to think about it is captured in wonderful, and a powerful story but a really good story about henry ford and ahead of the auto workers union touring of active. they're looking through, and ford says walter, how are you going to get those robots in the room? and he said henry, audi going to give him to buy a car? in other words, this large stable prosperous american middle class that we create in the postwar decades is this phenomenal engine of demand they kept economy growing, yet we continue to polarize, the middle gets hollowed out more, does that demanded it as the definition of a recession, a recession unfortunately for all of is a nasty downward spiral of downward demand. we don't want that to happen. >> but the core of that question is a worldview of want to push back all of it which is it's either or. if we have a recession it indicates structural matters. in fact it's about. paul krugman and larry summers are not in the room here as far as i can tell so i don't think -- >> if they were we would be hearing about it by now. >> the on the any bigger advocates were trying to boost ag

speaker2: circle back to henry ford and the robots and we did have two questions here. one is whether given what we are seeing from long-term robot android development should these workers be required to pay social security taxes with android workers? and relatedly henry ford knew he needed the lower classes to consume his products with increased wages. do you think modern -- and those the comptroller system see things similarly? >> let's dive in a little bit deeper on that question. there has been some great work done by joe stiglitz and others to look at what happened during the great depression and in even worse downturn than the terrible one we are suffering through and it turns out that his agriculture was mechanized and tractors were introduced there were tens of millions fewer farmworkers needed them before. so absolutely that kind of decline structural change in employment led to a drop in aggregate demand and a downturn and that is because those workers couldn't instantly find new work. many of them had to physically geographically move and we all heard about t

demand, is an apocryphal story, but a really good story about henry for the second and martin luther, the head of the out of work or is. ford is in a playful mood any jobs walter with this although it does how are you going to get those robots? about this in ibiza is a henry, how are you going to get them to buy cars? in other words, the large middle class we created in the postwar decade is economical engine of demand. they bought a lot of stuff, kept the economy growing. if we continue to polarize, that's the definition of the recession, recession and fortunately we all know it's a nasty downward spiral downward demand. we don't want that to happen. >> the core of the question has a worldview or want to push back a little bit, which is either/or. the recession can't be structural matters. in fact, it's both. the paul krugman admires him or second room as far as i can tell. >> we be hearing about it by now. >> to run any bigger advocates for demand to stimulate the economy. that's a business cycle issue right now. what we talk about is a more fundamental long-term structural issues and for that matter a standard which is p

had a special medal created for foreign friends of the third reich and the regime awarded it to henry ford that very same year this might explain why ford open an assembly plant in berlin in one nine hundred thirty eight just before the war which according to u.s. army intelligence produced vehicles designed for troop transport but these are only a few examples of a handful of corporations that ensured the success of the holocaust and thankfully here go boston siemens have set up a compensation fund for the victims of nazi germany. but look while we learn a limited scope of the whole the holocaust happened and why we must acknowledge the corporations played in these imaginable for only then would begin to hold accountable the many corporations that continue to profit from war and genocide today. the. protests in venezuela have continued to escalate so far at least five people have died in connection with the on the rise with countless injuries and arrests being reported as almost been no media coverage of these protests and what little reporting is conveyed appears rife with disinformation

he is henry ford of our generation. this stock is selling as if it sell as million cars. you can fantasize with the world distributed power company with the factory and going into other things like some companies overpriced and amazon and apple did took over the markets, but reality i ace car company that sold 22,000 cars roughly. they have to grow 50% a year, which is expectation this year for a decade or more to catch up to like bmw car companies. they're trading at a third of the market value. if they're absolutely perfectly flawless and everybody has a tesla and number one car they will only be worth a little more than they're worth today. melissa: it is pretty crazy. i mean, jeff, the stock is so incredibly expensive if you look ad forward pe. trading at almost 70. gm is trading at seven. coke, 16. google 20. bmw, 10. why is tesla worth almost 70 times its forward pe? >> well, i mean i think you're, looking at coke is probably the wrong metric for forward pe. melissa: how about gm or google. >> i would, i would posit it is much better for you to look at company like

