dump our products on people abroad so we can have higher exports and more jobs at home is really adam smith refuted the logic of that. i would love it if bmw would like to dump 800 series cars in the u.s., so we could buy them cheap and we would be better off and sure they would get some jobs in germany but they are giving resources to us if they do that. what we've done with the export, import bank, if somebody is going to grow money in order to buy a boeing plane then we give them a subsidized interest rate. you mention they make money but you of all people who were covering the financial crisis when it was going on, to make low market rates to risky people, sure you make money until you don't, right? it is not making money if you do an all end calculus. they're not making money if you calculate it economically correctly. >> as we agree that infrastructure is good maybe our financing mechanism isn't good and you and i are going to wind up with a bottle of wine in a discussion of maybe how the fix that but we agree that exporting is good for american business? >> right but a warning now yo

there are two ways -- somebody from the left was quoting adam smith, saying there are two ways -- tomshoko modi for joining us this morning. if we have a richer deutsche mark because germany leaves the euro -- ahshoka: germany get so much out of the euro. germans become richer instantly because the deutsche mark would then buy a lot abroad. it makes it cheaper to sell abroad. it does not allow germans to increase productivity domestically. in the long run, germans will adapt and do well. tom: on the other side of the equation is what the deutsche mark would do for peripheral europe. where with the so-called peripheral euro settle. -- where would the so-called peripheral euro settle? >> a weaker currency does not assist in the long run. what it will do in the short run is jumpstart those economies. the reason the euro does not become weaker is that germany runs a very large current account surplus, which means germany sells a lot more than it buys. so therefore germany is a prized in a way, creating a dominant effect, which keeps the euro strong. by weakening the euro, italians and por

sure they do it to make money, by the invisible hand as adam smith put. if you set out to make money, the only way to do it is to provide people with something they want. >> one of the things that's a challenge talking about media and filmmaking, the invisible hand is hard to film. john: that's a good point. back to hollywood, i'm struck many of the left wing movies work on me, their arguments are wrong, in the movie american president, i cheer when president shepard finally comes to his senses, agrees with leftist girlfriend and trashes a conservative law. >> i'm throwing it out and writing a law that makes sense. you cannot address crime prevention without getting rid of assault weapons and handguns. i consider them a threat to national security and i will go door-to-door if i have to, but i'm going to convince americans that i'm right and i'm going to get the guns. john: he's going to get the guns [ booing ] . john: the audience thinks it's a stupid program, and so do i. watching the movies, he's going to get girl and it feels good, even to me. the mag

people think adam smith's book is called wealth of nations. that's not the title. causes of the wealth of nations. inspired by newton, the principle that the universe is governed by natural laws, we can apply that not just to the physical world, but the social and economic world. there must be a better way to govern people for all of us to live for more of us to have more prosperity more freedom, more autonomy, and for three centuries we've been applying the methods of science and reason to solving more problems and the moral sphere keeps expanding, the arc keeps bending. more of us are better off than we've ever been. despite what you see in the news, don't forget to look at the long-term trends. john: a final example, murder rates. we think there's more murder now but, in fact, over time they've plummeted. in prehistoric times a thousand per 100,000 people per year. in the middle ages 100. in the 1700s, 10. today in america 5. >> and 1, less than 1 in europe. so the chances of you dying violently have gone down a thousandfold in the last thousand years. there's n

you mentioned adam smith. remember that adam smith does the economics.so he writes a theory of moral sentiments okay? >> please. >> i'm juliana p be ilon -- pilon, i have three degrees in philosophy from the university of chicago so i could say that this is music to my ears with a caveat that more like a reck by yet. be. [laughter] -- requiem. i also want to say that your father was one of the best professors in the committee on social thought in addition to being a novelist. and those of us who had the pleasure of listening to him he wouldn't lecture he would just talk. it was extraordinary. i do want to not continue a -- [inaudible] session although that would be very very easy. the idea that there are some positive lights at the end of this very distressing tunnel appeals to me. and i want to say that among my most enjoyable experiences as a professor -- oh, i should have said i'm with the alexander hamilton institute for the study of western civilization. [laughter] so there has to be some hope here. [laughter] but some of my most enjoyable experienc

