it put out loud saucier is six thousand dollars and unlike less than a week and then we were able to air a national t.v. and even aired on fox news of all places and that because of the moment of that it also had a. media it was on t.v. the story itself was interesting and i think that's what's what's amazing about the time we live in is that social media is very powerful like organic spread but then when money is involved it becomes even more interesting like regular people are spending money to try to buy advertising for things they care about it's sort of like mainstream media is interested in the. story it's so you get this kind of double hit of like earned media plus bought media to reach not just like a few you know the few hundred people in your network but actually millions of people for that and to get the word out there and you know i think it's really important but i'm huge i mean do you consider yourself a competitor to the big advertising firms out there because i feel like every step

of the way when you see some kind of a new project when you see progress guess who's usually trying to block it i mean for that you know whether it be on capitol hill you know where else it is the big industry they don't want competitors so for i don't think we're really competitive i think eventually perhaps we might be seen as i think actually we made is you know cut out the mad men which is more in that spirit of like you know let's actually have the the advertising industry but i think realistically the advertising is going to stick around forever there's money to be spent there trying to reach people and i think allows horses is a sort of creating is a new. customer of advertising like people who never have traditionally thought of even using the media or just regular people artists musicians will start to actually realize they can spend money in strategic ways to use everything so in some respects the advertisers will be happy there's even more money being spent on advertising like a new a new we're creating even additional market ok but then you hit upon something

where yeah sure if you want to talk about advertising there's always money to be spent but is there necessarily money to be made for her firm like yourself i mean if you look at what's going on in silicon valley right now with so many of these tech companies national networks you want to talk about these like i suddenly everyone's wondering if there's a bubble of there's a lot of real value in it because you've got to now have the what comes next yeah well i would respond by saying that most of the infrastructure around technology and advertising that's been built over the last twenty years with silicon valley is very specific about what optimizing targeting for the people that are already spending money and you know facebook's the the epitome of getting a. the service that for users is free except we give up all of our information is that they were going to be targeted by advertising and that's mostly the carmyle that's not going away time soon so i think what we're doing is actually completely different we're saying like forget all these like crazy millions of companies that are all trying to optimize for targeting for this let's go from like one side which

is the advertisers to the audience we're saying let's just talk to the audience and let the audience start to actually target themselves like in some respects the audience is best positioned to understand what the audience wants and so if we actually start to give some of that power of targeting and advertising and open that process up in the same way that the answer has now for so many industries i think that a higher percentage of the online population will start to realize who maybe we can reach you know my people like my mom in ohio or people like my uncle a person of faith in mississippi and instead of only like the big boys trying to target messages we can sort of begin to understand how we reach each other i mean look this is this is further down the road but i think actually we have a chance to really you know reduce the amount of spending and wasteful spending happening out of ties and so that what's actually what the media of our times be used for is more things that people actually value and finance them how important

are young people into this entire equation and that you know people like you know myself to even really relate to the general kind of advertising without very hard i mean i feel like there's a lot of pressure targeting family a lot of pharmaceutical commercials that are out there. you know but what about here not what about younger generations they just don't care and i feel like you know whatever's out there in the mainstream meanings to reagan and then aren't you know it doesn't relate to people like yeah i think you're right that you know that the old ways of marketing in terms of the old school t.v. ads and the far lower working less less effective and i think that's why there's i think young people are more attuned to like authenticity and culture that you know because we. we exposed to so much advertising we were young we sort of are more media literate that young people or than the average like sixty year olds and so we kind of see through the. like the board of advertising and so that's why i think it was a chance for something like well it was to succeed is that we're not trying to promote stuff just because we want to make money for some company like this is about

promoting authentic culture and so i think that young people are critical to this because young people are the ones that actually are able to generate high quality videos themselves like they know that's not the know how to do it you know they do it yeah and they also have the networks and the shared trust to be able to say hey guys this is worth chipping in twenty five bucks so that we can help reach people that are not our friends and i think that it fits more more clearly with the culture that's rising right now online you know they want they want to just promote social causes and i promote their cool friend that's doing some kickstarter project or their or their friend that has a company on etsy that's selling interesting stuff like those guys don't do any advertising right now yeah get me in some way to be here and want to marry you know very interesting idea and i guess that's what this place is for right is to come out with these new ideas and share them so much learn about loud thoughts thanks so much for joining us thanks so much. get up sometimes you see a story and it seems so you think you understand it and then you glimpse something