henry ford wanted to pay his autoworkers enough so they could afford a car.f you pay workers more, more will go to restaurants. >> that is the hope. they can look at the impact of minimum wage as in their favor. if the policy goes forward, we will not know for sure what it does. >> announced increasing minimum wage to nine dollars. what effect does this have on the debate and on others like walmart? >> it could be good news. even if they do not pass the increase which is very likely, obama can still say companies increased their wages so there is real, tangible benefit. >> some states are doing the same thing. it is an issue unlikely to be reconciled in washington but a lot could go on. chris flavelle, julianna goldman, thank you. coming up, david plouffe and john sununu on 2016. ♪ >> we have two of the premier minds in american politics, john sununu and david plouffe. looks like immigration will die in congress. will it wait until 2016? >> presidential elections are national elections. i don't think it is that likely to be an issue in 2014. we have made a bi

jobs is very generous, but musk is a modern day henry ford and nicola tesla. einstein, and zuckerberg is our alexander graham bell. all among the all-time greatest inventors and thinkers of their eras. stick with cramer. [ male announcer ] these days, a small business can save by sharing. like carpools... polly wants to know if we can pick her up. yeah, we can make room. yeah. [ male announcer ] ...office space. yes, we're loving this communal seating. oh, it's great. yeah. [ male announcer ] the best thing to share? a data plan. ♪ new at&t mobile share value plans for business. our best value plans ever. for example, you can get 10 gigs of data to share. and 5 lines would be $175 a month. plus you can add a line anytime for $15 a month. sharing's never been better for business. ♪ sharing's never been better for business. coach calls her a team player. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a great passer. dependable. a win

it was henry ford and automobiles.his -- got to encourage entrepreneurship in the pro-energy sectors. >> some would say they have other manure problem inside the beltway now. won't sgee that. the fact is, real jobs are not only heating bills at home, but real jobs and folks who work for coal companies. >> right. coal makes up about 40% of the electricity generated in the united states, and this is another example of a regulation that the president is pushing with little considation for the consequences of it. the fact, this would have massive impacts not just on our personal heating bls but on ctories, transportation, hospitals. all sorts of industries that depend on affordable energy. once again, the administration is pushing out the, picki winners and losers in the energy issue with no consideration for how it will impact americans. >> in terms of the point about new plants, you know when they stop new plants they're going to go after the old and shut them down as well. >> all right. we all have solar energy and wind

henry ford creates industries. yeently they decoupled. productivity, gdp, wealth. however, employment has levelled off and stagnated and that is something we didn't see. >> ironically the recent autonation of the past couple of decades has played a role in a lot of the income and equality that has been talked about. >> that's a big part of it globalisation is at work, exchanges in tax policy, technology we see as the biggest single driver. technology is accelerating. >> in the book you talk about the fact that robots are doing more and more jobs that people were thought of only as being able to do it. you look at amazon, and baxter, with all sorts of human like abilities. the question is what's nexted. how much more replacements of humans will we see? >> no one knows for sure. it hadn't before. what we have seen is a lot of routine physical jobs have been especially affected. workers, if you look at the skill ontent. the ones that have routine work. you can take the job, codify it. make not just one copy, but 100 million. that means there's less demand than before.

when henry ford had anti-semitism, brian repudiated it. he was a methodist who went to a presbyterian service, generally open and decent man. let me jump ahead now. any historian that you know of that you would think of the second -- i'll throw the question over. any his historian you know thatu think of the second? very famous historian. think about the kennedy assassination for a minute. >> [inaudible] >> a good guess. >> [inaudible] >> no, no. another good guess. richard hostead. he was the second. remember supporters were -- no eve of this at all. excuse me, brian supporters. they were all -- no, we had no support for this at all. read brian in american political, you think you read it all over again, but as a historian. let me stop there and pick up in the kennedy assassination and liberalism a little later. outrage over killing belgium civilians and sinking of the lose tannian. he wrote another piece of work, and he was a fellow germman american, quote, no compromising future of the men of german blood and, quote, good, quote, right

