and where this has us headed is bob english he's contributing editor for a zero hedge an economic policy journal dot com and no he is not a tyler folks i'm going to dispel that rumor right now that popped up after our last interview so bob english welcome back to the show thanks for being here. thank you it's great to be back and hopefully three times a charm three times a charm to be sure so let's start this off just to set this up do you believe that there is a coordination of central bankers in a coordinated effort because also there's a lot of talk of global currency wars a particularly when you talk about the competitive devaluations of the u.s. and china. i think if you look at the central bankers side since they do have a modicum of independence still there's definitely a degree of cooperation and all you have to do is go back a little bit in history to find out how they were all kind of going to the same school together like our going now this would be in the one nine hundred seventy s. and eighty's early eighty's when we had stanley fischer presiding over the economics department or as

ten or so years and the people who actually criticized argentina for its policies a practicing bad economics or just bad journalism some of us, of course, have been criticizing the argentina policy for a long time and suggesting this cannot go on. what is your view? >> i think that -- i mean, luckily, for me it is too small to matter. sort of gone off the cliff. who cares about it. but, to cite argentina as a paragon of economic virtue, one thing, look at the growth rate, a superficial level. inflation as well. currently the growth rates are beginning to fall off. in the economy king go well for 45 years if you have a massive expansion in the play around with the system on that. but in argentina what is happening is the inflation rate is also. low inflation. very high inflation. i can't think of a bigger tax on the poor that having a high inflation rate. eight doctor the data. the inflation rate is not reflective of what is going on. so it is a bit of a joke and the community about argentina. anybody who wants to "that to me is really sort of coming from the extreme. >> the question and the back. >> my name is gia

economic plans. ohio a key state from the u.s. automotive industry. president obama using the auto bailout as proof that his policies are working. but an op-ed piece in today's "wall street journalclaimed the bailout cost taxpayers more than $23 billion more dollars than if they went through normal bankruptcy proceedings. former economic policy advisor to joe biden does not green. james, explain your stance on this. >> what we found is the entire net cost of the auto bail out, $23 billion according to the estimates, are giving to them to prop up their compensation. if the administration provided bankruptcy financing to get the auto makers running. money they weren't legally entitled to, then the taxpayers would have broken even. he could have kept the companies running without losing any money. >> i was there at the time and there was no private sector funding available. had we not gone the restructuring that we did, and i found interesting things in james's report. the auto try added more than 200,000 jobs since the rescue. and if you just plot a graph where the rescue occurred, you can see all of that came right after wards and he mentioned the fact that gm for the first time

has 2-1 advantage, 61 percent to 27 percent according to the "wall street journal" poll but romney figures the economic policies will court latino voters more aggressively than the president. and romney is considering florida united states senator rubio as a potential running mate and over the weekend president obama's top advisor suggested if romney thinking picking rubio will exonerate romney from the republican's extreme positions latinos should be insulted. and romney says voters of every race should be insulted but that is by the economy so now rubio is a ping-pong ball between the two sides. >>shepard: california same-sex marriage ban is now headed to the supreme court because today the state's 9th circuit announced they will not hear another challenge on the ban. nationwide a new poll, the latest shows americans are still divided on the issue but not second year in a row more people support the legal savings of same-sex marriage than oppose. 50 percent to 48 percent. and gregg jarrett is live with us. what does the decision mean? >>gregg: it does not mean that suddenly same-sex marriage in the state of c

journal. glen hubbard said the president's advice has the same flaws as his own economic policy. >>> former arizona congresswoman gabrielle giffords will return to public office soon. she was out campaigning for a former aide who is hoping to replace her after they were wounded in a shooting rampage in tucs tucson. >>> the former penn state coach, jerry sandusky's trial starts today. if convicted, he could spend the rest of his life in prison. >>> and today marx 50 years since one of the most daring prison breaks in american history. in 1962, three inmates set out from alcatraz island on a raft made of raincoats. they were never seen or heard from again. legend had it they would return on the 50th anniversary, today, if they are still alive. if they do, the u.s. marshall service says deputies will be on hand to arrest them. i'm going to guess they're probably not going to return. >> i'm going out on a limb to say once you get out of jail, you probably don't go back to say hi, how y'all doing? >>> it will be sunny and pleasant in the northeast. how humidity and nice temps. severe weather could threa

