the adam smith model is the model i see as the ideal. >> who was ludwig von meis? >> the premier economist of the 20th century teaching in the university of vienna. he was jewish, left during world war ii, came to america, and his economics became more popular during that time period, never as popular as milton friedman, but he's a heroic figure in my book with the austrian school. his -- one of his -- not students, but one of his close associates, frederick hayek won the prize, and he's an important figure. >> when they talk about the austrian school, what does that mean? >> it's one of two major free market school of economics. the other school is the chicago school that stigler and friedman developed in the 60s. this is a more hard core school that advocates the gold standard, is very suspicious of intervention by central banks, particularly their austrian theory of the business cycle is important because they say the manipulation of interest rates by the federal reserve can only have disastrous effects creating a boom and bust cycle that's unsustainable or a bo

it's the story of the great economic thinkers starting with adam smith, covering karl marx and milton friedman and all that sort of thing but how the perspective -- his fame rests -- favorite economists were marks, keynes all pro-government activist status whatever you want to call them. my perspective was more wanted a more balanced approach and so i wanted to highlight the free-market thinkers and what their role was and in fact the heroic thinker in my book is adam smith, the founder of modern economics and so i discovered by making adam smith the central character of my book and his theme of his system of natural liberty which is what he called it in the wealth of nations, i was able to actually tell a story so this book is actually a story. it has a plot, and the plot is how adam smith and his system of natural liberty retreated over time, how it came under attack by the marxists, by the bad lands, the keynesians and so on but how they were resurrected and brought back to life and even improved upon by the other schools of economics, the austrian school and the chicago school of

coming up, democratic congressman adam smith returned from afghanistan. he's in florida right now prepared to back the president in this last debate. what he says about this attack from romney's team, the president's handling of libya. >> it was clear that the militias were the biggest threat to a successful libya. we've done nothing in a year, from october of 2011 to september 15th, we did almost nothing to deal with the militia problem and help the libyans. >> we'll get the congressman's reaction to that. plus, donald trump now claims to have a bombshell announcement about president obama. he made this announcement hours ago. is this another hype job? well, it's just something we thought you should know. i think you already just screamed out yes to that question i just asked. join our conversation on twitter. what you are your thoughts leading into the last debate tonight. let us known at @tamron hall and at @newsnation. begin. tomato, obviously. haha. there's more than that though, there's a kick to it. wahlalalalallala! smooth, but crisp. it's kind of

this social darwinistic view that we've concocted for ourselves which unfortunately goes back to adam smith yeah absolutely it does seem like we are indoctrinated with this line of thinking anything alternative that peter is bad as we learned through it pretty much every institution that i've experienced growing up in this country i'm sure around the world why is it that people at here are so strongly to these archaic political and religious institutions in light of the twenty first century advancement technology the vast knowledge available to expand humanity's collective consciousness it seems like we constantly regress back to what we're comfortable with even though they've been proven historically to have monumental failures. yes i call it a move from superstition to science we've if you look at the social structure it really it goes back so far and it disc loued so many modern advancements that people's traditional values are so caught up in the voting process in the delegation of authority in these general subservience patterns of the peasants if you will which is what the majority of

raising wages is absolutely right the norm i mean you can go back and go back and read anything from adam smith to you know forward. the norm in an economy total laissez faire no regulation no involvement than the norm is is is scrooge marley it is it is what you saw it is go for it is right smiling way above and it is let alone is that is what dickens wrote it let me finish it is what dickens wrote about it is a small very wealthy upper class a very small mercantile list and professional middle class and huge class of the working poor that's what an economy normally produces if you keep all your hands off as you're suggesting as you're suggesting and so you're absolutely right that unions come in and say we are going to we are going to say we're not going to work unless you push some of that money down from the top that was not the economy in america from eight hundred eighty eight in one nine hundred twenty arguably one of the periods of time when we had the most laissez faire attitude that this country's ever had and it is simply and as a rule and in one thousand nine hundred the average inc

susan page, msnbc contributor and political editor, perry bacon, nia-malika henderson and adam smith.known you a long time. the last thing you are is a mean guy. >> i'm a pussycat. >> adam, we're putting on the spot here. two weeks ago, all of the republican smart people would talk to all of us and say, virginia, north carolina, florida, that's moving romney after this first debate. now it's all about the midwest. right or wrong? >> i don't think so. if you look at average of the polls, romney up one or two points but this is very much a toss-up state. demographics are favoring obama. absentee ballots look very good. >> what's changed from '04 florida to today florida? >> here's what you want to look at. you want to look a miami-dade, huge democratic margins there. >> that's bigger this time than in '04? >> they think it can be bigger. it was huge last time. you look around orlando area. >> not a swing county. >> not in the slightest. that's exploding puerto rican population. that's where obama's effort more than anywhere else. >> susan page, where is this race heading. two-week sprin