one of the things that we areat saying lately is that we are in the era of thomas edisons, henry fordse the founders of these companies and they are operating at peak level. way steved him, the jobs -- they are not the same guy at all. -- i never heard either say anything about the other. they are both curators. jeff wants to change the world. bill gates wanted ll ghange the world. steve jobs wanted to change the world. i know this sounds corny.ds to say change the world. people who do not want to change the world, who just want to flip their company those people are , not going to change the world. but if you nt to change the world, you may fwol, but if you are smart and patient and you want to make it better, but this is not the right timing, but yob want to go despite all the obstacles, we will make much foundation, those are the kinds of people who of change the world. definitely larry. >> he is a great thinker. >> much success to this thing. it is a ready great. i wathinking of that great time, bill and steve, so much good has come out of that. you are required to come back tt the

when henry ford came out with his anti-semitism, brian repudiate it. he was a methodist that went to a presbyterian service and was an open and decent man and was antiworld war i, unlike menkin. he created a cartoon that has lasted until the present. let's jump ahead now. is there any historian that you would think of as the second menkin, any historian that you would think of as the second menkin? think about the kennedy assassination with? >> [inaudible] >> richard hofstadter was the second menkin. remember all the supporters for anti-semite. he had no evidence of this at all. i'm sorry, brian supporters. you read this in american political and you think that you are reading menkin all over again. let me stop there and i will pick up with hofstadter and the liberalism a little later. he mocked the outrage over the belgian civilians as well as the death of 124 million american civilians. he wrote another piece of work of a fellow german-american. there can never be any compromise in the future between the men of german blood into the good right thinki

. -- you know, remember, this is the actual anniversary, jan 1914, when henry ford decided to pay hisrs so much more money so they can buy his fords. listen, when i started works, it was $1.65 an hour. we couldn't live on that. that's why it's got to be tied to the increases in economy, and it's not. >> we're talking about federal workers, angela. what about all workers? >> well, jamie right now with an anemic economy you would think bell be logical, but it's farther from the truth. more people will lose jobs? >> why? >> because the bottom line is taxes will increase. a small business in mississippi is much different than a small business in california. you cannot raise one level. if we are to do that, we should leave it up to the state and free markets. the cost of living is different throughout america. now, i'm not for people living in poverty, but the bottom line is this -- would you rather have a job and get paid or no job at all? >> but, angela, you have to admit, i agree, mississippi is different than new york or california, no question about that, but there's not to be a basic

right now, i'm thinking he's the next henry ford.ou can buy it used for more than you can buy it new, so people can flip this car for more than they paid for it. it's hard to see how this does not turn into the next huge success story. >> let's talk about the stock price story. the options traders piling in at 270 and 300 in march. that's crazy. you're talking about a stock that's trading at 47-times earnings. i have no doubt this is a good company. and elon musk is doing a good job there. but the valuation on this stock is insane. >> how do you value the stock? as on automotive company, it should be valued? or a tech company, which the market is looking at. have you really valued the stock? i talked to one trader about this. he said, this is a perfect stock to trade up because it has a big short interest, very small float, and a sexy ceo. in this hot industry. there's a lot of reasons to go up. but further down the road, if if it's an auto stock or a tech stock, is going to be more vibrant. >> we have elon right here. >> the real el

henry ford helped create new industries as did many others. but recently those trends have decoupled a bit. andrew mcafee and i call it the great decoupling. gdp growth, we're at record levels of all those numbers however employment has stagnated as have median wages. that's not something we have seen in the earlier eras. >> the recent automation of the past couple of decades have really played a big role in these job losses that we've seen in the recent years and this income inequality that's being talked about in this arena? >> absolutely. there's changes in tax policy and culture but technology we see as the biggest single driver and what's more, technology is accelerating so there are going to be even bigger effects in the coming decades. >> in the book you talk about the fact that robots are doing more and more jobs that people used to be thought of as the only ones who could do them. we look at amazon and other businesses that have these incredibly automated warehouses where you barely see a human being anywhere. you also show what we're

