we're here with president obama's former economic adviser austan goolsbee, and former ceo carly fiorinawashington and the country are awaiting some kind of debt limit deal. however, there is zero possibility that senators harry reid and mish mcconnell will achieve anything significant fblgt what we are watching here is something between a meltdown and pathetic. the meltdown would be a default. but what's pathetic is simple. for years, and we were just discussing it on the first segment on a bipartisan basis, this city has failed to deal with the big problems facing america, and the world is noticing. i found it chilling today that china's government-owned news agency is now pointing to our continuing crisis and basically saying, the u.s. fiscal failure warrants a de-americanized world. now, other countries are saying similar things. i think we should take that as a serious warning that in fact we need to get or how in order in order to remain the leading countries in world and we have to stop the self-inflicted wounds. what they are really saying is don't shut down the government over d

austan goolsbee, thanks for coming in. >> great to see you. >> austan goolsbee of the chicago businessr vice president dick cheney opening up about why he had a letter of resignation drawn up just days after he took the oath of office. our own dr. sanjay gupta spent some time with dick cheney. that's coming up. [ male announcer ] campbell's angus beef & dumplings. hearty cheeseburger. creamy thai style chicken with rice. mexican-style chicken tortilla. if you think campbell's 26 new soups sound good, imagine how they taste. m'm! m'm! good! i've got a big date, but my sinuses are acting up. it's time for advil cold and sinus. [ male announcer ] truth is that won't relieve all your symptoms. new alka seltzer plus-d relieves more sinus symptoms than any other behind the counter liquid gel. oh what a relief it is. >>> after decades in public office, the very private dick cheney is opening up about his health. at one point, he thought he was so close to death he said good-bye to his family members. the former vice president sat down with our own dr. sanjay gupta to talk about his revelation

neil: i thought austan goolsbee did a pretty good job.versation tends to go off his the full faith and credit of the united states. neil: so you would continue to pay that. >> this is a part of it. >> we could pay the debt, but we are talking about this government. and it's not all. it's not just a portion of who would get paid from the government. you would agree with me, i know, that this entire debt ceiling,, and it's not raise camino that costs are going up and it will be something that will definitely go up. >> what happens when interest rates go up? our economy goes the wrong way. and why would we want to do this. neil: this includes a lot of other issues that we didn't see very long ago. but to your point, another combo menu if you let me finish. we do give it a level of uncertainty, like a pox on both your houses. you think that is a possibility? >> and it's good that the republicans are standing strong. if we don't make a statement here -- >> we need to fight because that. neil: you are not a looking step in order stylish? >> no.

john: i hope you are right, austan goolsbee. thank you. >> god bless.xt, fed governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ ♪ john: i hate to admit this, but as important as the faded and i have avoided doing shows about it because the fed is, well, boring and confusing. but i ask people what it was, this was really a typical answer. >> what is the fed? >> the fed? john: the fed? >> f-t-d-fed, the federal government? john: people know very little about it even though it has the power to play around with trillions of our dollars. so i should report on it, but that details are boring, and i work on competitive television. it's time for you and you stop watching and use my job to mind is the show, which i would like to keep. so i avoided the show on the fed until now. after all, you don't see any riders putting a best sellers about the fed. well, actually, you do. one. his latest book, "hidden order," is aut the fed. why did you put in this boring institution? >> it is actually not that boring.

john: i hope you are right, austan goolsbee. thank you. >> god bless.governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ ♪ john: i hate to admit this, but as important as the faded and i have avoided doing shows about it because the fed is, well, boring and confusing. but i ask people what it was, this was really a typical answer. >> what is the fed? >> the fed? john: the fed? >> f-t-d-fed, the federal government? john: people know very little about it even though it has the power to play around with trillions of our dollars. so i should report on it, but that details are boring, and i work on competitive television. it's time for you and you stop watching and use my job to mind is the show, which i would like to keep. so i avoided the show on the fed until now. after all, you don't see any riders putting a best sellers about the fed. well, actually, you do. one. his latest book, "hidden order," is about the fed. why did you put in this boring institution? >> it is actually not that boring. my jo