. >>> for the other side, congressman adam smith, ranking member of the house armed services committee. welcome to you. >> thank you for having me on. i appreciate the chance. >> that was quite a lively exchange there. mitt romney is coming out today trying to position himself as the more presidential leader in terms of foreign policy than barack obama, saying obama has been weak. this is obviously a very arguable point. what would you say to that? >> i think the most interesting thing about governor romney is not just this speech but his entire foreign policy approach, is the complete absence of specifics and we even heard that from former senator coleman there so he's upset about the situation in syria. i didn't hear governor romney advocate that we intervene in syria. i happen to think that would be a mistake. in iran, all he called for was the exact sanctions that president obama is implementing. look, the president has had a very strong record. you pointed out many of the aspects of that. certainly the death of osama bin laden is the most important, but it's not just that. we've c

as much as tom friedman making good if you really read adam smith, which we do, if you guys are the wealth of nations can meet understand all these things are. actually smith is very, very skeptical of corporate power and he thought everything would be kept in check by competition. he had no way of envisioning the kind of multinational corporations that we have no good just overwritten. but we say what global trade is. fine. it's excellent and it's a wonderful idea. but we say that the way we practice in this country is what is offkilter. the problem is we have opened our doors, but other countries have not opened their doors and this is true of many of our trading partners, both in europe, asia, particularly japan. and many of the new player, china, which is not only opening its doors, and that subsidizes provides all sorts of incentives to their companies, government funded companies in many areas that make it impossible to compete with those companies on a normal economic plan. >> host: listening to you, i would say the problem is japan. it's china, it's these other countries, but

as much as tom friedman making good if you really read adam smith, which we do, if you guys are the wealth of nations can meet understand all these things are. actually smith is very, very skeptical of corporate power and he thought everything would be kept in check by competition. he had no way of envisioning the kind of multinational corporations that we have no good just overwritten. but we say what global trade is. fine. it's excellent and it's a wonderful idea. but we say that the way we practice in this country is what is offkilter. the problem is we have opened our doors, but other countries have not opened their doors and this is true of many of our trading partners, both in europe, asia, particularly japan. and many of the new player, china, which is not only opening its doors, and that subsidizes provides all sorts of incentives to their companies, government funded companies in many areas that make it impossible to compete with those companies on a normal economic plan. >> host: listening to you, i would say the problem is japan. it's china, it's these other countries, but

. >> adam smith wrote in the wealth of nations back in 1776 when he talked about the political rupturethat prevent prosperity. you find the majority of them came out of private practice and are not lawyers. dagen: can you point to anything that the congress has done that those very people elected to years ago have accomplished that represent change in washington? >> not yet. people, when they look at policy, they look at it the wrong way. they look at it from the top down. anything of importance always comes from the bottom up. this scott walker was historic. you have jerry brown attacking deficits in california. you have cuomo, kristi in new jersey. when you book from the bottom up, there is a lot happening on the left and right. dagen: those are all examples of what is going on in the states and in some ways it resonates with the individuals and the residents of those states more that they will accept that kind of action and accept those types of tough decisions. depending on what happens in a little more than a couple weeks, do you think anything changes in terms of the amount of mo

adam smith had to publish every single one of his e-mails and ended up resigning. why won't the prime minister publish all of his e-mails? can he really be a fit and proper person to judge on the future of press regulation if he won't come clean with the british public? [cheers and applause] >> there is, actually, another rule of this house which is be that you insult someone in this house, you do an apology, and i have to say i am still waiting. the fact is, it is this government that set up the lev szob inquiry, and -- leveson inquiry, and i gave all the information asked to that inquiry. >> [inaudible] >> the honorable -- [inaudible] pussycat, mr. speaker, is a coffee shop in my constituency. they've just had their business rate hiked up by 700%, and the chancellor's coming after the money even though they haven't yet heard the appeal which means it might have to close and jobs will be lost. can the prime minister come to the rescue? is. >> i have every sympathy with the business he mentions. of course, business rates are a devolved issue, so this needs to be ta

knowing that even adam smith, to use a reliable source, will tell you that it is the quickest, surestand nearly permanent way to implode a nation. host: what do you think the moderator could ask to get that? caller: i just find it disturbing that with all this media coverage and speeches being made from both candidates in both parties, that the two wars that they waged in iraq and afghanistan are footnotes when it comes to balancing the budget and approaching resolving the debt crisis. the wars have absolutely little to do with it and it is disturbing. anyone can look at a history book and know that you raise taxes during a time of war. host: byron, cleveland, good morning. caller: known as socialist, george soros, recently contributed to the democratic party campaign. i would like to know if president obama or michelle obama, his wife, have ever been currently members of a communist or socialist party, u.s.a.. thank you. host: ann, democratic line. caller: hello. host: go ahead. caller: i would ask mitt romney why he says he is for the middle-class and when he was governor of massach

