where does adam smith need to try to get along with a trump administration? what about their work on capitol hill they have to do to oversee and fund the national security efforts? reporter: it depends on his goal. if he wants to be obstructionist , then nothing changes and they do their best to block anything that trump does. if they want to find common ground, it will be the very basics we have seen in the last few years, it will be the budget number. these people cannot get along, they don't want to get along and i don't see anything changing with that. it's different because he is the house and not the senate. there are 50 people that have to go through confirmation. i don't know how much there is adam smith can do other than put up a lot of rhetoric and a good fight on issues like guantanamo. if he becomes a conduit for the basice supporting operators and the money. reporter: it is worth noting that they've passed the national defense operation act 50 years in a row. chairman mccain and senator reid on the democratic side, it will be interesting to watch

adam smith was a liberal and madison and the lines have gotten confused. it's not just incomes.i ran thousands of regressions on all of the indicators, all the things that lib wales want, where do you have to cleanest environment, capitalist country. guess where you have the highest degrees for eighth women, capital list country. she's chicago trained but double ph.d or triple, ph.d in economics out of chicago and ph.d in literature. incredibly smart person and her book says the cause of modern economic growth which started 1700 every person on the planet made a thousand dollars a year per capita income and in 1700, boom, you get a hockey stick. boom, massive economic growth. so she takes on 20 nobel, favorite guys and she didn't deny that. the primal cause is at about 1700, first time in history moral language changed such as we started the businessman and businesswoman morally good. my tradition hasn't been perfect on that. abraham, moses, buddha, gandhi, anybody, any tradition, agustÍn, mohamed, et cetera, no where in that line do you find someone saying capitalism or free ma

adam smith is a classical liberal and madison and the lines have gotten confused.t's not just incomes. i ran thousands of regressions on all the indicators, all the things that liberals want. guess where you have the cleanest environment, capitalist country. guess where you have the highest degrees for eighth grade women? capitalist country. civil liberties and you talk about the dignity of work and one of my favorite scholars is deidra, you have the sixth volume set. she has ph.d in economics out of chicago and ph.d in literature, incredibly smart person and her book says the cause of modern economic growth which started about 17th -- 1700, boom, you get a hockey stick. boom, massive economic growth. she takes on 20 nobel loreates. capital, human capital, technology, geography, trade, et cetera, et cetera. the primal cause is at 1700, moral language changed such that we started calling a businessman, businesswoman morally good. abraham, moses, jesus, gandhi, any tradition, agustÍn, mohamed, et cetera, no where in that line you find someone saying capitalism or fre

congressman adam smith, thank you very much for joining us. >> thank you, wolf. appreciate the chance. >>> just ahead, so who's on the short list to serve on the trump national security team? we're getting new details on the president-elect's possible choices, and the challenges he faces. and we'll get special insight from a senior trump campaign adviser, the former republican congressman jack kingston. he's here with me. we'll be right back. ♪ just look at those two. happy. in love. and saving so much money on their car insurance by switching to geico... well, just look at this setting. do you have the ring? oh, helzberg diamonds. another beautiful setting. i'm not crying. i've just got a bit of sand in my eyes, that's all. geico. fifteen minutes could save you fifteen percent or more on car insurance. you have dinner on the table at 6:00 every night. hey guys, i'm home! of course no one said it had to be cooked. campbell's one dish recipes, designed around one pan and your schedule. made for real, real life. love or like? naughty or nice? calm or bright? but at

they don't realize why there so welcome to adam smith wrote an inquiry into nature and he was lookingat capitalism when it was first starting and why is it we are so wealthy? he doesn't even have indoor plumbing, but he knows we are wealthier than we ever were. he started to write about how the system works and i don't think we covered that area well in school and i think people just don't get why they're so well they appeared the occupied wall street was an example of that. if you really thought about how the system works are understood how it works, then you wouldn't be out there saying my gosh we shouldn't the government tell us what kind of insurance we have. >> host: a student here at hill's don't mention this in your right about this as well. the students said we have a lot of austrian theory here at hillsdale. you read about the austrian theory of economics which is what? >> the austrian theory is to look at how markets work and how markets are efficient and wrote a book on socialism in 1920 and said this thing will work out for you. the reason remembered 1925th of the revoluti

