that's an option you know heard the return of keynes. you have heard of where they are on the momentum of the earth and that they were asking some of his proposals are very interesting and very good i'm not a ok now. fanatic no not at all a you know i sing that in on the monitor recently in relation to currencies in particular some of his views to arrive at a basket of currency that could give rise to the special drawing rights and is something that we need to have in mind particularly in times of crisis i think that that could that should be envisaged so that's one example second example in the field of raw materials for instance when you look at the variations of the price of wheat when you look at the variations of the price of aluminum or the process of copper there is something which is not only related to anticipation of crops to risk of drought to volume of copper volume of aluminum being made there's more to it and i sing that we should have more transparency on the transactions which we don't. we should have more understanding o

keynes, showed that in the 1930s.and when i saw a document where they'd written on keynes' proposals to stimulate the economy. it was how to conquer unemployment and the treasury's leading financial expert had written "inflation, extravagance bankruptcy" and released them out of hand. >> rose: is it fair to say that in the recent election in great britain david cameron took a political risk to reduce the size of the public sector? you argued the other side of that argument with respect to economic growth and voters of great britain chose him as prime minister so is that a rejust of your ideas about growth and an affirmation of his ideas? >> well, i think it's about the insecurity that people felt at the moment. it was our inability to explain properly-- and i take responsibility for that-- what we were trying to do. we have stage one, stage two, and stage three. stage one was rescuing the banks and getting the economy moving. stage two was dealing with the financial system for good. and stage three was getting growth

but the question is how much inequality do you need and john mainard keynes looking at the degree of inequality in the britain and said we don't nearly have that degree and that's one of the central problems of capitalism. that it tended to over time move to more and more concentration of income and wealth. the only thing i'm saying is that trickle down economics as supply siders have tried to sell it has fought worked. the bush tax cuts did not trickle down. the median wage after 2001 and 2003 actually dropped. adjusted for inflation. there were not a lot of new jobs created. in fact, between 2001, 2007, a very tiny fraction of the number of jobs created the -- under the clinton administration were created. don't buy the ideology. you know, i mean, this. we've got to get beyond the labels, beyond the name-calling. and look at the data. and i think anybody looking at the data would say our distribution of income is nuts. and we've got to do something about it. and we do have a long-term deficit. and we do have to make investments in education, job training and infrastructure and with

keynes's there is remain influential. as we see from your daily demands from paul krugman and others for more stimulus to counter act of the slump. the government has a ball from a logic that does not necessarily -- evolved from a logic that does not necessarily come from his theories. they want public spending for different reasons and it is the politicians to make the choice. we can see this in many ways. the federal government's disastrous intervention into the housing market and on the recent stimulus package which was passed out funds to various clemons and interest groups with little regard to any overall design. if way abstract from his writings, we can see what kind of political arrangements were likely to evolve as a consequence of trying to follow his prescriptions. we can develop the outlines of the keynesian state in theory and as it has to build. there must be a redistribution so the state can command the resources necessary to steer the economy. in 1932, the federal government spent about 3% of gdp. some far

keynes's there is remain influential. as we see from your daily demands from paul krugman and others for more stimulus to counter act of the slump. the government has a ball from a logic that does not necessarily -- evolved from a logic that does not necessarily come from his theories. they want public spending for different reasons and it is the politicians to make the choice. we can see this in many ways. the federal government's disastrous intervention into the housing market and on the recent stimulus package which was passed out funds to various clemons and interest groups with little regard to any overall design. if way abstract from his writings, we can see what kind of political arrangements were likely to evolve as a consequence of trying to follow his prescriptions. we can develop the outlines of the keynesian state in theory and has as it has to build. there must be a redistribution so the state can command the resources necessary to steer the economy. in 1932, the federal government spent about 3% of gdp. some

today's job creation. 2010 was another year of the short run in policy, calling to mind john maynard keynes' quip that, "in the long run, we're all dead." perhaps, but 2011's hopeful shift to our future brings to mind henry david thoreau's admonition that, "in the long run, we only hit what we aim at." i'm glenn hubbard. >> susie: and finally tonight, it's a holiday wish for millions of people: starting the new year with a job. employment firm challenger, gray & christmas is trying to help. the firm will offer free job search advice on december 27 and 28 from 9 a.m. to 5 p.m. central time. the telephone number is 312-422- 5010. a new component of this year's call-in will be job-search counselors dedicated to taking calls from current and former military personnel. if you missed the number, you can find it on our website. that's "nightly business report" for tuesday, december 21. i'm susie gharib. thanks for joining us. have a great evening. we hope to see all of you again tomorrow night. "nightly business report" is made possible by: this program was made possible by contributions to your p

however david or keynes was the top scorer for the win this week twenty four point five this is three rebounds and two steals both teams in the world for around the world get to decide to play the sport in a group elsewhere in group b. belgium still has a chance of making the top sixteen after a seventy five sixty one when i was approached baskets of germany and c.n.a. became the first team to reach seven victories this season after crushing javan a sixty six eighty two on the right wing group see. another news boxing heavyweight champion vowed to make klitschko has pulled out of this weekend's showdown with derek shura at the cranium was jus to defend his i.b.s. titles against the brit but has problems at all muscle forcing the thirty four year old to cancel the five for those expected he could be back in the ring within six weeks just sora earned a shot at klitschko after improving his record to fourteen wins and no defeats following victory in the september although it's thought. david haye would be clinched goes next opponent. there is nine months to go into the rugby world cup ge

