howard hughes was spun out of when general growth properties emerged from bankruptcy, howard hughes was a collection of 34 sort of development or turnaround properties that didn't really fit with the mall portfolio of general growth. and we actually think this is the more attractive piece. we have sold. howard hughes has 34 fabulous properties. four of them are master planned communities that are really directly related to housing. the rest are various malls, southside sea ports in new york city. ward centers in honolulu. and the key is that they're all either need to be turned around or just development properties so they're not currently cash flowing but you've got an incredible operator, the ceo, and a great capital allocator who's chairman of the company and shareholder and we're betting on the overall portfolio of assets and the management and the board, the chairman of the board here. and it's even with the run-up it's had recently, still trading at a slight discount to book value and we think it's conservatively stated and hard to say exactly what it's worth but we think more tha

he does not want to run a company, he wants to be howard hughes. he wants to be behind the scenes, pulling strings. he does not want to be sitting in board meetings and sitting behind a desk and the typical things a businessman would be required to do. and he discovers this little island called saipan which is very beautiful, but it's also a bizarrely magical place in that you get 95% of your federal income taxes rebated there. and larry just thinks this is the most amazing thing he's ever heard about in his life. so he immediately moves there and goes about becoming a citizen. he buys these businesses, he runs for office and loses. but he eventually gets appointed as a supreme court justice on the island and gets to know all the politicians and offers up his legal services for free which means that he can write the laws on banking and real estate and all of these other really fun things. that also happen to benefit him. and now he's coming under attack from the fbi again, and they see him stirring up the islander politicians against the u.s. the u

i think i've got such a diverse set of interests, movies, aviation, technology-- >> howard hughes. >>ell, i don't know if howard was involved in sports teams. >> allen's diverse set of interests also led him to invest in over 100 business ventures. most of them were poorly managed or ahead of their time, so they flopped, and he slid from being the third-richest man in the world to 57th. were you just too early, or was it that you really needed a bill gates and didn't have that other person to push it through? >> look, in microsoft days, you had some great ideas and some great execution between me and bill and many other people. you know, in technology, most things fail. most companies fail. but i had some whoppers. >> some of his whoppers, however, produced numerous patents. in a move that angered silicon valley, allen sued several giant companies, accusing them of infringing on those old patents. who are you suing? >> oh, it's a long list. >> aol, apple, ebay, facebook, google, netflix, office depot, office max--i can--staples, yahoo, and youtube. >> right. >> how do you argue that y

what about howard hughs? we know how his life ended. it was pitiful, pathetic. he had all that wealth and he ended up a recluse. >> is it fair to have to come back from defending our country and have to sleep under a bridge s that fair? >> no, straight up. >> i disagree. maybe it has to be fair. maybe that's your lot. maybe you're supposed to ax fect somebody. >> you can't make me see that if i'm in a wheelchair sleeping under a bridge. >> you deal with it. >> so you're telling me, whatever you got dealt, if you don't like it, that doesn't help the situation. >> this is my karma, this is my lot. i think god gives us a free will and a choice to make decisions about how we of a feiveght life. you can let life happen or make it life. >> seeing lifing in other people as a favorite is not going to help you make things happen. >> we reap what we sow. >> what does scripture say about favoritism? does god play favorites? that's our question. >> there's one scripture that comes to mind that jeremiah says before you were formed in the belly of your mother's womb, i knew y

. >> caller: howard hughes corporation. hhc. >> man, you just stumped the chump.o not know that name. i do not know it at all and i've got to come back. woe wow, like a housing play. >>> let's go to -- guy with the name of a stock. cisco in georgia. >> caller: booyah, booyah, great southern booyah to you, jim. my question is with netflix, you think because of the rates falling they can rebound? >> i think that they can rebound. i think it can rebound. technically, a great level. you know, i'm going to say it's okay. your name, cisco not a buyer of cisco here. >>> let's go to crystal in mississippi. people call from everywhere. crystal. >> caller: booyah, jim, from mississippi. >> ole miss. speak to me. >> caller: the ibm stock. >> oh, ibm, a great faulkner novel. buy, buy, buy. charitable trust owns it, inexpensive, and i think it's a -- two solid buys here. and that, ladies and gentlemen, is the conclusion of the lightning round. >> jimmy, how you doing? >> i've been taking a lot of items here. go ahead. >> actual on air eating of items. i have the same salad eve

