host: arthur burks calls it the new culture war -- arthur brooks called it the new culture war. you can go to "to the washington post." more from the peace and then more from your calls rewrites "entrepreneurship can only flourish when individuals are willing to innovate where people enjoy the rewards and face the consequences of their decisions, and where we can double the security of the status quo for a chance of future success. yet in his commencement address at arizona state last year, president obama warned against precisely such impulses. "you are taught to chase after all the usual brass rings, you have tried to be on this who's who list, that top 100 list, to chase after the big money and you figure out how your big corner office is. you were about whether you have a fancy enough title or a fancy enough car. that is the message that has been sent in our culture for far too long. that material possessions through a ruthless competition pursued only on your own behalf, that is how you measure success." such ambition, he cautioned, "may lead you to compromise your values a

host: arthur burks calls it the new culture war -- arthur brooks called it the new culture war.ou can go to "to the washington post." more from the peace and then more from your calls rewtes "entrepreneurship can only flourish when individuals >> we will go live now to that event with lawrence summers, who heads of the white house national economic council. he will be talking about economic policy at this forum, which is hosted by johns hopkins school of advanced international studies. it is just getting under way. >> -- people would come out with just a little bit of time. i am said the enough science, and i am delighted to see students, alumni, other members of our community, and of course, the media, here. it is my great pleasure to welcome all of you here this morning for a most timely presentation by larry summers, who is surely a month spent the most thoughtful and influential public servants of this generation. is easy to say that larry needs no introduction, and it is true. in particular for an audience on massachusetts avenue. for our students and perhaps some of their

then my wife and i were married by the same rabbi who married arthur n.arilyn monroe, the same rabbi was his character witness at the same time at the house un-american activities committee because he wasn't enough that he was going to get married to the women's in the world. without the time having to ask questions about whether or not he counted as an american at all. and i can't cannot tell you just a couple of things about 10 and maryland. i just can't not, so i will. when she was first introduced to the family, robert goldberg by the way at the end of his life was just in all efforts to lie from him for conversion to judaism. she knew when she met the miller family. and mr. and mrs. miller used to feed her because she needed a bit of fattening up. i suppose will give without. until the evening when she asked if they ever ate any other matter. [laughter] ms. monroe -- [inaudible] she was rather a modest, shy little girl. and the bathroom in the house is a bit too near the living room. swathe of shyness as you could say, she used to, when she retired t

officer arthur suffered severe facial injuries. >>> battle over slots, the dispute over the anne arundel trial dispute. >> reporter: from allegations of lies being made to people who signed the petition, this debate has become just about as personal as it is passionate. big money, we're talking millions of the dollars are on the line. a high stakes money and power battle has pitted the powerful cordish company against a group that doesn't want slots in their neighborhood. >> as citizens we felt bullied across the process. this is just one more step of the bullying. >> reporter: but cordish says they are no goliath. >> this is really a corporate effort to usurp the constitutional vote. >> reporter: the cordish lawsuit claims that signatures brought to a vote were invalid, that some of them were even faked. >> once all the evidence comes out, they will see what went on here. >> reporter: are they afraid of getting it rejected? >> that's what they are trying to do. >> reporter: in the two years since voters allowed slots, no parlors have opened. the baltimore city location sits vacant and t

it seems to me arthur schlesinger u.s. reference several times in a very beautiful and gifted writer, arthur wrote three books on his age of roosevelt series published in 1956, 58, 60. with the first roosevelt term officially another 35 years never got two the second roosevelt and if i had been a friend of this met him a couple of times by had been a friend of his seven vice him to skip 1937, 38 and 39 and go to the church a collaboration against hitler and stalin that were threatening to take control that there was a lesson for liberals that they did not want to learn it is relevant today they are flummoxed that voters to like the health care plan. jon referred to reprise saying the career of suzanne, the reporter of cnn when year-ago of the two parties in april she said you are getting a $400 rebates aren't you satisfied? you get $50 billion for the roar blagojevich big government and he is clearly not satisfied and what she does not understand which is a number of things because our contract was not renewed all but one

