that way way back in two zero two during his first year on the fed that was my interview with david stockmanuthor of the great defamation. if you love me do a gang. marilyn just said diamonds are a girl's best friend and if that is in fact true then ladies get ready to meet a newbie at this one hundred eighteen carat egg size white diamond broke a world record last week fetching more than thirty million dollars during an auction at sotheby's in hong kong now the stone was sold to an unnamed known bidder and has been described as the finest of its kind ever ever to appear at auction now hong kong has become a center for jewelry auctions thanks to growing wealth within china and other parts of the region as well and this particular sales signal is a moving trend first for the southern chinese city that is to host more major global auctions and over the last five years five years it's been the chinese diamond market has doubled second only in size to the u.s. and has more than tripled in china twenty two point eight billion dollars tripled in china double the size of the u.s. joining me now to

david stockman house the truth about the debt truth about the debt ceiling.an everyday miracle of survival today the future of all life on earth hangs in the balance what happens next depends on us ♪ well you done done me and you bet i felt it ♪ i tried to be chill but you're so hot that i melted ♪ i fell right through the cracks ♪ now i'm trying to get back ♪ before the cool done run out i'll be giving it my bestest ♪ and nothing's going to stop me but divine intervention ♪ i reckon it's again my turn ♪ to win some or learn some ♪ but i won't hesitate no more, no more ♪ it cannot wait, i'm yours ♪ open up your mind and see like me ♪ open up your plans and damn you're free you'll find that the sky'snd yours ♪ so please don't, please don't, please don t ♪ there's no need to complicate ♪ cause our time is short ♪ this oh, this oh, this is our fate ♪ i'm yours lou: bringing you a stay on tropical storm karen with is expected to make landfall by tomorrow in the vienna right now birling to the coast with winds of 50 m.p.h. and forecasters say it could strengthen o

david stockman house the truth about the debt ceiling. the ocean gets warmer.uvian anchovy harvest suffers. it raises the price of fishmeal, cattle feed and ef. bny mellon turns insights like these into powerful investment strategies. for a university endowment. it funds a marine biologist... who studies the peruvian anchovy. invested in the world. bny mellon. lou: bringing you a stay on tropical storm karen with is expected to make landfall by tomorrow in the vienna right now birling to the coast with winds of 50 m.p.h. and forecasters say it could strengthen overnight and hurricane watches are in the fact from louisiana to florida. the treasury department warns of the default coming on october 16 it could trigger it economic calamity but we are here tonight to expose the debt ceiling truce and to put into perspective the governor -- the government has revenue of debt interest of 30 billion and the president has the power to prioritize spending to pay down only the debt interest and social security, medicare, a service members' salaries and here to guide as is

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fed money go where where could they be well justin underhill charts the surprising answer then david stockmaneighs in on the end game for the fed finally it might be football season but we're not covering the bears so much as to be there and a record diamon auction at the other views in today's big deal you know want to miss the. bus but. it was like those doing the job did you know the price is the only industry specifically mentioned in the constitution. that's because a free and open press is critical to our democracy but there's. in fact the single biggest threat that you see in our nation today is the corporate takeover of our government and i was proud to mco we've been a hydrogen right hand full of transnational corporations that will profit by destroying what our founding fathers would still just my job mark get on this show we reveal the big picture of what's actually going on we go beyond identifying. rational debate real discussion political issues these. are ready to join the movement and welcome. i am the president and i think that's the side that. i know that soon too. bankers.

