the blessed adam smith. adam smith famously at least among people who know his work didn't say many favorable things about businesspeople. at least on the surface that is the intention of your thesis. >> for one thing he didn't think much about entrepreneurship. spoken of smith and stupidity. that you need to be concerned with. smith is about efficiency. it is about innovation, the real cause of modern economic growth, and stupidity is about the government for the most part. smith is not -- express it this way. smith didn't know what his radically egalitarian ideas about equality before the law and social equality was going to do. he didn't quite realize he was creating a document that would sustain this move of egalitarianism. he is adam smith, a great economist but no one saw it coming. >> when smith talks about business it is always in the context of business people lobbying state privileges. >> napoleon -- spoke of britain as a nation. this commercial system, and protectionism and so on, licensing of occ

but it's adam smith who spoke of it as a nation of shopkeepers. he said this commercial system as he called it and what we still have, namely capitalism and protection alyssum and licensing of occupations and all the horrible features that have hung over from the middle ages. he said, this is a system not appropriate to a nation of shopkeepers but appropriate to a nation whose government is influenced by shopkeepers. that is exactly right and it is still true. >> one of the remarkable things about, you do it in the last two volumes you give this example of how much better, materially. >> it's astonishing. >> why is it that most people do not recognize or most people somehow think it is not a big deal as you believe it to be? or that it's doomed? >> most people like a phenomenon. were talking about it at lunch. why do why do people like to say the sky is falling? they always do. bob gordon a friend of mine has just written a book, book, the sky is falling, this guys family. well, bob may be, i don't think so it hasn't fallen yet, i don't see pieces

with ad so this is since adam smith economist asked what causes material progress? it certainly is no question that there has been a major increasei in the rate of material progress since the time of adam smith. >> a factor of 30. >> you call it the great enrichment. like one of the greatest events in human history, right afterer the invention of agriculture. >> yes. >> and you found, or find every other explanation that economists have offered for the great enrichment to be wanting.e >> yes. >> your explanation of the great enrichment is that ideas change. particularly, specifically ideao a change in such a way that practitioners of the bourgeois virtues, people people who act as a bourgeois, they for the first time in history, starting about 200 to 250 years ago became dignified in the eyes of most people, that unleashed this creative energy. >> so that is the key. it is not so much that psychology change, that's was claimed 100 years ago. i don't think that's very plausible. y it's not that people that i better, is that the surrounding society changed its variati

>> adam smith and united kingdom. >> that is also incorrect. >> the answer is adam smith and scotlandhere we go. gets a little tougher from here. question two, if the marginal cost is rising as output increases, and is below the average total cost, then the average total cost must -- >> five seconds, please. >> decreasing. >> that's correct. >> the average total cost must be falling. well done. excellent. >> there you go. brian, adam smith question got correct. >> and he cheered himself as well. >> yeah. >> you're into this. >> do you say great britain. >> i don't know how you demarcate. >> i think it was independent then. >> if you say part of england, then the scottish viewers write in and they get angry. >> but at that time, concurrent with adam smith's writings, i do not believe that there was a great britain that encompassed scotland. >> just a good break. >> good, not great. >> anyway, you have to read it. >> she got it right. >> the margin ol cost of my co-host is following along with output. >> stocks are posting slight gains. a couple names are managing to hit multiyear highs

adam smith also believed was part of our nature. then we had this little gizmo of caring about others. it can be shrunk, and it can be expanded. so here's where we start. this is where we start with any public policy, with anything that the scots would write about. course well was of have self-interest. ,ut we also have this thing this interest in the welfare of others, even strangers. we care about strangers, we hear a story and a tear comes to roi. here's really reach another commonality for the scots. and that is that soon after birth, we realize that we need each other. we need each other in a real way. i don't want to make this -- i want this to -- to the scots, this is really important that we need each other. they are not talking about economics. i will go the tomatoes, you trade with me for the celery. of course we have that. but it's bigger than that. i don't even know myself without talking to another. i don't know myself, i can't function and develop my own humanity unless i'm in a society that works for me and for everyb

