>> it is accompanied john oakes and i set up in the middle of last year. and we decided that we were just going to start from scratch. for the sort of books we wanted to publish which in my case i suppose it broadly political book although some cultural books as well in john's case i think the emphasis on what he does is probably more cultural but he's also interested in political publishing. the traditional model was no longer working and the reason it was no longer working was because the retailers in publishing had such power and were taking so much money out of the process, taking such massive discounts to sell the books there was no money left to promote the books. and this was happening at a time the number of polk did the books being published as richard suggested was soaring. so it's not clear exactly how many books are being published in the united states but it's probably something like half a million new titles a year so that's what, 10,000 books a week. the amount of malaise that creates and the amount of confusion about what people should read

host: sherman oaks, california. go ahead. john on our republican line. caller: hi thri. i don't have a feeling one way or another whether these things should continue. but there isn't very valid economic reason for them to exist. one of your earlier callers said they should just go to a bank if they outlawed them, people could just go to a bank. that's just not true. the reason they go there in the first place is because they can't get money from a bank. they're like a lender of last resort. they can't get money from anyone else. so the option is if you take these things tauf street, if you get rid of all the payday lenders, a lot of people will have no place to get a loan. and then what do they do? they're paying a very high price. but the option is they will have noplace to get a loan. guest: i've spent a lot of time talking to customers who use them and other types of nonbank lenders that are often characterized as lenders of last resort, and i would say in general the customers at those establishments are actually a mix of two kinds of people. one the group that you

host: sherman oaks, california. go ahead. john on our republican line. caller: hi thri. i don't have a feeling one way or another whether these things should continue. but there isn't very valid economic reason for them to exist. one of your earlier callers said they should just go to a bank if they outlawed them, people could just go to a bank. that's just not true. the reason they go there in the first place is because they can't get money from a bank. they're like a lender of last resort. they can't get money from anyone else. so the option is if you take these things tauf street, if you get rid of all the payday lenders, a lot of people will have no place to get a loan. and then what do they do? they're paying a very high price. but the option is they will have noplace to get a loan. guest: i've spent a lot of time talking to customers who use them and other types of nonbank lenders that are often characterized as lenders of last resort, and i would say in general the customers at those establishments are actually a mix of two kinds of people. one the group that you

oak. a lion now rests in the allegeny foothills. america's defense is the best in the world because john murtha lived to leave that legacy. at tip o'neill's memorial, jack gave an irish blessing from which we quote with love to his strong wife, joyce, children, donald, john and patrick, and their beautiful family, with the full heart of this house led by his speaker, nancy pelosi. may the sunshine warm upon your face and until we meet again may god keep you in the hollow of his hand. we know when love is real. it endures and grows stronger even beyond time. thank you. [applause] >> ladies and gentlemen, united states marine band vocalist, gunnery surge, kevin benear. >> ♪ god bless america land that i love stand beside her and guide her through the night with the light from above from the mountains to the prairies to the oceans light would form god bless america my home sweet home god bless america my home sweet home ♪ ♪ from the mountains to the prairies to the oceans light would form god bless america my home sweet home god bless america my home sweet home ♪ [applause] >> united states, national security advisor, genera

oak. a lion now rests in the allegeny foothills. america's defense is the best in the world because john murtha lived to leave that legacy.ip o'neill's memorial, jack gave an irish blessing from which we quote with love to his strong wife, joyce, children, donald, john and patrick, and their beautiful family, with the full heart of this house led by his speaker, nancy pelosi. may the sunshine warm upon your face and until we meet again may god keep you in the hollow of his hand. we know when love is real. it endures and grows stronger even beyond time. thank you. [applause] >> ladies and gentlemen, united states marine band vocalist, gunnery surge, kevin benear. >> ♪ god bless america land that i love stand beside her and guide her through the night with the light from above from the mountains to the prairies to the oceans light would form god bless america my home sweet home god bless america my home sweet home ♪ ♪ from the mountains to the prairies to the oceans light would form god bless america my home sweet home god bless america my home sweet home ♪ [applause] >> united states, national security advisor, general jam