of exciting guests coming up on our initial lineup we have the deputy prime minister of greece david stockman former director of budget under ronald reagan and we're going to talk about a brand new scandal you might have heard of lie board this thing could be bigger and that's all coming up this wednesday and erin why should people tune in why do people care about the financial blog why why i think i mean if you don't care about trying to answer is you truly don't understand anything else that is going going gone it's not it's person and condescend not to get understanding what it's about but it's we all have money and we need money and we should learn a bit more about it and we should do it in a way that's you know digestible for everyone in an unconscious anyway because frankly it is an education for all of us even the economists they frequently change their position or go back and forth so and we can only do to break down the layman's terms of the tough and complex financial world that was host of boom bust erin eight and producer of boom bust bob english whose new show prepares this wedne

david stockman her that and is here with me now. >> that is more banter from harry reid which we comepect there will be higher taxes this is a pathetic fiasco with the shutdown shutdown, the debt ceiling when the republicans snatch defeat from the jaws of victory. they dug-in they got it sold the other river by mcconnell and some republicans. neil: but now would you break the debt ceiling? >> the debt ceiling would never be breached. they were days for improving this is a myth that there is an armageddon on the other side of october 17 and forced the president to prioritize. we said he could pay the interest and then you have a fair fight. neil: now it is lost no harry reid says there is a reason to cut spending which mimics what nancy pelosi said. i don't advocate that but it i made a mistake when i negotiated for those revenue increases it is off the table these people our weak and divided maybe the tea party will begin but then they will be sold down the river by a surrender artist but they say they don't want to cut back nobody wants to pay more taxes. we have to reform the entitl

joining me now is former congressman david stockman, d k director of the office of management and budget. the author of the great deformation. and michael, contributing editor to the american conservative, editor of the slur and david, i want to start with you. you are someone who has kind of been in and out of the conservative movement. you were kind of a purgee in certain ways. very famous profile of you in during your time in the reagan administration. you've also tangled with grover norquist. >> this isn't surprising. the republicans are no longer a political party. they're a gang. you have the neocans, tax, social and just. just cans are the fakers. but the point is on the fundamental fiscal issues, they don't agree. the neo want a bigger defense budget. we have a $650 billion war machine. they didn't get the memo the cold war ended. there's a few thousand terrorists left. by the way, when clinton left the white house, it was 400 billion this today's dollars, so they're arguing we can't do the sequester. we ought to be carrying much more. so that divides the party. then we have the

david stockman says that's total nonsense. it scares people. >> it certainly does.nt is playing the role of calamity howler saying we are going to default and there's armageddon on the other side. the irony is that he's the only one that can cause a default. >> explain. >> by not prioritizing the revenue when it comes in after he runs out of debt ceiling. we have $250 billion a month of revenue coming in, even in this kind of weak economy. the interest payment per month by contrast $30 billion. he has the power to prioritize, allocate the first dollar to pay the interest. there's never -- there never should be a question that it won't be paid. and then move on and put it into social security or wherever else he needs to while they are negotiating a real solution. >> the only thing that would make you default is if you don't make good on an interest payment. >> if -- >> what if you don't make good on a social security payment? >> if you don't make good on a social security payment they are going to be -- there will be 5 million people not very happy. >> that's not a

. >>> david stockman says republicans need to take a stand on obamacare. we will ask him why. >> consider this: 10 eastern on axis america. hi, my name is jonathan betz, and i'm from dallas, texas, and] >>> welcome back. i am john seigenthaler. here are the top stories. a lot of people are having problems signing up for the affordable care act, the healthcare exchanges. the government says it's working quickly to resolve those problems. officials point out that coverage doesn't take effect until january 1st and enrollment will be open until march 31st of next year. investigators are on the scene of a church bus crash in tennessee today. the crash took place about 20 miles northeast of knoxville on i-40. the church bus overturned after one of its tires blew out. at least 8 people killed and 14 occurs injured. it was still no deal. president obama met about an hour ago with house and senate leaders to discuss the government shutdown, but they reached no agreement. republicans accused obama of refusing to negotiate. democrats accuse republicans of constantly