economic policy here. our moderator for the next portion of this is going to be kristin roberts, the national journal's managing editor for budgeting and economy. before she joined the national journal, she worked as reuters' washington-based news editor. she joined reuters in 1998 and she has had the opportunity in 2006 to spend a lot of time doing pentagon coverage, including her trips with robert gates, donald rumsfeld and war policy visits herself. so it's with great pleasure i introduce kristin roberts. >> thank you very much. so i've got an excellent panel here that truly deserves no introduction but i'm going to give you an introduction anyway. dr. alice rivlin, cochair of the bipartisan policy center's tax reduction tax force, widely recognized as one of the most foremost experts on the issues we're talking about today. senator bob packwood, chairman of senate finance committee, he was one of the architects of the 1986 reform. congressman bill thomas, another chairman, chairman of the ways and means committee. widely seen as one of the smartest and toughest guys to ever walk the halls of congress, one o

journal editorial report, i'm stuart varney in for paul gigot. and president obama tried to sell americans on for more years of his economic policies, calling mitt romney a return to the failed approaches of the past and his retooled campaign pitch days after the federal reserve reported almost 040% drop in the net worth of middle class families, putting most back where they were in 1992. joining the panel, deputy editor dan henninger, and mary o'grady and kim strassel. and the big speech on the economy, was this a policy reset? >> yeah, i think call it obama campaign 8.0 or 9.0. a lot of concerns among democrats that this campaign is faltering and runnihither, a dither, they've gone after mitt romney on bain and the massachusetts record and saying that the economy is getting better and saying that it could have been worse, this was an attempt to reset and the argument is now as you've heard, there is a choice and implicit in this is the president's argument, he decided he was going to argue that everything that's wrong in the economy today is the-- the bush policies and republican philosophy and make the case that mitt romney if he were elected

economic policy here. two or three questions from the media, senator has to get back to work, so if somebody's got a question, fire away. nancy? >> -- international tax system differs -- >> speak up? >> i'm nancy cook from national journal. senator baucus, i wonder how what you're proposing in terms of an international tax system differs from what the chairman proposed last fall. >> well, i'm not sure what he proposed, frankly. none of us know precisely. the main thing is this. i believe too often in this town we're focusing on mechanics, broaden the base and lower the rates. should we have a territorial or worldwide system at that. rather, we should figure what we want to accomplish with tax reform. what's the real reason for tax reform, why are we doing this? sure, it's complicated, not very simple. we know all that. i don't know that we should make the changes simply for the sake of simplicity or simply for the sake of broad base and rate reduction, which i agree with. i think it brings certain benefits but while doing so, let's figure out what we want for our country. that i think is slightly different from chairman camp. i think if he and i were to sit down and talk about all these points, i think he would agree. w

policies that means changing the person in the white house. >> the wall street journal reports this morning to limit damage from the poor jobs report the white house is expressing for a new economicwith congress. details of that are limited. it is pushing europe to do more to break out of the economic crisis. it prevents us from both side of the atlantic situation. pat patti ann. >> doug reporting live from washington. thank you. >> for your five at 5:30 making news at this hour. here is the progress in horng in the firefight in new mexico. residents are simply allowed to go back home today. the evacuation order lifted as crews built containment lines for the weather. mild weather is moving in it may help them gain the upper hand of the flames in the coming days. the fire is only 17 percent contained. >>> airplane skidding off a runway at an air show in california. it was taking part in the wings over gillespie airport. the landing gear on the one of a kind british plane collapsed. the pilot was the only person on board. we hear no one was hurt. >>> he is still sour on soda. new york city mayor michael bloomberg said he is okay with ordering a blt sandwich despite all of the calo