if you think about what adam smith expected the capital markets to do, it was to support business. 15% of the money american financial institutions right now is making its way into business investment. the rest of it is existing in a closed loop of trading and speculation. katty: another statistic that was extraordinary was financial institutions account for 24% of profits but 4% of jobs. rana: if you want to look at who is sucking the economic oxygen out of the room, look at that figure. as finance has gotten bigger over a 40 year process, business startups have decreased . entrepreneurialism, the foundation of economic growth in america, is going down. nonfinancialggest businesses are starting to behave like financial institutions, keeping money overseas, not doing the job creating things that they used to. rana: if you look at the last couple of years, it has been a record year for corporate share buybacks. when companies artificially jack up the prices. that financial engineering has become rife. companies get five times as much money from doing financial activity. you have air

one of the things he did was sort of question laissez-faire attitudes of adam smith and really stressedrnment 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 quite as gooding and they are paying maintenance fees and othe

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

. >> i do believe in the arguments that adam smith makes in the wealth of nations and free trade is definitelyd thing. >> it is, near term, there's dislocation, but it's easy to say it's going to be, you know, to people that are displaced and lose their jobs, it's like, you know, take one for the gipper, sooner or later it's going to be good for everyone else. just suck it up. that starts to ring hallow, pal. you can understand the sentiment. but when labor costs $2 an hour in some places and it cost what is it's going to cost in this country now, it's just hard. and maybe there are better negotiating tactics to use. >> no, i agree. listen, i think long-term arguments are clear. i can see the sentiment. what's upsetting where because it becomes a populist issue, politicians change their tune for the rhetoric because it's simply something they wouldn't vote on. >> geez. just watching a lot of things in politics, as we're finding out now, it's something to behold. it's definitely something to behold. we have sam zell on again. the bulls again had trouble maintaining that market, four or five wee

around and this orange guy suggests that free trade is bad, we're going to throw away 300 years of adam smitht noticed a lot of principles among republicans in washington. i would say look at europe and the destruction there now. it doesn't mean we need to ban people that are muslims, but it does mean keeping your immigration regime the face of what's happening there. >> i think they need to respond to this. and they refuse to. >> if you make the argument, you're not making it, others have made it that they cast aside these pillars of conservatism because they're unpopular, because donald trump is making certain arguments about trade and about other things, think that's unwise. i thinkis one of the reasons that you're seeing this resistance from some people. they don't want to support somebody who opposes the things they fought for and held most f >> open bodders is one of things they held most dear for years, they're going to have to give up on it the country doesn't support it they deed dwended it and they need to change. >>> next up, the democrats. test test test test test test test test t

. >> if you think about what market capitalism was set up to do, adam smith's idea, you take everybody'sgh financial institutions into new businesses which hire people and grow the economy. that's how it's supposed to work. if you look at the numbers now, that's been changing over the last 40 years. so today there's really deep academic research that shows about only 15% of money flowing out of financial institutions ends up as new business investment. the rest of it is basically in a closed loop of trading, of existing assets. >> this is the rent if you will. >> the rent. you know, it's a fraction of the money of our savings actually is getting invested in new businesses. i think that's one of the biggest unexplained causes of slower growth, really. >> what happened? why is that the case? >> you know, there's not one thing, it's 40 years of policy changes. bipartisan policy changes i would add. this gets blamed on reagan era, deregulation, the rise of wall street in the '80s. that's part of it. basically since interest rates were deregulated under the carter era, you could argue there h

bill to get us to this point, and i want to recognize the work of mac thornberry, ranking member adam smith. we should recognize the very capable armed services committee staff who have devoted so much time to this legislation. this process, as in years past, has been truly bipartisan. the bill passed out of the committee by a vote of 60-2. it is my sincere hope that this bipartisan nature will continue here on the house floor as we consider the most important thing we will do all year. providing for the common defense is the most important function of the federal government, and it's one we all take very seriously. there are many different threats and challenges around the globe, and we and the service men and women who protect us need to be ready for each of those threats. so you will be hearing a lot about readiness over the next couple of days as we consider this bill because just having a soldier or airman or sailor is not enough. they have to be ready to do the job that we assign to them, and readiness means they have been trained appropriately, that they have the equipment they need,