when heckly ford came out -- henry ford came out with antisemitism, bryan repudiated it. he was a methodist that went to a presbyterian service. he was a general hi open and decent man -- generally open and decent man, and he was anti-war in world war i unlike mencken. when mencken wrote about bryan, he created a cartoon which has lasted til the present. let me just jump way ahead now. is there any historian that you know of that you would think of as the second mencken? let me throw the question over. any historian that you would think of as the second mencken? very famous historian. think about the kennedy can assassination for a minute. >> [inaudible] >> no. no, but not a bad, not a -- a good, a good guess. enter. [inaudible] >> no. no. another good guess. richard hostetter. who's the second mencken? you remember mencken's supporters were all anti-semitic. no evidence of this at all. excuse me, bryon supporters. let me -- were all -- no support for this at all. you read bryan in american political tradition, you think you're reading mencken all over again but as an his

it will be the next henry ford. >> maybe we'll get the tube between here and l.a.st. >> yeah. >> put your seatbelt on there in a half hour. >> nice. >> allen, thank you. >>> today people across the bay used a break in the weather to get ready for more rain and wind. san rafael is offering free sandbags to the community in preparation for the heavy rain. residents spent most of the day filling those bags. kpix 5's da lin is in union city and tells us tomorrow's wet forecast would be an indication of future el nino conditions. da. >> reporter: it's dry where we are here in union city but take a look in the distance right above me. a lot of dark patches of clouds an indication that we're not going to stay dry at least not here for too much longer and if you like the rain that we saw yesterday, or the long- term forecast for next winter is already looking better than what we have seen in the past few months. after months of persistent drought, any wet forecast is a good forecast in the minds of most. and to offer a little optimism, researchers at the national oceanic a

henry ford, steve jobs, bill gates and lots of other people helped invent whole new industries that weceived of at that time.çó >> and though robots may be racing ahead on the factory floor,. >> connect 4. >> there is still time, it seems, before a terminator might take over. >> eat your heart out, if you had one. >> but don't prompt a taunting penalty just yet said baxter engineer kyle maroney. >> i didn't necessarily put you on the highest level that he is capable of. but i cut you a little bit of a break. >> turns out that if he is programmed to win, baxter can already beat any human, even a competitive reporter's competitive grandkids. >> wham schbam. yeah, yeah. >> your generation, seems had best learn the skills of the future or else. >> ifill: you can read more online about what makes this the second machine age and what jobs are still best suited for humans. >> woodruff: now to a subject on the minds of many americans this year: the growing divide between rich and poor in this country. the issue is also the focus of our ongoing series of conversations "closing the gap." last we

to prove that we need go back a century to a great american businessman, a self-made man, henry ford, out of dearborn, michigan. what did he do? he started one of the greatest auto companies in the world. and a central tenant of his business principles was that he going to pay his workers a living wage and he did and they asked him, mr. ford, why are you paying your workers so much? you don't have to do this. and the answer is, i want my workers to be able to afford the things that i'm building. if these people can't afford what i'm building, then i don't have a market. and that's where the magic word comes in. customers. if you pay $10.10 to your employees, it's not just your employees getting that increase in wages. it's everybody else's employees, everybody in america , instead of making in the $7's they get up to $10.10 and all of a sudden they have a few more coins jingling in their pockets and they might show up in your place of business. you're making customers out of millions and millions and millions of americans by paying them a working wage, a living wage, a wage that will

one of the things i am saying lately is that right now, we are in the era of thomas edison and henry ford and andrew carnegie, these are the founders of these companies, and they are operating at peak level right now. >> sing i regard him as a curator, the way -- they are hot the same guy atr&l and i don't know if they like each other to be honest, i never asked either of them, to be honest, i never heard anyone say anything bad but they are both curators, gentleman jeff wants to change the world, gates wanted to change the world, jobs, zuckerberg. >> i know it is corny to say change the world, those who who don't want to change the world but let's say flip their company, those people are not going to change the world but if you want to change the world, you may fail, but if you are smart like him and patient and you are kind of a curator and say let's make it better, this is not the right timing or let's to, let's go despite all the obstacles, let's not -- we won't make much money but let's go lay the foundation for this. those are the kind of people that will change the world. >> rose:

