economics is keynes. s in defeat, however, keynes shows the extraordinary reserves of the personality and character decided after a short interval to call the people who resisted keynes and came from the austrian school who were likely to be sympathetic to trying to find an ideology which would counter the wholesale he invited them to a hotel in switzerland in much montpelier as the revival of conservatism. >> host: when is this? >> guest: 1946. this is where conservatism and libertarians got into the same bed. frederick hayek, they were a maverick lot. he knew that they were a maverick. just invite everybody who looked as if they might agree and he was left year after year because from that time on they met year after year and stormed out. it was widely stuffed. but have been great to be there. to have been invited to that meeting and attended the first meeting is for conservatives and ideological bent rather than having the right on the mayflower this is absolutely key. hayek had taken out for this book

is keynes winning?guest: the fact is it's too early to tell, and way too early to draw a finishing line in that. certainly, we see what is the keynes-hayek election. i don't know that there's anything that's -- it's been said by the president that's not pretty good pure keynes, and his jobs bill which may or may not come to fruition is a manifesto and there's a level of anger too saying this is what we have to do, here they are, and he lists them off. raising taxes is not keynes, but leave that aside. whoever we end up with, even if it's mitt romney, his policy position will be guided by the tea party people, and they have roughly said we don't want you to raise taxes. we don't want you to increase government spending in any circumstances, and if they hold that line, then the republican candidate will have to find some justification, and will have to find a program that says this is how we're going to live without either raising taxation or spending more money. there's also an expectation about paying d

economics is a keynes. so in defeat, hayek, however, chose extraordinary reserve in the character he had come decided after a very short interval to support all of those people had resisted keynes, who are likely to be sympathetic to trying to find an ideology which would counter keynes wholesale. he invited them all to a hotel in switzerland. that was the crucible of what turned out to be the ideological revival of conservatism and the injection -- >> host: when was this? >> guest: 1946. this is also where conservatives and libertarianism got into the same bed. friedrich hayek invited as many -- i don't think, he knew they were a maverick law. just invite anybody who looked as if they might agree with him, and just, from that time on they may year after year after year. they fought with each other all the time. stormed out when instead you are all a bunch of communists. it was a lively stuff. it would great to have been there. and to be invited to the meeting, to attend the first meeting is for a modern co

economics is keynes. to trying to find an ideology which would counter keynes's wholesale, he invited them all to a hotel when switzerland, in a montclair, i suppose he would call it, and that is the crucible of what turned out to be the tautological revival of conservatism. >> host: when was this? >> guest: 1946. >> host: and this is also where conservatives and libertarians got in the same bid. >> guest: frederick hayekian invited as many -- i mean, there were a lot. i don't think anyone -- he knew they were never the law. they would invite anybody that looked as if they might agree with him and then left a year after year because from that time on the met year after year after year and they fought with each other all the time. starting out on the saying you are all a bunch of communists. it was lively stuff. it would have been great to be there and to have been invited to that meeting to have attended the first month dillinger meeting is for a modern conservative and ideological bent. rather than havin

as keynes himself. they learned they would debate things and it could often get very personal. the whole assumption is by the way when you leave tonight when you leave kings college. but hayek was quite capable. one of the things we know about the crispness of the austrian or german speech is that very often at times it is far more abrupt than it might be to a englishmen who has subject and so on but that austrian debate is true even today if we can be taken aback when we come across a profoundly personal question. but in that case hayek gave as good as he got and the result was certainly in the initial battle the two men actually locked on the did log on and they didn't let go. they barely actually scored a genuine point at each other in the debate on the investment i would like to know more about what you mean by stocks. they got bogged deep down into the weeds and really didn't escapes from it. >> host: so the different views in today's terms how would you define a hayekian or candian? >> guest: haye

is keynes winning? as hayek winning? >> the fact is it's too early to tell. certainly we do seem to be embarked in what is the hayek collection is anything that has been set by the president that isn't actually pretty good. it's jonesville, which may or may not come to fruition is his manifesto at the lake on a level of anger, too, which says this is what we've got to do and here they are. raising taxation by the way would he keynesian. on the other side, i think whoever we end up with come even if we end up with mitt romney, it will be there his policy position will be guided by the chief party people and they have roughly 5.01 shoe to raise taxes. we don't want to increase government spending in many circumstances. if they all got mine, then the republican parties will have to find some justification and will have to find a program, which says this is how we're going to live without either taxation are spending more money. there will also be an expectation about paying down the debt. you do that by cutting government services, in which case the republican c