adam smith had to publish every single one of his e-mails and ended up resigning.why won't the prime minister publish all of his e-mails? can he really be a fit and proper person to judge on the future of press regulation if he won't come clean with the british public? [cheers and applause] >> there is, actually, another rule of this house which is be that you insult someone in this house, you do an apology, and i have to say i am still waiting. the fact is, it is this government that set up the lev szob inquiry, and -- leveson inquiry, and i gave all the information asked to that inquiry. >> [inaudible] >> the honorable -- [inaudible] pussycat, mr. speaker, is a coffee shop in my constituency. they've just had their business rate hiked up by 700%, and the chancellor's coming after the money even though they haven't yet heard the appeal which means it might have to close and jobs will be lost. can the prime minister come to the rescue? is. >> i have every sympathy with the business he mentions. of course, business rates are a devolved issue, so this needs to be tak

sandra smith is still with us at adam shapiro and nicole petallides from the floor of the new york stocknge. intel on big loser in the dow. nicole: number one loser in the dow jones industrial average. tech stocks have coming to focus because analysts are all over the place and intel is one of those downgraded to lana underperform from overs of a performer and we see it down here 1.7% roughly. 28% now. some other names, and i have one more for you. that is good. hewlett-packard. charles: can you imagine ten years ago initiated with sales bill and sheila packard. new at 10:00 another failed green company supported by the president. in 2010 president obama visited the factory of compact power. the company received $150 million and was supposed to make batteries for the chevy volt. now the company is furloughing its workers and yet to produce a single battery. mitt romney said last week about this in the debate search. >> don't forget. you put $90 billion, 50 years worth into solar and wind to solyndra and tesla. i had a friend could set you don't just pick winners and losers. you pick the

liz: stacy smith, intel chief financial officer and senior vp. let's get to adamhapiro with the breaking news news on the citigroup call and new chairman. >> o'neill saying it was vikram pandit's decision to step down. he said quote, vikram chose to submit his resignation. there are no other shoes to drop. vikram was a person of impeckable integrity. he goes on to praise michael corbat. went to praise him you unanimously. now he is speaking about emerging markets. remember we spoke with dick bove. the internationalists are in control of citi. they're not as focused on the united states anymore as they are other markets. corbat saying we will remain focused on efficiency ratios and sheila bair may have something to say about that he said our strategy is unique and well-positioned for where we see the world going. liz? liz: thank you very much. he is going to break in if anything else happens on the call. adam, keep listening. we appreciate it. david, over to you. david: presidential candidate mitt romney says he wants to promote more trade in latin tin america. com

men and women like amanda who was hit by a mortar round, ian smith with post-traumatic stress disorder, mel -- mel lisa, shot by a sunshiner. adam burk, hit by a mortar round, and what we share with you can people, they're in a place they came back to their communities and they were on a new frontline and many of them were afraid, and i was difficult. what we did with them at the police continues, we challenged them. we challenged all of these men and women in the say way we challenge young people. find a way to continue to serve so that josh ended up serving at the st. louis science center. adam, who was hit by the mortar round set up his own nonprofit. julian served with habitat for humanity, sean became a youth hockey coach and football coach. ian smith did a fellowship at the police continues and then did an internship and the white house with the first lady's office for her joining forces initiative. melissa steinman became a biology teacher, and for all of them, they started to serve again and took on this challenge of finds a way to continue to serve on the new front line. and what we found at the mission continues, is al

tonight adam greenberg back in the big leagues. i'm bill hemmer in for shepard smith. one of the toughest voter i.d. laws in the country cannot take effect before election day. that's the ruling from a judge in pennsylvania. up with of the biggest prizes on the map, 20 electoral votes in that state. the judge says there is not enough time to make sure that all eligible voters get voter i.d. cards. supporters say the law will prevent voter fraud. but democrats accuse republicans of trying to stack the deck they say for governor mitt romney. they point to this comment from the house republican leader back in june. quote, voter i.d., which is going to allow governor romney to win the state of pennsylvania, done. a spokesman later said the law maker meant, quote, for the first time in many years, we're going to have a presidential race on a relatively level playing field. more than a dozen states have approved tougher voter i.d. requirements since the election of 2008. the courts of the justice department blocked four voter i.d. laws in four different states. eric shaun li

