so i don't know -- david stockman is not looking at history. we know what we need to do. >> gentlemen, we'll have to take a break. we will be right back with robert reich and david stockman. we know it's intimidating. instant torque. top speed of 100 miles an hour. that's one serious machine. but you can do this. any socket can. the volt only needs about a buck fifty worth of charge a day, and for longer trips, it can use gas. so get psyched. this is a big step up from the leafblower. chevrolet volt. the 2011 north american car of the year. down the hill? man: all right. we were actually thinking, maybe... we're going to hike up here, so we'll catch up with you guys. [ indistinct talking and laughter ] whew! i think it's worth it. working with a partner you can trust is always a good decision. massmutual. let our financial professionals help you reach your goals. ♪ ♪ [ male announcer ] thanks to advanced natural gas turbine technology from ge, the power that will help make our nation more energy independent is right here in america. [ crickets

thank you david stockman. we'll be right back. [ grunts ] [ male announcer ] built like a volkswagen. the 2011 tiguan. [ grunts ] ♪ ♪ [ male announcer ] thanks to advanced natural gas turbine technology from ge, the power that will help make our nation more energy independent is right here in america. [ crickets chirping ] ♪ [ cheers and applause ] advanced gas turbine technology from ge. ♪ >>> now for our "what in the world" segment. we all know how americans revere the constitution. so i was struck by the news that tiny little iceland is actually junking its own constitution and starting anew and using an unusual, some would say, innovative mechanism. the nation decided it needed a new constitution. it's soliciting ideas from all of iceland's 320,000 citizens with the help of facebook, twitter and youtube. this social media method has worked. ideas have been flowing in, many have asked for guaranteed good health care. other want campaign finance systems that make corporate donations illegal. some just want t

amazing first david stockman now joel slemrod slowly reaganites one by one are realizing their economic philosophy is wrong let's hope this realization reaches the house republicans so. the bad surprise surprise sarah pail the gubernatorial. witters bus tour is tailor made for this list so what you say this time well while it ellis island visiting the statue of liberty that most iconic symbol of america's embrace of immigration pale in thought it was best to criticize immigration reform specifically the dream act take a look. at. that. actually the dream act makes people wait ten years to become a u.s. citizen with loads of background checks as a requirements along the way you think with all that time on the bus he'd actually have time to read some of this stuff and the very very ugly republican jeff landry a congressman from louisiana was invited to the white house yesterday along with other republicans to negotiate the budget but landry declined the invite saying i don't intend to spend my morning being what should what a president who's failed policies that put our children and grand

mra[applause] >> you got to read david stockman on the myth of t.a.r.p. we would have been through a black hole and never been heard of that. you can google t.a.r.p. and stockman. okay. but we got this bad leadership but what we don't hear about is that the current regulatory financial environment makes it difficult to do anything about bad leadership so insurance companies, pension funds, mutual funds, and banks are simply not allowed to old more than a very small stake in a particular country. hedge funds are restricted that prevent them from having a controlling interest in the bank holding company. they have a stake on keepingian i did not on wayward market. they're going to get their salary. they might get their raise if they don't perceive it in time because they would be deprived of a good salary and we got to pay them more. maybe that's not the most promising model but because of this government policy, stockholders of these institutions are artificially disorganized and scattered and management enjoys artificial protection that it would not enjoy

>> an exciting evening, we've got david stockman, president reagan's budget director.ublicans to the carpet way back when saying, you know what? this supply side economics isn't working. it it will lead to deficits. he's been right about virtually everything he's ever said. but interesting tonight he's talking about china. he says that chinese economy may be heading for a crash. we'll have that conversation with him because, remember, right now in the world economy china is driving the engine. it it's the chinese growth at about 8%, 9%, 10% a year that's permitting us to export, driving growth around the world. if they collapse, it will be ugly. he thinks they're overheating too much. it will be an important conversation. >> eliot spitzer, 8:00 tonight, thanks. >>> here is some other stories developing later today. in boston, accused mob boss james "whitey" bulger has a scheduled court 00 peerns at the bottom of the hour. 2:00 p.m. in washington, lawmakers take up the topic of proposed u.s. troop withdrawals from afghanistan. in that same hour, the crew of the space sh

many years ago we got during the reagan administration, we got david stockman to allow us to do incremental funding on military hospitals. i'm glad the committee has gone back to an incremental funding approach. i think it's the only way we can do these major projects. we all acknowledge the challenge facing the nation today with respect to the debt and deficit and i believe this bill has done a commendable job addressing these fiscal challenges while ensuring that we are not impacting the level of care and benefits that our service members have so rightfully earned. military construction is funded at $14 billion which is $2.6 billion below the 2011 enacted amount and $752 million below the president's request. the subcommittee achieved those cuts through incremental funding of projects and by eliminating funding for several projects that were ahead of need. as ranking member bishop noted this bill makes a strong investment in the defense department schools by investing $483 million for construction and replacement of substandard facilities. i have been a strong advocate for the modernizati

back from reconciliation bill, the deficit was bigger and the problems seem to extent to quote david stockman as far as the eye could see. it didn't seem to me we made progress until we over heated the economy in the late 1990s and we were able to generate revenues to solve the problem. with that background, what does that say about a credible plan when as dr. schick has said, we made hundreds and hundreds of billions of dollars in scored cuts in medicaid and really never changed the program hardly at all. >> i don't know. i'll say two things anyway. i think the first thing is to certainly anyone who is sitting fondly thinking we'll just run the clinton playbook and it'll be fine should take that notion and put it aside. we're not going to get a piece out of the fall of the soviet union. it's, in fact, a world with many threats. we're not going to count on the dot-com level we believe it's going to come on forever and balance the budget that way. and certainly, we are not 15 years away from the retirement the baby boom. the entitlement programs press things considerably. you really just -- yo

many years ago we got during the reagan administration, we got david stockman to allow us to do incremental funding on military hospitals. i'm glad the committee has gone back to an incremental funding approach. i think it's the only way we can do these major projects. we all acknowledge the challenge facing the nation today with respect to the debt and deficit and i believe this bill has done a commendable job addressing these fiscal challenges while ensuring that we are not impacting the level of care and benefits that our service members have so rightfully earned. military construction is funded at $14 billion which is $2.6 billion below the 2011 enacted amount and $752 million below the president's request. the subcommittee achieved those cuts through incremental funding of projects and by eliminating funding for several projects that were ahead of need. as ranking member bishop noted this bill makes a strong investment in the defense department schools by investing $483 million for construction and replacement of substandard facilities. i have been a strong advocate for the modernizati