chris booker, larry and adam smith in tampa bay, thank you all.it. >>> next up, your "daily rundown" guide what to watch for as the wults came in on tuesday. but first today's trivia yes. name the only two states that flipped their presidential vote in both 2004 and 2008. gore, bush and obama. that's your hint. the answer coming up on this special prime time edition of "the daily rundown." we'll be right back. up. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up it yet again. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in e

chris booker, larry and adam smith in tampa bay, thank you all. appreciate it. >>> next up, your "daily rundown" guide what to watch for as the results came in on tuesday. but first today's trivia yes. name the only two states that flipped their presidential vote in both 2004 and 2008. gore, bush and obama. that's your hint. the answer coming up on this special prime time edition of "the daily rundown." we'll be right back. ♪ ♪ ♪ hi dad. many years from now, when the subaru is theirs... hey. you missed a spot. ...i'll look back on this day and laugh. love. it's what makes a subaru, a subaru. boring. boring. [ jack ] after lauren broke up with me, i went to the citi private pass page and decided to be...not boring. that's how i met marilyn... giada... really good. yes! [ jack ] ...and alicia. ♪ this girl is on fire [ male announcer ] use any citi® card to get the benefits of private pass. more concerts. more events. more experiences. [ jack ] hey, who's boring now? [ male announcer ] get more access with a citi card. [ crowd cheering, mouse clicks

chris booker, larry sabato and adam smith in tam pais bay, thank you all.ciate it. >>> next up, your "daily rundown" guide what to watch for as the results came in on tuesday. but first today's trivia question. name the only two states that flipped their presidential vote in both 2004 and 2008. gore, bush, obama, that's your hint. tweet me the answer. the answer is coming up on this special primetime edition of "the daily rundown." we'll be right back. i'm only i. i've got a nice long life ahead. big plans. so when i found out medicare doesn't pay all my medical expenses, i looked at my options. then i got a medicare supplement insurance plan. [ male announcer ] if you're eligible for medicare, you may know it only covers about 80% of your part b medical expenses. the rest is up to you. call now and find out about an aarp medicare supplement insurance plan, insured by unitedhealthcare insurance company. like all standardized medicare supplement plans, it helps pick up some of what medicare doesn't pay. and could save you thousands in out-of-pocket costs. to

who literally wrote the book on capitalism adam smith said that taxation should be in proportion to what you can afford to pay that was over two hundred years ago have we forgotten that well and ronald reagan actually had in eighty seven i believe it was him for one year had both the earned income and the unearned income of the capital gains rate both the twenty eight percent and famously said to a group of people got the tape around here someplace you know should millionaire pay a lower tax rate than a bus driver i don't think so that's crazy yes but the modern day republican party of the twenty first century republican party that wants to lead us back to the eighteenth century they're the ones who think that somehow or other ronald reagan was wrong and that rich people should pay less than poor people one taxes even though they have a vastly greater ability to pay that's incredible until we have the reagan clip i'll just lay riff off this here it is. it's a letter from a man out here in the country an executive loser earning him six figures well above one hundred thousand dollars

chris booker, larry and adam smith in tampa bay, thank you all.appreciate it. >>> next up, your "daily rundown" guide what to watch for as the wults came in on tuesday. but first today's trivia yes. name the only two states that flipped their presidential vote in both 2004 and 2008. gore, bush and obama. that's your hint. the answer coming up on this special prime time edition of "the daily rundown." we'll be right back. [ mother bear ] you're not using too much are you, hon? [ female announcer ] charmin ultra soft is so soft you'll have to remind your family they can use less. it's made with extra cushions that are soft and more absorbent. plus you can use four times less. charmin ultra soft. >>> woont to give you an hour by hour viewing guide for the next two days and for election night. going to deep dive into what states you should be watching and what the early results will tell us about the outcome. first let's set the stage at the look of where the candidates are headed over the remaining days. three more time sunday, monday and saturday he