. >> american industrialist henry ford was born in michigan. elon musk hails from south africa.hey changed the game. in the world of auto design, who finishes first? we look at a perfect union of m and function from automakers. ♪ >> they rise effortlessly begging your inside. ♪ >> i set out to pick five revolutionary designs not from the big three. >> bias or at independent? -- why is ford independent? >> when the model t started, big three.ot the they were an independent. >> have an awesome weekend. stay tuned for "taking stock." ♪ >> it's 56 after the hour means bloomberg television is "on the markets." i'm olivia sterns. stocks ending near lows after federal reserve officials indicating the federal reserve is unlikely to slow the pace of stimulus cuts down by about three point five points today, zero .1% for the shortened holiday four day week. pretty much flat and slightly down to date. on the treasury markets, yield coming down a little bit today. bonds rallying in the yield on the 10-year trading at two point 73% after a report showed existing home sales fell by about five

when henry ford had anti-semitism, brian repudiated it.he was a methodist who went to a presbyterian service, generally open and decent man. let me jump ahead now. any historian that you know of that you would think of the second -- i'll throw the question over. any his historian you know thatu think of the second? very famous historian. think about the kennedy assassination for a minute. >> [inaudible] >> a good guess. >> [inaudible] >> no, no. another good guess. richard hostead. he was the second. remember supporters were -- no eve of this at all. excuse me, brian supporters. they were all -- no, we had no support for this at all. read brian in american political, you think you read it all over again, but as a historian. let me stop there and pick up in the kennedy assassination and liberalism a little later. outrage over killing belgium civilians and sinking of the lose tannian. he wrote another piece of work, and he was a fellow germman american, quote, no compromising future of the men of german blood and, quote, good, quote, right t

henry ford intentionally aid his workers a very good wage because he wanted them to be able to afford to buy the products he was selling. i am not an economist, so i do not want to speak passed my expertise, but i do think without a strong, multiracial coalition that puts pressure on congress and puts pressure on employers, we will continue to get growing inequality. host: both of you mentioned congress. the topic that started late last year was that of unemployment insurance, still not resolved. what are your takes on a topic and what congress should do about it? guest: whether or not they should extend it? host: yes. guest: that is a tough issue. you have people that have been long-term unemployed, two years or maybe more, and they have stopped looking. there has to be a social safety net. i agree with that. on the other hand, you get the balk from industry, where does it stop? it is a tough conversation to have. guest: i do not profess to know what all of the policies -- right policies are. i do know that if progressives or conservatives who care about the decline of opportunity fo

when henry ford had anti-semitism, brian repudiated it.he was a methodist who went to a presbyterian service, generally open and decent man. he created a cartoon which has lasted till the present. let me just jump way ahead now. is there any historian that you know of that you would think of as the second mencken? any historian you know of you would think of as a second mencken? very famous historian. think about the kennedy assassination. [inaudible] >> no, but not a bad, a good guess. [inaudible] >> no, no. another good guess. richard hofstetter was the second mencken. remember maintenance supporters -- yet no evidence of this at all. excuse me, bryants supporters were all -- with no support for this at all. you think you're reading maintain all over again. but as a historian. let me stop there. i will pick up with hofstetter indicated assassination and liberalism a little later. -- and the kennedy assassination. as was the sinking of the lusitania with the death of 124 american civilians. they can never be any compromise in the future b