and what would john maynard keynes do today?irst let's check on the forecast. >> you brought the warm weather from alabama. you were down there on friday. it's been so warm and unusual. doesn't feel like october in many spots. in the 60s in boston and new york. no problem at the airports. georgia, south carolina, you're going do get the biggest batch of rain. although north florida is also getting it. tallahassee it'll roll your way shortly. if you're waking up down interstate 5, you're going to have a damp morning commute. there's the wet weather on the west coast. minneapolis down through iowa into kansas city and florida is a little damp. atlanta probably the worst weather had the country. 67 degrees, cool and rainy. if you want the best weather? right here. 84 and sunny in new york city. what's going on? where's the ice? it'll be there and skating soon enough. you're watching "morning joe" brewed bizarre bux. hey, did you ever finish last month's invoices? sadly, no. oh. but i did pick up your dry cleaning and had your shoes

and of course keynes is the guy who who's the the ideological buddha american monetary economics. so they're they're just they're causing tremendous trouble there's no in order to bail out the banks in order to. help the investment banks and the export industries at the expense of the rest of us they want to weaker dollar helped certain certain special interests by the way they hate china because they will because china more let them have a weaker dollar in china anyway that's called chinese manipulation but it's not manipulation they're trying to have settled exchange rates but not actually while at the same time we see the e.u. china dumping us treasuries the most in august by thirty six point five billion i want to ask it has got a good travel have to wait until next time but i so appreciate you being on the show talking about the danger that you believe that policies especially as they're talking about possibly doing more right now you're calling it a nineteen seventies scenario that we're already headed towards the higher prices thanks so much for being on the show that was t

since the thought so has that red bull's headquarters in milton keynes as anguished team celebrates that double success and they see as championships that john one claimed his second consecutive driver's title at the japanese grand prix two weeks ago after hitting the podium for the fourteenth time out of fifteen races while fat cells and mark the best team was also bought rival constructors crown in korea last sunday but drivers managed to finish inside the top three all together eight times they say and proving that overall success was the fully deserved one a total passion for the sport comes first for the champion. we'll phrasing it in. it's very special to us that we follow but so many people. you know really enjoy that before you jump in because you look around this so many people of the grandstands because dimensionality people they are behind the screens but many more than that of the grandstands and it's a great feeling to be part of that to be you know a full metal one driver. there were two more to be an hour where spanish why did you draw so has dominated during practice for

since the thought so has its red bulls have courses in milton keynes as anguished and celebrates that double success and they see as championships that john claimed his second consecutive driver's title at the japanese grand prix two weeks ago after hitting the podium for the fourteenth time out of fifteen races while fat cells and not that best team were also bought by pull factors in prayer last sunday but drivers managed to finish inside the top three all together eight times they say isn't proving their overall success with the fully deserved one but almost passion for the sport comes first for the champion. wheel of phrasing it in . this very special to us that we are followed by so many people. you know really enjoy that before you jump in the bar you look around this so many people of the grandstands we can't imagine how many people there are behind the screens but many more than that the grandstands and it's a great feeling to be part of that to be you know a formula one driver. but it's a model where spanish draw so has dominated during practice for the malaysian grand prix t

red bull's headquarters in milton keynes is the same celebrates that double success in this year's championships the german planes his second consecutive driver's title at the japanese grand two weeks ago after hitting the pause for the fourteenth time after fifteen races got fat cells and bought. all super cool but instructors in korea last sunday drivers managed to finish inside the top three all together eight times this season proving overall success was a fuller deserved one but all in all passion for the sport comes first for the champ and. we'll look for racing in. its very special to us that we are full of personally people. really enjoy that for you jump in the car you look around this so many people in the grandstands we can't imagine how many people there are behind the screens but many more than the grandstands and it's a great feeling to be part of that to be the formula one driver. you know where spanish rather delicate process has dominated europe practice for the malaysian grand prix so honda rider was the fastest at this a pang international circuit how the conditions got the be

it's a business that still has the red bulls headquarters in milton keynes at the english as english team celebrates double success in this year's championships the german claim to second consecutive driver start at the japanese grand prix two weeks ago after hitting the poor do for the fourteenth time out of fifteen races fat cells mark where best team work also brought red bull the constructors' career last sunday both drivers managed to finish inside the top three all together eight times this season proving their overall success was a fully deserved one but all more passion for the sport comes first for the. wheel of phrasing in the end and. it's very special to us that we follow but so many people. really enjoy that before you jump in the car you look around this so many people in the grandstands we can't imagine how many people there are behind the screens but many more than the grandstands and it's a great feeling to be part of that to be the formula one driver. now where spanish . has dominated during practice for the malaysian grand prix the cell phone the rider was the fast