economic policy here. our moderator for the next portion of this is going to be kristin roberts, from "national journal."efore she joined the national journal, she worked as a washington-based news editor at reuters. she joined reuters in 1998, and she has had the opportunity in 2006 to spend a lot of time doing pentagon coverage, including her trips with senator gaetz, donald rumsfeld, and doing world policy visits her cell. it is a great pleasure to introduce kristin roberts. >> thank you very much. i have an excellent panel here that deserves no introduction, but i'm going to give you an introduction anyway. doctor alice rivlin, former white house budget director and widely recognized as one of the foremost expert, that is senator bob packwood. chairman of finance committee, he was one of the architects of the 1986 reform, congressman bill thomas. another chairman, chairman of the ways and means committee. one of the main proponents of the tax cut bill over the last decade. we have robert greenstein, founder and president of the center on budget ilc priorities. and social safety net programs. let's st

opposed many of the same policy that is have led to a boost in the recovery since the economic crisis in these states. this comes on the heels of the report in the "wall street journal" that congressional republicans will hold up legislation it to help the economy until after the election because they believe it would benefit mitt romney politically. now we see mitt romney putting a gag order on republican governors in these states from talking about recovery. >> how much credit do you give the stimulus package? >> certainly governor mcdonald gave it a lot of credit. we were losing 800,000 jobs a month when the president came into office. businesses have created 4.3 million private sector job. we can't stop there. the president outlined the choice in cleveland last thursday in terms of building our economy by investing in education and research and development where romney would cut and going back to romney's philosophy, doing it from the top down assuming it will trickle down to the middle class stripping back oversight from banks and polluters and assuming that the market will take care of the rest. we've done that before. it led to the slowest job growth we've se

steve moore joins us, senior economic writer for "the wall street journal.". now this is a bipartisan group, bipartisan policyp with this thing. you don't buy it. >> no, i don't. gregg: why? >> this is the same kind of analysis that told us if we passed the $800 billion stimulus we would get three or four million jobs and get unemployment rate down to 6%. government spending does not create jobs. it crowds out private sector activity. now there are two big, what we call fiscal cliffs this economy is going over an january 1st. one is the spending cuts which i actually think will help the economy. you showed the debt clock. my gosh, we have $15.5 trillion national debt. we have it start bringing the deficit down. the other one is the tax rate increases. i think, gregg, those are the bigger problem for the economy because i don't think the economy can take the blow of higher capital gains, higher dividend, higher investment taxes next year. >> i think it is $55 billion in defense spending will be cut and rest of it, up to 109 billion. >> right. gregg: would be domestic programs, right? >> but remember --. gregg:

. >> in a german business journal, rom niece top economiced advise said it sets a dangerous precedent, aimed at undermining u.s. foreign policys facing what could be a big test on his comments on teachers and firefighter. and the next week he is planning a six-day bus tour focused on small towns, where as you know, wolf, public sector workers wield a lot of influence. they carry with them a lot of votes. romney campaign just had a conference call a few moments. there was a surrogate who said his comments on teachers and police officers and firefighters were taken out of context. that is in conflict what many are saying throughout the day. we have to get back to see exactly what he was talking about. >> so they're trying to clean up what romney said. >> well, possibly. that's what the surrogate was saying on the conference call that just wrapped up. that's not what the campaign has been saying all day long. this is something, perhaps a new development from the romney campaign. >> thanks very much. let's dig deeper in the strategy session. the republican strategist, mary math lin. this is a sensitive issue. romney seems to sugg