we could -- adam smith wrote causes of wealthy nations and was looking at capitalism when it was firststarting. wow, why is it that we are so wealthy here and the rest -- but he knows that we are wealthier than we ever were. and he started to write about how the system works and part of the problem is i don't think we cover that very well in school and i think people just don't get why they're so wealthy. occupied wall street was an example of that. if you really thought about how the system worked or understood how it worked, then you wouldn't be out there saying, oh, my gosh, they shouldn't tell us what we should have. >> you write about this as well. i want to get it explained. a student said, well, we have a lot of austrian theory of economics which is what? >> the austrian theory is really to look at how markets work and how markets are efficient and really what -- look, this thing ain't going to work out for you. the reason -- remember in 1920's, socialism in great britain and he was saying, look, there's going to be a big problem because the central planner can't possibly know a

host: where does adam smith need to try to get along with a trump administration? what about their work on capitol hill they have to do to oversee and fund the national security efforts? reporter: it depends on his goal. if he wants to be obstructionist, then nothing changes and they do their best to block anything that trump does. if they want to find common ground, it will be the very basics we have seen in the last few years, it will be the budget number. these people cannot get along, they don't want to get along and i don't see anything changing with that. it's different because he is the house and not the senate. there are 50 people that have to go through confirmation. i don't know how much there is adam smith can do other than put up a lot of rhetoric and a good fight on issues like guantanamo. if he becomes a conduit for things like supporting the basic operators and the money. reporter: it is worth noting that they've passed the national defense operation act 50 years in a row. chairman mccain and senator reid on the democratic side, it will be interestin

but ricardo and adam smith, the fundamental forbearers of the system of allocating capital would aroundants efficiency. anthony: we had a cat his mick a cataclysmic event this week. >> the markets are quick to adjust. anthony: in the last 48 hours, understood this scenario, higher interest rates, higher earnings growth, who will be the beneficiary. >> let's look at several infrastructure plays. everything that we can think about that we need help on. that's fiscal policy augmenting monetary policy. companies like mueller industries, mli in memphis, tennessee. >> i actually visited them. >> you also probably visited the elvis presley museum. basically the stock is a beneficiary of construction and copper that they process. hard rocks, companies that rent equipment like united rentals. $45 billion industry fragments, likely to consolidate. companies that make asphalt equipment in chattanooga. there is a whole array of companies. the second area that's more obvious is the banking industry. we'll unleash the power and unleash the loan capability. the ones i selected because i like the trust

this is the basic rule if you read adam smith, 1776, wealth of the nation.nkly a better book about us but it's called -- about adam smith is called -- i lost the title. it's about the morality of the economy. any case, "the theory of moral sentiments" is brilliant. basically what you point out, and this is classic economics, literally there are writings by aristotle about this. classical economics is about people at the bottom of the economy spend virtually all of their income. and when they spend that money, it creates demand for goods and services. the demand for goods and services is responded to by people like me, entrepreneurs. i haven't worked for another person since i was 19, maybe 20. and just been running my own businesses. what i do is look around and say history to make with where industry demand for product with we moved to atlanta in 1983 after we started a community for of these kids and do that for five years and moved to atlanta, need to start a business. i couldn't find a travel agency that wanted to have the business of a small business tr

but ricardo and adam smith, the fundamental forbearers of the system of allocating capital would aroundants efficiency. anthony: we had a cat his mick a cataclysmic event this week. >> the markets are quick to adjust. anthony: in the last 48 hours, understood this scenario, higher interest rates, higher earnings growth, who will be the beneficiary. >> let's look at several infrastructure plays. everything that we can think about that we need help on. that's fiscal policy augmenting monetary policy. companies like mueller industries, mli in memphis, tennessee. >> i actually visited them. >> you also probably visited the elvis presley museum. basically the stock is a beneficiary of construction and copper that they process. hard rocks, companies that rent equipment like united rentals. $45 billion industry fragments, likely to consolidate. companies that make asphalt equipment in chattanooga. there is a whole array of companies. the second area that's more obvious is the banking industry. we'll unleash the power and unleash the loan capability. the ones i selected because i like the trust

