and so, kenneth rogoff at harvard recommends that since some people say well, if we lower the mortgage rates, if you bring the mortgage down to the value of the house, then the people who hold the mortgages will lose money. who's going to compensate them? and what's it going to be? rogoff has suggested the debate for the people who ultimately hold the mortgages instead of writing them down, just cut them in half by taking an ownership position in the house so that when the house is ultimately sold, the people who issue the mortgage will share in the profit and you get the same practical result. you no longer have a bad debt on the books. the homeowners got a mortgage that he or she can pay. and i said in the book come i know this will work because when i was governor of the late 70s and early 80s and farmers got in trouble, we have been hundreds of small state-chartered pigs who did not want to foreclose on the farmers. they knew they were just having a couple of bad years and they couldn't pay their farm loans they didn't want to take discussion of the farms, so we allowed the banks t

. >> ken rogoff. >>> the heat on high-rising commodities and his thoughts on what's going wrong in the global economy. >>> checking in with one of santa's big helpers in ret tail industry. the hottest toys this holiday. what's impacting your kids this season. we take a break as we look at the stock market end of the week. worried about retirement. forty years ago, he wasn't he'd yet to hear of mutual funds, iras, or annuities. back then, he had something more important to do. he wasn't focused on his future but fortunately, somebody else was. at usaa we provide retirement solutions for our military, veterans and their families. from investments... to life insurance... to health care options. learn more with our free usaa retirement guide. call 877-242-usaa. ♪ [ engine revs ] ♪ [ male announcer ] oh what fun it is to ride. get the mercedes-benz on your wish list at the winter event going on now. but hurry -- the offer ends january 3rd. [ santa ] ho, ho, ho! >>> pr from retiring at age 37 to moving halfway around the world to predicting the great depression. jim rogers has never been shy

rogoff has suggested that the banks are the people who ultimately hold the mortgages, instead of writing them them down, just cut them in half by taking an ownership position in the house so that when the house is, ultimately, sold, the people who issued the mortgage or own the mortgage will share in the profit, and you get the same practical result. you no longer have a bad debt on the books, and the homeowner's got a mortgage that he or she can pay. .. >> you can watch this and other programs online at booktv.org. >> uncompromising is the name of the book. the rise, fall and redemption of an arab american patriot in the cia. when and how did you serve in the cia? >> i originally started for the fbi as a special agent and worked with them and for five years and worked with the cia in 2003. i worked in some high-profile cases for the fbi like the uss cole, the bombing in riyadh, the assassination and murder of the u.s. agent in 2002, and looking at cia officers, they value the culture and linguistic abilities and from the fbi to the cia i was dispatched immediately in baghdad. i was invo

this is very dangerous territory, according to economist car men reinhart and kenneth rogoff, public debt burdens above 90% of g.d.p. are associated with 1% lower economic growth. i ask unanimous consent that a short article outlining their thesis be included in the record at this point. the presiding officer: without objection. mr. hatch: i thank the chair. one might quibble with the particulars of reinhart's and rogoff's assessment, failure to take it seriously given the recent struggles of the euro zone amounts to whistling past the graveyard. to be clear the long-term source of our fiscal problem is overspending not a lack of revenue. our friends at the heritage foundation have done an excellent job of putting all this spending into historical perspective. i would like to run through some charts highlighting how unusual and unsustainable recent levels of federal spending have become. any way you cut it, spending is up. federal spending for household is skyrocketing even with the $2.1 trillion in deficit reduction achieved by this summer's budget control act. there you go. inflati

and so, kenneth rogoff at

there's a recent study done by respected economists carmen reinhart and kenneth rogoff show 90% of the economy will reduce a country's economic growth by one or two percentage points. our gross debt right now is 100% of our economy. 1% to 2% is significant growth this year is likely to be closer to 2% total. pretty weak growth. 1% to 2% growth would be 100% more growth in this country. if we didn't have these debts building up to a record debt of over $15 trillion. it's unacceptable that we have the economic growth we do because it's keeping people from achieving the opportunities that they seek at a time when there are 22 million americans who are unemployed or underemployed we need to do everything we can to get give -- give the economy a shot in the arm. we should not be condemning people to chronic unemployment through inaction here in washington. when lawmakers want to do the right political thing it seems the budget rules creates a bias for spending and deficits. when i left the post as director of the office of management and budget in the last presidential administration -- tha

i had my interpreter, a fellow you also know named sergei rogoff. he was so wrapped up in the reform and the opportunity for change in russia that he basically couldn't help but editorialize as he went along. is that an interpretation like that. he would tell me what they just said he would say under his breath relying -- [laughter] and so it was quite a time to be there. anyway, long story short i get on the airplane and as i head home i basically decide if i can possibly get my colleagues to do something with me in the senate and house, we would try to tackle the subject of loose nukes, because james as you said, there were thousands of nuclear weapons, tons of chemical weapons, a huge amount of nuclear material that could be made into weapons and smallpox actually in some cases ready to be put on a missile. so that was the condition we found. i came back and i introduced the legislation. we will get to the story later, but it was interesting because we are ready had had the senate armed service bill had passed. this was august of 1991 and the hou