alan blinder's latest book is after the music stops, the financial crisis.he response and the work ahead. he says it tries to answer the question, how do we get into this mess and how do we get out of it? i am pleased to have alan blinder back on this program. welcome. >> thank you very much. charlie: i'll say this to you. if you're going to write a book, then you need somebody to endorse it. this is not bad. a master piece. simple. straightforward. and wise. president william j. clinton. >> i have to admit i was pretty pleased with that endorsement. >> he actually read the book. i thought he would skim it. >> charlie: could you tell for sure. >> i wasn't going to do that. i think it's impolite to a former' president. >> charlie: you think he read the book. >> he said he read the book. charlie: here was the question though. before we talk about the book. let's talk about where we are today. we had a dip in the fourth quarter. do you read anything into that? >> not very much. we had a dip in the fourth imparter in the g.d.p. we didn't have a dip in jobs you m

alan blinder's latest book is after the music stops, the financial crisis.he response and the work ahead. he says it tries to answer the question, how do we get into this mess and how do we get out of it? i am pleased to have alan blinder back on this program. welcome. >> thank you very much. charlie: i'll say this to you. if you're going to write a book, then you need somebody to endorse it. this is not bad. a master piece. simple. straightforward. and wise. president william j. clinton. >> i have to admit i was pretty pleased with that endorsement. >> he actually read the book. i thought he would skim it. >> charlie: could you tell for sure. >> i wasn't going to do that. i think it's impolite to a former' president. >> charlie: you think he read the book. >> he said he read the book. charlie: here was the question though. before we talk about the book. let's talk about where we are today. we had a dip in the fourth quarter. do you read anything into that? >> not very much. we had a dip in the fourth imparter in the g.d.p. we didn't have a dip in jobs you m

alan blinder. i am really -- back to the person that this is why i wrote the book.i would like to start off by saying thank you. i thank you for being the one who wrote a comprehensible book on the financial crisis and i want to thank you because i have been waiting for a book like this to be released. i am only on page nine. [laughter] i made a snap judgment, you will see that you will like it my page nine. i have a clear picture as to how this fiasco began. my wife is on the train with me and she even began to read on with me. here is really the punchline. i think it's important to the citizenry of the united states read this book and understand that plane without understanding proves futile moving towards bettering our nation. the sad truth is very understandable because the whole mess was so complicated that people don't understand. but we have gotten in america is incoherent anger. the anger is easy to understand. people should be angry. and there is some understanding whether the anger is focused, and then you have a better understanding of things for the futu

david: professor alan blinder from princeton. author of, after the music.he music start again by the way? we know it stopped. you wrote about it. >> i don't know. it may be starting sooner than we think. you already have seen people moving into riskier things. forgetting some of the things they said they would never forget, you know? david: let's hope you're right. >> little bits of music are starting already. david: good news from professor blinder. good to see you again. thank you so much. >>> the cash-strapped postal service is turning to the fashion world for help. that story later this hour. liz: jive provides social networking tools not just for individuals but large businesses. the stock, while down 21% over the past year, is up 22% over just the last three months. up next we have the chairman and ceo here of jive, telling us what's being done to keep that number rising. ♪ . at a dry cleaner, we replaced people with aachine. what? customers didn't like it. so why do banks do it? hello? hello?! if your bank doesn't let you talk to a real person 24/7,

. >>> this week's book is alan blinders "after the music stopped." wisest book about the global financial crisis and its aftermath. blinder who is a former vice chairman of the federal reserve challenges many of your assumptions about the process and shows the real causes and consequences and does it all in easy conversational. now for the last look, look at this form 1040. americans know that's the form we all fill out to file our income taxes. but this oneoo

. >>> this week's book is alan blinders "after the music stopped."sest book about the global financial crisis and its aftermath. blinder, who is a princeton professor and former vice chairman of the federal reserve challenges many resumptions and does it all in easy conversational pros. now, for the last look. take a look at this form 1040. americans know that's the form we all f

. >>> this week's book is alan blinders "after the music stopped."sest book about the global financial crisis and its aftermath. blinder, who is a princeton professor and former vice chairman of the federal reserve challenges many resumptions and does it all in easy conversational pros. now, for the last look. take a look at this form 1040. americans know that's the form we all fill out to file our income taxes. but this one looks different? why? well, because it's an antique. today is the 100th anniversary of the 16th amendment which gave congress the right to levee a federal personal income tax. and this was the first form for filers when the filing deadline was march 1st instead of april 15th and the top tax rate was, get this, 6% on incomes over half a million dollars. now, the original tax act, the piece of legislation was just 15 pages long. to more than 73,000 pages with all the rulings and regulations. now, we can't get rates back to the 1913 levels, but can we try to get back to something simple, straight forward and honest that, once again,

alan blinder. he is also author of the brand new book called after the music stopped, the financial crisis, the response, and the work ahead. it is wonderful to have this opportunity to meet you, have this recession with a face-to-face. first, your thoughts on the presidential during the jobs council. >> well, i think there was never going to be a good time to do this. lori: the most symbolic, the symbolism was a board many first cannonball to amidst the crisis, the worst we have met since the 1930's. the importance of the symbolism has been falling through time. there was ever going to be -- i can't imagine there was going to be a good time for him to say, we don't need you anymore. lori: your thoughts on the president's future strategy dealing with the jobs crisis? the big jobs report for the month of january tomorrow. the initial jobless claims surprisingly worse than expected today. yesterday's gdp ratio as of distraction. the shipping of to all that bright a picture, at least when you looked a

