recognizing that the efficient market hypothesis and the theory of expectations are a dead end could constitute a major step forward. that's what the constitute of economic thinking is thinking to achieve. : >> it was the hard right that took the initiative by arguing that the government is the cause of all our difficulties and the so-called left in so far as it exists has been forced to defend the need for regulating the private sector and providing government services. although i'm painted as a representative of the far left and i'm not feel to political bias, i'm ready to recognize that the other side is half right in claiming that the government is wasteful and inefficient and ought to function better, but i also continue to cling to the other half of the attitude, namely, the financial markets are unstable and need to be regulated. above all, i am profoundly worried that those who proclaim half truths as the whole truths whether they are from the left or the right are encirnlging our -- endangering our open society. i believe hayek would share that concern. individual liberty ou

i have developed an alternative perception framework, which is opposed to the efficient market hypothesis and national expectations is still on the twin pillars of compatibility. my firm belief whose principles are in accordance with hayek's ideas. they can't both the right. if i am right, market fundamentalism is wrong. and to be right, and must be able to show some inconsistency in hayek's ideas and that's what i propose to do. let me start with hayek's influence on my thinking. i was a student in the london school of economics in the late 1940s and i was reading come at the methodologist will culture which took place between popper and hayek in the early 1940s. i considered myself a decide all of popper, but in that controversy, i was on hayek site. hayek conveyed what he called scientism, namely newtonian physics. popper argued in favor of what he called the doctrine of the unity of science or rather the unity method. that is to say that the same methods and criteria applied to all scientific dissonance. i was drawn to this controversy and interest in the writings of karl popper. i ha

i can't tell you that we can project that hypothesis at all. but it doesn't look like the current trajectory. the bottom line is these are the future economic giants, just because their population is four times ours. >> canyon maybe say something good about the other figures were people live, africa? maybe contrast or what you see happening there? >> so, i think, i think there are people, living people in this room are more expert on africa than i am, but my impression, correct me if i get any of this wrong, there's been a clear pattern of growth acceleration, the reason to be successful navigation to the crisis, a generation of young leadership that takes responsibility on behalf of the country for their future. a long period of building national identity. recently successfully as a kind of fundamental foundation for sort of building a society with a set of objectives, including the economic ones. and so, i would say, and then you have the power of asia which wants to interact with africa as a tailwind. we didn't talk much about this, but the

great degree of latitude and performance that is consistent and i don't think we can reject that hypothesis. >> one of the same as you mentioned is that you are fairly comfortable of those that were out there but with the differences with the systems to get that going is more difficult and what do have been terms of history? but those that would step up to analyze the issues talk about many other aspects as well. >> we don't have a lot of evidence. that is one way to put it i could be quite wrong but it is this is likely to happen in china talk about historical performance. this like a number of other countries with lots of variations has a clear objective, long-term objective with a long-term time horizon and a reasonably track record for anticipating problems that come at the next day gem growth. it is on the basis of the track record i would lean to the conclusion to internalize that. otherwise you would point* to the environmental performance with the chinese economy which is probably the most extreme version dealing with eight environmental consequences later which turns out to produce

decades that hypothesis needs a lot of scientific investigation to see if it's valid. me had evaluated him and said he was better adjusted after treatment. so it wasn't my opinion. >> one of those psychologists has since died. the other, larry ferguson, told us he did evaluate kirk murphy as a teenager. he told us the family was well adjusted and he didn't see any red flags when evaluating kirk. but a psychiatrist who followed up with kirk when he was 18 wrote that kirk told him he tried to kill himself the year before because he can't "want to grow up to be gay." rekers insists the they are which was intended to help kirk and his parents. >> i only meant to help. the rational was positive to help the children, help the marnltss who come to us in their distress, asking questions, what can we do to help our child be better adjusted. >> george rekers has had a nearly three decade career as a champion of the anti-gay movement. he was a board member of the national association for research and therapy of homosexuality, or narth, an organization whose members attempt to tre