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

people forget, you know, adam smith, economic supply and demand. >> we're back to "hamilton"?kept them at a hundred dollars or $50 a ticket there would be a five-year waiting list. when you let -- >> you let price clear the market. >> and match supply, it does go to $800. if you don't have $800 that's where you come in and do things and the government might be an appropriate -- >> we don't have to worry because "hamilton" is going to washington. so it will increase -- >> think about when you do rent control. no one can get -- the supply -- even think about health care in certain places where the doctors aren't increased by the amount of demand and where it's a two-year wait to see a specialist in that case, when you don't let prices clear. it's a really good -- i think you have been very instructive. >> thank you. >> i want to thank you for not paying attention to what we were saying and doing your own thing. it worked out well. >> my pleasure. >>> speaking of not letting price clear the market, aetna -- >> go ahead. >> aetna says it plans to continue its obamacare health insu

now, what adam smith, founder of modern capitalism said they were supposed to do, supposed to take ours grow. they create jobs. they create growth. that's how the economy works. how prosperity is created. but today, only about 15% of the money in financial institutions is actually going into those new business investments. the rest of it is in this closed loop of trading in stocks and bonds, existing -- >> it's a ka seen oenchcasino. >> warren buffett says that. >> tells people stay away from commoditized investments of different toys. one of the great questions you get into in the book. they know this, these people who want to be your president. they know that you want to talk about rigged. this is the definition of rigged. it's a closed system to create wealth in a way that rarely trickles down, to borrow that phrase. my lament, a bonding principle for of two of us when i came to cnn. nothing's different than it was in 2008. dodd-frank all day long, whatever you wa unt to say about that bill, that law, but they still do the same things. >> that's right. actually, chris you make a gre

dir since apriecl of 2013 adam bark, antonio, marcus alston, mil sted, smith, dare continuoustinu cannonmetriusus stevenson have all lost their l lives on this block. three of the murders still

dir since apriecl of 2013 adam bark, antonio, marcus alston, mil sted, smith, dare continuoustinu cannon, and now demetriusus stevenson have all lost their l lives on this block. three of the murders still unsolved.. >> its disgusting. its going to be handled: angell holmes spoke to us outside mpd's homicide branch where chytrid to help detective with who way have wanted to kill her son. >> they have a lot of leads thes are not telling. they just wanted to know littleo things about why was he around there? >> you know reason for being there. >> reporter: just before twote j p.m. thursday dc police found stevenson on a third floor landing inside 2734 langstonangs place where a police report says he was shot multiple times in the chest. che at the scene police said nothinp about a motive or suspect and stevenson's mom had not much more than that. t >> they got very good leads. if forensic is going to tell at this time all and they trying to find the bby >> reporter: so they feel confident they'll be able to solve it. >> sure very soon: he is the 50th person to be murdered in the city so fa

adams: you would have to say in a position like this, that it is just like the smith act of 1940, which is designed to prevent revolutionary groups from advocating deal for the role of the government, and subsequent interpretations as to the constitutionality of it leaves us with a statute still on the books that prescribes certain actions, but yet, the degree necessary to operate under the few remaining areas is such that there was no satisfactory way to proceed. >> yield at this point, please. what you are saying, mr. adams, is that you didn't operate within the law because the law didn't give you sufficient latitude. therefore, you undertook direct action to disrupt and otherwise undermine these organizations. did you proceed on the assumption that these organizations would eventually break the law, and therefore you saw fit to neutralize them before they did? mr. adams: i can't say that. the investigations of them were based on the belief that they might break the law, or they were breaking the law. the disruptive activities, i can't find where we were able to related to that, but i