we wanted to increase -- he hold his fed chairman, arthur burns, who had known well as the eisenhower white house, i want you to print money like crazy and cause inflation. that will solve my unemployment problem. then i'm going to count act with price controls. so we're going to have jobs because we're causing inflationary pressure. but we're not going to have inflation because i'm going to out law it. the best of all words. stable price level with employment caused by inflationary pressure. ford changes the policy. he said, okay. inflation is bad. no matter what. what i'm going to do is i'm going to ask the american people to stop buying things. if you stop buying things, there's no incentive to raise the price. here's what i'm not going to buy this week that i did buy last week. then carter came in and said, now it's time to get serious. i figured out inflation problems. we have to go on the couch and we can come out on the other side and will solve it. as for the top economist, how about them? yes, i'm going to kiss -- diss yale in harvard. okay. house of economic advisor member,

arthur aidala and mark eiglarsh.ar ho screaming repeatedly as they beat him with those batons. i ask you, is this a clear case of excessive force by the police? >> i'm no expert about it appeared they weren't observing the laws they are expected to protect and uphold. we are talking about six veteran law enforcement officers all experts in reasonable use of force. and four out of the six con cluesively established they stepped over the line, it was excessive force. one veteran lieutenant out of l.a. with 27 years experience said it was like the rodney king beating calling this a felony. i'm no expert. when the kid was handcuffed and he was hit by law enforcement. megyn: you are seeing screen right it has been zoomed in. you can see more what's happening. the defense lawyers who represent the police say they did nothing wrong in fact one says it makes me sick that people can disobey a lawful order from police and expect to make money off of it. they say this guy was clearly resisting the officers in question. >> if it

ted sorenson's book and arthur schlesinger's and there's more that bring kennedy more to life than ever before. and i also i think my generation should come to term why he remains an icon and whether it's fair. does the kennedy presidency have lessons that are useful today? i hope to answer that question. >> and tim naftali mentioned richard reeves who will be participating in the first panel that we cover today. his most recent book "daring young men." next call for mr. naftali, boulder, please go ahead with your question. >> hello. hello. mr. naftali, i have a brief question regarding the mckinly administration and subsequent roosevelt administration. i have, you know, been a scholar of presidential history. but i do not no means a presidential historian. as a recent government and international politics major i have a great interest in the opposite presidency. and my question is relating to president mckinley's final inaugural address in which he seemed to solve the manufacturing, labor and industrial issues that we were having at the time while also providing a $41 million tax cut.

he told his fed chairman, arthur burns, whom he had known very well when they were both in the eisenhower white house -- he told him i want to go off the gold standard and you're going to print money like crazy and it will cause inflation. and there's a tradeoff of inflation and unemployment. i want to print money like crazy and cause inflation and that will solve my unemployment problem but i will counteract that with price controls. so we're going to have jobs because we're causing inflationary pressure but we're not going to have inflation because it's outlawed. we'll have the best of all worlds. we'll have a stable price level with employment caused by inflationary pressures. it's ridiculous. everybody alluded the price controls and ford changed this policy and he said, okay, okay. inflation is bad no matter what. i'm going to ask the american people to stop buying things. and he said 'cause if you stop buying things there's in insixteen to raise the prices. -- incentive to raise the prices. that failed. and then carter came in and said, okay, now it's time to get serious. i figured o

and the alliance with the soviet union in the minds of many people, including mac arthur, was even moreimportant than the alliance with britain. for many reasons. and eisenhower acted accordingly. at the time, you know. and did not agree with churchill. churchill didn't have the power at the time to carry through any of. but you must understand, this is 1945. this is the same eisenhower who, seven years later, picks up president and says to churchill, you want to do with the russians, you cannot do with the russians, the russians are enemies of mankind. and you see the same eisenhower, who in 1945, saw churchill as somewhat of being two and a russian in 1952, saw churchill as somebody perhaps not sufficiently. this was the same man. so you see, i'm never going to write anything else about the second world war, but as you see, it's not an easy subject. yes? >> i don't think enough has been written about the war in eastern europe, the losses the russians to compare to the united states. minuscule casualties compared to millions of russians killed by stalin i guess in the '30s and 40s. tol

