welcome to today's econ talk. the clai claim of the book you t the idea to think crises are bad wall or a perfect storm. rather you argue that the banking crisis into systems are by design. what did you mean by that and what is the justification? >> the basic idea is banking systems are fragile by design because it is impossible to take politics of bank regulation and it's impossible to do so because there are complicated interests between the systems such that the governments need banks and banks need governance. the conflicts of interest boy will down to three teachers. first, the government simultaneously regulate the banks and borrow from the bank's. second, the government used the police powers in order to enforce them on behalf of the banks. but people who are being forced out of their houses because they default on mortgage when the banking crisis occur the government have reasons not to enforce those. so, the governments are in charge of liquidating the failed banks. but the biggest group of creditors and

that will tell you what the econ 101 play book is. immigration, education, infrastructure and original research. basic research. we are doing a lousy job as most elements of the eieio playbook. we talked about education. i couldn't agree more. andrew mentioned infrastructure, broad band. the american society of civil engineers gives our current infrastructure a d plus. this is america. this is first world country. what are we doing with d plus level infrastructure. it makes no sense from basic economic perspective. one of the things that frustrates me is that making econ 101 play book is not going to be efficient. it's absolutely necessary though and we're not doing a lot of it well. >> good question for scott, as a member of congress. we're currently fighting about how much to cut government budget. if we do want to make those investments, can our political system get us there? >> it requires people to get involved and to make the case to their elected officials that's what they want. does anyone think the world was different in the

how can you expect to keep athletes in line when you're offering classes like econ 3 39 - labor economics? time to replace that with something more appropriate to football, like bio-104, intro to skull trauma. (laughter) (applause) what are these player union people thinking? when we return, we'll find out from the head of the college athletes players association, ramogi huma. we'll be right back. than chocolate, it's an invitation to stop and savor the unmistakable taste that reminds us that life is delicious. let's see what you got. rv -- covered. why would you pay for a hotel? i never do. motorcycles -- check. atv. i ride those. do you? no. boat. ahoy, mateys. house? hello, dear. hello. hello. van with airbrushed fire-breathing dragons. ah! check. thank you. the more you bundle, the more you save. now, that's progressive. to help pay for her kids' ice time, -before earning 1% cash back... -guys! -everywhere, every time... -close the front door! and 2% back at the grocery store, even before she got 3% back on gas with no hoops to jump through, katie used her bankamericard cash rewards c

how can you expect to keep athletes in line when you're offering classes like econ 3 39 - labor economics? time to replace that with something more appropriate to football, like bio-104, intro to skull trauma. (laughter) (applause) what are these player union people thinking? when we return, we'll find out from the head of the college athletes players association, ramogi huma. we'll be right back. rich, chewy caramel rolled up in smooth milk chocolate. all aboard. rolo. get your smooth on. the rich dark chocolate. york peppermint pattie. get the sensation. right now you can build your own. girl: sweet! make mine with the seven-grain bread with strawberries -- oh, no, wait, bananas. ooh, and glazed pecans! whoa, i get to choose my own sauces? better hurry, beautiful, it's not going to be around for that long. (cheers and applause) >> stephen: welcome back, everybody! folks, if you're just joining our program already in progress, before the halftime break, i was taking it hot and hard to the national labor relations board for allowing northwestern university football players to form a union

how can you expect to keep athletes in line when you're offering classes like econ 3 39 - labor economicsme to replace that with something more appropriate to football, like bio-104, intro to skull trauma. (laughter) (applause) what are these player union people thinking? when we return, we'll find out from the head of the college athletes players association, ramogi huma. we'll be right back. [ tune resumes ] [ tune resumes ] ice cream! ice cream! it's ice cream time anytime! enjoy dunkin's baskin-robbins-inspired iced coffee flavors. america runs on dunkin'. has every amenity. booooriiiing!!!! ah, ah, ah. hit it, guys! ♪ ♪ it's got a bin for your chickens ♪ ♪ a computer from the future ♪ ♪ and some giant freaky room for eight ♪ ooh, yeah! ♪ but it ain't got no room for boring ♪ i'm spacing out on all this space, too! ♪ no, we ain't got no room for boring ♪ ♪ for boring, we ain't got no room ♪ [ male announcer ] the all-new highlander. toyota. let's go places! (cheers and applause) >> stephen: welcome back, everybody! folks, if you're just joining our program already in progress, before