smith. >> they're one of the hottest hitting teams in regular season. now the nats have gone ice cold in the playoffs. four starters, adam laroche, bryce harper, kirk suzuki and danny espinosa have combined for four hits in four at bats. game three today in front of a record crowd, davey johnson getting his guys ready. top of the 2nd nats down 1-0. pete kozma, two on, a three-run blast, cards take a 4-0 lead. edwin jackson after five innings, eight hits, four runs allowed. bottom of the 2nd, runner on for danny etch most. david freese bare -- espinosa. david freese bare hands it. espinosa should have been called safe at first and a thing kept alive. bottom of the 5th still 4 -0. michael morse, bases loaded, two out, a chance to tie it up. nats shut out 8-0, now trail the series 2-1. >> we didn't score runs, just missing pitches. that's the thing right now. we had some pitches that hit and me and a couple other guys are missing pitches just by a hair. it's just baseball. >> put ourselves in the spot, not something we had planned on, but if is what it is. so we need to -- it is what it is. so we need to go out from the fir

and they were absolutely adamant that there would be no evidential value in them whatsoever. >> a sentiment echoed by a former i.r.a. enemy, william plum smithno golden treasure there. i mean, where people are going to get mass prosecutions. so it's giving people false will hope. it's delaying any truth recovery process. >> smith's community was ravaged by violence, the i.r.a. blowing up pubs, shops, killing and maiming. loyalists like smith struck back, setting out to cause equal or worst carnage on their catholic enemies. now they find they have something in common, a deep distrust of police efforts to access their confidential interviews. >> you can't expect people to talking if on one hand and be open and honest and candid as much as they can be and then have the police knock on their door and say, you said this or you said that. >> cutting short the project, a huge loss for future generations. >> this would be a very valuable historical archive, a very useful tool for future students of conflicts, also for policy makers because what we were providing here, very -- i think in a very realistic way, was a glimpse into the mind of the terro

adam. update us if you get any new numbers. stocks, no equity trading until tomorrow. everything from crude to cocoa to coffee was trading today in chicago. sandra smith live at the cme there. sandra, the traders, what jumped out at them and you cannot ignore the fact that of all things gasoline closed down? sandra: well there's sort of an ear eerie -- there's sort of an eerie calm on the floor right now. i want to bring in a guest now. the energy markets the energy department said as a result of this storm, as a result of sandy, we are seeing gasoline supplies at their lowest since 1990, but yet gas dropped today. >> that's because a lot of individuals think the demand will come off. obviously individuals are stuck in their homes and not going anywhere. all of a sudden, those gasoline prices are going to have a pullback on demand. sandra: what do you think the trade will be tomorrow when things reopen? >> i think although the east coast accounts for 35% of the demand, i think that people are going to be going back into their cars. you know, it is not as bad as a lot of people had thought. sandra: you see this as an opportunity to buy oil and gas. >>

smith has more. >> reporter: there is no time like the present. the season is ov. this game is currently in progress, tied at one in the third. adam laroche with a solo home run and they have been outscored in the series, 22-7, and the key today, obviously, is silencing the cardinal inning. you know what? those guys can add and subtract and the players are confident and optimistic and that a turnaround starts today. >> and we believe in ourselves, you know, and have a good character ball club here, you know and i am excited to watch. that. >> we're getting the ball and hitting hits, not the right time or a right deal. played five games for a reason. >> i think we come out and continue to do the same things we have done. i think our formulas look well and that will be bad to change it now. >> the other half of the nlcs was settled moments ago. game five, reds-giants. top of the fifth, giants up 2-5 and just like that unloads them. a no-doubter, grand slam san fran holds on and the giant comes back after being 0-2 in the series and win it, the first nl team to do that since 1995, and whoever wins in this series will get a chance to

adam shapiro. dagen: be careful what you wish for in terms of a replacement. oil paring some of its losses after a surprise decline in the u.s. oil supplies last week. connell: let's go to sandra smithtails in the trade today at the cme. sandra: the numbers are out and they should be somewhat bullish for the market, but oil is plunging. take a look at the numbers just out from the energy department. the expectation was for a build of 1 1/2 million barrels of oil. we actually got a drawdown of 482,000 barrels last week. the market is reacting to what appears to be very weak economic data that's coming out of china and europe. we have a guest who is going to comment on this. what's the deal? these were bullish numbers but we're seeing oil sell off significantly. >> the fundamentals can't override the fact we have weakening economies in europe and china. at the same time, we have had this kind of qe 3 hangover. that was a lot of money. we all started to realize as trader ifs this doesn't work out -- traders if this doesn't work out, we're in trouble. slowing economy in europe as well as in china, and at the same time this hangover of qe 3 maybe not working out. kind of had some of thes