else you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom parker was a big picture. wealthy british style. tight spots. market why not. why don't what's really happening to the global economy

with mike stronger or a no holds barred look at the global financial headlines tune in to conjure reports . are you guys it is time for happy hour and tonight we're doing our happy hour here at murphy's bar in providence rhode island we're here for the net roots nation conference and so joining me this evening for happy hour first next to me i have a nato green comedian who's also got a new album out called the nato green party that we have julie on for a lotto post absurdity today also comedian and david pac-man who you guys know host of the david pacman show so let's get started here get started nato came to me in favor of control of this for me. to when i got to work on the no i think it's a what a gentleman i think you know. ok guys so people are going crazy over something that president obama said while he was at another fundraiser at the home of the creator of glee and they're trying to decide if they think it may have been a sex joke or not he basically was talking about push ups between michelle obama

ellen the generous and said i want to thank my wonderful friend who accept a little bit of teasing about michelle beating her in push ups but i think she claims michelle didn't go all the way down and that's what i heard let me set the record straight michelle outdoes me of push ups as well and so some people are trying to decide if the president made a little a little you know b.j. joe talking about going all the way down what do you think i think it's about time you made a b.j. joe i've been waiting for the whole entire presidency i mean let's do a little with b.j. just probably a sexual double entendres all that's i would know about you know the stimulus package is what we're talking about missile is. all the stuff i mean there's probably a lot more of these where you know they get out they got to be in the know like missiles stimulus ioseph it was one half of what you write a lot of obama is just the fact the idea of you know sort of the what. good are these really the phrases mean. ok i made that joke you probably did

i don't think i was probably didn't make that joke as i mean it and let's not talk about the first lady that way. but who knows i think it's unfair to faint at the whole point because people are so obviously desperate for the president to make a joke. our next story is here there are a lot of stupid criminals out there i think we find this out all the time and the story isn't it's not funny because someone got hurt you know i mean these two people are being investigated. for perhaps strangling this nineteen year old girl but it is the things that were found on their computers and what they were asking which makes them seem like the stupid criminals that are for example some of the questions are what's on those rags that make people pass out another question could you kill someone in their sleep and no one would think it was you and that of course there was thirteen way to poison someone on

paper basically just certainly reserve posts and everything of the out already is balanced on their computer i think it is tragic that kids today have to go to. him are they were to lose the dewey decimal system you go to why bernie would open up starbucks when you were the burger and people such and. you actually had to do some work to do so he went to yahoo why not google without your having to make so they were you know to visit they used. yahoo answers as an ad done com which does seem a little outdated laws because though a lot of those questions are just entered. actually right i mean the questions are just put up there just to see what you have to sue not everybody who actually asked one of those questions is really playing and killing some no but these guys are not yeah i would hope not well we know we don't know because there's an investigation that is going on but they're accused of strangling in one thousand year old for

drug money but this so clearly they didn't get the answers that they wanted about the chloroform clearly they didn't find out on the part of the rag for killing u.s. troops to do so so it was. you know i just google it weighs over thinks it's not just how you know which is the fastest way to find out how to kill someone it's just tells us how inaccurate some of these answers are right because if you're searching for how to kill someone and get away with a stranger you use definitely not on that list of the markets right fingerprints that that wouldn't be on you know it is yeah it's definitely not on the list so they. if they're guilty are horrible people and they also don't know how to use the internet properly you know it's just sad i guess that this is what people spend their time doing online a way to get away with it is just a. very good very good. very good maybe they would have been maybe they wouldn't have been found out how things better passwords how to better protection system online and lately we've seen