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the presidential election will choose a successor to home econs i e could facilitate afghanistan is the first democratic transfer of power. that is as legitimate. last saturday attack a fortified headquarters of the election commission injuring two police men. intensive and security are rising as voters prepare to cast their ballots a provincial election a candidate in afghanistan has been dumped in overnight on sunday. as reported being killed. ap says the governor of st kolbe province confirm the candidates hussein is on me and eighty other people or dax has done in two others were reportedly be headaches no group has yet claimed responsibility. defence teams from unfair and ten member countries and the united states are holding informal tonks in honolulu hawaii the first meeting of its kind to be held on us soil the host of the meeting is us secretary of defense john cahill united states compared to stocks in line with president barack obama still called ticket to the asian strategy. this station is placing greater importance on the asia pacific region. in response to the growing eco

my econs paper. i think of green in a chore it all or we'll kill. i do not believe the results. i was in place by those who need it i would like to know work carried out in the appropriate manner. i do all book about it though the altar of the controversial paper. she and her team members probably skip buying a degenerate into previous journal nature. they said they found a new marathon tv program mature adult cells into it. in chronic like stem cells which can turn into any tissue the team named and staff felt after steamer is straight and acquisition of clinical test is held. some researchers began to find problem with that paper. and investigators at me and began rubbing her work last week they announced the publication of false position. the mimi's it was initially published as one of the crucial troops statistically potency of the snow. he was later determined they came from another experiments to come back. so hannah lynn has concluded that data was fabricated the of affairs they immediately use simply by mistake. she told recorders continuing images from her extreme and t

conclusion is that in the next three to five years the situation will not be critical for direction econs this is. get your stretcher being complicit in violence against protest is being chipped independence square where the true form of resin victory in a provincial judge people to try and comprehend how the crisis in ukraine is understood from a russian perspective he did in the minds of ordinary normal very good erection people even my friends and my school friends. there is a presumption that the power in kiev has been taken by fastest and banned their acts and that's when russia fights that he doesn't like people and increase its flights fascists and within your rights. this is perfectly normal. the former oil baron has been to decorate in custody under president of india to two percent ukraine in march off into the gate at about four of the crimea. she has a huge year. my impression. my honest impression which i've already police is that president flatten your cooking believes that he is on a mission and i think he feels that this nation was given to him from on high this is my pers

and econs come under fire from thomas the broadcaster for issues with this lens is an allegedly for after sales service the company had acted quickly to meet un issued an apology on its chinese website and offered to repair or replace faulty cameras but the bad publicity has taken a toll. he touches are hovering at their lowest in more than two and a half years. shares in to the pharmaceutical have also attacked after a us jury ordered the firm to a record six billion dollars in damages for allegedly concealing risks associated with the diabetes drug the incident that that soccer took its bubble stock market. average attendance of reputation for quality. prime minister shinzo abe's counting on japan's companies to support the next stage of the country's recovery but boosting hiring and investment. but so far deeper than reluctant. experts say while japan's many factors still churn out quality goods are not always prepared and thirty four were yet to win local market developments the steeple sunlight business professor at boston university. and in the market get these copies most recently

that is classic econ playbook. education, immigration, infrastructure and also a little port of a force fit, original research, basic research into fundamental technologies. we're doing a lousy job at most elements of eieio playbook. we talked a little bit about education. i couldn't agree more. andrew mentioned infrastructure, broadband. the american society of civil engineers gives our current infrastructure a d-plus. this is america. this is a first-world country. what are we doing with a d-plus level infrastructure? this makes absolutely no sense from a basic economic perspective. so one of the things that frustrates me, maybe the econ 101 playbook will not be sufficient to change the direction and get us out of some unpleasant situations we're in. it is absolutely necessary though and we're not doing a lot of it right now. >> good question for scott, the one person that served as a member of congress, we've seen, we're currently sort of fighting about how much to cut government budget. and all the things he ju