john: i hope you are right, austan goolsbee. thank you. >> god bless., fed governors being tortured and murdered. it did not really happen, but it is a new best seller about the fed. ♪ [ bagpipes and drums playing over ] [ music transitions to rock ] it's one more innovative reason serious investors are choosing fidelity. get 200 free trades when you open an account. it's not the "juggle a bunch of rotating categories" card. it's not the "sign up for rewards each quarter" card. it's the no-games, no-messing-'round, no-earning-limit-having, do-i-look-like-i'm-joking, turbo-boosting, heavyweight-champion- of-the-world cash back card. this is the quicksilver cash back card from capital one. unlimited 1.5% cash back on every purchase, everywhere, every damn day. now, tell me, what's in your wallet? ♪ john: i hate to admit this, but as important as the faded and i have avoided doing shows about it because the fed is, well, boring and confusing. but i ask people what it was, this was really a typical answer. >> what is the fed? >> the fed? john: the fed? >> f

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to take a closer look at the economic fallout austan goolsbee joins us from chicago, a professor of economics from the booth school of business, previously chairman of president o billiona council of the economic advisors and peter orszag. martin feldstein is also here, he is a professor of economics at harvard and formerly president reagan's chief economic advisor. i am pleased to have all of them here. so here we are. we have a president who says i'm to the going to negotiate, even with respect to the debt ceiling, especially with respect to the debt ceiling. we have a speaker of the house saying i'm to the

to take a closer look at the economic fallout austan goolsbee joins us from chicago, a professor of economics from the booth school of business, previously chairman of president o billiona council of the economic advisors and peter orszag. martin feldstein is also here, he is a professor of economics at harvard and formerly president reagan's chief economic advisor. i am pleased to have all of them here. so here we are. we have a president who says i'm to the going to negotiate, even with respect to the debt ceiling, especially with respect to the debt ceiling. we have a speaker of the house saying i'm to the going to bring to the floor a continuing resolution that doesn't involve my own strong feelingses about health care and entitlement reform. so one won't bring anything to the floor. one won't negotiate. how do we get this thing settled? >> you want pie guess of how it ends. >> rose: yes, sir. >> i think they will agree to negotiate. that otherwise nothing is going to happen. and i think they will agree to negotiate perhaps about smaller things than mr. boehner and some of his colagues wa

. >> are you at milton friedman's university or austan goolsbee's university of chicago? do you know which wing you're in? >> reporter: i think the conversation -- i'm in the middle. i'm in the middle. but that conversation is going to as late because you'll have hank and warren who actually probably come from a little bit of both schools so it's going to be an interesting discussion. >> so as usual, you're going to occupy the center. >> reporter: that's what i like to say but, you know -- >> oh, thank you. >> reporter: everybody thinks -- >> joe, it's your line. i don't want to take it. everybody thinks they're in the center, right? >> liesman gave me the line. where you stand depends on where you sit. consider you stand on issues is where you sit on the right or the left. >> reporter: i still go back to -- look, hank paulson was an investment banker but he's someone who knows clearly how to negotiate and know what is a crisis actually looks like. i want to get his perspective to try to understand if he thinks we're headed to a crisis like the president suggested. maybe

in the fire, austan goolsbee, one of the president obama's top economic advisers, and carly fiorina,re both sides demanding too much? tonight on "crossfire." >>> welcome to "crossfire." i'm newt gingrich on the right. >> i'm stephanie cutter on the left. the senate has been abuzz all day, and tonight it seems clear, cooler heads are prevailing, the dulles are stepping in. they're trying to prevent the company from defaulting, and newt, i'm sorry that it has come to this, but i'm glad we're on the verge of a deal. there's a report out earlier today by an economic forecasting make rho economic advisers that these self-inflicted wounds, cause crises in washington, has cost the country about 900,000 jobs. >> first of all, it's a pity the president hasn't shown leadership and tried to bring people together, but, hey, anybody who thinks john boehner has been bypassed continues to misread the constitution. if the senate doesn't pass something that boehner can pass in the house, it's just a press conference. but second, after all the week you and i have been here, debating about whether or n

in the fire, austan goolsbee, one of the president obama's top economic advisers, and carly fiorina, are both sides demanding too much? tonight on "crossfire." >>> welcome to "crossfire." i'm newt gingrich on the right. >> i'm stephanie cutter on the left. the senate has been abuzz all day, and tonight it seems clear, cooler heads are prevailing, the dulles are stepping in. they're trying to prevent the company from defaulting, and newt, i'm sor