having more things that have residual value like of all things a painter that has like things like keynes a soup it only because look if there's been problems with currencies you want to still be able have those things that's going to take their value few years from now as i told my students the other day look what it is they have more value a couple of years from now can a soup or a dollar bill this is really remarkable because it we've come full circle from what peter lynch is the advocate he said if you love campbell soup buy the stock now what you're saying is if you love campbell soup the stock by this soup actually off of the store shelf but we'll do a little bit of both actually those that's diversification. all right so i would imagine in this portfolio of being stocks that relate to human need as you call it so that would be food and that you have stocks and food but you actually also have stocks of food in your pantry well for me when i say human need see you see how bad the economy is and i think that if you're adequately represented in the statistics we're not in a recession w

and robert repeats a lot of great quotes from, among others, keynes. keynes talking about how economic controversies, quote, resemble med evil -- mid evil -- usually when you say environmentalism is a religion, they take it as an insult. what robert's done is taken them seriously or taken the phenomenon seriously. a lot of threologists will resist what you're saying about it's a religious creed. although a few, of course, will readily admit it, and there have been a lot of environmentalists who have embraced religion and religious analogies. so i guess you might say, by the way, that environmentalism -- like christianity -- has a lot of diversity in it. how many kinds of lutherans do we have? i've lost count. i think, by the way, it's sometimes a mistake to say the environmentalist movement. there are commonalities to all of them just as the commonality of christianity is thedivinity of christ, but then along the way you have all kinds of differences in styles of worship and emphasis in styles of baptism and so forth. environmentalists are like that, t

and john maynard keynes, looking at the jy to inequality in britain in the late '20s set we don't need to this degree. i said that was one of the central problems of capitalism. that attended to, over time, go more and more concentration of income and wealth. gilad thing i'm saying is that trickle-down economics as the supply-siders have tried to sell it has not03 actually dropped, d for inflation. they were not as our new jobs created. in fact, between 02000 7a very tinfrtion of the mber of j ead, cred adder the clinto so don't buy the ideology. i mean, i think we will become enemies, we havegotog

in the end, i think keynes would acknowledge we have to deal with debt.to deal with this problem otherwise it will come back and bite us. >> you said the public was somewhat with the decisions made. do we have that here? are we there yet? we have a savings rate going up. we have people klug in to some of the problems in washington, polls showing people are worried about the deficit. could they handle actually -- >> of course they can. it is a lack of faith among our public leaders in washington. people get it. they understand this is not about being keynesian or supply si si sideer it's about math. aging rapidly. the numbers, breakdown that worked for 50 years after the war aren't working now. >> people are living longer. that's a good thing, by the way. it's a problem for politicians. >> good for you. >> the country addressing things like the age at which people retire, some of the benefits they receive. these aren't easy decisions. but actually i think you earn more confidence and trust from the public by confronting them and taking people through the a

schwarzenegger is encouraged by it that keynes, was the second time this year, the first time in 2006king to change that. where are to take a break is 10:35 a.m. these are the airport delays, there's got to cover over the san francisco and two hours and 41 minutes for arriving flights that may domino into longer wait times but no delays at the oakland or san francisco airport. we will be a record and we are back, we're seeing a few cells done in this it paid by the denver bridge other than that only by the delta we see the green out there east of concord we have more waves of showers headed are ways. they're sitting offshore just decide the scope here. this particular shot is looking white and it should be what the rest of the day and into the weekend. a full look at the forecasts in just a minute. our is considering running later trains on saturday nights. the new president or the board of directors is thinking about extending service until later on saturdays to provide people with later trains if they're ill and about enjoying their night out on the town. now most bart trains stop o

it was proposed by little lord keynes but also another person who was involved in that was henry morgenthau and the theory was that if the economy were not doing well, if the government would just spend a whole lot of money, the money that the government spent would buy stuff, get people buying things and get the economy going and therefore by the government spending money, you could solve the problem of a recession. it was the sort of siren call to people in politics because it sounded like a good deal. you just spend a whole lot of money which makes you popular because you get to spend money on all kinds of pet projects and then the economy's going to turn around, you're going to do better. that was the theory. the problem is that the theory never worked. never did work. and it's never going to work in the future because it defies the basic laws of economics. now, in my state we talk a little bit about common sense, the people of missouri i don't think would buy this theory that the way to get out of economic trouble is to spend a whole lot of money. in fact, i think they would look at it

we've been using the toppling of these that comes from lord keynes. in the long run we're all day. but thoreau was also right. in the long run, men, or women, he would be the only way. thanks. [applause] >> thank you very much, clean. i guess i would summarize your comments to say we have been using a cheese whiz strategy to get out of a rattle. but i guess that she's probably doing the rat in the first place or something. so we've got to discuss and. the first is tragic am a senior editor for "national review" cover national politics. he has been for "the wall street journal," the "new york times," the financial times, newsday, the "washington times" and many other publications. and is the author of the aei history of japanese growth, which i think will segue nicely into the conversation that i expect to have with both discussants, which is that there have been some experiences of being in rat holes in the pass around the world, and some folks have tried different things to solve the problems. what we would like to do is get into discussion that takes your discreet and takes thing