might be mandated because once this thing is set into law, we are set in a trajectory which if the econ

hay dos papas mas el mismo paap fue responsable de cientos de abusos ademas conversamos econ el ex conongresista que fuera descubiert descubierto sexteando, perdio la eleccion para alcalde de nueva y york estan en estudio la historia acÁ >> comenzamos >> vamos alÑ punto con jorge ram ramos >> hoy hay dos santos mÁs y con esto coemmenzamos,. llos oapapas juan p pablo ii y juan xxiii y esto so solo pued esuice suceder si es que los papas tienen dos milagros a su h haber >> mbd muy buenos dÍas america, mbt muy buenas tardes desde ciudad d del vaticano, a las 10.15 de la maÑana en la hora del vaticano oficialmtente san juan cxxiii y sa san jpablo ii. ha sido una jorna jornada con algunas innovciones pero llena de simbolismo, muy em emovcionante cuando la flor mrora lle llevo las reliquias del poapaapa xxi xxiiixxi jua juan xxiii >> el papa emerito benedicto xvi llego y sento con el resto de lo los cardenales sin esopacpacio espac espacial >> kq¿quÉ encponontro en esta canoniz canonizacioÓn? >> lo nuevo es que el papa antes de la ceremonia invoca al espiri espiritu santo antesy expone ex ca

charles and stephen welcome to econ talk. want to start with the fundamentfundament al claim in the book. you reject the idea that bank crises are just bad luck or perfect storm or random events. rather you argue that banking crises consists of fragile by design. what do you mean by that claim and what is the justification for it? >> the basic idea of the book is that banking systems are fragile by design because it is impossible to take politics out of bank regulation and it's impossible to do so because there are inherent conflicts of interest between government and the banking systems such that banks need governments and governments need tanks. those conflicts of interest basic to boil down to three features. first, government simultaneously regulates banks and borrow from banks. second, government simultaneously use their police power in order to enforce debt contracts on behalf of banks but, people who are being let's say forced out of their houses because they defaulted on a mortgage are -- so when banking crises occurr

join me nmer unecretary oftateor econ affai vicehairman ofissinger aiates incorporated, robert hormatsrobert, it is awfully good to see you here. it is sad, however to see you and have to talk about a country as confused and confounded as the united states obviously is now when it comes to our policies toward russia. what are your thoughts about these events and where they're likely to lead us? >> it is a troubling environment. bedecades. aounthathas its economy is in deep difficulty. it is divided country and awfully hard to sort this out at this point, particularly when you know that the russians have already made this move in crimea and have 40,000 troops on ukraine's border. that is troublesome. this deal, looks good on paper, but as you just pointed out, lou, there are very powerful groups on both side that don't support it. so unless you can get people on the ground to support what's written on paper, the risk of one group blowing it up or another group glowing it up increases substantially. lou: there is this fiction, that has risen around this, and, it is obviously the intentio

makes no sense from a basic economic respect of so one of the things that frustrates me is maybe the econ 101 playbook is not going to be sufficient to change the direction to get us some of some of the unpleasant situations wherein. it's absolutely necessary though and we are doing not doing a lot of it very well right now. >> one person here who has served as a member of congress as we have seen we are currently fighting about how much to cut government budget. one of the things he said was it was pretty expensive. if we were to want to make those investments how his art political system and can our political system get us there? >> i think it requires people to get involved and to make the case to their elected officials that is what they want. i was listening to andrew's talk about this. does anyone think the world was different in the 1920s or 30s when general electric control the electric supply and they said it's too expensive to run electricity to a farmhouse in rural warren county where we live in upstate new york. absolutely not. it was the exact same story in the debate one on.