. >> adam smith, political editor of the "tampa bay times" joins us. e state of play. big early voting state and oh, so close right now. >> yeah. it's florida. so it's usually a toss-up at this point and that's what we have. we've had about 5 million votes cast already. n more than half the votes cast and i think looking at party breakdown of whose casted votes, a lot of reason for republicans to feel optimistic, but it is really tight it looks like. >> when you look at kind of seed-ends, early voting estimates, republicans have a lead in terms of the early vote, but it's tiny. i mean, it's small. compare it to 2008, the last one we're kind of comparing, dems up at this point by 70-plus thousand ballots in terms of early voting. so, i mean, when you look at that, should dems be nervous? >> you look at that, dems absolutely should be nervous but it's hard to compare 2008 to this time, 2012, to this time, because there's been a lot more early voting. so we don't know how many of these republicans would be voting already. the early votes are cast at a time

times reporter adam smith's article is now online. we have a link to it at wtsp.com. >>> there is a le amendment aimed at helping injured first responders and it's up for vote november 8. mark rivera shows you the real- life impact this law would have on our community. >> reporter: amendment 3 focuses on tax breaks for permanently disabled first responders injured in the line of duty. first responders like former st. petersburg firefighter bradley westphal. >> i was in by myself. it started to come back at me. i pushed it up and i felt my whole back just burning down my legs. it just was sharp, stabbing pains down my leg. >> reporter: westphal had four back surgeries. three left knee surgeries. >> i can't be on my left leg. you know, i live with pain all day, all night. you don't sleep. it's terrible. >> reporter: he and his lawyer, jason fox, say most firefighters who permanently hurt on the job lose most of their income. they have to pay people to do simple things around the house like cutting the grass. >> you never think you're go

like karl marx, he couldn't line up the economic incentives and it is doomed to failure, whereas adam smith and the enlightenment over here those ideas to line up a mesh. both of them go right together. >> host: one of the things i was struck by is the complementary aspects as you put it the economics and politics are linked. this is from page 27 and a page set god works six days and rested on the seventh. that presumes private property. do not covet is the right to hold things that may be coveted as you said on page 28 our founding was an important chapter in the history of faith. can you tell us a little bit more about how you see the founding as an important history of faith? >> guest: they saw very clearlclearlyclearly the incente structure but you kind of got added they couldn't see the day that the tradition wasn't taken as a given and we are there right now. that is debatable so there's all this debate of the separation between church and state. the first amendment is about the outcome of the separation of church and state and no establishment of religion but free exercise thereof so

also with me adam smith, political editor at the "tampa bay times." have both of you but can we start with michigan, kathleen. why is she going to the reliably blue state such as yours? >> well, donald trump has been making inroads. he was at a couple rallies with thousands of people. his three kids are here, two of them today, donald, jr., and ivanka. mike pence is here tomorrow. eric trump will be here friday. trump is dumping i think $750,000 into advertising in michigan as well so he's making a play for the state so clinton has to respond in kind. we have bernie sanders here today having a couple rallies and she'll be here on friday for a get out the vote rally in detroit. it's an important area for her to get votes out. >> you mentioned bernie sanders, he took michigan so now he's trying to help her out. adam, to you, florida, you wrote about this this week, latino vote soaring but the african-american and also millennial turnout is down. why do you think the last two groups aren't quite as excited about her? what do you make of the set up there?

