does play a role and laura very briefly we talked about income inequality but last year we saw joseph stiglitz wife talk about sort of the inequality within the ranks of doll those with a different colored a name tag where the wives and the journalists and even the prostitutes or the send down on this cape town are all sort of stratified by these color coded tags can you talk a little bit about that any interesting insight. yeah the first thing that i've noticed is that i've become really good at kind of looking down a little bit because you just want to read everybody's name tag because i think from the reporter point of view you're going ok i don't recognize it but this person important you're definitely trying to read with their name tags as as a reporter you're going on gosh i've got the reporter press badge which means i can't go anywhere ok there's stairs to be ip areas where the v.o.i.p. lounge is and where a number of sessions are where you want to come in and out those are off limits so i you know have the scarlet press badge that on my forehead and there are the davos wives the white

sessions are going on but really what i'm seeing is the sidelines and the people that i'm talking to joseph stiglitz and brian moynihan and then a some of these guys most down to me the guys i'm talking to are the business leaders i spoke to a governor today i spoke to a couple of people that are our diplomats from from britain and for all of them the benefit today is the business deals are the meeting is the networking some of them you know day two of davos and they hadn't been to a single session so for a lot of these people it is business and that's really the agenda also everyone kind of has an agenda even from the big wigs that are speaking whether it's investors or c.e.o.'s they have a reason for you know bill gates there's a press conference but it's to announce the money he's giving to aides george soros talks to the press has a prince lunch he has a new book out he's very much pushing that with the same kind of rhetoric that he's writing in the financial times and saying to everybody at the forum so every guy has an agenda live or a lord of the we also here you people are on twitter are say

this pretty long angle merkel opens up the form david cameron will speak famous economists like joseph stiglitz and nouriel roubini are regular attendees timothy geithner will be there of course i.m.f. head christine legarde billionaire fund manager george soros google's eric schmidt and of course head of the c b mario draghi will be in attendance so now what about everyone else the concern is decisions are being made that could affect their lives maybe in a bad way but definitely without their say. and lauren is there to see what's really going on. all right i'm here i've made it to davos i'm at the world economic forum my first time i'm not alone though turns out morgan stanley's c.e.o. says first time which shows the caliber of the people that are here ok these are much of the corporate elite much of the global elite when it comes to wealth power all of that so they're all gathered here the question is what is davos man got on his agenda this year now of course the unofficial business is what davos has really become known for in many respects that's what you hear about that makes it worth al

mainstream conversation for example getting to today's guest michael hudson he recently quotes joseph stiglitz nobel prize winning economist in his latest article in this article talking about the u.s. government's vast transfer of money and public debt to the banks as a privatizing of gains and the socializing of losses it is a partnership in which one partner robs the other now this is the kind of thing we hear and talk about all the time but why does it seem to be falling on deaf ears i was just at davos i watched bank c.e.o.'s defend their practices and the form of capitalism that continues to pad their pockets with cheap cash courtesy of zero percent interest rates set by the fed with interest paid on excess reserves mind you which they keep at the fed we heard this. tory policy too. yeah i bet you will jamie dimon i'm sure you're happy to leave that up to the fed brian moynihan too he's c.e.o. of bank of america said boom and bust cycles are just part of the capitalist system this is just what we have to deal with meanwhile there continue to be protests on the streets over the issues we'

a drink at the bar sitting with their wives in the case of two that i saw michael spence and joseph stiglitz so you do see more of that they won't talk to me to the press but they're here also so what is there with a running shoe or we should be worried i mean what are we going to make of it as you're running from you what is in the running shoes. i don't know why has the running shoes but i'm sure if i approach jimmy probably use them to run from me because none of these guys want to talk about there are none of them want to talk on the sidelines really as far as what i'm saying. thanks thanks a lot for the report obviously we're going to keep checking in from you our follow your tweets as usual i hope everyone else those that was host of capital account the lovely lauren lyster who is most. profusely here recover workhouse. earlier i spoke with formal former federal reserve vice chairman and professor of economics at princeton university dr alan blinder about the federal reserve system and what he thinks the role of the central bank should begin setting interest rates i start the question