the creation of the federal reserve system. it's over fifteen minutes. the book on your screen written in 1994. it is currently in the 32nd print. this sphift edition. and the author is g. edward griffin. these joining us on c-span2 in las vegas. who is the creature from jekyll island? >> what is the creature. >> yes. i had fun with the tight. i thought if anybody saw it this the bookstore, they might think it was a equal to jurassic park. it is they are the federal reserve m and the reason for the jekyll island connection was because one of the most springing thebt about the federal reserve it was created. it was there mission to draft the reserve act. i see you are going to show the picture. those the guys and the funny thing about the piece of history is that the federal reserve bill was being sold to the american people of that time as a piece of legislation that was going somehow control those big bad bankers. and what they didn't realize is the big bad bankers the epitome of the great power centers. they were busy writing the bill that was supposed

but what happens when you federalize everything. you take away the ability of 50 states to conduct their own experiments and that should slow down the pace of innovation . you can see the difference of republicans and democrats what should be in the hands of state or national. they are reducing the budgets in the way the federal government are not. i am all for states and local governments having sovereignty. >> rich, that was a state program in massachusetts. >> i -- it was a program. the governor who made it happen is trying to make it possible. >> he defended that in the debate. withee worked with the democrats and came up with this. he didn't run away . he embraced it. >> he suggested that we apply it federally. we can do this all day long. getting to this question. not only is it not black mail but 30 million americans are praying that someone will get red state governors who are using it as a political tool to back it up. these people need coverage. the governors who are using it to score political points are denying something

funding under the federal transportation bill. there is also a working group and maybe mark can speak to this if you have any other questions. but the working group that is working with ctc and cal tran staff and also local grups across the country. i am sorry across it is state. vta are local representatives working on this bill. working on this strategy, rather. which will likely result in bills being introduced either to deal with funding through december for... to fund half of the year's worth of a program with 50/50 to the state and regions or to fund a year to two-thirds to the region and one-third to the state or something in between. so stay tuned. >> this conversation that is happening at the state level will also impact how the funds that you see on the screen in front of you get distributed to the metropolitan planning organizations including mtc. so you will see that the over all funding that is anticipated to the bay area under map 21, is down for the surface transportation program and also the congestion, mitigation

because the laboratories have to meet federal standards. but i think also a great kudos has to happen to our partners, both locally, regionally, and the federal government. we could not have done this without the 9-1/2 million dollars of recovery monies that we got through the federal government. we have herb schultz here from the department of human services federal government. they've been really at the forefront with us. certainly dan bernel representing leader pelosi. she has been really a stalwart fighter. when everybody was cutting funds, she preserved that money for us. and, of course, i've got to put out a big, big thanks to president obama because without that recovery money, we wouldn't be here talking about this today. so, thank you, president obama. (applause) >> and leader pelosi, federal partners working with our local folks here. that's how we get these things done. and then i want to just give a special shout out to dr. colvax who is here. i know he gave such you an incredible dedication when he was the head of the hiv unit

none of that is federal land. we have very little federal land. this administration, president obama is against fossil fuels in my judgment. i've seen it time after time. melissa: that is fine. own it and be honest about it. i don't like when people are disingenuous with the american public. we've got to go. >> wind and solar are more expensive. melissa: they are, you're right about that. thank you for both of you coming on. we appreciate it. hear is the question of the day. which candidate made the stronger case for their energy policy in last night's debate? we like to hear what you think. like us on facebook at facebook.com/melissafrancisfox. or follow me on twitter at melissaafrancis. >>> when we were in houston i saw a the pride they have ii the energy industry. some texas landowners are angry with transcanada. that is the company building the pipeline, keystone pipeline, and they're filing dozens of lawsuits against the company to delay the project. they're arguing transcanada isn't using enough american-made steel. they won't agree to exclu