our guest dot, arthur wilmarth jr. is here to talk about the glass-steagle act of 1933.he what did it say? guest: it basically said that commercial banks had to give a of investment banking or the securities business. it essentially created a wall of separation between commercial banking and securities brokers dealers -- this and the securities broker-dealers. this is after banks had become heavily involved in the investment businesses. they had not been involved previously. during the 1920's, using some innovations -- one might say loopholes -- the banks became heavily involved in the securities business. senator glass and other members of congress to pass this bill in 1933 felt that the banks helped to create this tremendous boom and bust cycle that happened in the 1920's that led to the great depression. there has been a lot of scholarly debate about to the -- about the extent to which it contributed, and i think it was part of the depression. host: 50 glass-steagle -- if the glass-steagle blogger put back into place, i would it change n.y. -- law were put back into p

the arthur is jonathan zimmerman who joins us at the american historians meeting. how did you get interested in this? >> as a historian realized in the nineteenth century virtually anybody who went to public-school went to a 1-room school house. it was the ubiquitous educational institution and quickly declined for a number of reasons. yet the icon remained, the idea of the little red schoolhouse continued in our minds even though virtually no one attends one. i became interested in the contrast between the history and the memory. >> how many still exist? >> in the early 20th-century, there were 212,000 one room schools being used and we think of those buildings, very rough estimates, most of them were converted to other saints with businesses. probably 20,000 or so 1-room schoolhouses still standing. >> i am amazed to learn i was getting ready to talk to you the association of a preservation association. >> they are devoted to preserving these because so many are falling down and i call the memory industry, a group of americans who are not simply trying to preserv

host: next caller is arthur on our independent line in dallas, texas. good morning, arthur. caller: good morning. yes, i just want to say, it's all about that dollar, like i was sayi before, the greed, all of theare greedy up there. and honest people that work for a living. the who will idea is to have to you know, sort of setting up there, getting paid eight hours a day, trying to figure out how to rob the next dollar from the american taxpayers, and like the oil spill, for example, look how much -- there's one out there, and that's just one whale. host: bill clinton is involved in the arkansas race. he returned to his home state against some of the most powerful interests in the democratic party t. using unusually vivid language to describe threats against senator blanch lincoln, clinton urged voters to resist outside forces, maken an example of the two-term democratic incumbent. he pounded the podium warning that national liberal and labor groups wanted to make her a poster child in the june senate runoff to send a message about what happened to democrats who don't toe th

george, his stepfather, actually conspires with him to allow him to get inoculated and hid it from arthur. and you could imagine her outrage when she found out that he'd been inoculated, but she would've never given her consent. she was terribly, terribly afraid of losing her children. it kind of supply this whole idea among the generations back because death is so ubiquitous, people died early, people regularly outlived their children. the belief was that they didn't care about their children at much, didn't form a passion and obviously if you read the letters and diaries of washington and cotton mather and all these historical figures, you know that's not true. they were just like us, very human. >> thank you. [applause] >> matt crawford, what to do for a living? >> a number of things. one of the mistakes motorcycles and that's kind of what the book is about good more broadly, it's an attempt to speak up for the manual trades and to suggest that could be a life that's worth choosing. >> where is your motorcycle shop? >> in richmond, virginia. >> what is it called? >> shopko moto. i work

politicians as they talk about and others include the president mayor of philadelphia or alabama arthur davis or corey booker in new york. there's a lot of them. these are all people in your 30s, 40s, maybe in early 50s who are too younged to experienced the civil rights movement as children. >> he was subjected to racism and discrimination because of his skin color. he was not subjected to the legacy of slavery and the the transgenerational transmission which often involved some strong self-destructive aspect in one's life. first issue, how important do you think this is. some people say he's not african-american, he's african and american because of his distinction. second quick point, apart from the tea partyers, do you think that there's some -- that the opposition to him which is typical, but maybe more so during his administration derived from unconscience and conscience racial aspects. no black man should have this much privilege. he's uppity and we got to get him? >> the last question to say that everybody who opposed barack obama has conscience or unconscience racial is unfair.