and the newsmakers with washington congressman adam smith, ranking smith of the arms services can --ttee. and after that, daniel carrillo discusses the economy and financial regulation. always been a great admirer of america and a student of american history, particularly the history of its african descended people. >> tonight on q&a, and author talks about his memoir "never look at an american in the eye." formed this impression from watching cinema, westerns specifically where the cowboys would gather together in a bar and exchange a few words and we never understood what they were saying but then they would tear each other down and start shooting. my uncle formed an impression that that is what americans would do to you, shoot you, if you looked at them in the eye. >> tonight, at 8:00 p.m. eastern on c-span's q&a. >> this morning, the president of the alliance for justice and the representative from the judicial crisis network discusses the future of the supreme court. and later, a representative from the atlantic council talks about transatlantic relations, and the future of nato

we could, you know, adam smith wrote an inquiry into the nation of causes the wealth of nations, and he was looking at capitalism when it was first starting and saying, wow, why is it that we're so wealthy here? he doesn't even have indoor plumbing, but he knows we're wealthier than we ever were. and he started to write about how the system works. part of the problem is i don't think we cover that very well in school, and i think people just don't get why they're so wealthy. i mean, the occupy wall street was an example of that. if you really thought about how the system worked or understood how it worked, then you wouldn't be out there saying, oh, my gosh, we should have the government tell us what kind of insurance we should have. >> host: a student here at hillsdale mentioned this, ask you write about this as well, and i want you to explain. a student said, well, we have a lot of austrian theory here at hillsdale. and you write about the austrian theory of economics, which is what? >> guest: well, the austrian theory is really to look at how markets work and how markets are effici

i think largely if there's split power, adam smith, is going to manage, make most of the decisions goingorward, and i think that's what people should stay focused on, and right now, i think there's a growing evidence that there's not only a pickup in earnings momentum and growth momentum in the united states, but there's evidence of growing and broadening economic momentum picking up around the globe, and i would say that that should focus investors in on the more economically sensitive cyclical areas, maybe even higher beta areas that have trailed over the last couple years when everyone went to the defensive sort of interest rate plays. i would be more focused there than i would on who takes the white house. >> but jim, the market can refocus on those things once the election is behind us, and it needs to be a certain outcome. what is the market pricing in for a certainty vote tomorrow night? is it a difference of 25 electoral votes? at what point do you think the market will say this is clear there is a winner and this will not follow us through december? >> well, i think that, you kn

financial policy and treasury-related issues, has as a young man read adam smith's "wealth of nations "in the original old english. why? he said he didn't want to miss anything. guys, back to you. >> wow. >> all right. major -- >> we will be watching. thank you for that reporting. >>> we turn now to more of my interview with defense secretary ash carter. donald trump's election victory means carter tenure as pentagon but he will continue handles threats around the world until the next administration takes over. i sat down with the secretary for a conversation you are seeing only on cbs "this morning." >> reporter: on this veterans day, do you think americans have a sense we are in some ways still at war? >> i think they know we have challenges everywhere in the world, that we have to destroy isil in order to protect ourselves. we're doing that first in iraq and syria, and then everywhere else they arise around the there's an ongoing operation to clear mosul and raqqah. where are we in that fight? >> we're following a plan. in mosul we have enveloped the city that is forces we have tra

a kind of pre-adam smith view of the economy where trade does not benefit both parties to the agreement. that's a very dangerous assumption that leads to a search for a scapegoat. this is a graph that you might scene, a so-called elephant graph of average. capita and household income of each group around the world. between 1988 and 2008. if they. [inaudible] it looks a bit like an elephant. you can see the poor in the world have increased dramatically over the past 25 years by 40 - 80%. you also see the trunk as raised because the superrich in the world, the 1% for the 2% have also benefited tremendously. look at what is the middle class in europe. people who didn't see any kind of income growth over the aeros 20 years. that was the graph that was presented around the world, the graph that explains globalization and the losers of globalization. those who vote for donald trump or bernie sanders. it is a powerful graph but it's wrong it was presented recently by the foundation and this is a combination that people move through these percentiles, countries shift, population growth growth i

