[applause] >> now, jeff sachs. >> thanks very much, bob. let me add another thought to the discussion. we do not have a global economic crisis. not even close. we of course have a mess in the united states. we have a mess in greece. we have a crisis in spain. we have a crisis in some of the other countries of southern europe. we have crisis in ireland. but even within europe, there is no crisis in germany now. unemployment is at very low levels compared to the last couple of decades. there's no crisis in the netherlands, in denmark in finland, sweden, norway, northern europe is doing rather well. low budget deficits. rather high employment. very high prosperity. trade balance, surplus. if we look farther beyond the north atlantic, at the united states and western europe, then it's even less the case that there's a global crisis. after all, in asia, developing asia, meaning india, china, southeast asia -- economic growth rates are at unprecedentedly high levels by historical comparison. china has been growing, as you know, at a rate of about

i know jeff sachs wants to use that to% in his ways, but i think this is a terribly important way touse it. this vision, as many of you know, i just laid out, is a fusion of the best part of friedrich hayek and the best part of john roles. hayek understood, and slowly made more and more clear that a modern economy is an organic thing. and is capable of imagination and creativity. not the mechanical thing of crude keynesianism. i argue in my recent work that to be a part of that system is, for most people, the only way by which they can expect to have a good life, a life of exploration and discovery and engagement. use of their mind and their emotions. roles understood and economic justice involves, not just transfer of payments to people to permit them to consume more, or to work less, or not work at all. that was at all what he meant by economic justice. for rolles, economic justice, justice involves modifying the distribution of their rewards from work in a society economy to favor the less advantaged as much as possible. interestingly in his last decade, hayek the allied himself w

all right figure great jeff brown people were shocked shocked that goldman sachs refers to his clients as the muppets despite all the wealth destruction of the past decade but population still believes that wall street is there to help them make money of course in your book you explain why that's not the case but why what about this great smith letter do you think it's a much ado about nothing or is it going to have legs as they say in the show business you know i was i was actually pretty critical of of his of his op ed and people are somewhat confused about what the difference is between me and him because i've just written this kind of how lall wall street book so major difference is that greg is delusional he seems to think that over the last five years something has changed so i think i think greg is kind of full of himself in thinking that everything was fine for twelve years and then all of a sudden something changed it's always been this way if you do the research in the history of wall street and main street will. lation chips which is what my book covers there's never been an

sachs says it's the best opportunity of a lifetime? joining us is chief investment strategist with raymond james. and destination wealth management ceo and a cnbc contributor. so which is it, jeff? the best time in a generation to get? or a time when the best moment has passed? >> i don't know if it's the best time in a generation. i do think that stock valuations are still pretty inexpensive for the past few weeks i have been telling our advisors that the markets internal energy has in the short run been pretty much used up by the 30% move from the october 4th undercut low. and we could correct that and allow the energy to be rebuilt by either going sideways or getting somewhere between a 5% and 8% correction. it looks like we're going to get something like a 5% or 8% correction right here. i do think it's for buying because i think the economic numbers are going to continue to look pretty good. and i think the earnings are going to continue to look pretty good. >> you know what happens though, michael, the individual investor sees the huge runup in the market, they get in, michael, right before that 5% to 8% correction. and then what happens is they get scared, understandably

jeff, when this is a trading culture, different than pure investment banks. it's changed over the course of the last decade. this is not gus levy's goldman sachslf, blankfein, they view people at counterparties, not clients. >> don't make the claims, then. i heard there's very large china clients that are no longer interested in doing business with goldman if they can work with some other competitors. they work about some of the trust factors. mckenzie can still hold on to this. obviously j & j have taken their hits, but bp paid dearly for this, and goldman shouldn't advertise this is who they are if they can't live by it. if they say they're no better than the competition, then don't say you are. but they can also get out there and show concern for where the weaknesses are. there was a very good commission that came together last summer to try to repair some of the damages, ways that whistle-blowers -- and obviously this guy is no whistle-blower, but people with issuing can raise them up with senior management. information is fed back, there are concrete steps they can do. and also internally show employees that they really care about this. >