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politicians, as gwen ifill talks about and others includes the present mayor of philadelphia, or in alabama arthur davis or cory booker in newark. there's a -- there's a lot of them. these are people in their 30s, 40s, 50s maybe in their 60s who were too young to experience the civil rights movement except on television as children. >> he was subjected to racism and discrimination because of his skin color. he was not subjected to the legacy of slavery. ane transgenerational transmission of trauma which often involves some strong self-destructive aspect in one's life. first issue, how important do you think this is? some people say that he's not african-american. he's african-american and american because of this distinction. second quick point, part from the tea partiers, do you think that there's some -- that there's -- that the opposition to him, which is typical but maybe more so during his administration, derives from unconscious and conscious racial aspects? no black man should have -- should have this much privilege. he's uppity and we got to get him. >> as to the last question, to say that

i don't know scientifically how well, but arthur series of lessons that can be drawn from what happenedthere? >> they benefited from a species called the zebra muscle. i'll be honest it's what cleaned up the water more than any other fact weird to cuyahoga river caught on fire and has gotten better. everything we know needs to be done is clearly identified by the scientific community today. in fact the we know most of us that for about 15 years. you reduce nitrogen can reduce phosphorus, the oxygen bubbles in the day will come back and make sure the sediments don't inundate the day and you harvest no no more resources that will replenish themselves in any given year. a social scientist like myself can understand that. are we capable of doing it, you know, in our political system? will see. i hope so. >> so you're seeing there was no political deal or arrangement with lake erie. it was the buckles and other fact your. >> yes. it was not enlightened management. >> there is also a decline of industry in cleveland. [laughter] >> the black sea has refined it but it wasn't because of manageme

since arthur's been eating purina one, he has blossomed... into an incredibly strong, healthy cat.at is incredibly shiny and soft and very thick. everybody thinks he's the most handsome cat they've ever seen. [ woman announcing ] purina one for indoor cats... unlocks the brilliance of nature... with a natural fiber blend that helps minimize hairballs... and maintain a healthy weight. [ laurie ] he's a character. he brings so much laughter into this household. and he's the best-lookin' cat there is. [ announcer ] it's amazing what one can do. welcomerewards from hotels.com. see when i accumulate 10 nights, i get one free. and...they let me choose where to use them. the loyalty program he signed us up for has all these restrictions, blackout dates, a crazy point system... and we couldn't stay here. so what am i getting for free? my undying love? [ yelps ] wendy. hole-in-one. [ male announcer ] accumulate 10 nights. and get a night free. welcomerewards from hotels.com. smart. so smart. (laughing through computer) good night, buddy. good morning, dad. (announcer) oreo. milk's favorite

written the young breakthrough about african-american politicians not just obama but cory booker and arthur davis and all the rest. it was germinating in my mind. i read a book called the joshua generation for the new yorker trying to a handle on what happened which was in an astonishingly friend just after the election and started going to chicago as often as i could which meant weekends and of little bits of time here and there and i never attempted renting a full-blown book while editing a magazine and it just became more and more interesting to read the more i spoke to these old acquaintances with the harvard law school, chicago, hawaii, all of the optus spots. >> you do much to fill in i don't want to say blanks but to fill in space is because he's told us his own story but you learn much more in researching this book. did you find was difficult to get people to open up and talk about this? it's one thing that acquaintances have been very guarded with the story. >> i didn't find it -- once you get into the political class into the area of people running campaigns and have resentments o

tell you anticipating this, and they're both liberals, pat moynihan and his book and a modicum and arthurschlesinger's book, the disunited of america. and he said as no nationalism is the force. this is what tears countries apart. frankly, in america we broke from the british in 1754, americans were not a people. we were cavalier, virginia cavaliers, you've got the boston curtains, he's got the quakers in pennsylvania. you get these different groups, but after the french and indian war and the stamp act, the tea act, the boston massacre, the boston tea party, concorde, lexington, all of the sudden these people, a new people is being created. the americans were being created. and i think something like that has taken place in this country with a tea party folks. >> host: are you a keep our your? >> guest: i'm a fellow traveler. of the tea party grew. the tea party group are very simple to the buchanan brigades and the folks are out there in 2007 fighting against the immigration act. they come up and they do battle. then they go home. >> host: cafÉ, e-mail. pat, thank you for your service a

