that is what mercantilism is and that is what adam smith was against. capitalism is consumer-oriented. ise-market competition wholly oriented toward benefiting the consumer above all else. when you see government corporate welfare, government money going to corporations, protectionism, various laws and regulations that benefit a corporation or a group of corporations at the expense of the can number, price reports on agriculture, these are all mercantilist policies that are not capitalism. sometimes, they are called corporatism or crony capitalism. they are too often conflated. i will give you a definition of capitalism from adam smith. it is a short, one sentence definition. quoting adam smith, give me that which i want and you shall have this which you want. that is is. that is how -- that is it. that is how a real capitalist makes money. give people what they want in a way that they are willing to put their hand in their pocket and give you what you want in return. all voluntary trade and is mutually beneficial. it is channeling self-interest into de

adam smith never intended free trade to lose out.is whole premise was compare advantage and free trade and that free trade would decimate her cant tlimpl. we went back words and allowed it to trump free trade because we didn't enforce the rules that go along with the concept of free trade and the trade agreements people signed to have access to the market. we let them get away with cheating because it suited the interests of certain companies, certain international companies, certain politicians. it suited their interests but it didn't suit the american people's interests. the american people are letting it be known finally. i wrote a book about it. you have helped me talk about it. it's an issue on everybody's tongue. main street knows what wall street and washington will not admit to. free trade failed us. >> let's leave it at that. thank you for coming on the show. i read everything you write. you are an inspiration as much as you were with new core. you're a business person. you have created a lot of jobs. dan dimicco of new core

think we have to point out these explanations have been around since the wealth of nations that adam smith wrote 200 years ago that each country is better when you have free-trade. it will not be the same jobs, but we will have new and better and higher paying jobs with a better economy, and we have to find ways of demonstrating and showing that. also, and you and i talked about this earlier, i really am concerned about trumpism not understanding the basic fabric of our constitution, that a president cannot just slap a say toon somebody or a company you have to build here. if he were to get a in office, we had a very casual framework. it exists because democrats and republicans fight with each other but we believe the constitution sets the rules and limits. that can go away in a generation. for me,; fighting -- for me, i spent my whole life fighting for conservatives. say i will be the man and do things. theault obama pulling groundwork that congress does not do it, i will give it, but being honest about it in the end, he has been constrained in most of the things he has done. a couple tim

one of the things he did was sort of question laissez-faire attitudes of adam smith and really stressedthe government needed to be able to tax. and that the government needed to spend money. he said power without revenue was a bubble. i'm not sure what that means, but i think it's really important. he also stressed that the u.s. needed a manufacturing base, so we could compete with other markets. david: in the markets and finance section, you will get snowbirds, folks who live in canada been on vacation property here in the u.s. a huge percentage of vacation homeowners from overseas and the +u.s. are in fact, canadian. that is starting to change. ellen: you not understand the candidate is cold and florida's warm. it's been a natural place for canadians to invest and have second homes. now, the real estate market in florida is getting kind of soft. and the canadians desire to sell and take their gains is part of it. one of the things that's motivating the canadians is the strength of the u.s. currency. their gains are looking quite as good, they are paying maintenance fees and other kind

adam smith, the ranking member. this markup session going as late as it takes today, according to the armed services committee. again a $610.5 billion defense programs and policy bill, as members work through the bill section by section, and consider amendments through the day. could be a late night tonight. again, members taking a break for votes on the house floor, and our live coverage here on c-span3 of the markup session will resume after those house votes. >>> meanwhile, a couple of news updates. this from the associated press, republican presidential contenter ted cruz has tapped former technology executive carly fiorina to serve as his running mate. the texas senator plans to unveil his pick in indianapolis, according to a republican with direct knowledge of fiorina's selection, who spoke on condition of anonymity. >>> also a today from the hill, they're reporting that former speaker dennis hastert was sentenced today to 15 months of prison in a hush money case that revealed allegations of decades-old sex ab