there were new dealers who were add adherents of maynard caips -- keynes who pressed for more. especially work relief and government construction was thought of as a way to keep the unemployed fed and housed and spending money to bide time while they tried everything and, incidentally, while the economy tried to cure -- [inaudible] all of this certainly did have a stimulative effect, even if they didn't think about it that way. what about the political context? i'd like to spend some time on this because i think roosevelt's approach has much to teach barack obama and maybe the rest of us. i already allude today a major distinction between the political environment of the new deal and of today's. in the '30s the partisan lineup in congress was very different from what you see today. both parties, democrats and republicans, had very strong progressive wings. n., one of the strongest progressives, let's say liberals, in the '30s was california's senior senator, hiram johnson, the very man who as governor had given us the initiative process. and johnson was a republican. in fact, h

dan wheldon i thought spoke of his red bull team's base in england as the german returned to milton keynes for the first time since retaining his crown in japan earlier this month the twenty four year old also said that death is a part of racing drivers have no other choice but to accept that indy car series champion wells and died at the age of thirty three all from escalation lost focus on sunday tragedy that prompted a course of opinion about stepping up safety measures racing a lot of sports and it is dangerous sometimes people forget sometimes we get a little bit of. criticism for the sport being to say but. yeah it still takes it is in general it will disappear the bad one the last sunday remind you before is really a ploy to live life and i didn't know him. but obviously you know knew him as a driver knew that dave. is a big loss. and that's all scorsese bison. it's . a. long. yes.

a don weldon thatll spoke at his red bull team's base in england as the german returned to milton keynes for the first time since retaining his point and in japan earlier this month the twenty four year old also said that death is a part of racing drivers have no other choice but to accept that form in the cost series champion weldon died at the age of thirty three all from escalation in las vegas on sunday tragedy that prompted a course of opinion about stepping up safety measures bracing. noticeboards and it is dangerous sometimes people forget sometimes we get a little bit of. criticism for you know the support beam to say but. yeah it's still accidents in general it and obviously the bad one last sunday remind you of what is really a port of a life i didn't know him. but obviously you know knew him as a driver knew the name. it's a big loss. and those holes foresees life and. breaking news on our t.v. a fall on a dictator footage that appears to show the body of colonel gaddafi the libyan government says has died from his injuries after being shot by government troops during his capt

well i guess for us keynes to unite the world against iran that's what we hear from the officials here they're talking about the need to completely isolate iran in the international community vice president joe biden for example said the u.s. action against iran could go beyond sanctions but added that we are not going there yet also we hear we were getting reports that they grow as a might also great raise the issue of the security council we hear a lot of top words in washington these days the u.s. administration strongly believes in the case against this ukrainian born man also u.s. citizen monsoor are about to see are suspected of trying to plot the assassination of the saudi ambassador in washington the u.s. attorney general says the man admitted being directed by quote high ranking ukrainian officials and on these grounds washington says it will hold the ukrainian government accountable for the plots to kill the ambassador also the u.s. is accusing iran of conspiring to stage two bombings that the israeli embassy in washington and saudi arabia in washington iran's denies all of t

our charles can goldberger who are probably the best history of busts you've got you can interpret keynes in minsky this way always they say when things begin to unravel there comes a point where you have to say you have to throw debt overwhelming force to stop the bleeding now what's happened in europe and i think you're to the two other gentlemen agree with this is they just drag this on and on for structural reasons for. e.u. structural reasons but also because they just didn't want to face the fact and also i think it was alexander who said the private lenders have to take a hit when they've been trying to avoid that obviously in france and other places they have not gotten their private lenders to take a hit now we face this in the u.s. as you all know under the bush administration with paulson and geithner and so forth and we have our tarp we had our f.d.i.c guaranteeing all kinds of debt we had our federal reserve dramatically expanding its balance sheet now that stopped the crisis i don't think it was implemented and all that well because it did not get the banks lending again it

majesties economics point* of view but to the rashly familiar with john maynard keynes. through the late thirties but they did understand that when they will lead withdraw from the economy the government had no choice but to step them. but he did not apologize for it and thought that was his role and the role of government but no hoover and roosevelt shared fundamental economic believes but always different was the negative from the constitution. >> we have time for two more questions. . . the commentary is that even though the idea wasn't very popular the opinion polls show a majority whip in favor of it when you did have a block in the senate that would determine to fight and you didn't have a countervailing passion. the naacp and the encounter that i talked about a few minutes ago went to the white house and said he will be able to defeat the filibuster if you make it an administration bill to. it was a procedural step and would have made it harder. it was something he didn't want to do. he didn't have a personal commitment to racial equality or civil rights. that rol

to my would say it were a pro keynesian because they were not actually familiar with john maynard keynes. perry widely known in the u.s. they did understand that when private enterprise and the private sector was withdrawn from the economy that it was really the governments to the the government had naturalist but to step in, and that the present was very explicit about this. he did not apologize for it. he thought, in fact, that was his role. that was the role of government. that was the major flaw of the hoover urbanization. they shared some fundamental economic police, but where there really differed was in their willingness to use the powers that they could find in law and in the constitution to get things done. >> okay. the gentleman in the back. >> i'm just curious why you think fdr's continue saying no to the aspiration of african-americans and said yes to every reactionary seven chairman that the congressional committee to the point of casting the margin on washington >> well, i don't think there is much mystery. he recognized that the server unblock, particularly in the senate w