>> i disagree with adam smith. i respect him. i like him.ut susan rice was telling us things -- i don't think it was necessarily her fault. she was telling us things that were false. someone gave had he ever bad information. we need to get to the bottom of that. >> shannon: that's a question, you know, we have heard about the talking points that apparently, former cia director general david petraeus testified, at least according to those who heard the testimony that the cia put out its own talking points and it was different from what was carried out by susan rice. so somewhere in the interim tsounds like there were two versions what have the cia prepared and what ended up in her hands. how do we get to the bottom of who changed them? be the big mystery that no one seems to be able to answer. somebody put their hands on the report and edited it. who was it? >> no one's admitting to that. i am not sure we are ready for a select committee. but a standing committee like homeland security, armed services need to get to the bottom of that. genera

lou: congressman adam smith's with a new take on the spin. we will take up t implications of today's revelations with a number of experts and insiders. former cia covert operatives. the louis gomer, and to leading doctors here to psychoanalyzed it all. in washingtonthat is a lot. our first guest has a deep understanding of the way the inteigence ommunity works. joining us now, former cia operative, the highly decored operative who served 23 years in a clandestine service. he worked as chief of statioin the middle east and latin america -- let america. the first question has to be, the former cia director saying that he does not know what happened after the cia send over their memorandum. that isn't the one he delivered, and the changes had to be made subsequently. the cia director by the way, you anticipated when you were on this broadcast a few years ago saying that it had to have originated in -- the changes, the flow from the white house to the united nations ambassador had to occur either in the state department of the white house itself.

let me bring in adam smith because he is probably the most prolific political reporter these days athe tampa bay times. he lives in the i-4 corridor. he is probably one of these people that has said over and over again how the i-4 corridor, so goes the presidential election and yet, adam, we now have three elections in a row including governors races where the democrats carried the i-4 corridor and they actual ly los the governor's race even while carrying the i-4 corridor. what's going on? >> the map is changing and that's because of orange county, osceola and that exploding puerto rican population. i would argue as much as people look at palm beach county as a democratic strong hold, orange county is a more reliable county than palm beach where democrats are shrinking their margins. >> mel martinez, of course, was an orange county elected official. not that long ago. that's where president bush plucked him out of. got him to run for the u.s. senate. here is what he said before the elections about why he thought things were going to sort of revert back to a republican norm in the i-

obligation to pay the debts of these private bankers but you know all they have to do is read adam smith's wealth of nations to discover what capitalism is and you'll see there but actually you don't know these that i've tried to get the people in ireland to go on boycotting the licensing fee for t.v. you know that would be a great civil disobedience don't pay the licensing fee shut down the media they're doing nothing but good of violating all kinds of rights misinforming if they're guilty by misinformation well actually just go there's a thing called the internet just go on there find some information now another headline another bailed out banks or bank and in ireland a.i.b. to write off some mortgage debts but no blanket amnesty the republic's largest mortgage lender a i b that's allied irish bang. will write off the debts of distressed mortgage holders where it finds they cannot afford to repay them but it has again ruled out blanket debt forgiveness this is only about ten thousand people that they're going to help them with forgiving some of their debts but david duffy the chief exec

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

adam smith had to publish every single one of his e-mails and ended up resigning. why will his -- why will the prime minister not publish his e-mails? can he really be a fit and proper person to judge on the future of press regulation if he will not come clean with the british public? >> there is another rule of this house -- if you insult someone, you do an apology. i have to say, i am still waiting. the fact is that this government set up the inquiry, and i gave all the intimation that they ask to that inquiry. -- information that they asked to the inquiry. >> the owl and the pussycat, mr. speaker, is a coffeeshop in my constituency. they had their business rates hiked up by 7%, and they're coming after the money even -- 700%, and they are coming after the money even though though they have not heard the appeal. that means they might have to close and jobs will be lost. this is not unique to wales. can the prime minister come to the rescue? >> i have every sympathy with the business that he mentions in his constituency. of course, business rates are an issue -- t