. >>> i want to bring in now democratic congressman adam smith of washington state. the top democrat on the house armed services committee. when you hear about this and knowing that work ahead for congress, initially, what's your reaction to this deal knowing 18 days 80 pages. will the work now be in your hands? >> first of all, the goal was not to change the iranian regime. the goal was to stop them from building a nuclear weapon. that was the existential threat. on those grounds, this deal requires iran to get rid of, and they get rid of a whole bunch so develop nuclear weapons, which was kind of the objective. we have a long way to go with iraq. never really acknowledged there are many different issues. i think. . it seems to hit those benchmarks that will stop them from developing a nuclear weapon. >> congress has 60 days to decide for themselves, to review it page by page word for word. we heard a criticism from john boehner who called the deal unacceptable. but your democrat, robert mendez menendez menendez, was also critical this morning. here's his words. >>

opportunity afforded by the free market system of capitalism, conceived in the 18th century by adam smith in his work, "the wealth of nations." no other economic arrangement in human history has been so capable of creating so much wealth and opportunity for so many people. president ronald reagan understood this, that free market principles were a critical component of america's greatness. he reminded us only when human spirit is allowed to invent and create only when individuals are given a personal stake in deciding economic policies and benefiting from their success only then can societies remain economically alive, dynamic progressive and free. our featured speaker this afternoon most certainly understands this too. she is living evidence that the american dream is alive and well. the daughter of filipino immigrants, michelle malkin is one of america's foremost conservative thinkers. she is an author, syndicated columnist, blogger and entrepreneur with 20 years of experience in the world of political journalism. she began her career in newspaper journalism with the los angeles daily n

adam smith talked about the fact that you do not deserve a republic based on these rights and freedoms if you're not a decent person to conduct yourself with morality. the same is true today. we can have all the legal discussions we want, and we should, about whether or not you are served, which you should be, but if we think it is a question of law as opposed to decency, that is what comes first in my view. walter: we are sitting here, so to speak, between 1776 and 1789, whenever they do the bill of rights, and this is new in enlightenment, this notion of individual autonomy and dignity. i think you said peter, the bill of rights is not like beethoven's symphony. you have to take all as a package. i think that package is sort of an alignment -- enlightenment notion too. neera: i agree it would be a a better world if people were inherently decent. i ask is to look at the last 100 years of the history of the united states and recognize that it was also people fighting for changes in law that created a world that better respected their dignity. we are in the 50 the anniversary of selma.

look, the two books that were written by the hero of my colleagues at a.e.i., adam smith, it wasn't just the wealth of nations, it was the theory of moral sentiments that came first 17 years earlier. he thought it was more important because he talked about the fact that you don't even deserve a republic based on these rights and freedoms if you're not a decent enough person to conduct yourself with basic morality and the same is true for each one of us today. we can have all the legal discussions we want and we should, by the way, about whether or not you're served, which i believe you should be, but look -- if we actually have to think that it's a question of law, as opposed to a question of basic decency, that's what comes first in my view. and that's your point, i think. walter: that's the point i wanted to make but you did so more eloquently. [laughter] walter: because this is an enlightened concept. we're sitting here between 1776 1789 whenever they do the bill of rights and is new in the enlightenment, this notion of individual autonomy and dignity and we have to figure out where t

it's written by the colleagues at aei adam smith. it was a theory of the moral sentiment that came first 17 years earlier in 1759. if it was a more important but why? because because it talks about the fact you don't even deserve the republic based on these rights and freedoms if you can't conduct yourself with basic morality and the same is true for each one of us today. we can have all of the legal discussions that we want and we should buy it away about whether or not you are served which you should be, but what if we actually have the question of law as opposed to basic decency that is what comes first. >> the point i tried to make a bit more eloquently us try to figure out why -- this is an enlightening concept. we are sitting here so to speak between 1776 and 1789 or whatever whenever they do the bill of rights. and this is new in the nytimes and if the of the individual autonomy and dignity and that is we have to figure out where -- i think you said the bill of rights isn't like the symphony where you can like the first and fi

and even adam smith and the wealth of nations argues there are times and places for national security reasons when government should be basically shaping the market and i would argue that the areas you and you are talking about are a key part of that. and i begin john parter and connie mack a great deal of credit for making it possible to build the momentum to double nih budget. >> as federal funding has dwindled, has private sector funding increases to fill the gap. sometimes you hear that argument, that private sector should be doing more. >> look, there are some areas of private sector activity that you can see where there has been an investment but there are two things that operate against that. the first is the -- that wall street is very very one quarter at a time minded. so the analysts don't look at the grade age of bell labs, the analysts would not look at a 20 year investment strategy and give you a good mark. so most ceos are driven by the finance system toward short-term optimization in a way that undermines the investment you are describing. but there is a second part to

his name is adam smith, and he's famous for the following line: "if everybody pursues his or her own self-interest, it'll work out for the best for everybody." most of you know that that's silly. it's a wonderful rationale to go out there and do what you want for yourself and not care about anybody else, but where that leads is exactly where we are... in a very, very bad crisis. so, let's begin by analyzing this crisis as the crisis of a system. and we'll go on to talk about this system even when it's not in crisis, because that's as big a problem as the crisis itself. but crisis is where we are. 2012 is the fifth year of this crisis. what does that mean? first and foremost, it means that we have in the united states today something on the order of 20 million to 25 million people who either don't have a job at all, have been without a job long enough that they've given up looking-- so-called discouraged workers-- or folks who have to take a part-time job because that's all they can find, but they would like to have a full-time job. the bureau of labor statistics in washington keeps r