decades later, that hypothesis needs a lot of scientific investigation to see if it's valid.ogists of me had evaluated him and said he was better adjusted after treatment. so it wasn't my opinion. >> reporter: one of those psychologists has since died. the other, larry ferguson, told us he did evaluate kirk murphy has a teenager. he told us the family was well-adjusted and he didn't see any red flags when evaluating kirk. but a psychiatrist who followed up with kirk when he was 18, dr. richard green, wrote that kirk told him he try to kill himself the year before because he didn't "want it grow up to be gay" rekers insists the therapy was intended to help kirk and his parents. >> i only meant to help. the rationale was positive, to help children, help the parents, who come to us in their distress, asking questions, what can we do to help our child be better adjusted? >> reporter: george rekers has had a nearly three-decade career as champion of the anti-gay movement. in addition to being a founding member of the family research council, he was also a member of the national bo

but it is in some ways puzzling in relation to the excellent use of that in 2008 so that is my hypothesis. >> there was a phrase back in the older days when some technological revolution or other was going on. it was computers, personal computers. the phrase was garbage and karma garbage out. a reminder that medium is just a medium and this is a very slippery -- because you can use with handguns and you can use it with facebook. the point is that just the equipment of an entire generation of young people with instant telecommunication with each other around the world has no necessary social or political consequence. it seems to me. now, i happen to think that the maghreb e. revolutions are an interesting realization of this. it is too soon to know but my impression is that not only were the means there are but there was some framing idea or concept or value that was articulated by a few people and grabbed onto by many others. freedom, democracy, votes, tyranny, some substantive idea that spread almost instantaneously and resulted in the most dramatic political direct action that we have s

>> i am afraid that my sales would go to the hypothesis. people want to read our lives. there are a number of biographies in washington. he just came out with the doorstop. the powers that be in commerce line up behind the biographers taking up a known this subject. i had a pretty good day job. i was able to do this for the sheer love. it was a deep rooted and abiding love. you were kind enough to ask me a reed about. -- to ask me about reed. think of all the people who have lived and died in america. you cannot know them all. to me one would do worse by choosing him. >> you have the diary. what else did you do to make yourself familiar? what it did to start writing? >> 1 procrastinates. -- one procrastinates. i spent the last 2.5 years rights team -- writing. what also interested me was a reed not merely in. -- was not merely reed. the times also intriguing. my day job has to do with monetary affairs. that means the nature of our currency and federal reserve. the last quarter of his life was a time of enormous turmoil. we talk about this mysterious thing. it is quantita

decision be sound that indeed is our constitution a complete suicide pact for the constitution on this hypothesis jefferson said is a mere thing of blacks in the hands of the judiciary which they may twist and shape into any form they please and today the roberts court has twisted and shaped our constitution into a corporate charter for rich c.e.o.'s to run amok in our electoral politics at jefferson known in eighteen zero three just how far the supreme court would go in shrine in corporate power in america he likely would have led a revolt against the court of himself. but in fact for the next thirty years we're actually a little more than thirty years the john marshall of the chief justice the court never again struck down the law so the issue of the court having too much power was that steam but now it's here in spades the greatest threat facing america today is too much power in the supreme court an institution that was supposed to be the third of three co-equal branches of government but has turned itself into a monarchy past presidents have tried to solve this problem we had jefferson or mo

didn't bouncing in the opposite direction and in my first modeling miscues financial instability hypothesis that's precisely what i had happening what i didn't cover in daytona paper that i had to cover and all they wanted two thousand was that they can be a situation with rather than the profit doing this and the government at doing that and with private it doing this and so for the government to balance it it's going to be doing the same thing in the opposite direction that's what you have what people now call the minsky moment when some much profit it's been taken on but the only way out of it is to take on neverending amounts of public good as well so we go down that route you know you've got this is japan has had. private stabilizes perhaps a thought a little public that the continues rausing trying to balance the deflationary effect of reducing private the real solution is to say hey guys we shouldn't have had this product in the first place if you want to solve the process somehow abolish or reduce the real burden of the private and ironically the best way to do it and kinds made a s

i think it is and there are fundamental hypothesis was that the major a variable that produced all of the social ills was inequality that the greater inequality was and they did it both nation by nation around the world and state by state united states the greater the inequality the higher the rates of teen age her pregnancies s t v mental illness drug abuse is violence it went through like fifteen social indices. you did not include that your list where you were do you think that that fits in all of this is that it is that simpler because well one of the one of the causes one of the many causes of the unrest in the arab countries right now. has been the or is the huge gap that's developing between the lead fuel at the top. and the middle class if you will. if you look at the two most populous countries in the world not the most part is the two largest economies in the world the us and china both really experiencing this now both have very different political systems in the us that top one percent scamming a larger share each year of that of the pie if you will in the middle class has