adam smith is out on the 20 pound note in the u.k.e know about the new face of the 20 is that it will be someone from the world of visual arts. news 24 hours a day, powered by our 2400 journalists in more than 150 news bureaus around the world. betty: thank you. much more ahead. battle of the charts. we are really mixing things up. we have matt miller against oliver renick, making his first appearance. ♪ our global now for battle of the charts, where we look at some the charts of the day and what they mean for investors. you can run the function featured at the bottom of your screen on the bloomberg to see it. today is oliver versus matt. matt: i feel confident i will win. will bething -- mine the only chart you can actually all get on your bloomberg. #btv10021. clark,edit to hillary my producer -- not my producer, but a producer. google in the last 12 days, the share price in white, and this dramatic drop. unbelievable drop because of the when marginsntment were said to be squeezed because googles will have to pay more to get to clie

i guess adam smith and karl marx agree on that point.f you want a practical way to make it more fair, one thing you be to go back to what ronald reagan did, make the ordinary rate and capital gains rate the same. that would eliminate -- like the carried interest advantage that mitt romney has an warren people, these kinds of they would be paying a lot more taxes than they are right now. a lot of these tax avoidance schemes rely on the difference between the capitals gains rate and the ordinary rate host:. can you explain what capital gains tax is? ,aller: the capital gains rate , up toery low earner $70,000, the capital gains rate is zero. about that, it is 15%. for people making over $400,000, it is 20%. it is a deal. people come in with these low rates where all kinds of schemes are out there to convert ordinary income into capital gains. people talk about a flat tax. we have a flat tax right now called the alternative minimum tax. to disarm thewant tax system first without asking how much revenue we need to raise? g 5% across the boar

ngressman adam smith here at this table for the first time. he's been on the show but not at the table. so welcome. thank you very much. >> great to be with you. tell me in terms of isis, paris, brussels, what did they say to you about isis strategy and what do you know that we should know? >> what it said to me was that the problem we have long worried about, that is foreign fighters, people that left europe, that went to syria, iraq, and came back, that that problem is now very manifest. you have this enormous number of people from france, belgium, more from belgium than anywhere else, they have come back and have been trained in warfare. further radicalized. they are getting help from fellow europeans that never went to join the fight but are serving as logistical hub, and unfortunately, there is no end in sight. there is still very poor communication between european countries. in terms of intelligence. in many respects these countries are much like the united states pre 9-11. charlie: these are people who have passports from western count

and this is back to adam smith and any economist, any lib be tarean will tell you, land, labor, capitol. to to val all the land and labor? by building it into the core of the company to understand there are three kind of contributions, and all three have to be rewarded by the company. you can't just look at a company as venture capital that's extracting value from land and labor or you end up with a world that's going to die and with people with no jobs. >> you mentioned earlier, people -- people are going for the funding. that's a mentorship model. there's the question, does everybody know how to do this? the answer is probably they don't. if they're not -- needs to change is the advice they're getting. how to build a better support system for changing the thinking around how business happens? are there evangelists that exist that we can start to tell their stories more? does it need to be a special different type of incubator? how can be change the community around -- >> let do it. part of a civic hall. part of wry i wrote this book to say here's a manual. to understand what went wron

anna: sam bowman, executive director of the adam smith institute joining us to talk but the latest onstory. manus: a little bit more from our saudi arabian interview with our editor in chief. basically saying that the government is in talks with foreign developers to create hardships. the ambition is to build almost one million homes of affordable housing. they are in talks with foreign developers. anna: we are going to be talking to the housing minister, or hearing from the housing minister in saudi and the next hour. a lot more on that steel story to come. ♪ manus: the bearish bets are back. short positions on oil increase for the first time in eight weeks. saudi arabia backs away from a supply freeze very the nation is facing a chronic shortage and will need to build more than one million homes in order to meet demand. sachs encourages investors to sell asian currencies after the best rally in more than seven years. greece's bailout review hangs in the balance. credits renew talks in athens. a leaked report heightens imf and theween the greek prime minister alexis tsipras. you are

you can read adam smith, gaines, anybody.rolonged zero interest rates. that is a phenomenon nobody dreamt would ever happen. and i think it's uncharted territory. that doesn't mean i think it's the end of the world but i don't think anybody knows exactly what the full implications are of low interest rates, and i certainly don't. >> this year marks the 39th year to carol loomis has edited's warren buffett's annual letter to shareholders. retired editor from "fortune." they've been friends since 1966. no one has followed berkshire hathaway por closely over the last five decades. she is the author of her following warren. it's interesting for him to give his take on negative interest rates, what a strange world this is. >> i was very interested in what he had to say because i hadn't heard him at that length talk about negative interest rates. on things like that, his opinion is really prized by everybody who knows him because they don't know what to think either. i certainly don't. never wrote anything in "fortune" that came cl