host: has that gotten worse as the years have gone by, arthur? caller: yes, and the first thing when by to the v.a. hospital, they ask me, do you have any insurance? and that's just offending to me that i have to actually be asked this question. i don't want no free ride from the country, but it was a promise from the beginning, and i believe that civilian life, if you're a civilian, it divided us that we got in the military because we received those services at that time. host: the president will be, after participating in ceremonies today at the lincoln national veterans cemetery in elwood, illinois. vice president biden here in the washington area at arlington national cemetery. texas, good morning to dolly, independents line. caller: i would like to say this briefly that i am a senior citizen and while there's no reason not to put out great respect for all people in the military, i have a position that is very, very anti-deifying or separating this different groups in our society. all americans are special. all of us are in this experiment of

arthur on the line for republicans. caller: good morning. i do have a comment on the supreme court closing its doors. it's the best minds in the security aspect of protecting the building cannot come up with anything better than this, why don't we just surrender to the taliban? if this country is so weak and feeble mind it, let's just give it to them. it has gone past ridiculous. i do not know who is running this country anymore. host: this is the front page of "the wall street journal" this morning. it says, "oil agency cross fire ." we will restocking be talking n power later this morning. first, we want to talk more about the supreme court and a new book by c-span. mark farkas, c-span's "the supreme court" executive producer, joins us now to talk about this but. mark farkas, how did this go from a documentary to a book? guest: we had garnered interviews with all of the current and retired justices. we began reading through the transcripts. we were going to use the full and abuse on television. it hit us that no one had ever gotten all the

host: next caller is arthur on our independent line in dallas, texas. good morning, arthur. caller: good morning. yes, i just want to say, it's all about that dollar, like i was saying before, the greed, all of them are greedy up there. and honest people that work for a living. the who will idea is to have to you know, sort of setting up there, getting paid eight hours a day, trying to figure out how to rob the next dollar from the american taxpayers, and like the oil spill, for example, look how much -- there's one out there, and that's just one whale. host: bill clinton is involved in the arkansas race. he returned to his home state ally to deliver a broadside against some of the most powerful interests in the democratic party t. using unusually vivid language to describe threats against senator blanch lincoln, clinton urged voters to resist outside forces, maken an example of the two-term democratic incumbent. he pounded the podium warning that national liberal and labor groups wanted to make her a poster child in the june senate runoff to send a message about what happen

like arthur saint clair who built the south first fortune 500 company, tennessee coal mine in really. and him like colonel edward cunningham, texas is sugar cane again the rebound less sugar gold coast sugar industry that had collapsed after emancipation. prisoner labor thus help to rebuild the south just as slavery built the old south, but at tremendoutremendous cost. broken families, arrested economic development, shattered lives. in the archives, which are surprisingly rich considering that prison into strip inhabits a voice and agency, and painstakingly printed clemency petitions in official complaints that more often brought punishment then redressed, and exposÉ smuggled out of newspapers, in scratchy musical recordings and in scores of investigative reports prepared in response to countless outraged that in all these collections, in state capitals richmond to austin, you can almost hear the cry of forsaken prisoners sold into what douglas blackmon called slavery by another name. pressures have scurvy so bad their teeth are falling out reported one letter that caught my eye. anot

president, we have arthur alan el k*eu ns -- elkins, dealing with an environmental crisis in the gulfcoast area, yet we can't get the inspector general in place. i know many of my colleagues on the other side of the aisle support having inspector generals in place so we can look at what's going on in government, so we can figure out what's happening and get things right. yet, this nomination is being held. mr. president, i ask unanimous consent that the senate proceed to executive session for the purposes of consideration of calendar number 794, arthur allen elkins, that the nomination be confirmed, the motions to reconsider be considered made and laid upon the table, no further motions be in order, the president be notified of the senate's action and any statements relating to the nominee appearing at the appropriate place in the record as if read. the presiding officer: is there objection? coburn -- mr. coburn: i object. the presiding officer: objection is heard. ms. klobuchar: thank you. i see a smile on your face as you see i am reaching the end of the nominees i am reporting toda