a lot of leaks right recently linked in profiles godly i think there was some dating web site that got leaked too and so here's a piece on the atlantic where they're asking if it's the end of the password as we know it because this guy who invented the five crepes back in one nine hundred ninety five his name is henning camp he just wrote his personal blog saying that the entire system that he created is obsolete the people need to create new password systems a lot more protections and i mean i don't know what is what about tony right because we do see passwords being leaked all the time yeah and you know i think even the people their passwords shouldn't be the first day i actually know people still have their birthdays. as there were there was the middle name and things like that so if you just eliminate those i think that number. way way down. they kind of deserve it though if they're putting their birthday on still kind of as we were talking of the entire concert system i mean i'm assuming that what he's saying here is that you can still have a different password for every possible news if you have that kind of incredible

memory but it's just a crappy so what have you going to do and so i stands for you know what i'm going to. choose to. you try to secure the number two because you know what it was rather this is empty five krypsis and i mean there's all kinds of he needs it so there's a strong words grambling are going to take you where they are a little above my head but i would hope the people who are creating cars are it's you know they're talking because there's a lot of emerson's a lot of what ampersands ok you know the one hundred keyboard you know it was a real shit in the end so i worked those into my past with thanks for letting us know you know this is a national show you know. if anyone was or how i perceive it pac-man i'm pretty sure that he just gave you an invitation and those who have managed. to know when to preserve it yeah that's true it's true here's what you have to say

about this one. we live in a war all over there is a lot of you know materialism really how you look becomes very important maybe a little less so in washington d.c. believe me i live in washington d.c. but i'm from l.a. and you know it's a tough town in that sense but it turns out that recent conflicts surgery statistics show that there are thirty seven percent fewer americans who got nose jobs in two thousand and eleven than there were in two thousand so nose jobs are on the decline however they're on the rise in certain groups like hispanic and asian americans and some people i mean this is. isabel's taken they're saying this means that you are jewish girls are getting nose jobs you know hearing about this threat is awesome that's why i say the less the fewer nose jobs the better but is it true for you so like the more people get jobs in the time they're getting there there are obviously a conscious beings an economy thing they have to pick like we're all part of this

job somebody who doesn't need to do if it is that you know in tough economic times maybe you're not going to think that that nose job or that tummy tuck in is really the most important thing to spend your money on that's when it's a recession so it sort of a district or maybe they'll have like a living social deal where you can get your nose job for like a like oh but she for a month or something five three parts or something get one free you know when you die one can't look at you it's about him living it's up to look at how this must be i think probably less you know the yukon i'm used to always looking at but also it's probably that those are kind of turning the exotic looking women that are becoming more and more popular in popular culture or maybe some of these women don't have someone on t.v. their nose will eat too and they think of it as a trick if it is going to change because he was the no this is or it's all because that's a very exciting answer that's very well thought out i think it's probably just thinking that maybe we could open up like a like a quickie service like a place where people can go get all their plastic surgery things done very quickly

cancer surgery if you tube or something you know something like that you can just drive and get everything done all in one place and. our guys before rewrap it up here too i'm kind of curious i was going to talk about zombies because it just seems like every day there's a new zombie story that is out there and it's freaking me out and i think that it's creepy and know what's happening in the world but you know any thoughts on the net roots of what's going on here and think of all zombies. totally zombies or i think there's a lid on the consumption between cannibal and zombie recently because really noticed that in a lot of these stories it seems like all of a sudden hannibal in the sense. there was seating in two different things including i didn't know these people were actually on the economy not because they're not not not there yes we're not the living dead real thing as far as we know i think it's discrimination and so i think the sunni community of those yeah i think so we can some people are there. are the like a lot of what we should do experts who are finally getting the truth to be aware

you know this all because. hardly someone will so don't want to say next week on the sun my guess is you know far we've come though if you want to talk about you know the news and when they've actually talked about things like this as a zombie apocalypse and that's the effect of these visits never as a regular apocalypse isn't enough like a zombie apocalypse because we've got to be the next big big big thing our guys i got to wrap it up but nato giuliana david thank you it so much for joining us tonight this was fun. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture.

there hasn't been anything good on t.v. . it is to get the maximum political impact. before source material is what helps keep journalism honest we. we want to present. something else. download the official antti how placation you on the phone all i pod touch from the top story. watch on t.v. life on the go. video on demand on tease my old compass.