congressman adam smith who's a top democrat on the committee said he didn't know yet if he's going to support this bill. last year he voted for it in committee but against it on the floor. we're going to see if he does the same thing again this year. >> the funding level for the defense programs bill is the amount proposed by the president, but has the white house weighed in on any of the particular programs and policies in the authorization bill? >> the white house hasn't weighed in yet. but defense secretary ash carter today said he was opposed to the way that the bill funds the military, and so that's a good sign that the white house is also going to say that they oppose it. there's plenty else in here that the white house also is going to be against. look at guantanamo, the bill blocks the president from bringing detainees to the u.s., something that he wants to do in the last year of his presidency. that's likely going to get a veto once the bill goes to the floor. >> once work is completed on the markup and could be a lengthy markup session, what is the timetable for getting thi

you can read adam smith or anybody. and you can't find a word to my knowledge on prolonged zero interest rates. that is a phenomenon nobody deemed would ever happen, and i think it's unchartered territory. that doesn't mean i think it's the end of the world, but i don't think anybody knows exactly what the full implications are all of low interest rates, and i certainly don't. >> obviously we're going to be hearing a lot more questions about those low interest rates and negative interest rates and the stock market and economy happening tomorrow. two people with l take the stage and answer questions. they just opened up the doors and they're allowing shareholders to come in. this year they have extra skurlt. everybody has to go through the metal detectors on their way in. the reason they're allowed in here is to get a look at some of the companies of berkshire hathaway. there's a huge number of shareholders here. coca-cola is here. you can see precision cast parts. that's the newest company bought last year. they've set

think we have to point out these explanations have been around since the wealth of nations that adam smithte 200 years ago, that each country is better when you have free-trade. it won't to be the same jobs but , we will have new and better and higher paying jobs with a better economy, and we have to find ways of demonstrating and showing that. also, and you and i talked about this earlier, i really am concerned about trumpism not understanding the basic fabric of our constitution, that a president cannot just slap a terrace on somebody or tell a company you are going to build a plant here. he is promising that to people. if he were to get in office, we and this sort of mob mentality was going to occur we had a very , casual framework. it exists because democrats and republicans fight with each other, but we believe the constitution sets the rules and limits of government. that could go away in a generation. and for me i spent my whole life constitutional conservatism. i think that is what is at stake if you just appeal to the masses and say i am going to be the strong man and fix things a

a growing number of thinkers are saying maybe the money money, tried before adam smith came along, maybe smith had it right and we should reexamine things. this book is getting back it the basics on money and the converation going to get back on track. the federal reserve shouldn't be any more important than the bureau of weights and measures in the commerce department. if you ever run into a federal reserve official, ask them in terms of assuming powers by the fed, they say they want 2-2.5 inflation because they believe creating extra money stimulates the economy. that translates to an extra $1,000 a year for the typical family. ask who gave you the authority to tax an american family an extra $1,000 a year and why does that stimulate economic activity? i have asked but haven't gotten an answer. yes? >> well it just seems even though, i believe, you are correct that something is wrong with the money. i don't think it is broad enough discussion both to really cover what is happening to us economically. it is so much more sophisticated than it was that your analysis covers. the value of g

his name is adam smith, and he's famous for ththe following line: "if everyrybody pursues his or her n 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 sysystem. 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 enoughgh 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-t-time job. t the bureauf labor statistics in washington

stories this monday morning.on >>> the boss and bryan adams take a stand. will smitht the -- why did vince kneel and nick cage start fighting? also at 10a kevin goes one-on-one with kevin,taregh kevin costnert is. they are talking the suspensee thriller criminals. >> bill maher cause as cross brie rihanna and brittany. >> we have surprises in store aa well. wait for it. the 10a starts not. not ♪ >> good day d.c. here on fox5. >> good day d.c. on fox5. we're live on fox5. ♪ >> whoo! >> high five all the way aroundn good job.od job good job. od i got them all trained. >> nos -- you guys sound aweso awesome. >> oh, my gosh. oh, >> they do a sound amaze.. >> their caking off our good day national barbershop quartet dayd >> that's not all. it is national other things day as ass we.e. >> we'll take a trip back intoao musical history also nationalato eight track day f you're notk do familiar with the eighu't track, let me allow to enjoy. >> ♪ >> that's quality right there. >> not only impressive our ownwn tony, who has eight tracks. trak he has the player that actuallyl play