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 and here are so strongly to this archaic political and religious institutions in light of the twenty first century advancement technology the vast knowledge available to the. and 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 disclosed 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

was that for 200 years, 175 years, before he had written, there was a very influential idea of adam smith that markets would read to the efficiency of the economy. and ken arrow was the person who actually proved, the circumstances under which it was correct. so anybody who talked about the wonders of the free market, he was the one who actually showed that adam smith was right. but in showing he was right, he also understood that it was only right under very restricted conditions, and the healthcare sector was one condition in which it was never right, and similar to my own work on economics of asymmetric information -- >> core understanding. >> what it showed is the reasonable the invisible hand seems invisible is that it's not there. and this gesture is a real case on point. >> just to add, all abstract reasoning, but thenk at reality and it's overwhelming. the -- looking across countries can the united states has the most market oriented healthcare system and the most expensive without getting better results. >> we're ranked 37th in the world in the world health organization in terms

one of the reporters down there, adam smith of the tampa bay times says romney probably has a lead inrridor that often determines florida elections. but at the same time, he says the obama camp has been doing an extraordinary job in mining the maximum out of the heavily democratic south florida area. that could even it out. the reason romney is there is because his lead is very tenuous. i think he does have a lead. but we're talking about a point. we're not talking about three or four points. so that's why you have to keep the pressure up. that's why he's in florida. that's why he's in virginia. frankly, it's why the president is going to was which is and to ohio. it's to keep the pressure on, to keep their narrow leads intact. >> let's talk about wisconsin. because president obama does have a narrow lead there. ten electoral votes for grabs. mitt romney, though, has striking distance. he also has paul ryan on the ticket. >> yes. wisconsin has tightened, in my view. it was once broader for obama than it is now. but, of course, under our electoral system, you get one more popular vote

unfortunately, we keep in mind what adam smith said in the wealth of nations in 1776.the talk turns to a conversation against the public interest to lower wages. sorry number of big corporations have tried to work the rigors of market competition, create monopolies and duopolies, artificially raise prices, provide very poor service to other countries in the world that in a few cases but lives at risk and how we don't have a ballot system focus on competitive ones. >> now, we'll go through some of the specific examples and i think everybody probably has their favorites to jump out of them. but to you, what was the most egregious? tell us a little bit about it. >> has been the most egregious story in the book is bob manning. manning is a 26 roofline in for the electorate power company in upstate new york on monday in february 1962, as he was coming down off the powerful, electricity got was a at first the pavement, paralyzed from the neck down. and about the next nice and when he called "the new york times" looking for help because they couldn't collect benefits 35 years

elected officials with their opinion weighted by their political clout, or is it better to have adam smithisible hand management that process? by the way, they've been doing a good job already for three years. the deficit has come down by one-third and growth has continued. i feel much better if there's no grand bargain, there's continued gridlock, and the private sector continues to manage the fiscal deficit on a slow but steady hand. >> see, we agree, jim. i agree on the invisible happened. the problem is we're getting the back happened. that's the problem. >> i think, like you said, rick, that the economy can even overcome the worst government. we're still managing to reduce the deficit even though the government is doing nothing. >> see, so we do agree. >> i hope for gridlock rather than a grand bargain. >> all right. we'll leave it there, gentlemen. thank you. >> thanks, guys. >> we will agree. 15 minutes before the closing bell sounds for the day. we have a market off the the worst levels of the session. down 37 points. certainly off the lows. >> a lot of questions if this is being t

unfortunately we need to keep in mind what adam smith taught when he wrote "the wealth of nations" in 1776. seldom to businessmen gathered together even for merriment of the talk goes to conversation against the public interest to raise prices and lower wages. and what a document in "the fine print" is how a number of big corporations have tried to work the rigors of market competition, create monopolies, duopolies and oligopolies, artificially raise prices, provide very core poor service compared to some interest in other countries of the world. and in a few cases put lives at risk. and how we don't have a balanced system focus on competitive markets. >> host: is there can we'll go through some of this specific examples and a think everybody who talks she probably has their favorites here but to you, what was the most egregious? what stands out to you as being the most egregious and tell us a bit about it. >> guest: the most single agreed to star in the book is about a man named rob manning. bob manning was a 26 year-old lineman for the electric power company in upstate new york, nia

ben affleck is here with us today along with congressman adam smith. ben, thanks for coming in.been working in eastern congo for many, many years. one thing we saw this week is, rebels march through this country. >> one of the things that we're hearing from our people here, the schools that we're funding, rebels are hiding in. you're hearing all kinds of brutal, terrible stuff that you hear about. >> this war has taken lives of millions. >> indeed. this war, since '96 and '98, conservative estimates are 3 million people have died. which is a hard number to imagine. you can imagine if this was happening in western europe, it would be a galactic event. people would be paying a lot of attention to, but it's in central east africa. people feel it's removed for our lifetime. >> earlier this week, you sent out a tweet urging america to insist on a cease-fire. what can we do right now that we're not doing? >> we have a lot of levers there. we can engage in the kind of high-level shuttle diplomacy that was so effective with gaza. ambassador rice to the united nations. peacekeeper agency

