trust me, there's not e person that sat in those rooms th didn't know how rious our economicrisis wasor a clor look at the stimulus, how it is ois not fulfilling pectations. we turto members of congress alsto mark zandi, chief economist at moodyconomy.com. he has been coulted with coress and the white house during the curre crisis. house minority ip eric cantor of virginia, cis van hollen of maryland, head of the democric congressionalampaign committe mark i'll start wi you, you were ground zero in all of this when people were taing about a needor stimulus plan. is it working? >> yeah, it'sorking close to what i uld have expeed at his point in time. it's still early days, only four or five months in t the package. but ste governments are getting checks, unempyed workers are gettg more nefits. social security recipients got check in the mail in may, pople who are working ve lower withholding. business tax cu are ltering through, even getting infrastructure spending. everything is going according to script, at least so f. >> ifillet me ask eric about. thatou've had disagrments on this p

. >> crlie: do the things that have happened to us over -- in this economicrisis, global economic crisis,his may be simplistic, simp suggest that mr. debts are not efficit? >> this is another theme of mine which you'll find in "amal spirits." >> charlie: go ahead. >> i think the so-called efficient markets hypothesis which ca in around in the '60s, became very popular in the 1970s. i think it was a half truth. wh does it mean to sayarkets are effient? it means that the prices reflect information. they pool all the information anthey become a better price than any single person could. there's so truth to th. >> crlie: markets have perfect information so to speak. but weexaggerated the truth. we wt through an erarom the '70s to the presentf -- it's almost like aew relion. we worip the markets. we wenttoo far whhat idea. that part of our problem. we began, the fed chairmawould be reluctanto say any opinion out the markets becse he didn't think he could match the sdom of the market. thatas a big mtake. >> charlie: you use the word "irratnal exuberance"efore e fed chairman did. >> i don't thi