from the manufacture you ares because of lease rate hanging around 25% or so, the supply coming up, econpply goes up, prices will come down and that is impacting depreciation. gerri: let's get to it, what do you want to do if you want to sell your car, used car. you say recondition it, what do you mean. >> this is recondition is what the dealer will do to try to sell it to the public. take care of odds and ends. check engine light is on. if tires are flat, anything you can fix to bring the car up to, up to an acceptable level for a buyer. you want to take care of that so you don't have any unanswered questions when folks test drive your car. >> say take detailed pictures is my cell phone okay to do that with, my smartphone? >> if you've got a pretty nice smartphone there, is good camera on iphone 5. that might be okay. but you want to take really what is quantity over quality here. you want to take as many pictures inside and out of every little detail thaw possibly can. you want to document everything possibly can, anything wrong wr. any maintenance records. pull vehicle history report.

. >> reporter: but we do know, as econ 101 teaches that, if the cost of labor rises and, therefore, sodo prices, some customers will bolt. >> i'm having a hard time competing and getting work here if i have to pay $15 an hour. >> reporter: especially when the competition is in low-wage climbs like mexico or china, says julie hyatt, who owns global fulfillment, a company that assembles printed material, much by hand. >> we're already not the cheapest. being in seattle makes us more expensive just to start. >> i'm in the manufacturing business. i understand the sort of visceral fear that some of them feel about this change. >> reporter: seattle multi-millionaire investor and entrepreneur hanauer is a leader of the $15 wage movement, still helps his family one the pillow company -- >> we have factories that do not pay $15. if my competitors pay $10 and we pay $15, we'll surely go out of business. a great challenge we face in the city of raising the minimum wage $15 is precisely that dynamic. >> reporter: but look, he says, every economic decision involves thawedoffs. boils down -- tradeof

who even when he gets in these times this guy demanded to even take on econs will tell wilson out of bounds. these convincing seems so the top tn lifted away by helicopter leaving the viewer with a drastically altered picture of the paris skyline. to all fall sick. in the hard truth is that nothing is sacred from the holiday noted for its current status. guitar is still there which means he can now begin the postman pat today the eye. call. to those who thought shutting down two winner and crying conspiracy marks the beginning of the end for turkey's prime minister more than a decade well think again. richard tarrant they're the ones is the llamas rooted ak party winning big in sunday's local elections. improving on its two thousand and nine score he stumbles race not even close. the capital ankara still contentious for many years the eyes of possible on his run for president than oneself. promising stability but also vowing revenge against rival supporters of moderate us based character to lagoon the odds. this case uia we will not surrender to pennsylvania and their offshoots and t

>> well, i think it is simple econ 101. we're seeing the supply curve change. that we're breaking through technical levels around the 215 mark, hedgers and traders are going out and buying this thing up. so i think there's more upside to go here. you know, i think ureo likes the lattes with foam or toppings, but no top to this trade. i think coffee is going higher, real volatility to the upside. >> that's a good question. jim, speaking of lattes, do we have to worry about the food producers, retailers? will i be paying more for a latte at starbucks? >> yes, you're absolutely going to be paying more. the interesting thing, we haven't paid a penny more up to this point. that's by design. what they try to do, the starbucks world, the people with input costs, wait until the move is mostly done, and apologize for raising the prices, and when coffee has a mean reversion, we're left with the higher prices. that most likely will happen. by the way, this isn't a huge move if you look at coffee over the last 40 years. it's had several moves bigger than this. >> okay. wel

nancy pelospelosi said the econs moving in the right direction but congress must build an economy thatking about more work to be done. 3.7 million people have been out of work for 27 weeks or more and those are folk whose have been out of work a long time. >> you have obamacare and there is going to be a lot of campaigning on that. but what about the economy? >> it is pretty clear when the job numbers come out and eric cantor is putting out a statement not reacting to jobs but pivoting to health care as the republicans believe that is more fertile ground. obamacare induced wage cuts, hurt the people that needed the extra income and democrats chose policiess that will eliminate hundreds of jobs. republicans want to make the mid-terms more about health care and democrats want to broad n it out and talk about the economy, jobs and minimum wage and all of that. >> ed henry, thank you. >>> the white house is now giving an official hard deadline for their enrollment extension. it will be this date. april the 15th. always a day that is in everyone's mind: tax day. the white house offered anyo