joining us on the phone, representative adam smith, a democrat from the ninth district of washington. representative smith, thanks for joining us. i can't think of a better name for a guest on cnbc. >> people are always disappointed that i don't know a lot more about economics than i actually do. but at least it is good to have the name. >> you know what the invisible hand is, at a minimum. >> only too well. >> first of all, before we get into the details of the fiscal cliff, what would you say to americans who don't understand why congress is gone on vacation this week when there's such a huge bit of work -- or piece of work that needs to get done this week when it comes to the fiscal cliff or before the end of the year? >> first of all, we're not on vacation. i'm in my district right now driving through the rain in the pacific northwest. visiting businesses and schools and a big part of our job is listening to our constituents and interacting with our constituents and talking to them about the issues. when we're at home in our districts -- i know everyone says we're on vacation, it'

and unfortunately we need to keep in mine what adam smith taught when he wrote "the wealth of nations" in 1776. seldom to businessmen gather than the subject comes to raising prices prices and lower. and big corporations have tried to work the rigors of market competition artificially raise prices, provide very poor service compared to some other industries or countries -- in a few cases literally put lives is a risk, and how we don't have a balance system focused on competitive markets. >> host: we'll go through some of these specific examples, everybody that talks to you has their favorites. but to you, what was the most egregious. >> guest: a man named bob manning, a 26-year-old lineman for the electric power company in upstate new york. niagra mohawk. and one day in february of 1962, as he was coming down off a power pole, a bolt of electricity went loose and he fell to the payment, paralyzed from the neck down. i met bob when he called "the new york times" for help because he cooperate collect his workers compensation benefits 35 years later. that's not the egregious story i tell

megyn: some democrats who were privy to these briefings, including representative adam smith say that the notion that a talking points were changed is completely wrong. still, we get diametrically opposing information. thank you for being here. megyn: thank you we will speak with the israeli ambassador to the united nations about what is looking like a possible ground war in the city of gaza. stay with us. flavorboost.com. megyn: more breaking news on our top story today. israel reportedly closing a series of roads heading into gaza. that comes just moments after the reuters news service report. asking to mobilize some 70,000 israeli troops. just think about that. 75,000 israeli troops, in what is being called preparation to a likely invasion of that area. this is not good. this is not there, folks. earlier today, the first time since 1970, at least two rockets were fired at jerusalem. no casualties reported, but that was one of a series of attacks. tel aviv and other israeli towns, many that are often not in the crosshairs that we see in that region. coming up, the israeli ambassador

>> well, the answer is this is a classic example of adam smith's invisible hand., put through the dodd-frank legislation, created a consumer protection bureau to tighten down on this stuff, and what happens? the market finds a way. they did. they go to costco, wal-mart, set up loans, construction loans, small business loans, mortgage refinancing, probably not originations, but mortgage refinancing, but that's typical because a lot of the small and mid tier banks got really harmed by dodd-frank, and they have not taken the language out of the legislation. their entering the fray and teaming up with some of the retailers to skirt the market. cheryl: an example why the retailers think it's a great idea. profit motives, ceo of wal-mart said we want one-stop shopping. they tried to credit a bank, ended in 2007, abandoned it because of washington, but wal-mart example, 25% of the customers do not have bank accounts, the consumer on the advocates side is they launch huge fees against customer, and that's unfair practice. >> i'll point out something. the consumer protecti