only is he an expert on financial policy and treasury represented issues, he as a young man read adam smith's wealth of nations in the original old english because he said he didn't want to miss anything. guys, back to you. >> wow. >> major, we'll be watching. thank you. we turn now to more of my interview with defense secretary ash carter. touchdown's election victory means carter's tenure as pentagon chief is likely nearing an end. but he will continue handling over. i sat down where the secretary for a conversation are you seeing only on "cbs this morning." on this veterans day, do you think americans have a sense that we are in some way still at war? >> i think they know that we have challenges everywhere in the world. i think that they know that we have to destroy isil in order to protect ourselves. we're doing that first in iraq and syria and then everywhere else around the world. >> let's talk about the fight against isis. there is to clear mosul and raqqah. where are we in that fight? >> we're following a plan. in mosul, we have enloefl loaned the city that forces that we have trained

a kind of pre-adam smith in view of the economy where trade does not benefit both parties to the agreement and that's a very dangerous assumption that leads to a search for a scapegoat. this is a graph that you might have seen. this is the so-called elephant graph of the increase in average per capita in household income of each percentile group around the world. all over the world between 1988 and 2008. former world bank economy who assembled the data and created this graph and it looks a bit like an elephant because you can see that the poor in the world, notice the poor have increase their income dramatically over those 20 years by some 40 to 80%. you also see that the elephant trunk's race because the superrich in the world, the 1% for the 2% have also benefited tremendously, but look at what became known as the western middle-class and the lower middle class in europe and the united states. around the 80s and 19 percentile. people who did not see any kind of income growth over those 20 years. this was a graph presented around the world, the graph that explains globalization and the lo

we want to collect in at florida with adam smith. adam thanks for joining us. you were probably out there today taking a look at some of lines and what was hospitalling ahospital --happening at the po. what can you tell us. >> something unique about this election we've had so many votes come before election day. so the lines, we have some big lines but really it's two thirds of the vote was already in. the decision really the decision had ultimately been made before election day this time. >> sreenivasan: tell us about the iowa quarter. that seems to be crucial for both candidates if they want to win that state. >> historically it's south florida, your population areas, miami-dade, broward palm beach. the pan has not actual is the conservative republican area and then the corridor between kind of a fulcrum they battle on, the candidates. this time though the demographic shifts are such that the miami-dade, a big mar margin the with so many hispanic voters, puerto rico his tannics. breadth is doing reasonably well in parts of ta tampa bay where i am. >> woodruff

. >> on newsmakers, adam smith, ranking member of the armed services committee.e talks about the incoming trump administration. and, dealing with president vladimir putin and syrian president assad. newsmakers, 10:00 a.m. and 6:00 p.m. eastern on c-span. >> i have always been a big student of american history, particularly the history of its african descended people. night on q&a, -- >> my uncle formed this impression from watching cinema. particularly where cowboys would gather together in a bar in a extend a few words. we never understood. but at one point, they would always stare each other down and start shooting. my uncle formed the impression that that is what americans would do to you if you looked them in the eye. shoot you. >> it now, a discussion on possible conflicts of interest facing the incoming trump administration. from washington journal, this is 40 minutes. our next guest is a professor of corporate law at the university of minnesota law school and he was also the former associate counsel to the president under george w. bush administration betw

dreads and the great aspirations and it could be that he is going to appoint the second coming of adam smithto the fed. he is going to appoint somebody who will advance his program. trump on the stumpf said we are in a big fat ugly bubble. i expect he will like the bubble and adopt it as his own. the stock market was 20 1/2 times earnings. when reagan was sworn in it was 9 1/2 times. rag skpn markets were set up for failures. trump's markets are set up for trump's success. >> you say also in the piece that reagan did soon after he got in there touched off this very long 35-year bull market in treasury bonds which we may have seen. do you think that is the case that we likely have seen low in treasury yield? >> i think it is definitively the case. it would be uncanny if a 35-year bear market gave rise to a new -- the preceding bear market was 35 years. the following bull market ended perhaps in july, july 8 would have been 35 years. apart from coincides it seems the lows in yield and hiez in price in july were characterized by such extremes of sentiment and zaniness that that would constitute