david stockman apparently came to the president right after they had that big donny brook.he president, we're pretty close here. so he goes running after tip in the other room and says, come on, i think we can get together on this. he sends stockman up the friday before he got married. remember, he gets married then. he goes up that friday before, meets with him, and cuts a bill for a big jobs bill. this getting together after the fight. they always fought. >> the president is having the leaders come down today. >> i'm hopeful. >> does he have the basic relationships -- does he have a relationship with john boehner and mitch mcconnell, or has it been so poisoned now by their past disputes? >> it's tougher today. i'm not going to say it was tougher back then. i think what's going on, and you know this, it's going to be about the debt and the debt ceiling. they can't have a short-term compromise now and then be back at it in two weeks when it's far more important. i think ted cruz is brilliant. he basically shut down the appropriations process by refusing to let the budget co

joining us tonight david stockman.g book "the great deformation: the corruption of capitalism in america." honor to have you here, mr. stockman. you've been through eight shutdowns. >> i've been through eight of them. there is not going to a grand bargain. there is going to be a bipartisan dance of the ostriches with their head in the sand stumbling forward until the next crisis. >> so we get the instant replay machine. >> i think we do. and they're out there saying raise the fence. reverse this tiny pinprick in the sequester. but what are they thinking? we would still have the defense budget after the sequester which is 50% higher than it was in 2000 in real dollars, before the whole bush war machine got cranked up, et cetera. they didn't get the memo the cold war is over. the american people said stop it, syria. we don't need this war machine. they can cut substantially, but instead the republicans will fight to raise it. democrats want revenue. they blew it in the fiscal cliff bill when they extended permanently $4

tonight president obama warning of economic catastrophe, former office of management director david stockmanpolitics of a shutdown. tonight at 7:00 eastern. charles: gerri willis wrapping up her specials series a user's guide to obamacare. on the willis report. let's talk about this. you had a huge impact, huge numbers, people want to know what is going on with obamacare. gerri: they're tired of the spin and want to know what is going on. i will tell you right now what is going on with sign ups and people going to these websites because we're told some numbers that are not true, the administration saying we have 4.7 million visitors to healthcare.gov but when you dig into this is not what it seems. california said we had five million visitors, turned out is only 645,000. new york thought they had ten million visitors, there are only twenty million people in the state. only 44,000. charles: people moving to new york to check out of time. gerri: only 44,000 people. charles: 44,000. gerri: that is what the state says. charles: you mentioned enrollments. after we get through the tape, who visite

guest: how come david stockman, for example, saw this and does nothing about it. one of the things rudy and i were talking about is may be in the system -- we should look at changing be 1974 budget act that set the current rules and framework that we have today because right now it is not working. it is not working at all. basically if you look at discretionary spending, which is what the appropriation bill had cover, that is a commissioning -- that is a diminishing share. they're taking away the ability of congress to negotiate on special spending. they are often table. there on automatic pilot. we talk about defense and others, the total gets smaller and smaller, that creates more partisanship, more fighting. i do not expect any solutions come january 15 are guarding how we change the president incentives. the people on capitol hill are good-natured and care about the country, but the structure we have in place is rogan. host: -- is broken. host: maria from california. good morning. caller: how is it that they always blame the republicans when harry reid was the

david dewurs, he lost as a moderate candidate to ted cruz. this week he told tea partiers he wants to impeach president obama over benghazi. then you have steve stockman about impeachment. he bought 435 copies of the world net bailey book, impeachable offenses, the case for reof mooing barack obama from office and he plans to give a copy to every member of the house. >> that's one way to sell a book, i guess. here's the thing. we have seen in the last few weeks how this extreme talk suddenly moves into the mainstream. and before you now it, they're too scared. fear is what is ruling at least the house republicans right now. they're too scared to say, boo, this is not going to work. this is not going to fly. and we've got to stop it. so what happens? they take one of these crazy ideas, it didn't work and then they realize, gee, we look really foolish. there is a danger that this talk about impeachment moves to the heart of the republican party. there are no grown ups to say that's crazy. stop it. >> i feel like when they feel threatened they throw out this crazy rhetoric, talking about impeaching the president. and that's exactly when you see this come