. >>> fair and balanced, joining us with his thoughts on egypt, adam smith of washington state, rankingf the house armed services committee. welcome back, thank you for your time. >> thank you for having me on. i appreciate the chance. >> i want your impression on what's playing out in egypt, what the u.s. should or shouldn't do now that president morsi declared what many say gives him absolute power. >> it's a very difficult, dell kuwait situation through the north africa and the middle east as they transition from the -- try to transition from the auto accurate tick government to one run by the people. chris talked about the first election, what about the second. what morsi has done is troubling. we need a real democracy that represents the people in egypt and should make strong statements in opposition to moves like this. >> shannon: we did get a statement from the state department friday in response to what morsi proposed suggesting the revolution was about making sure no power was concentrated with any one person and urging egyptians to get back to what the premise of the election

megyn: some on the other side of the aisle from you in the senate and over in the house, including adam smith a democrat have come out and said, look she came out and she said that this was a spontaneous demonstration, that it was not preplanned, but they say why can't it have been both a spontaneous demonstration and a terrorist attack? why couldn't what she was saying be technically true that it was spontaneous but it was a spontaneous act by a bunch of terrorists? >> well, why was the consulate left open after months of urging that we need more moreno reinforcements. i blame the president for allowing the consulate to stay open after the british closed theirs and the red cross left. there were multiple attacks one in april and one in june. multiple warnings from ambassador stevens that al-qaida was all over benghazi. megyn: do you think he knew that in. >> he had to if he did not he quit being commander-in-chief. can you imagine a situation where a consulate is attacked, a hole is blown in the wall, the president goes out in the public the next day and somebody asked him, what do you think

we will see adam smith from washington and a ban affleck who directed "argo." on me to the press, carl levin, peter king, and gregory meeks. we will also see the chairman and chief executive of honeywell international. our next call joining us on the independent line. we have pat from tennessee. caller: you made the statement a few minutes ago, exactly my thought. when you have senators and representatives of their in congress, then they are representing the states. that is how the states have a say in the budget talks. i noticed a while back they talked about reducing your marks. that is when they put things in that they want to add to the budget, things that the one for the states. that is how they are represented already. thank you. host: thank you. what you were quoting was eight tweet that came in that said states already have a say by sending members to the house and senate. democrats line. caller: i think today pose the question is interesting. this was one of the first questions addressed by congress back in the summer of 1787 at the constitutional conv

they have a five-year plan, adam smith has never planned anything in his life or afterwards. >> theyt from people living in broken down tenements in urban centers to satisfying the demand that was there to now half empty buildings and totally overbuilt situation. doesn't that set you up for a couple of years of not growing at 10%? >> i think 10% is probably too high. they've done it for 30 years and now they move to more like a 7% to 8% growth trajectory but 15 million to 20 million people per year are moving from the countryside to the city. it's a field of dreams approach. when you build it, they will eventually come. this idea there are ghost cities all over china misses the future rural urban migration which is a very powerful story, ongoing in china. >> it's on the upswing. in your view we've seen -- >> we've seen the low in terms of the gdp, the production, the trade figures, we're not rebounding vigorously but china will be moving up what into 2013. >> i think i have a minute or two left. the u.s. consumer we have been anecdotally thinking that we've turned the corner there an

i want to also thank house armed services committee chairman buck mckeon and ranking member adam smith for putting this provision in the defense authorization bill that is now pending. this bill will be considered, i suppose new york conference by the house and the senate. it is in the house bill. we regret it is not in the senate bill and so the delegates and i have come to the floor to ask that the senate follow the lead of the house. -- of the house on this matter of common courtesy and respect. delegate sablan's provision in the house-passed bill simply requires that the flags of the territories and of the district of colombia be respected when the armed services chooses to honor the flags of the states. i have in addition written a letter to the president asking for a presidential memorandum can directing all federal agencies to do the same. i regret to report that the army alone recognizes the d.c. flag and the flags of the territory as a matter of policy and i want to give one example that i think will make the house understand why this is so important to us. a mother wrote me o

adam smith talked about these years ago. this is in one of john f. kennedy's news conference in 1962 as he was providing the largest tax cut in modern american history he said this, he said it's a paradoxical truth that tax rates are too high and tax revenues are too low. that's where we are today, mr. speaker. tax rates are too high and tax revenues are too low. it's a paradoxical truth that can be true. he goes on. he says the soundest way to raise revenues, that's exactly what we are trying to do when we talk about balanced approach. we need to cut spending. we need to increase revenue. president kennedy says this, the soundest way to raise the revenues in the long run is to cut the rates now. cutting taxes now is not to encourage -- incur budget deficit, but to achieve the more prosperous expanding economy which can bring us a budget surplus. that brought to you by raging conservative economist president john f. kennedy. no, he's not a raging conservative economist, mr. speaker. he was a proud liberal of the democratic party but he knew economic