. >> next, alan blinder says the 2008 financial crisis was the result of the financial system becoming too complex and too up regulate -- unregulated. he also argues that government intervention, especially unprecedented intervention by the fed, kept the crisis from being far worse. this is about an hour. [applause] >> thank you very much, david. it's a pleasure to be here at washington's greatest bookstore. you know, i live near or new york, and there's no agreement about what the greatest bookstore is in new york, but in washington there's very clear agreement, and this is it. i sort of feel badly, people aren't shopping and buying books right now. [laughter] but hopefully, that will happen after. david suggested that i start, as most authors do and it's a sensible place to start -- by the way, it sounds like i'm winding up for 45 minutes. i'm not. don't worry about that. [laughter] with why i wrote this book. and i thought quoting one's self is horrible, but i'd like to quote an e-mail that was sent to me by a reader. i won't name him because it was just a letter to me. a perfect st

. >> let me also go to a question because you have been asked about banks and bank lending and alan blinder had an op-ed at the wall street journal last year of 5 recall pointing out that in an effort to spur lending by banks central banks in europe are cutting their interest, cutting the interest they pay on excess reserves to zero. the danish put it to-2%, they have to pay to keep reserves with them. this seems to me to be a powerful incentive to either land or put money to work in the markets. so my question is do you believe that this policy is implemented here would benefit the u.s. economy and if not why not? >> banks are currently being paid on the reserve's 25 basis points, 1/4%. they are receiving less than that because they pay fdic premiums on the deposits that they hold on the other side of the balance sheet so they are put in receiving a few basis points on their reserves. if we cut interest on reserves to zero or slightly negative which is possible, it would have a very small effect in the right direction, very small effect on the incentives of banks to make loans. basically t

alan blinder makes the argument that government intervention prevented the crisis from being far worse. >> coming up on c-span a conference on a clear weapons proliferation and then on book tv supreme court justice and cynthia held talks about being the wife of former cia director. >> on the next washington journal, gun ownership in america. the center of republican integrity who recently wrote about the role of the bureau of our call, tobacco, and firearms and a background check system for purchasing firearms. live from the blue ridge arsenal, a gun shop and shooting range. in addition to interviews and live demonstrations executive director of gun owners of america and washington times senior opinion editor, author of this year's emily gets her gun. washington journal is live on c-span every day at 7:00 a.m. eastern. >> you're watching c-span2 with politics and public affairs weekday's featuring live coverage of the u.s. and reid on weeknights was key public policy events in every week in the latest nonfiction authors and books on book tv. you can see past programs and give our sched

alan blinder, i go back to the princeton economist who said democrats are wrong on this.is. >> well, i don't think that's what the president's saying. >> that's all he's talking about, meek. that's all he's talking about. let's tax the rich. that's going to make everything better. hey, is your back a little sore? it's the rich folks' fault. i just want to put this out on the table really quickly. >> mm-hmm. >> my position on taxing the rich probably is far more, let's say, progressive than most of the democrats that are going to be running for senate in 2014. i doubt they will embrace my idea of a 30% minimum tax rate. so it's not that, mika. it's that he is in a permanent campaign. he's playing to the lowest common dominator, using class resentment instead of getting serious like a president should. >> i'm not sure i agree with that. i'm going to read from david brooks in the new york times. under the permanent campaign shimmy, the president identifies a problem, then declines to come up with a proposal, then he comes up with a vague concept that doesn't address the prob

. >> yeah, alan blinder, of course, fellow princeton professor and former, i think, vice chair of theing about the horrific problem that we're going to face with long-term debt ten years off. it's an extraordinarily serious problem. and it's dangerous when somebody with a nobel prize goes out there and says we don't have to worry about the debt. and he confuses a lot of people who, again, what shocked me is there have been a lot of bloggers who have been writing about this who don't know the difference between deficit and debt. they don't know that when you talk about long-term debt, you're talking about 2020. and when you're talking about deaf silt deficits, you're talking about 2013 and 2014, as we say all the time, deficits don't kill us, but next decade's debt does. >> exactly. until krugman started weighing in, i think there was a consensus that this was a problem. it was a long-term problem but one you had to start to address now. and what krugman has done with his million twitter followers, being the most read columnist on "the new york times," he's given respectability to the