>> i had the possibility to open a brand-new hospital with henry ford, which really became the lack ofually would have an impact on reducing costs and within one year we had significant impact on the outcomes including the financials and we drove down costs but we enhanced the experience for the patient aad enhanced, ultimately led to cancel treatment centers of america to do this on the national level moving forward. sandra: do you believe this s the hospital of the future? will we see this across the country? >> absolutely. it will give us a laser focus on what patients value most and help us to reduce significant waste of activities and programs which have nothing to do with folks -- focus on the patient and further enhance the outcomes and reduce costs. liz: thank you for joining us. >> my pleasure. >> we will have the latest on your forecast and the economic impact of the cold, snow and ice and an olympic size controversy. athletic wearmaker under our company shares in the red coming up and look at today's s&p winners and losers. [ male announcer ] these days, a small business can

>> what about henry ford who said he wanted to pay his workers a higher level because he wanted to makend he has the right to do that, and his competitors may have decided that was a good or a bad idea. >> can i suggest to you -- we've got to go, but when we come back, i want to continue this conversation. >> all right. "squawk box" will be back. we're waiting on target's results. stick around. ameriprise asked people a simple question: can you keep your lifestyle in retirement? i don't want to think about the alternative. i don't even know how to answer that. i mean, no one knows how long their money is going to last. i try not to worry, but you worry. what happens when your paychecks stop? because everyone has retirement questions. ameriprise created the exclusive confident retirement approach. to get the real answers you need. start building your confident retirement today. coach calls her a team player. she's kind of special. she makes the whole team better. he's the kind of player that puts the puck, horsehide, bullet. right where it needs to be. coach calls it logistics. he's a gr

what they're proposing is close to go back to the days of henry ford where you took the raw iron ore, they want to take the lithium and make it into lithium-ion battery cells, then into the battery pack, then into the car. >> this may be an automobile company that could turn themselves into a battery company. >> adam jonas has been talking about this. they'll be having so much energy production and the possibility for electric energy storage possibilities in terms of either mobility, taking that and putting it somewhere or taking some of the energy that they're developing and then sending that to the grid. i mean, a lot of possibilities there, andrew. >> okay. phil, thanks for that. tesla story, every week there's a new tesla story, apple. fascinating. fascinating. >> 0 to 60 in how many seconds on that thing? it is incredible, right? >> yes. >> how fast? >> joe, when you buy -- i don't know the exact number. 0 to 60 is well under 3.5 seconds. that's because you get the instant torque, joe. >> i drove the smaller one. you couldn't fit into it. >> what are you talking about? >> the rea

a hundred years ago, henry ford did a pretty radical thing.ages for people on the assembly ey line and for a couple of reasons. number one, he had 360% attrition at the time. it was hard work. they were paying lousy wages and try running a business when all of your employees are leaving. he understood if i want to retain a loyal work force and produce a good work product i need to pay them well. he also understood the people who make my product ought to be able to afford to buy my product. if we grow the economy each further and we are moving in the right direction but we need to pick up the pace. consumption is the issue. putting money in people's pockets. >> i have a broad question about the sort of -- overall decline of unions in this country. unions made the middle class by securing -- what we have seen is a precipitous fall in unionization the past couple of decades. can you comment on take that trend? and the fascinating thing happening in university of connecticut. a case that is happening right now. i don't know if you've followed it b

. >> disruptive and elon musk i compared him last night, you can compare him to henry ford.ook, you can compare elon musk to, you know, pretty much, tesla, edison, it doesn't matter. but i think to be skeptical about some of these. and i'm not being skeptical about the banks. we'll talk about jpmorgan. i'm not skeptical about retail, they are getting hit. but the cohort of the market trading by a different set of rules has never been something that i have made a lot of money at. >> and can end badly. it can. doesn't always. and sometimes it is reflective of something we may not be appreciating fully in terms of a growth rate that is speeding up because of technology or because of -- a lot of what we saw in overvaluation from the '90s did end up being proved out in terms of its significance. >> and amazon did come through, and there would be a couple of survivors and that was right, there were a couple of survivors. but there were 301 other companies that went to zero. >> at least 300 full bankruptcies of companies. i remember the lists we used to look through in 2002 as you

ford fusion. let's get it on. give me patrick henry.