i want to add an additional reason or hypothesis. that is because pre-emption cases are hard. they are very hard. why are they very hard? because the touchstone is congressional intent. congress often does the rest of us no favors as we try to figure out what congress had in mind when they wrote a law. do we look at the structure of the statute? do we look more broadly at statutory context, including history and a broader congressional purposes? do we look at all of them, or only some of them? i think the fact that pre- emption cases are difficult because pre-emption -- because congressional intent is so hard to discern is that judges will make judgment calls. those are contemptible. the will and that this agreement. the court will be moved to disappear -- move to intervene and make a judgment call. how does one go about divining congressional intent? that is not easy to answer in the abstract and across the board. the same justices do with the question of congressional intent differently in different cases. i think two of the most important cases of the term illustrate this n

there's something real estate really interesting, a professor from virginia talks about the happiness hypothesisace you belong. if it is not in the work place right now, make sure to find the place of social connection, whether it is a sports league, a professional association, making sure you're staying involved and connected so that you feel a sense of a team or a part of something bigger than yourself is essential. >> absolutely because it is very easy to wallow in self-pity or just become lost if you have too much time on your hands. >> this is really about people not recognizing what the real impact will be. one of the greatest statistics is men who live until 95 work until they are 80 years old. the social connection is huge, the sense of passion for doing something every single day, that's meaningful. >>> well, that will do it for me. thank you for spending part of your weekend here with all of us. cnn newsroom continues at the top of the hour with don lemon live from manchester, new hampshire. have a great week. stay with cnn. membership rewards points from american express. they're a so

i can't tell you that you can reject that hypothesis and all. but it doesn't look like the current trajectory. the bottom line is the future economic, the populations are forthcoming. >> sir. >> can you may be say something, a big area with lots of people. maybe contrast or what you see happening there. >> so, there are people including people in this room who are more expert on africa than i am. but my impression, and correct me if i get any of this wrong. there has been a clear pattern of growth acceleration or reasonably successful navigation through the crisis. a generation of young leaders taking responsibility on behalf of the country for their future. a long time of building national identity, reasonably successfully as a kind of fundamental foundation for building a society as a set of objectives including the economic ones. so i would say, and then you have the power of asia which wants to interact with africa. a tail wind. we have been talking about it. the importance of the middle and come transition, the natural territory for countri

that's pure hypothesis. if he had acknowledged that sin, you would have said probably end of story. let me fast forward to the bottom-line issue that is dominating the discourse in washington and in weiner's district now, should he resign, in your mind? and, if so, why? because he lied about what he did or because of the underlying acts? then i want to pursue that a little bit. >> i don't want to be the arbiter. i don't want it to hinge upon what breitbart thinks. because he's certainly not going to listen to me. at this point, it's clear he's more damage to the democratic party if he stays. so i think at the end of the day, he should leave because he's not doing any favors to the american people. he's not doing any favors to the democratic party. and every single day i wake up to find out that there are competing websites and competing, you know, media entities that are breaking new so sordid details in this thing. it comes down to whether pelosi and hoyer come up to him and say, come on, guy, you got to step down. >> look 5, i think it's fair to conclude at this point -- your conc

my hypothesis is that the ban caused the unintended effect of reducing the number of voices, especially newspapers and scores of american communities. given that however, the demise of american newspapers have been written about for quite a long time. tombstones have been written for quite some time. this reminds me of a book that i keep in my office and i'll just read you a couple quotes from it. the first quote is the printing presses on the way to obsolescence. yet journalism marches on. it goes onto say that journalism migrates into new areas of communications. its practitioners who are on the move, the commerce and information flourishes and quickened its tempo. new skills developed in the major problem for newspaper journalists is to keep their readers are migrating, too. this could have been written today. i found this in my mother's library. she passed away in 2005, a few months before i was appointed to its defeating american news ether. very clever container with a fading. you have to ask yourself, when was this published? 2004? was a published in 1976, the year after the news