. >>> coming up on the radio, congressman adam kingser and sandra smith. >> that is going to be a greatan't believe that. >> not only doing sports, you got to do a radio shot? >> absolutely. >> and mikaela, thanks very much. did you enjoy your trip here? >> i enjoyed it. >> did you learn a lot? >> yes. >> and you're going to go back and -- >> yes, i'm going to brag. >> thank you. >> thanks, guys. >>> coming up on this thursday, tanks for nothing. the government is wasting millions of our dollars on equipment the military says they don't even want and it doesn't stop there. we've got the latest court report straight ahead. >>> and bill o'reilly's best-selling reverse of "killing" books is best. what's next? ♪ when josh atkins books at laquinta.com. he gets a ready for you alert the second his room is ready. so you know what he gives? i'll give you everything i've got and then some. he gives a hundred and ten percent! i'm confident this 10% can boost your market share. feel me lois? i'm feeling you. boom! look at that pie chart. the ready for you alert, only at laquinta.com. . . and how i

was a victim of the hit and run earlier that night and was following smith to get information, from him. >>> rock singer brian adams canceling a show for this week in mississippi over a new law there. >> ♪ >> the singer says he is protesting that lets religious group and some private businesses refuse services to same sex couples n a statement adams says he cannot in good conscious perform in a state where certain people are denied their civil rights due to their sexual orientation. adams announcement comes just days after bruce springsteen canceled a show in north carolina over a similar law there. >>> how is this for a cold hearted thief. you are watching video of the woman who is stealing a wedding ring off of a dead woman's finger. surveillance video shows a woman walking in the funeral home in texas. she walks right up to the casket and reach in the coffin and yank off that ring. the deceased woman's family is now furious. they are hoping that people keep sharing this video, until that woman is caught. >>> rolling in the dough and making big bank, list is out, philadelphia it the is i officials pulling in the

. >>> all right, torey smith plays football for a living but he held a charity hoops game. that is his young kid t.j. adam jones of the birds on hand. joe flacco as well. court side. and we got to see anquan balden. talked to the skins this week. could be in the gold. so yes. he can ball as well. he can play football. play some basketball. good cause. good effort. good charity. >> excellent. i will tell you the michigan, the snow in michigan, glad you are not going to be talking about that. >> some cold is coming along with the high winds. it will be freeze warnings tonight. and we could have some dust later tonight. gusts. up to 60 miles an hour. take precautions. >> well, thank you very much for watching. we will see you back here at 11:00. you can also get updates on our app. we w ♪ ♪ light & fit, 15 delicious flavors, each 80 calories. try to beat that! >> axelrod: campaign 2016 tonight. falling behind in wisconsin, under fire for his latest comment on abortion, donald trump refuses to rule out running as a third party candidate. >> when we meet at the convention, we'll see how we're treated. i want t

two of its stars, daisy ridley and adam driver also took home prizes for their performances. meanwhile, will smithaward, a tribute to his hollywood career, and melissa mccarthy became the first woman to win the comedic genius awards. and she is awesome. and it's good to see will recognized because he was ignored at some of these earlier awards. >> some people say the mtv movie awards is kind of fun and jokes, kind of represents what younger people are watching rather than what the academy may have paid attention to. >> thanks for watching our first hour of "cnn newsroom." i'm rosemary church. >> and i'm errol barnett. next hour, a live report from many of the world's hot spots with the world's biggest stories. please do stay with us. baked-ons never gonna work. dish issues? cascade platinum... powers... through... your toughest stuck-on food. so let your dishwasher be the dishwasher. see? told you it would work. cascade. i love to take pictures that engage people. and to connect us with the wonderment of nature. the detail on this surface book is amazing. with the tiger image, the saliva coming of