smith. that's not it. >> sam adams. >> life, liberty and -- >> freedom of speech. >> it's good enough for me the best part about this country? >> our rights. >> everybody can be a go getter and everybody can do whatever they want. >> you're go get center >> yeah. >> go get 'em. >> do you guys ever watch bill o'reilly. >> sometimes. it's more on but not paying attention. >> i'm to hurt. >> what have you hear of him. >> not to watch him. [ laughter ] >> i like him. >> anything you want to say to him on july 4th. >> hope you have an awesome day. >> all right. you're at jones beach. >> right. >> and the state park. >> right. >> now, you're obviously looking for a few laughs, looking for the dopey answers. what percentage of people knew what the revolution was all about, the declaration of independence. >> we interviewed 27 people. 55% had no clue about the founding of this country. >> did you pick them out for any reason? appearance wise. we were looking at a lady in a little baiting suit. >> it's all about the bikini and looks. i look for young people that are attractive or have a very distinct

smith, any thoughts? guest: i would suggest thomas jefferson and john quincy adams probably are the most cerebral of american presidents. i think woodrow wilson is up there as well. host: the american political science association did a ranking of where the president's stand. lincoln is at the top. of the modern-day presidents, he eisenhower is placing ahead of president obama. clinton and jfk and george bush also ahead of obama. do presidents receive a more favorable view, does absence makes the heart grow fonder? guest: that is a great question. generally speaking, presidents leave office at the -- of their reputation. what happens is, once they leave office, they cease to be in our face. they cease to be political figures, party leaders, they graduate to the serial position of older statesmen. they go off and visit earthquakes and raise money for charities. this is another reason why it takes time before the first draft of history journalism, becomes the second, third and fourth. the more controversial a president is, the more polarizing, the longer it takes for those emotions to cool. richard nixon was o

adam, thank you very much. wawa welcome america celebration starts tonight with rocky at the museum of art. kids were invited to go forth and learn about fitness this morning at the smith memorial playground hundreds of those kids got a free book to promote reading this summer and of course 6 abc is so proud to be the official broadcast partner of wawa welcome america, that includes special coverage, join matt and tam for the celebration of freedom and the parade beginning at 10:00 a.m. on 6 abc, and then at night tune in for the party on the parkway cecily adam and rick hosting the july jam our coverage starts at 7:00 p.m. you do not want to miss it. largest free outdoor concert in america. >> we are proud to host it. a pizza deliveryman is beaten on the street and we want to find the people responsible. >>> and we are putting meal services head to head to see which tastes the best. coming up at 4:30. >>> police in center city philadelphia are looking for the group that beat up and robbed a pizza delivery man, he was delivering an order from dominoes, and the group started following him. the group aattacked him and took the food he was carrying the deliveryman was not

smith relaxes before his run while watching two tear up the track. >> couldn't ask for nicer weather. mid-70s, clear day, perfect day for racing. tommy adams driver of the yellow car and david hugo was the driver of the lumina in the right lane. >> the drivers get the green light and the race starts as it is supposed to. >> when the cars took off down the track, everything looked so smooth. both cars left side by side. understand no unnecessary fishtailing and no stupid moves at all at that point in time. everything looked as it was going as normal for a drag racing. >> a friend and competitor of both drivers for years. having raced against them several times. he has great respect for their skills. >> tommy has been racing since '69. he was a true racer. if the tracks were opened and there was something going on, he was there. david hugo was a smooth driver. they had a team that would do anything for you. as far as i know, tommy adams nor david hugo has ever, ever had an accident up until that day. >> both drivers' flawless track records are about to take a major hit with a heart stopping collision all caught on camera. >> david hugo on th

smith, any thoughts? guest: i would suggest thomas jefferson and john quincy adams probably are the most cerebral of americannts. i think woodrow wilson is up there as well. host: the american political science association did a ranking of where the president's stand. lincoln is at the top. of the modern-day presidents, he eisenhower is placing ahead of president obama. clinton and jfk and george bush also ahead of obama. do presidents receive a more favorable view, does absence makes the heart grow fonder? guest: that is a great question. generally speaking, presidents leave office at the -- of their reputation. what happens is, once they leave office, they cease to be in our face. they cease to be political figures, party leaders, they graduate to the serial position of older statesmen. they go off and visit earthquakes and raise money for charities. this is another reason why it takes time before the first draft of history journalism, becomes the second, third and fourth. the more controversial a president is, the more polarizing, the longer it takes for those emotions to cool. richard nixon was one of th