econ 101 playbook is not going to be sufficient to the situation we are in. it's absolutely necessary, and we are doing a lot of it right now. as we have seen, we are currently fighting about how .uch to cut government budget a lot of things he said are pretty expensive. how can our political system actually get us there? gett requires people to involved and make the case to their elected officials that is doesthey really want. anyone think the world was different in the 1920's or 1930's when general electric controlled the electric supply and they said it was too expensive to run electricity to counties?e in rural sameutely it was the debate. can the government give them money? absolutely. the government decided to borrow money and to make an investment, and they didn't just admit to the large corporations. ruralctually build cooperatives designed to keep the cost down. a work for profit. they were designed to keep the cost down so forever they would have low-cost access to unbelievable technology. how much more education can you get when you have light? thi

. >> which is, i think that's maybe the biggest piece of actual econ data in this report, that they'll give raises to their employees. >> one-third, mention is quickly, one-third say they'll increase compensation and a little smaller number say they're going to increase hours worked. i dors think we'll see, you kno some more wage increases. we talk about that 22%, we talk about w full-time employment. the results of a smaller increase in part-time employment but i think you're right. some of the most optimistic numbers we've seen since late '06, early '07 and definitely some of the better numbers we've seen on pay raises, at least all this is planned. we'll have to see if it comes to fruition. a good positive sign going forward. >> stew, the other thing is that when you guys -- as a small business has been a big missing element from here. one of the things missing from small business has been t capit spending. business have been doing okay, keeping up their end of the bargain but small business has been reluctant here. what are you hearing about the capital spending outlook, about thei

omistsomists -- econ believe it is the advancement of tech knowledge he that has done away with jobs.have answering machines and the internet. globalization and trade with low income countries have hurt some people. that means two things. we need to develop social programs to help those people. all of us have to raise our hand. we have to acquire more, newer and better, skills, so as to be employable. that is true not just of blue-collar workers, but white-collar workers as well. white-collar jobs are increasingly in jeopardy. surfaces can be digitized and done overseas. when it is done overseas, the people here lose their jobs. it is increasingly people doing white-collar jobs and sometimes very skilled jobs. jobs and people can view the more soup -- do them more cheaply overseas. challenge that is presented to the united states. it is one of the themes of our book. are talking about the global economy. is called "the prosperity."l one of the questions you pose is -- is the world stable enough for trade? as we noted at the outset, for any economy to flourish, there has to be a stable

right econ classes are literally taught at the world bank i think about that for one recently announced a new magazine a ground for agreeing that lobbyists training students how to become lobbyists i mean what happens when. d.c. education is sculpting the future leaders of the free world listen you know it's very important they learn to be lawyers i wrote down some of the classes in this major looked up some of. them one hundred one line user friendly bribery to all one if you know a better way i'd like to hear it they got disposing bodies three ten it's not a crime if there's no corpse in the stock market one hundred one doing god's work and finally business as business ethics for a while and get over the just kidding screw. like everyone got that i had as one but you know what i don't blame them for wanting to skip right to the political system and go straight for the goods which is the what all the politicians here in the lobby is after they get out because really they're underpaid i mean really. we have jim moran congressman jim moran coming out he's saying you know what we should s

induces higher wages of course austria's almost everyone out of school economics that's that's that's econ one hundred one cor yes you're right we agree we agree but it would that has nothing to do with a living wage that has nothing to do with a reasonable home wage for most of the people by the way who work for minimum wage or not the people the legislation actually targets we both the average and average age of what donald workers twenty right but most of the kids are ugly one nine years they're not going to get white males who live in households with relatively middle class or upper middle class parents these are not a lot of the decrypted there are a lot of folks struggling at the minimum wage level but the legislature has it all at the minimum wage level oddly enough and here's what bothers me the most as a sensitive topic for me what hurts the most on this is it impacts worker productivity and a lot of minority communities where they haven't reached the productivity level yet to justify that wage and then kept out of it so you're saying amara you're saying that if somebody is is bla