adam jones. joe flacco there. a little game from aquan bolden. he may be on the team soon. and check out torey smiththe gracious host as he slams home. a slam dunk all around. good day of raising money for his charity in baltimore. >> so, nats home opener happening soon. >> next week. next thursday. >> it is counting down. >> it is coming. >> we will be back with a final check of the forecast right after this. fios is not cable. we're wired differently. in the last 10 years our competitors have received a few awards. but we've received a few more, including jd power who ranked us only fios has the fastest internet on the most awarded network. now get super-fast 100 meg internet tv and phone for just $69.99 per month, online. cable can't offer internet speeds this fast at a price this good, only fios can. >> so, it really is a serious situation out there. >> and frank your wife was saying? >> she texted me saying should we go down in the basement about 30 minutes ago. >> i think that is a good idea. if you live

smith reporting for abc news. still ahead on "action news," another check of the forecast as we look live outside. sky 6 hd showing you the commodore barry bridge meteorologist, adam joseph has the update from accuweather. a little child with big dreams. dwight evans. first a community activist. a legislator at 25. always looking out for us. he worked to create a thriving commercial district. and he's brought new grocery stores to underserved areas. dwight evans is committed to revitalizing neighborhoods in all of philadelphia. he'll be a block by block congressman for us. i'm dwight evans and i'm proud to approve this message. . >>> meteorologist, adam joseph is back now. >> it's hit or miss for rain and brighter especially later tomorrow into the second half of the weekend. as we look live at sky 6 hd, we are going to spy on these folks here. they are getting ready for a wedding maybe? >> let go crash it. there will be food i'm sure. >> it's happy hour somewhere in the world. right now it's dry down there and the sun is kind of glistening thereof the water a little bit and hopefully it's this evening. they could squeeze it out and there could be showers lingerin

adam from pitch perfect 2. >> you get the id dis >> spanx. >> literally knocked her shoes off. >> that changed from best kiss to something else. >> will smith received generation award, who doesn't love wil smith. queen latifah and halle berry performed it. a medley rom some of the songs. let's listen kids across the land n't need to argue parents still don't understand now this is the story all about how my wife got flipped turned upside down i'd like to take a minute to sit right there how i became the prince of a town called bel-air >> he really put it in perspective when he talked about a recent moment, kind of puts in perspective his career now. >> there's one kid, and he's ke 8 years old and he's wrapped up. he's like o,he my god. oh, my god. i don't know who you are! i was like, oh, man, i leaned down to him. i said, hey, i'm "the arate kid's" dad. >> oh, that's jaden's dad. >> that reference to his son being in the karate kid remake. a great perspective on life. melissa marthy she won comedy genius award, the first woman to win it. she actually couldn't get to the stage. they kind of crowd surfed her down. >> i love her. >> she's in

bryan adams canceled his concert in mississippi over a similar law passed there as well. >> controversy everywhere over this issue to be sure. >>> meteorologist jeff smith in for lee goldberg. we got about a week more of this, five days more? >> temperatures actually over achieved a little bit today. we got a little bit more sunshine. >> we like overachievers. >> some places today got in to the upper 60s like newark, new jersey. here in the city, 63. we're about a week away from 70-degree warmth. maybe some sustained 70-degree warmth in the tri-state season. winds coming in from the south. a little bit breezy. about 17 miles per hour. look at the high today, getting up to 63, after kind of a chilly morning low of 43. that's actually fairly normal for this time of the year. we actually went above normal for a change after such a chilly weekend. record was 84 in 1955. got all the way down to 24 back in 1909. could be a stray shower this evening, especially north and west of new york city. then steadier rain developing toward dawn. this is with a cold front heading our direction. it will last right throughout the morning hours of tomorrow. definitely give

. >> will smith played for the new orleans saints as a defensive lineman for nine years before he retired in 2012 with a super bowl win. >> singer bryan adams is cancelling a performance that was set for this week in mississippi. >> ♪[ music playing ]. >> adams is protesting mississippi's new law that allows religious groups and private businesses to refuse services to gay couples. in a statement adams says he can't in good conscience perform in a state, quote, where certain people are being denied their civil rights due to their sexual orientation. now, adams' announcement is days after bruce springstein canceled a show in north carolina. the legendary rocker is protesting that state's now law which dictates which bathrooms transgender and lbgt people are allowed to use. >> steve, i see behind us, blue skies trying to break through? >> trying to. after a weekend of pretty good rain for some, you guys, not for all, but for some, especially the east bay to the south bay. mostly cloudy right now. there are a few breaks in the clouds. drier air is trying to get in. this is all that moisture left behind from the system which brought rain for so