arthur. one thing that this committee decided to do a few years ago was earmarks, heaven forbid, some money in this particular bill and target the funding for grants and research to institutions and states that were getting less money and less attention to their work and the politicians and many other states which had long records of success and notoriety in certain areas. the university of mississippi medical center but was benefited greatly from one person's influence, dr. arthur and we talked about that but there are other institutions within small states in particular who come out on the short end of the stick when they apply for grants and try to get federal support for the work they are doing. some of the ideas may be good but the money is never commit never finds its way to those institutions so we set aside in the fy $2,009,224,000,000 in a program designated for institutional development awards. the purpose of that is to spread the money out in areas that would not probably be seriou

then when he got control of a little firm, a two-office firm that he started with three others -- arthur levitt being one of them -- he knew he needed to set up a back office, and he brought in frank zarb. and they always joked that they were nobodies and they ended up doing very well financially. and frank zarb appears in and out through this book in several of sandy's companies. c-span: former cia director john deutsch. >> guest: he is -- was a loyalist to john reed. he was on the citicorp board. and in 1998, sandy proposed to john reed in a hotel room here in d.c., when they were here for a business council meeting, let's merge our two companies, which was a totally audacious, unbelievable idea. john deutsch was on the board of citicorp, and when john reed and sandy weill ultimately fought with each other over who would control citigroup in the year 2000, john deutsch was a supporter of john reed. but sandy won. c-span: which person in this picture is john reed, the one right there? >> guest: yes, that one. c-span: and where is he today? >> guest: he's very happy out of the company. i

. >> host: our guest is arthur wilmarth, jr., professor of george washington university law school and writes about this and teaches about glass-steagall, 1933 act. we are talking about that and its impact on this 2010 economy. steaglappened in 1999 to the glass-steagall act? >> guest: okay, so glass-steagall had been under pressure really for the last 15 or 20 years preceding 1999. the regulators in court to opens up a series of loopholes one might say or they found a series of gaps in glass-steagall that were progressively opened. as i mentioned banks were getting more and more involved in financial derivatives which in many ways were synthetic securities although they were not recognized as being so by the regulators but everyone in the market knew they were. and so the boundaries between the banking and securities and insurance were breaking down through a process that you coule say regulatory and judicial innovation, erosion and in 1999t finally the very large banks, large securities firms which byb then had decidede they are not going to be to keep them out of the business we mig

joel stiglitz a conversation with the trading commission chair gary gentzler and former sec chair arthur leavitt and earlier this year we listened to bill dudley president of the federal reserve bank of new york. and, of course, there have been many conferences and seminars, classes and conversations across the campus over the past year at our law and business schools, our schools of journalism and public affairs college and engineering school seeking to understand what happened to our global financial system. and why? and what should be done about it now? our distinctive role is to bring scholarly perspective to this historical moment but we're obviously not alone in asking these important questions. indeed, since the moment of the meltdown, in september, 2008, and perhaps even more today with the benefit of hindsight, those responsible for our most powerful financial institutions have come under a new wave of much-needed public scrutiny and discussion. as this week's hearings and debate in our nation's capital amply we are at a real flexion point in history. and a change of heart after

arthur st. clair was a constable father of two. and george reklef, was killed at the same taoeufplt charles lewis was killed by a thief in 1929. george washington kotant, a constable died in a car accident in 1937. hugh gallagher sr., a deputy sheriff in virginia city who died on duty in 1948. ronald haskell, a narcotics agent in carson city died on duty in 1975. richard wilson, a sergeant, who died after apprehending a suspect in 1994. these men were killed a long time ago, one almost 150 years ago when nevada had been a state for only two years. it doesn't matter the time. we can never forget their sacrifices. every day we should thank those who wake up on otherwise unremarkable mornings and head out to work with the job simply to keep us safe. today we thank and honor the courageous nevadans who on one unforgettable night never came home. the presiding officer: under the previous order, the leadership time iseserved. under the previous order, the senate will resume consideration of senate bill 3217, which the clerk will report.