adams. and -- an awful lot of people that were close to a nobel prize. whose name r jones and smith. but my review of the file shows, had violence done to their first amendment rights. nobel prize winners will always get protection. .ut joe potatoes doesn't this committee should focus on him, too. memorableatoes, a reference by senator phil hart. we will show the entirety of this in a few minutes. you talked about the impact of this. give us a sense of what the atmosphere was like in that room at the time. mr. maxwell: it was electric. the extent of what the fbi had done was a most unbelievable. -- almost unbelievable. it came against a public backdrop about the fbi, which elitee crime busters, the police on the federal level, , aorruptible, unbeatable bulwark of american institutions. to think that these things had surface,g on below the and in such contrast to the image of the fbi, was extraordinary. >> we should tell people, because this is a vintage time, but that image was propelled by hollywood. the fbiopular culture, agent was that had the person you described. this is a revel

smith with they're arms entangled. millsap did not get that off in time. no matter what would have happened. benny adams j.r. was he out of bounds? no. the ball game is over. the cav clears have advanced. and lisa standing by with j.r. >> lisa: thank you, mike. lebron, that kid schroder was hot. take me through the defensive stand that led to the jump ball. >> ah. i came down shot the long three and wasn't a great shot but i got to get back on defense to try to make a play and seen schroder turn the corner. he kind of had a blind side and i was able to get my hand on the ball for the jump ball and that called the game out. >> lisa: even after you controlled the tip they still got a shot out. what were you thinking when you saw it was a pretty good look? >> it was. i was hoping the red light went on for millsap was able to get back in and able to get the stop. a great road win for us. >> lisa: what made this one so difficult? >> the desperation they were playing with. obviously under circumstances we're not down 3-0. they gave us everything they had and we're happy we was able to represent the way we know how

smith with they're arms entangled. millsap did not get that off in time. no matter what would have happened. benny adams ruled it. j.r. was he out of bounds? no. the ball game is over. the cav clears have advanced. and lisa standing by with j.r. >> lisa: thank you, mike. lebron, that kid schroder was hot. take me through the defensive stand that led to the jump ball. >> ah. i came down shot the long three and wasn't a great shot but i got to get back on defense to try to make a play and seen schroder turn the corner. he kind of had a blind side and i was able to get my hand on the ball for the jump ball and that called the game out. >> lisa: even after you controlled the tip they still got a shot out. what were you thinking when you saw it was a pretty good look? >> it was. i was hoping the red light went on for millsap was able to get it. j.r. was able to bet the ball back in and able to get the stop. a great road win for us. >> lisa: what made this one so difficult? >> the desperation they were playing with. obviously under circumstances we're not down 3-0. they gave us everything they had and we're happy we wa

adam tuss, news 4. >>> there appears to be a winner in the auction of the gun used in trayvon martin's death. this auction for the gun ended wednesday night. someone named jon smith won the pistol with a bid of nearly $139,000. zimmerman says he's vetting that bid in a statement on his website. he says the owner has a choice to remain anonymous and that the proceeds will be used to counter violence against the police. >>> 5:51. 55 degrees outside. want to get and you good long look at the >> chuck bell here with more. just give to us. >> okay. i think on the whole you will like the "7-day forecast." on the whole. unfortunately, there is one big hiccup in it and that comes on saturday. outside this morning, a lot of clouds. there is tysons corner in the distance. so we can see at least the ten miles from our studio to tysons. lots of clouds out there early this morning. so a cloudy and damp start, but sunshine will come back later this afternoon. and temperatures back up near 70. traveling today, just a couple of light showers up the northeastern corridor. but you can see really not a whole lot of rain to worry about. so this is not going to be a big problem for t