and with police all of us with one federal consumption tax the fair tax i think it writes the american economy it's the answer to it's the answer to all of our exports that's the answer to american jobs ok to her right now. thank you very well now i get that a second question i'll repeat it will start to go around with with rocky in what way does the war on drugs impact americans how could be affected be reduced is there a more efficient way to deal with the issue of drug use in america that was submitted by jeff tang way via facebook the war on progress has been catastrophic for our country a waste of national treasure an unbelievable human tragedy i remember when burt stringfellow came to me and told me about his son cory who had been sentenced on his first drug offense to fifteen and a half years in a federal penitentiary when i became mayor i worked really hard with the clinton white house and on the day that president clinton left the white house he signed a presidential pardon saving corey stringfellow a decade in a federal penitentiary. well the injury is sitting in a federal pe

this is not the federal recovery framework.ny people in this room are government, state, local? that is a lot of view? anyone here from the private sector? awesome. do we have any voluntary agencies? great. any citizens? everybody is a citizen, obviously. [laughter] any aliens? [laughter] çit is key that we are all here together to interact. when it comes to recovery, it is neighbors helping neighbors. we're there to support. the local and state governments and federal government. we do not come in and take over. that is what is key when we look at this and how it really is the whole community. i want to point out the other agencies that leadçç the recoy support function and looking at all ofç the agencies that have participated. çto bring in the whole entire federal family. that is one of the things i found most frustrating three years ago when i came to be in fema and looking across the ñrwhole inter-agency. çatñr the state level, we were always callingç trying to shop around to find out how we could get more resources

land and federal waters in half. >> not true, governor romney. governor, we have actually produced more oil-- >> no, no, how much did you cut licenses and permits on federal land and federal waters. >> governor romney, here's what we did. there were ace whole bunch of oil companies-- >> i had a question, and the question was how much did you cut them by? >> reporter: behind this tense confrontation, mitt romney's basic claim is the president could have leased more public land and produces more domestic energy. >> production is up. >> production is down. >> no it isn't, production is down 14%. >> reporter: romney's 14% statistic comes from this department of natural report, but he has focused only on one year, the year after the historic b.p. accident which led to a suspension on deepwater oil extraction. according to the interior department, romney is correct that the total number of energy leases on federal land is down sharply. the president argued that federal leases don't always lead to wells, and that in any event, domestic energy is increas

in federal waters. melissa: so who i right? we are crunching the numrs in our money fact check. here to help us is texas lieutenant governor date worth and fox business's liz macdonald. thank you both for joining us. let's drill down on this, no pun intended. i fell out of my chair during this debate. there re a lot of stats thrown back and forth. they have conflicting, they were inaccurate in a lot of cases. i want to start wit president saying production on federal land is up. according the government's own department of energy, his own source, it has dropped 14% on federal land. lieutenant governor, what do you think about that? >> i think it's a fact. it is harder and harder day to get permits to drill on federal lands. whether you're talking about the gulf of mexico, you're talking about colorado, it's harder. this is an intentional slowdown. the gulf of mexico, ich has been one of the most prolific sources of oil and natural gas is still at a lower level of activity than it was prior to the bp spl

job growth remains slow, so the federal reserve is sticking to its game plan, buying billions of dollars in bonds hoping to boost the economy. >> susie: i'm susie gharib. new home sales hit their highest level in two years, we look at what all that buying means for construction hiring. >> tom: and how smart-phones and tablet computers are driving big changes for the video and online game industry. >> susie: that and more tonight on "n.b.r."! good news today from the federal reserve if you need a mortgage, or a business loan: interest rates will stay super-low for at least three more years. the fed wrapped up a two day meeting and decided to leave its key interest rate unchanged. the fed noted that the economy is still growing at a "moderate pace," the housing sector is improving, household spending is "expanding," but business investment has slowed, the unemployment rate is still "elevated" as we know, and strains in the global financial markets pose "significant risk." as darren gersh reports, the fed wants to keep a low profile for the next few weeks. >> reporter: less than two weeks b