pat munn at -- pat moynihan and arthur schlesinger's book. they said afternoon nationalism this is what tears countries apart in 1754 americas s were not a people. you have the quakers in pennsylvania and the differing groups but after the miss troop -- mystery man to, the boston massacre, the boston tea party, all of a sudden these people being created the americans are being created. something like that is taking place in this country with the two-party movement. >> host: are you a teapartiers? >> guest: i am a fellow traveler. [laughter] that teapartiers group is very close to the folks out there in 2007 fighting against the immigration act. they come up and do battle then they go home. >> host: email. thank you for your service and political insight what is your definition of a statesman and who'd you consider a statesman during the time you were in government and who do considered a statesman now? >> guest: and agree or disagree richard nixon. >> host: what is your definition of a statesman? >> guest: a political leader who comes to powe

host: port arthur, texas. john an independent. caller: good morning. i'm very interested in finding out why they left out fannie mae and freddie mac on this bill, excluded them. it seems like they are more involved in helping the large investment corporations and the little guy is left out again. why are you not included fannie mae and freddie mac in this regulation? guest: that is a great question. fannie mae and freddie mac are the companies that own our guarantee almost all mortgages in the country and they were a significant source of the crisis, at least the practices that were built up around them in mortgages being doled out to anybody who wanted them and they were taken offense essentially by the government in 2008. and those issues have remained in the spotlight throughout this because the housing crisis has been so central to the economic downturn. what you have seen instead of deal with the underlying issues you have seen the government pour more money into the two firms and try to maintain their role in supporting the housing market because

even though they were proposals, when they were issued, bob rubin and alan greenspan and arthur who had said he was wrong issued a statement saying congress should stop this woman. she is going to destroy the economy. six months later, congress stopped us. six months after that, they completely deregulated these instruments from all federal oversight and most state oversight. i told you this is nothing more than gaining. to get the market going, the statute's pre-emptive certain things. a state cannot say, this is nothing more than gambling. it is not license. it is outlawed in our state. without the provision, this market and this meltdown would have died and early death. . host: give our viewers are interested, there is a book called "economics of discretio destruction" and the author does not give his or her name. when the book came out, wall street went crazy. and your office was getting calls left and right that this was actually going to happen. guest: there were two famous incident that were going to happen, the first was that he got a call from larry summers and he said, i have

even though they were proposals, when they were issued, bob rubin and alan greenspan and arthur who hadid he was wrong issued a statement saying congress should stop this woman. she is going to destroy the economy. six months later, congress stopped us. six months after that, they completely deregulated these instruments from all federal oversight and most state oversight. i told you this is nothing more than gaining. to get the market going, the statute's pre-emptive certain things. a state cannot say, this is nothing more than gambling. it is not license. it is outlawed in our state. without the provision, this market and this meltdown would have died and early death. . this person wrote that when that concept come out -- came out, wall street went crazy. he was getting calls left and right that this was actually going to happen. guest: there was too famous incidents that happened to reduce the first was to get a call from larry summers. he said, i have 30 bankers in my office now. this is 1990. we will have the worst economic crisis since world war ii. in 2008, we had the worst econo

conversation with commodity futures trading commission share the regan's lawyer and former sec chairman, arthur levitt. and earlier this year we listened to bill buckley, president of the federal reserve bank of new york. and of course there's been many conferences and seminars, classes and conversations across the campus over the past year at our law and business schools and school of journalism and public affairs and college and engineering schools all seeking to understand what happened to our global financial system and why and what should be done about it now. our distinctive role is to bring scholarly perspective to this historical moment. we are obviously not alone in asking these important questions. indeed since the moment of the meltdown in september, 2008 and perhaps even more today with a benefit of hindsight those responsible for the most powerful financial institutions have come under a new wave of much-needed public scrutiny and discussion. as this week's hearings and debate in the nation's capital amply illustrate we are at a real inflection point in history on financial regulat

just two weeks ago on this stage, just ziegler -- joe had a conversation with others, including arthurevitt, and there was the president of the federal reserve bank of new york, and, of course, there's been many conversations, classes, and seminars over the past year at our law and business schools, schools of journalism, engineering schools, all seeking to understand. what happened to our global financial system, n.y., and what should be done about it? our distinctive role is to bring scholarly perspective to this historical moment. we're obviously not alone in asking these important questions. indeed, since the moment of the meltdown in september 2008, perhaps to the benefit of hindsight, those that are most powerful financial institutions have come under a new wave of much-needed public scrutiny and discussion. as this week's hearings and debate in our nation's capital amply illustrates, we are at a real inflection point in history on financial regulations. and a new perspective and a change of heart -- it became morally accepted that free markets should be left free to correct them

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