smith family new jersey's newest multi-million there's. the sight of this guy in wissahickon valley park got some hearts shrinking today. >> a case of mistaken identity. for adamapody rick williams the entire "action news" team i'm monica malpass. have a great weekend. "action news at 6:00 is next. >> good night. than playing whapennsylvania millions,ing with top prizes of one million dollars? winning, ...on the spot. play pennsylvania millions from the pennsylvania lottery, and you could win... ...on the spot. keep on scratchin' >> ♪ >> "action news." delaware valley's leading news program. with ducis rodgers, meteorologist cecily tynan and jim gardner. >> ♪ >> friday night. there's a tentative plan to rescue atlantic city from financial collapse. >>> and the temple university community remembers the legacy of former president peter liacouras. >>> but the big story on "action news" tonight is the new jersey winners of that huge powerball jackpot. let us introduce you to the eight members of the smith family. 70-year-old pearly smith and her seven adult children. pearly bought the winning ticket last week at a 7-eleven in trenton. they will split the jackpot e

smith and jason rotman. >>> student protesters are swarming california state university to barricade the entrances where he was speaking, conservative commentator ben shapiro suing the administrators. our own adam free speech. ♪ if you're taking multiple medications, does your mouth often feel dry? a dry mouth can be a side effect of many medications. but it can also lead to tooth decay and bad breath. >> for people who suffer from a dry mouth. i don'or wonder whether i theshould seek treatment.c. i am ready. because today there's harvoni. a revolutionary treatment for the most common type of chronic hepatitis c. harvoni is proven to cure up to 99% of patients who've had no prior treatment. it transformed treatment as the first cure that's one pill, once a day for 12 weeks. certain patients can be cured with just 8 weeks of harvoni. harvoni is a simple treatment regimen that's been prescribed to more than a quarter of a million patients. tell your doctor if you've had a liver transplant, other liver or kidney problems, hiv, or any other medical conditions, and about all the medicines you take including herbal supplements. taking amiodarone with harvoni may cause a serious slowing of your heart

adams. it's the segment we just heard about from mr. maxwell. let's watch. >> there are an awful lot of people who never got close to a nobel prize whose name is jones and smith that my review of the file show had violence done to their first amendment rights. and nobel prize winners will always get protection, but joe potatoes doesn't. this committee should focus on him, too. >> joe potatoes, quite a memorable reference by senator phil hart. we're going to show the entirety of this in a few minutes. would you give us a sense of what the atmosphere was like in that room at the time? >> i think it was electric. the extent of what the fbi had done was almost unbelievable. and it came against a -- a public backtrdrop about the fbi which was the crime busters, the elite police activities on the federal level, incorruptible, unbeatable, a bullworth of mesh institutions, and to think that these things had been going on below the surface and in such contrast to the image of the fbi was extraordinary. >> we should tell people, that image was propelled by hollywood. the fbi agent was always the type of person that you describe. so this was a real revelation to the pub

adamant about being in charge. >> yeah. >> right. >> she's in charge of running the business right now until it's sold. >> it's not like this jeff smithomes in there and says look at me, i am the captain. she's still the captain, right? >> mayer's boat, all over the place. >> had nothing to do with zod or zool. >> i'm just saying. >> right. >> i am the captain now. she is the captain. o captain, my captain, want to get philosophic. >> there we go. jim mentioned one, pfizer agrees to buy the maker of an experimental eczema gel. closing price on friday, the deal's valued at $5.2 billion, that's when you include debt. also gannett raises unsolicited offer to buy tribune to $15 a share. let's, jim, start with the pfizer deal. >> yeah. >> i haven't had a chance to speak to people who advised on the deal to help understand the logic for it because i have spoken to people who question the logic for it. who say very simply pfizer is an oncology company at this point. that's where they're making their big bet. and for them to go into this arena, one by the way their former merger partner allergan you might have thought would be very interested