>> i had one hypothesis on why switzerland has a high capital requirement. i think that they have the best ratio of the size of a banking sector and i think it is a good example that they may want the capital requirements to be. it says that if i do not have money to give you in the end game, let's figure out what capital requirement i will charge you. my sense is the reason why the countries are not getting pushed to that limit is because the banking sector implicitly explores the fiscal strength of the government because they can be built up. today, it is conceivable that there could be $250 billion. it does not seem outside the scope out -- of the u.s. balance sheet. the moment you talk about 3 billion -- a three trillion dollar sector it seems hard for them to manage. >> we have iceland and ireland. the island case as well. they did the bank debt on to the government's balance sheet. so you have fiscal problems and you have a spectrum of switzerland is closer to one. you have others. i think a relevant question in these issues is, what can you afford? wh

just a hypothesis. given that switzerland's already active, if u.k. and the u.s.were able to agree among themselves to impose significantly higher capital requirements, wouldn't that be much more effective in overcoming the domestic arguments given how important both centers are as international financial centers? >> i think it would be helpful if we could get the u.k. to line up. i mean, you you know, it would l leave out some, some big players. you'll recall that basel i came about because the u.s. and the u.k. really were at the lead at that. you know, i think that's not, that's not quite enough, but, you know, the u.s., the u.k. and switzerland would at least be a start, a leading that lance to say, well, let's go for more than the basel iii and get somebody along. you'll notice in the vickers report where they push 10% common equity for the retail operations they leave the wholesale operations to be determined by the basel process. so they're, clearly, not willing, not willing to go sort of unilateral on the wholesale operations. again, probably because of th

. >> we have no evidence to exclude a reasonable hypothesis that there was no murder at all. that there was no premeditation. there's no history to suggest culpable negligence. there's no history in this case to establish any basis of aggravated abuse. and in counts one, two, and three are not just ripe for, but screaming loudly in demanding justice of acquittal. >> chief judge melvin perry listened patiently through all of that and then he ruled, he said yes, there is enough evidence that this case needs to be decided by a jury. and the motion was basically denied. that was it. >> all right. now it seems like the defense is getting poised to call an unexpected witness. who is this? >> yeah. this is again, why this case is so fascinating, because there is one surprise after another. this is a clear example of new suspense that's been introduced as a result of the defense. the defense team said they recently discovered this fellow. who is identified as 52-year-old vasco degamma thompson. they say this man is a convicted felon who served time for kidnapping. and here's the poin

my hypothesis is that the ban caused the unintended effect of reducing the number of voices, especially newspapers and scores of american communities. given that however, the demise of american newspapers have been written about for quite a long time. tombstones have been written for quite some time. this reminds me of a book that i keep in my office and i'll just read you a couple quotes from it. the first quote is the printing presses on the way to obsolescence. yet journalism marches on. it goes onto say that journalism migrates into new areas of communications. its practitioners who are on the move, the commerce and information flourishes and quickened its tempo. new skills developed in the major problem for newspaper journalists is to keep their readers are migrating, too. this could have been written today. i found this in my mother's library. she passed away in 2005, a few months before i was appointed to its defeating american news ether. very clever container with a fading. you have to ask yourself, when was this published? 2004? was a published in 1976, the year after the news

my hypothesis is that the ban caused the unintended effect of reducing the number of voices, especiallyspapers and scores of american communities. given that however, the demise of american newspapers have been written about for quite a long time. tombstones have been written for quite some time. this reminds me of a book that i keep in my office and i'll just read you a couple quotes from it. the first quote is the printing presses on the way to obsolescence. yet journalism marches on. it goes onto say that journalism migrates into new areas of communications. its practitioners who are on the move, the commerce and information flourishes and quickened its tempo. new skills developed in the major problem for newspaper journalists is to keep their readers are migrating, too. this could have been written today. i found this in my mother's library. she passed away in 2005, a few months before i was appointed to its defeating american news ether. very clever container with a fading. you have to ask yourself, when was this published? 2004? was a published in 1976, the year after the newspape

democrats and president obama over the last few months are all the evidence we need to support this hypothesis. facing a full-blown debt crisis, they still prefer to kick the spending can down the road. i want to be clear that i am deadly serious about this proposal, and so are the people of utah. i have been pleased to work side by side with my colleague from utah, senator mike lee, on the balanced budget amendment and senator cornyn and all the other republicans. some people might say that mike lee and i are an odd couple. i have a few years on him. i don't intend to be as animated as he is. he is a great young man with a lot of energy. we share at least one thing -- an absolute commitment to passing a balanced budget amendment constitutional amendment and sending it to the people of the states for ratification. people are demanding that we act, and it's well past time that we recognize their constitutional sovereignty and allow them to exercise it through state ratifying conventions. i would like to commend senator lee for his tireless work on this amendment. he is not the only one who dese