now at the federal the federal e bank in new yorks we talk about bernanke and quantitative easing butelate a few incidents, the quantitative easing is about the fell reserve and the banks coordinated to buy any mortgage backed securities, treasury notes and bonds, anything they can get, to keep rates low. if this building, the premiere federal reserve lending bank, part of the network of member banks markets of the institution that is buying securities to keep the rates low, quantitative easing would have been just stopped. just stopped. it would have stopped. leaving aside what would be a horrendous body count. if our basic currency system was drawn to a halt, to that happens for an hour, friends, a recession. a day? depression. more after this. frank, instead of scratching your way to retirement, get on e-trade. set up a real plan. frank! oh wow, you didn't win? i wanna show you something... it's my shocked face. [ gasps ] [ male announcer ] get a retirement plan that works... at e-trade. to meet the needs of my growing business. but how am i going to fund it? and i have to find a w

these are your headlines for friday october nineteenth the qs federal reserve bomb plotter is in the headlines today as home country of bangladesh reportedly wants details on his case while this may make headlines and we'll talk about one aspect of the federal reserve that does not will ask if the fed may arguably be making war easier and more prevalent we'll hear from lou rockwell of the ludwig von mises institute and we keep hearing about the middle class from the two main contenders for u.s. president. that's how we built the world's greatest middle class this is about bringing good jobs back for the middle class of america. and these candidates these candidates talk about supporting the middle class in terms of tax cuts loopholes regulation but they leave out the money in the middle classes pockets pockets that are being picked every second of every day what happens to the middle class if you don't address this aspect will discuss and it is the twenty five year anniversary of black monday it is also the one year anniversary of this show's launch. thank you fake applause would res

the federal government is closed.nd just eight days out from election day, the super storm is impacting the presidential race as well. president canceled a florida campaign rally this morning, returning to washington to meet with his storm response team. and this afternoon the president assured anxious americans that the federal government sf ready. >> we have prepositioned assets so that fema personnel are working closely with state and local governments. we're making sure that food and water and emergency generation is available. i'm confident that we're ready, but i think the public needs to prepare for the fact that this is going to take a long time for us to clean up. >> and with that lengthy cleanup in mind, the president was asked about the potential impact on the quickly approaching election. >> the election will take care of itself next week. right now our number one priority is to make sure that we are saving lives, that our search and rescue teams are going to be in place, that people are going to get the f

then would be able to more quickly seek reimbursement for federal and state grants. with that i'm seeking recommendation of approval authorizing executive director to execute the master agreement programs, supplemental agreements, fund exchange and fund trance for and cooperative agreements and any amendments between authority and caltrans for receipt of federal and state funds. more than happy to answer questions you may have. >> this only applies to receiving funds, not expending funds? >> yes, that's correct. >> are there in terms of monetary limitations, you describe the scope or other limits? >> all of the funds are based on application and what is available through federal and state to. give you a frame of reference how much funds we have received in fiscal year 11-12 we have received approximately 4.1 million funds. for the projects just mentioned. those would be bringing in about i believe $82 million of funds over the next five years. that is just what we are aware of just of today. >> how does the authority typically provide information about those agreemen

got was an appropriate use of federal funds. -- that was an appropriate use of federal funds.t: in kentucky, good morning to you, mary. caller: i wish you were on a pbs station for the people who cannot afford satellite. you do great things for education. i would like to ask him as a rural person, who has a highway that barely fits two cars, why should i have to pay for transit when i will never in my lifetime ever going to use it? my mother is 95. she has never been on a train in her life. and why do my tax dollars have to find something like that when it does no good whatsoever for us? and when you give us tax dollars to drive back and forth to work -- and will you give us tax dollars to drop back and forth to work and to the doctor and of that? guest: i would just repeat that this is a national system and there are local interests as well. i'm not saying that the federal government should pay 100% of the chicago transit and rail system. but there is a national interest. you may not use the chicago system, or that the system in phoenix or denver. by you have an interest, as

saying well half of americans don't pay any federal taxes but they pay the federal payroll taxes so to put this into context how important payroll taxes are to the us government funds in one nine hundred fifty payroll and other federal retirement contributions constituted ten point nine percent of all federal revenues by two thousand and seven the last normal economic year before federal revenues began falling they made up thirty three point nine percent by contrast corporate income taxes were twenty six point four percent of federal revenues in one nine hundred fifty by two thousand and seven they have fallen to fourteen point four percent so who has skin in the game oh yeah those plenty of taxation being participating on the behalf of the majority of folks in the country what they don't have is representation they've got no representation and plenty of taxation or to put it another way no taxation without repr patient wait a minute was not the basis for the revolutionary war back to sleep. over this time period you can see the actual pool and income of the average american so they're