- host: "the wall street journal" -- host: we are talking about the effects on jobs if sequestration goes into effect with steve bell, the senior director of the economic policyct at the bipartisan policy center. roanoke, virginia. marianne, a democrat. caller: good morning. i keep getting confused with republicans saying the government does not create jobs, and here we are looking at all of these jobs that the government creates, and now the republicans are saying we will lose 1 million jobs. it gets to the point where it gets ridiculous. it seems like everyone is lying constantly. there is a show where you had every single congressman and i'm sure you could do that with obama. i am mad at the abundance and news journalists that do not absolutely say this is not what you said or this is what you said because we are busy in our lives and we really need newscasters to do their job. we cannot just search on google for millions of articles to find in the weeds with somebody really said. so, my real question is to you about the fact the government does not create jobs, and now they say we're going to lose these jobs. can you respond to that? guest: i certainly ca

economic policy your. our moderator for the next portion is going to be christian roberts, the national journal's editor for the economy. she joined reuters in 1998. and she has had the opportunity in 2006 to do a lot of pentagon coverage, including trips with robert gates, donald rahm spell, and more policy -- donald rahm spelled -- donald rumsfeld, and more policy experts. >> thank you very much. i'm going to give you an introduction the you don't need one. former white house budget director and widely recognized as one of the foremost experts on the subject we're talking about today. we have senator bob packwood. he was one of the architects of the 1986 reform. congressman bill thomas, chairman of the ways and means committee. widely considered one of the smartest and toughest guys that has ever walked the halls of congress. and we have robert greenstein founder of the center for budget priorities, addressing a wide variety of issues including the social safety net program. let's start with senator baucus's speech. lacking in detail sign of some of my colleagues in the press wanted. did it move any of yo

journal" about the c.b.o. projections. quote -- "we have never been deficit goals preferring to focus on the more important policy priorities of economic growth and spending restraint, but the obama era is taking america to a place it has never been. inside of a decade, the country will have a debt-to-g.d.p. ratio well to the 90% to 100% danger zone where economists say the economy begins to slow and risks mount." and c.b.o. notes that this level of debt increases -- and i'm quoting now -- "increases the probability of a sudden fiscal crisis during which investors would lose confidence in the government's ability to manage its budget and the government would thereby lose its ability to borrow at affordable rates." end of quotation. how bad is it, the "wall street journal" asks? well, in the absolute worst-case scenario, c.b.o. says that debt would exceed 250% of g.d.p. in 2035. at that point -- again quoting -- "the c.b.o.'s economic model breaks because so much debt is so far outside historical experience and the c.b.o.'s assumptions might no longer be valid." end of quotation. that's where we're headed if we don't do something about

economic policies that are undertaken that are helpful in terms of making our economy stronger are welcome, but i do think monetary policy still does have some capacity to strengthen the economy by easing financial conditions. >> "washington journal" continues. host: where please niki tsongas to have come a democrat, of the natural resources committee. if we could start with what we're talking about earlier this morning and that is the house oversight vote, a committee's boat on holding their colder in contempt. what are your thoughts about that? >> i think the policy itself called fast and furious was ill- advised whether it was put in place under presidentush who initiated -- did not initiate but was part of his the ministration, and still is ill- advised under president obama. it has led to a tragic consequence with the loss of a border patrol's life. i think there's a proper role for congressional oversight. i also think there needs to be some accountability which we have seen with the firing of some of those who were held responsible. i think our attorney general has released about 7600 pages of documents. the fight really owes over a narrow band of documents around which -- is over a narrow band of documents. there is privi

- host: "the wall street journal" -- host: we are talking about the effects on jobs if sequestration goes into effect with steve bell, the senior director of the economic policy project at the bipartisan policy center. roanoke, virginia. marianne, a democrat. caller: good morning. i keep getting confused with republicans saying the government does not create jobs, and here we are looking at all of these jobs that the government creates, and now the republicans are saying we will lose 1 million jobs. it gets to the point where it gets ridiculous. it seems like everyone is lying constantly. there is a show where you had sure you could do that with obama. i am mad at the abundance and news journalists that do not absolutely say this is not what you said or this is what you said because we are busy in our lives and we really need newscasters to do their job. we cannot just search on google for millions of articles to find in the weeds with somebody really said. so, my real question is to you about the fact the government does not create jobs, and now they say we're going to lose these jobs. can you respond to that? guest: i certainly can. fortunately or unfortuna