anyone, was with her in attendance when she died and they have failed wholly to rebut the reasonable hypothesisce that it was an accidental death. >> reporter: the defense argues caylee accidentally drowned in the backyard swimming pool and in a misguided effort to avoid her mother's criticism, casey covered it up. >> the law is the law. >> reporter: prosecutors believe their witnesses have proven casey suffocated her daughter and, for the first time, they added, even absent toxicology tests they believe the jury will conclude casey poisoned her daughter. >> it is our position that a reasonable jury in this case can conclude that caylee marie anthony died as a result of the application of three pieces of duct tape to her nose and mouth. that a reasonable jury can conclude that caylee marie anthony died as a result of poisoning by chloroform. >> in our case there has been no evidence presented that casey marie anthony used duct tape for any purpose, that she used chloroform for any purpose and in any way whatsoever contributed to the cause of death of this child. it is forcing, guessing and spec

i want to add an additional reason or a hypothesis, and that is because pre-emption cases are hard they are very hard, and why are they very hard, because the touch-tone is congressional intent. congress often does the rest of us know favors as we try to figure out what congress had in mind. do we look at the text and structure of the statute? do we look more broadly at statutory context, including history and broader congressional purposes? do we look at all of them, or only some of them? i think the fact that pre- emption cases are difficult because congressional intent is so hard to discern means that judges are going to have to make judgment calls that will be contested, there will be disagreement, and the court will be moved to intervene. guard are a lot of cases where they simply make a judgment call on its own. how one goes about dividing congressional intent in my view is not easy to answer in the abstract and across the board. indeed, the same justices deal with the question of congressional intent disinflate in different cases. two of the most important pre- emption cases of t

how do you expect to be able to -- do you have any initial hypothesis on how to measure that opposed to collecting all the data? >> okay, two questions there. nellie, you want to go first? >> i think in terms of whether you can say dodd-frank has contributed to less systemic risk, boy, a hard question. you taking it out of the context of the financial sector and the economy where every's inclination now is we're still cleaning up the past. there's -- there's caution in terms of leverage and risk taking on the parts of all participants now. how much is that is just sort of up dodge nows -- indodge nows, and we're not in a position to answer that now, and you see quantities and prices, and you don't know, you know, the supply and demand shift. i -- in terms of measuring overall systemic risk? you know, there's some attempts to try to get a bigger handle on the concepts and get them all together. our approach is we're not trying to achieve a single measure -- >> [inaudible] >> yeah, so i think it's a pretty broad scope, i mean, you've got -- you've got farms, you've got markets, you've

my hypothesis is that the cross ownership ban caused unintended effect of reducing the number of voices especially newspapers, in scores of american communities. given that, however, the demise of american newspapers has been written about for quite a long time. their ephithet and tombstones have been written for quite some time. this reminds me of a book i keep in my office. i will just read you a couple quotes from it. the first quote the printing press is on the way to obsolescence yet journalism marches on. goes on to say as journalism migrates into new areas of communication its practitioners too are on the move. the commerce and information flourishes and quickens its tempo. new skills are developed and the major problem for newspaper journalists is to keep their readers from migrating too. this could have been written today. i found this actually in my mother's library. she massed away 2005, just a few months before i was appointed. it is entitled, the fading american newspaper. very clever printing there with it fading. and you have to ask yourself when was this publish? was it

my hypothesis is that the ban caused the unintended effect of reducing the number of voices, especiallyapers and scores of american communities. given that however, the demise of american newspapers have been written about for quite a long time. tombstones have been written for quite some time. this reminds me of a book that i keep in my office and i'll just read you a couple quotes from it. the first quote is the printing presses on the way to obsolescence. yet journalism marches on. it goes onto say that journalism migrates into new areas of communications. its practitioners who are on the move, the commerce and information flourishes and quickened its tempo. new skills developed in the major problem for newspaper journalists is to keep their readers are migrating, too. this could have been written today. i found this in my mother's library. she passed away in 2005, a few months before i was appointed to its defeating americanews ether. very clever container with a fading. you have to ask yourself, when was this published? 2004? was a published in 1976, the year after the newspaper ow