and the consequence is that federal portion or federal money will go to the parent, so the parent can go to a tutoring program or another public school or another private school. you see, there has to be a consequence. we've got a society that says hey, the status quo is fine, just move them through. and guess who suffers. >> what's the harm on that, what's the other side on that? >> well, the program that he's proposing is not the one that he just described. described under your plan, governor bush, states would be required to pay vouchers to students to match the vouchers so that the federal government would put up. now, you're -- and the way it would happen is that under his plan, if a school was designated as failing, the kids would be trapped there for another three years and then some of them would get federal vouchers and the state would be forced to match those, that money. under my plan, if a school is failing, we work with the states to give them the authority and the resources to close down that school and reopen it right away with a new principal, a new faculty, a turn-aro

but i'm just pointing out how small the federal war on drugs money is in terms of the entire federal government, but i am in favor of reducing it because we have to reduce everything that's generally funded in order to get to a balanced budget. [applause] drugs. problem is related to inportation not use. that is not to discount the problems of use and abuse. 55% of americans support legalizing marijuana. why is this the case? because we are talking about it. because debates are raging at dinner tables that haven't been raging at dinner tables in the past. let's regulate it. it's on the ballot in colorado in november. let's tax it. coloradoians have the opportunity really to change drug policy worldwide. coloradans get it. six years ago they oat voted to decriminalize marijuana on a campaign based on marijuana being safer than alcohol. i am not a hypocrite on this issue. i have drank alcohol, i have smoked marijuana. i don't drink alcohol, i don't smoke marijuana. i can tell you, in no category is marijuana more dangerous than alcohol. [applause] and yet we are arresting 1.8 million p

. >> reporter: what you might not know about the federal deficit. a guided tour in and around washington, d.c. with the "wall street journal's" david wesson. >> woodruff: we have another in our series of topics not being talked about in the campaign. tonight's missing issue is europe's debt crisis. >> brown: an ancient and historic city at risk in a modern-day civil war. we look at the destruction in aleppo, syria. >> this is one of the great tragedies. aleppo's an extraordinary cross roads of cultures, religions, all built on a strata of centuries of -- >> woodruff: and ray suarez has the story of a 19th century recording made on tinfoil by thomas edison, digitally converted so we can hear it. >> brown: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: >> computing surrounds us. sometimes it's obvious and sometimes it's very surprising in where you find it. soon, computing intelligence in unexpected places will change our lives in truly profound ways. technology can provide customized experiences tailo

we're doing it at the federal level.hers are here. thatç is at all levels of government and all levels of the faith-based community. we need to bring togetherç the whole community. having a plan will make a difference in businesses. we have seen it time and time again. in the floodings in tennessee last year, businesses were wiped out. businesses were wiped ád tornadoes in alabama. because those cities andç towns saw there was a recovery plan, they were both ready to move out of the city. one was wrangler. the otherç was a &oç oç smi. they wereç going to leave the town they were in because everything was droid -- was destroyed. because there was a plan and quick action, the locality had a plan. the businesses decided to stay. with that, jobs stayed. people stayed. with that, people had hopeç. the workers, the community because we, not just government, the whole community came together. as much as anything else we do, all this work gives people hope and makes a difference. you are going to hear from a lot of diff

. >> in the last four years, you cut permits and licenses on on federal land and federal waters in half. >> various deduction yous -- >> reporter: this uncommitted voter asked about taxes and the debt. >> i said i would cut taxes for middle class families and that's what i've done. >> i will not under any circumstances reduce the share being paid by the highest income taxpayers. >> settled? >> no, not settled. >> reporter: nor was the issue of libya. >> it took them a long time to say this was a terrorist act by a terrorist group. >> suggestion that any in my team would play politics or mislead when we've lost four of our own, governor, is offensive. >> reporter: michael jones, an obama voter in '08, and now -- >> i'm not that optimistic. >> we've created 5 million jobs. gone from 800,000 jobs a month being lost. and we are make progress. we saved an auto industry that was on the brink of collapse. >> reporter: median incomes down $4300 a family and 23 million americans out of work, that's what this election is about. >> reporter: this debate was about the sharpest of differences. now t

