. >> john maynard keynes once warned that markets can remain irrational for longer than you or i could remain solvent. the london stock exchange says that around one-third of its daily trades are down to high- frequency trading. defenders of flash train say that it boosts liquidity. in other words, it makes trading easier. so what if there is an occasional slip? >> this crash happens very quickly. it started around 1/4 to 3:00 p.m. u.s. time. in seconds, the dow jones lost 600 points. within 20 minutes, it had recovered. did people lose money? people lost and made fortunes on that day. but you and i, our mutual friends, our pensions, did not miss a blank. >> some say that the flash crash of may 2010 could have been a much more serious crash of 1997, if it were not for the correcting a fact of computerized trading. >> some people argue that computers will help the responsible for bringing a stock market back quickly. in october, 1987, they relied on the ordinary investor who was shellshocked by the stock market crash. that was much more damaging. >> markets have become more volatile, ji

in the future, holding the house of representatives, picture speaker reinhardt -- john maynard -- boehner, is going to have to say this is how republicans are voting in the house. in the past two years, they have just voted against everything obama did. many republicans will have to assert a little more responsibility. tavis: do you think our political system is broken? >> it is worse than it has been in my lifetime, and that is a long time. i think the only way it can be corrected is for the american people to see very vividly that it needs repair. and if things go from now to worse in the future, the american people in every congressional district in the land might demand that reforms take place in the political system. tavis: it is a beautiful thing to sit and listen to your reflections now. the thing i was most impressed with with regard to the white house diary is when and where you found the time to jot down these elections -- these reflections why you were in the white house. >> eight or nine times every day, i had a little tape recorder on me. i would pick it up and dictate what i

the funny thing is the governor is actually resuscitating an old idea that was first proposed by john maynard keynes he foresaw this problem actually and worried about countries establishing gigantic trade surpluses and he didn't like the potential for imbalances and of course keynes is already associated with aggressive intervention by government so this would take it to the next level not just intervention by the state but by international organizations regulating how trade and currency flows work well so what i love to you is that geithner's vocabulary that he uses you know he did an interview with the wall street journal and he said that there's no established sense right now of what is fair and is the global economy supposed to be fair is that just a little bit of wishful thinking come on. you know there's never been a time where some centralized authority got to say oh this is fair this is a fair activity china obviously manipulates its currency but so do most countries and so does the u.s. and bernanke obviously has done a lot to devalue the dollar just by talking about quantitative ea

his name is probably going to be john maynard -- john boehner.hat happens when he is the leader of congress? who sets the plate? that means obamacare will be a lot of trouble. cap and trade, in a lot of trouble. stimulus money, going back to the treasury. card check, in a lot of trouble. that is what we want. that is what america wants. that is what the tea party once. that is what our children want. we are in the position in west virginia right now to go to the final four. this time, not fourth place, this term first place. we win, you lose. thank you very much. [applause] senate minority leader michel, will has campaign for fellow republicans more than twice as much as vice president biden has four democrats. so far, this election cycle, the majority leader has held member to hundred 50 events will the vice-president held 100. this has helped shore of finances for republican candidates. >> from this morning's "washington journal," look at the pros and cons of absentee voting. this portion is about 20 minutes. "washington journal" continues. hos

his name is probably going to be john maynard -- john boehner.hat happens when he is the leader of congress? who sets the plate? that means obamacare will be a lot of trouble. cap and trade, in a lot of trouble. stimulus money, going back to the treasury. card check, in a lot of trouble. that is what we want. that is what america wants. that is what the tea party once. that is what our children want. we are in the position in west virginia right now to go to the final four. this time, not fourth place, this term first place. we win, you lose. thank you very much. [applause] >> now, discussion of some of the races in the midterm elections. this is about 35 minutes. host: we want to welcome back patricia murphy. good morning. thank you for being with us this morning. good to have you both back. let me begin with the front page of the "washington post." looking at the tea party movement. if you go inside canvasing the party, the "washington post" talking the disparate groups at make up the tea party. what they believe in. 99% say the economy is thei

his name is probably going to be john maynard -- john boehner.hat happens when he is the leader of congress? who sets the plate? that means obamacare will be a lot of trouble. cap and trade, in a lot of trouble. stimulus money, going back to the treasury. card check, in aot of trouble. that is what we want. that is what america wants. that is what the tea party once. that is what our children want. we are in the position in west virginia right now to go to the final four. this time, not fourth place, this term first place. we win, you lose. thank you very much. [applause] needs to change to support the aspiration and expectations of today's population rather than the population of the 1950s. the spending review is under pinned by far reaching reform of programs from public service reform. we saw over the last decade the more money without reform is a recipe for fail year and less money without reform would be worse. we began by squeezing every last penny we can find from waste and administration costs. our ambition in this review was to find 3 bi