are we in another great depression and if so are the central banks the g twenty i.m.f. world bank leaders making it worse i believe we are in a second great depression so let me get that out for a stay i'd written about why we were in there and coming into that it takes a pillage and and doing the research for this novel and just watching everything that's happening around us every day it becomes more and more clear that our global economy is in a depression and the world leaders are are doing absolutely nothing to try and understand exactly why and instead it's sort of like there's there's all mold in the walls of the global economy and they keep sort of repainting over the walls as opposed to getting in there and figuring out what caused the mold to begin with and so continues to rot from the inside out and you have all these bailout measures in conversations about bailout measures in return for austerity in return for you know waiting until the next bailout measure is discussed without actually looking at the internal causes of the rot within the banking system or ex

capitalism is based on a gold standard the reason we had the roaring twenties and the great depression is because the gold standard broke down in world war one and created a big credit bubble during the twenty's the same things happened this time the gold standard broke down with a credit would system in one nine hundred seventy one it created a very long credit boom and now the credit boom is going up and we're likely to collapse into a new great depression unless we come up with a very clever new strategy is to resolve this crisis tom what do you think about that because a lot of people say that the the western in financial institutions of their tool box is empty right now that this great contraction is not like we've had recession since the second world war there's something fundamentally wrong and there has to be some fundamentally new answers to the problems that capitalism face today what would you say to that. so the first question is bailouts are not a feature of capitalism is not a feature of the free market and someone whose best friend is the treasury secretary gets a giant

there was the great depression of the 1930s.... >> stephen: that hurts to hear you say. >> we're already in some that is functionly like a depression. it's not as bad. it's a lesser depression. not the great depression. >> stephen: should we start creating musicals where women swim in pools and we should have blond curley haired children and aged negros. should we go back to that happier time? what are we going to do, paul krugman? what are we going to do? >> i thought that people were... ipads were basically the equivalent. you know, it's true, this is really bad. >> stephen: did you just call ipads an aged negro? (laughter) i am offended! i'm not going to sit here and ask... have a nobel laureate make racist statements about... please go! >> i was saying steve jobs is esther williams. >> stephen: steve jobs is esther williams? (laughter) i don't know how we're going to possibly edit this. (laughter) thank you so much paul krugman of the "new york times." we'll be right back. thank you so much. (cheers and applause) >> stephen: welcome back, everybody. thank you. welcome back to our con

markets tank around the world today three years since the worst stansell crisis since the great depression is history repeating itself. this is really kind of a bull bit where you might look back and say this is a chance where merging markets finally got their opportunity to become much bigger players and much bigger powers around the world and with that brick by brick five countries step up saying they're ready to help the i.m.f. fight global right so what will their voices mean. racism is on fortunately we regrettably still a lot of them are still about about it so why then is the u.s. boycotting a conference at the u.n. combat in this issue. it's thursday september twenty second eight pm here in washington d.c. i'm lauren lyster you're watching our t.v. well it was a tough day for markets around the world they basically taint article a to let me and august impact was the worst it's been since spring of two thousand and nine three years after the worst financial crisis since the great depression could it be that history is repeating itself for more than nature coffee and us is here with

we have the worst housing market since the great depression.the longest period of sustained unemployment since the great depression. 46.2 million americans now living in poverty. nearly one in four children living in poverty. what has -- ultimately, if you win this nomination you are going to be running against president obama. make your case to the american people, what would you have done differently? what did he do wrong? and how do you get us out of this? >> well, the biggest issue that is going on is we are spending money we don't have on programs we don't want. obamacare is a great example. forcing a program that the american people don't want. now we've read it and looked at it. repealing obamacare would be one of the first things i would within my power either with executive order, obviously working with the legislature to get rid of the rest of it. the second thing we need to do is remove, if you will, pull back all of those regulations they put forward epa or wherever those regulations are coming and killing jobs. those regulations ar

always thought the welfare state was either the invention of the new deal of ground fdr and the great depression or a 1925 labor government. >> low and we hauled and lo and behold the idea of the welfare state were products of the world for one and the invention of the woman. >> not only inside and outside the economic profession. what were the concerns? >> weir beatrice potter was a rich and beautiful heiress, and the daughter of a railroad magnates all sisters married rich and powerful and influential men. for those child day shall have other ideas. it turned out her mother had written a novel and was an activist of the free trade campaign. coming from of family of manchester and was best friends so beatrice had to invent yourself. spending 15 years what to do in was terribly torn between her own family and society's expectations for a rich and powerful man and hopelessly infatuated with the best looking and best dressed politician in england, joseph chamberlain who fy i is neville's father. >> and you never really reciprocated the affection? >> and it was on top of not knowing. should i forge

. >> reporter: shiller's chart shows that, leaving out the housing slump during the great depression and the housing bubble before the great recession, home prices historically have only risen at about the rate of inflation. >> so i don't know why people are all thinking when is the housing recovery coming? i don't plan on that at all. >> one more! >> reporter: which leaves families like the scotts underwater and out of options. >> it's not that we hate where we're at, it's just, at this point we really can't do anything else but be here. >> reporter: the scotts worry that another recession could knock even more value off their home. robert shiller says that rather than a recovery in house prices, the best to hope for would be just stability. >> pelley: anthony, there are a lot of people out there like the scotts and i wonder if they're waiting to see home prices increase before they put their house on the market. what should they do? >> reporter: they're going to wait a long time, probably, that's the problem. foreclosures are putting an enormous amount of downward pressure. shiller'

percent owned eight hundred seventy times more than the bottom ninety percent right before the great depression right before the great stock market crash that that sent our economy into into a depression now that ratio is even higher it's about nine hundred seventy two times more that they own more than the bottom ninety percent the wealth disparity in america is greater than it's ever been and the economy is really top heavy right now there are a lot of people who have a lot more than pretty much everybody else so you look at traditional banana republics like guyana you know venezuela nicaragua ok if i go to david it. is it tax regime in the united states it's created equality of wealth of income. well i would argue that there are certainly there are certainly provisions in the united states tax code that are an efficient you know part of that does go to exactly what carl mention payroll taxes in particular of affect the low income earners of our population much more than they affect the high income earners who tend to make their money on money as mr buffett does point out but what we're kind

this was built in the midst of the great depression.ssed away just months after the infamous stock market crash that led to that great depression. this was parted of the renewal and rebirth of not only the city and county of san francisco but that commitment to this new deal and investing in people and workers and investing in our communities and rebuilding the infrastructure of not only our great city but this state an the nation and so much of that is reflected in the leadership of nancy pelosi and the leadership that we are looking forward to in the future come this november adds we vote for real change. -- as we vote for real change in this country. i can't help myself. you know, i'm a little bit biased on the topic. it's also a celebration of our community in san francisco that is a living example of lily coit's contribution. the stew ards of our community, the people like ann halstead, ken bailey, the friends of pioneer park, who oftentimes have stepped up when government cannot and kept this place maintained, vibranted -- and kep