well unfortunately this probably could have been finished in federal court years ago in fact attorney general holder not long ago in an interview said he regretted looking back now at two thousand and nine with the administration backed off of their plans to have these cases in federal court and gave in to the fear mongers and kept the yeah that was certainly the intention but then we heard so much i remember i was covering this we heard so much about bringing you know collegiate mohammed to new york city and how did your children because you know this harris is going to be in town all right well and as you know attorney general holder said in hindsight in these cases could have been over and done in a credible way this a credit to our country not an embarrassment and at less cost i mean we're keeping a hundred and sixty six minute guantanamo to about one hundred sixty million dollars a year the really about eighty that we intend to keep in the others we like to send home but if you do the math is about two million dollars per person per year where federal prison is about thirty thous

as far as federal funds. >> how do you see the federal government's responsibility to improve the quality of education? >> it has a significant role to play. we have worked with republican and democratic governors to initiate major reforms. they are having an impact right now. this is where budgets matter. budgets reflect choices. when gov. romney indicates that he wants to cut taxes and potentially benefit people like me and him, to pay for it we have to initiate significant cuts in federal support for education, that makes a difference. his running mate congressman ryan put forward a budget that reflects many of the principles gov. romney has talked about. it was not very detailed. this seems to be a trend. what it did do -- if you extrapolate it how much money we are talking about, you are looking at cutting education by 20%. when it comes to community colleges, we are seeing great work done out there all over the country because we have the opportunity to train people for jobs that exist right now. one thing i suspect we probably agree on is getting businesses to work with community c

worth it becomes distorted and this government borrowing and printing of money is enabled by the federal reserve of course so back to the debates no you are not likely to hear about any of this at all but luke rockwell president of the ludwig von mises institute recently gave a speech on this topic so he's here now to discuss it with us so first lou rockwell thanks so much for being on the show it's always so great to have you on loren thank you and happy first anniversary thank you so very much thank you for being a great fantastic guest and supporter over the last year i appreciate it so let's get to the federal reserve and war you know we often hear from these candidates and in the debates or anywhere you hear from politicians that the u.s. put two wars on a credit card and this doesn't even acknowledge libya or the warmongering over iran so maybe four wars syria i mean none of this is even included but what is rarely mentioned in the in the credit card analogy is who is issuing that credit card and enabling this war and you argue that the federal reserve is the issuer and the enabler

because it's their projects more than ours. >> well, the way the federal laws are -- and the federal regulations, they always trump local. this is the right to return consistent with all the federal requirements. >> okay, thank you. did you want to add something? >> thank you. i'm from the housing authority. i may not be as available as my colleague. i want to simplify this. in the hope 6 process, san francisco is light years ahead of what that process was when we started it back in the early -- late '70s, early '80s. the fundamental premise of hope sf is we're replacing every housing unit one for one. in hope 6 that was never done and never its intention. typically there were less units so that complicated your right to return. here in san francisco, as is the san francisco way, we're going to make a unit available forv every unit that exists today. so, that keeps us allowing folks to return to a unit. the other thing that makes this particular legislation make tremendous sense is it clarifies the elements that you have the exclusive expressed right to return to the new housing. tha

and the consequence is that federal portion or federal money will go to the parent, so the parent can go a tutoring program or another public school or another private school. you see, there has to be a consequence. we've got a society that says hey, the status quo is fine, ju move them through. and guess who suffers. >> what's the harm on that, what's the other side on that? >> well, the program that he's proposing is not the one that he just described. described under your plan, govern bush, states would be required to pay vouchers to students to match the vouchers so that the federal government would put up. now, you're -- and the way it would happen is that under his plan, if a school was designated as failing, the kids would be trapped there for another three years and then some of them would get federal vouchers and the state would be forced to match those, that money. under my plan, if a school is failing, we work with the states to give them the authority and the resources to close down that school and reopen it right away with a new principal, a new faculty, a turn-around tea