. >> garrett reisman: if you had a chance to go back in time and work with howard hughes when he wasant to do that? i mean, that's... that's why i'm here. >> pelley: and that's why most of the engineers we met are here-- building spaceships is the chance of a lifetime. if you reach the point of having a successful manned flight, what will you have proven? >> we're not doing it to prove anything. ( laughs ) you know, we know it can be done. i think we're just trying to do it a little bit differently, a little bit faster, and to push the... push the fence a little bit farther out. >> and then we can all go... i mean, i want to go into space. i assume most people here do as well. ( laughter ) >> pelley: how many want to ride? ( laughter ) okay. everybody wants to go. >> caroline wants... >> caroline conley: i'm... i'm not so sure. ( laughter ) >> four, three, two, one... >> pelley: four years after starting, spacex rolled out its first rocket, an unmanned booster called the falcon one. >> falcon has cleared the tower. >> pelley: but the first three test flights failed to reach orbit. >>

staff of the bookloft are very pleased to welcome our friend and neighbor and fellow bookie, hugh howard. hugh? [applause] >> thank you, sir. good evening. it's wonderful to be here, and i think eric for those kind words, and mark and alec and all the other folks here at the bookloft. not least because independent stores are becoming more and more important i think in this world. and so those of us who enjoy the process across passionate browsing books as both reading and writing, bookstores, whatever merits of the web, are special places. so i thank them for being here, both to welcome us tonight but also to sell us their wares. to begin then, a question that comes to mind is why a book on the war of 1812. partly the answer is because i can read a calendar. this is 2012, and, therefore, it's the bicentennial of the war of 1812. and and diverse i found have a kind of doppler effect. you don't really care that much and then they speak loud to the have been of thing happens and then they fade away. i was hoping that i could catch that moment, and to judge from the folks we have here i would say

hugh howard worked for various publishing houses over 10 years. as then architecture zero historian writing for "the new york times" the basis of his first book the preservationist progress. he has written over dozen books on american architecture, art, history. him and his wife moved in 1981 where they chronicled their efforts to remodel an old colonial in his book house streets. he has turned his eye to thomas jefferson and his role as an architect and inspiration to other early architects in his book dr. campbell and mr. jefferson. he brought to life the founding druthers of american painting and the elusive george washington. recently, along with his collaborator, he wrote to from the houses of the founding fathers. they are hard at it again in this sequel to called houses of the presidents. right envy his research troops. you should ask him about his and visit to bill clinton's boyhood home. turning to the war of 1812 with the book "mr. & mrs. madison's war" america's first couple at the second war of independence" published by blooms very bo

eric kandel, a nobel laureate, professor at columbia and a howard hughes medical investigator. so tell me where we are today? what are we going to find out on this journal snae. >> we going to speak about psychiatric illnesses today. in the last programs we spoke about neurological illnesses, disorders of consciouses, of cognition. today we're going to talk about psychiatric illnesses and the most devastating of all, schizophrenia. and we have danny hurley here who can tell us what it is like to actually experience the disease. the disease is tragic from several points of view. first of all it is fairly common. 1 percent of the population worldwide suffers from schizophrenia. two, the disease affects people early in their lives. and often is nonremitting, so it is with them for the rest of their life. so it really affects people in a very dramatic way. we have known about schizophrenia for a very long time. but we've had very little scientific understanding of it. so hip october rattees already spoke about psychotic illnesses but it wasn't really until the beginning of the 20th

and i think you started to see and we have the benefit, you know, on the board of the howard hughes corporationland, you know, residential land in las vegas of all places, probably the worst market in the country, starting to see some glimmers on the part of home builders are putting down deposits and we own land in houston which has been a very, very strong market. and my view is you have housing prices down 30% to 50%. you have interest rates down 30% to 40% from where they were call it five years ago. so, the effective cost of owning a home is the lowest it's ever. rental rates, the apartment rates are trading at low yields because rates have gone up 7%, 8%, 9% per anum, so it's cheap to own a home versus an apartment you rent. the reason people haven't stepped up to buy homes because they are afraid of losing their jobs. >> warren buffett said you should go out and buy as many homes as you can. have you done that? >> i haven't, but it's a great sort of opportunity. to finish the thesis if i can. once unemployment stabilizes which i think we are headed in the right direction, all of a sudden

. >>> next, historian hugh howard recounts the war of

hughes had been appointed to the court as an associate justice by president william howard taft. and, but he resigned in 1916 to become the republican candidate for president. and he ran against woodrow wilson. ran a dreadful campaign. he was the odds-on favorite, but he ultimately lost california by 4,000 votes and, therefore, the election. he went to bed the night of the election thinking that he had won. franklin roosevelt, who was a big wilson supporter, went to bed thinking that hughes had won. and then the next morning the returns from the midwest and particularly california came in, and it turned out that wilson won the, won the election just barely. roosevelt continued in, as assistant secretary of the navy, and then in 19 -- and hughes went back to private ration in new york city. roosevelt in 1920 became the vice presidential candidate of the democratic party running with governor james cox of ohio. they got trounced. by calvin coolidge and warren harding of the republican party. and at the same time after harding was elected, he appointed hughes secretary of state. one