blustery talk but little done, which is probably a good outcome for markets because it just means that adam smithof the decisions. as long as that stays the case, the markets will stay pretty comfortable with this, whichever of the presidential candidates wins. >> joe, i know you don't want to talk too much about the election. is it having an impact on the economy, the uncertainty factor? >> at the margin. i started the year thinking growth would be closer to 1% than 2% so i was different than consensus and thought the fed would, though, hike and be in december. however -- actually in that type of environment, the economy is sort of weak to begin with and people are probably using the election to some extent as an excuse not to invest in capital and undertake expansion plans. at the margin, it is a factor. to continue on a point jim was making, next year if there's gridlock, the likelihood of growth accelerating from a mid-1% type of trend to me is quite low, sara. what businesses want is some idea that the parties are working together. divided government and a pun wkt growth world is a lot diffe

. >> this week on newsmakers, we are joined by congressman adam smith of washington, but top democrat on the armed services committee. in studio, we have two reporters with us, jeremy herb of politico and kevin baron of defense one. >> welcome. the first question i have for you is, why did the democrats lose the presidency? >> there is no one answer than that. this election was decided by 12,000 votes in michigan, 10,000 votes in wisconsin, it was razor thin and i will point out the democratic candidate got more votes just like democratic candidates for congress got more votes nationwide than the republicans despite the fact that we got more seats. so there are a whole bunch of different issues. the biggest challenge that we have is we have an electorate that has been growingly hostile towards elites in general. the media, business leaders, political leaders, all the approval ratings for those warmer -- those former opinion makers. the people were looking for something different. along for whatever reason, this was a clear outsider end of thed at the day we had a candidate who was kno

david: is this basically adam smith? maybe the more you employ them less?me charts just like that but it shows when the tightness really is. thank you michael for helping me .ake this chart this blue line is the fed hiking cycle for 2017. a few basis point increase by the end of december. the green line is the trump pulling. polling. -- if you didn't see the expectations for hikes in december roll over just attached at the same time where trump was gaining in the polls. it is not supertight of a correlation. it could have had to do with the jobs number or the fed meeting, but i want to look at this correlation. if we ignore a trump victory, we have to look at it for longer-term growth in 2017. david: if there was a firm correlation would you be worried about the independence of the fed? alix: or the idea that if we do see a big stimulus from trump, does the fed have to hike faster because there is so much money in the system and more inflation? they are not really independent at all. dad: even if he wants it he can get it. i'm going to vote with matt, sorry

that relentlessly enforces immigration and drug laws, using muslims with deep suspicions host: adam smithalked about some of the people donald trump is considering for key national security positions. >> quite a few names for secretary of defense thrown out there, any you would find acceptable for suggest a shift in that worldview? >> i do not think so and it is hard to know what to believe in terms of names on out there. certainly senator cotton would not be good with regard to the worldview. i will have to wait and see but the way it is shaping up is pretty frightening. >> let me unpack some of the realities, campaign rhetoric versus governing. even senator cotton who started to sound a little bit more like a centrist in saying that he defended nato and the rational use of nuclear weapons. he did not so -- sound so blustery as a campaign or somebody like general flynn, a three-star general, an operator with lots of combat experience. the reality of turning your back on nato and working with vladimir putin, what would have to happen for the united states to turn his back on nato? across

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, b 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 washingt

host: congressman adam smith, the ranking democrat on the house armed services committee, a democrat from washington state, and he is our guest on c-span's "newsmakers" program. you can listen to it on c-span radio, watch it here on c-span elevision, and any time at c-span.org. it's 10:00 a.m. eastern time. our sunday roundtable includes an aron and carrie severino. to both of you, thank you very much for being with us. i want to begin with the comments of associate justice clarence thomas. this is what he said this past week about what to expect in the supreme court ahead. justice thomas: this practice of constitutional revision by an unelected committee of nine alza kpped, as is today, by extravagant praise of liberty robs the people of the most important liberty they asserted in the declaration of independence and won in the revolution of 1776. the freedom to govern themselves. with such unchecked judicial power, we americans leave it for the least accountable branch to decide how existing rights should expand our contract, should expand or contract, a decision that so often hinge