it has been a tough stretch for some referred keep paying--key campaign track --some of our keyn staffquit. today she would talk about the revival of american competitiveness. >>mark: we will be right back as the kron4 morning news continues now let us first check out the james lick freeway is open for business this morning. ]s >>justine: good morning more breaking news we are now getting reports that moammar gadhafi is dead. they say yes died of wounds to it as reported captured. this is coming from voiters which also reported that he was shot in the leg and captured and eventually died of the wounds. this comes as the government says they have see is moammar gadhafi hometown the u.s. state department has not confirm these reports. we're hearing new information coming into our newsroom the latest information is that moammar gadhafi is now dead. >>darya: we want to take a look at the weather and the traffic will warm up again and we'll get to that in a minute of first you want to see if there are any hot spots to steer clear of early this morning hello george. >> as we mentioned in our

she writes "the spending was so dramatic that finally it functioned as keynes had hoped it would and unemployment had dropped from 22% to 14%." now granted, 13%-14% is still too high, but to say that when roosevelt came in with unemployment in the mid-high- twenties and due to can see in spending reduced it to the low- teens, earmarked as a failure, is just unfair. but she has made a career of repeating these canards and i think it needs to be pointed out to your audience. >> we will give both of our guests a chance to respond. >> i do not think we need to get too personal about this. whether you are a democrat or republican, we see both parties, the obama administration, and unemployment rate of 13% is an unexpected -- unacceptable now whether you are a keynesian or not. the spending had some effect, especially in 1936, so the caller is really excising a little bit of what i wrote and giving it an interpretation i did not intend nor was visible in the text. but anyway, the 1930's were a bad. -- bad period. we did not recover. we sort of appeared to recover during the war, but nobody

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guest: john maynard keynes is famous for claiming that in a slump, government spending could help get economy back on track. he used a chalkboard. . what our studies show is that when you go from the chalkboard to real life, it is quite a bit harder. partly that is for good reasons. our government does not try to waste money. the contract system is designed to build buildings that stand up and do not collapse, toilets that flush, electrical systems that work. that means the government practice hires the best contractor for the job, and the best contractor tries to find the best worker for the job. that is something that he did not plan on. ironically, the fact that our government is trying to do a good job means the stimulus pays off less than what a lot people would expect. host: miami, hello to enrique, on independent line. caller: as people listen to you, they should know that senator orrin hatch is one of the most far-right senators of the congress. i think people should keep that in mind when they listen to what you are saying. guest: i enjoyed my time. some people notice that he

because keynes was very lackluster and the house met and 11 approved she can work it has been totallywith one republican in the state legislature. come on. >>host: we got the point*. howard dean? >>guest: i don't know that much. i would be happy to take the other side of the best. >>host: fairfax virginia? >> caller: last year we spent 5.5 trillion for all government spending. if 20% of that is wasted it is $1 trillion. we also have 2.5 jillian ongpin direct cost for regulatory tax system and the excessive legal system cost. it is probably $1 trillion of waste there as well. 2 trillion of waste each year that is more than the accumulated wealth of the bottom 50 percent of the population. after a year and a half it is more that group within the top richest people in the whole country. >>host: what is your point*? >> caller: we are wasting more in government related cost in 1.5 years they and the accumulated wealth of the bottom 155 million people plus the top 400 richest people. >>host: any response? >>guest: the only response is people think the federal government waste money but ther

even john maynard keynes made the issue about this. we raised a lot of money. we just spend more. host: michigan, cavan is on our republican line. caller: when i want to tell you that i appreciate your show. i think a problem that the republican party has had for a long time is that they are not able to clearly designed conservatism and why it works better in the political system than liberalism. we keep putting up moderates who have the tendency to adopt liberal ideas. clean energy is 1. college for illegal aliens is another. we put up these candidates who are trying to create a hybrid of ideas, and if it does not work out. i really think that the duty of ronald reagan was that he was able to clearly define what conservatism was and why it worked and why it was a better system. i believe if we can get a candidate to do that, we will win the next election. guest: conservatism is a tougher sell than liberalism. who does not want to accept free help? it is free nature. conservatism is an intellectual case and that is a much harder thing to sell. "wait, slowdown. do not just do somet

she writes "the spending was so dramatic that finally it functioned as keynes had hoped it would andmployment had dropped from 22% to 14%." now granted, 13%-14% is still too high, but to say that when roosevelt came in with unemployment in the mid-high- twenties and due to can see in spending reduced it to the low- teens, earmarked as a failure, is just unfair. but she has made a career of repeating these canards and i think it needs to be pointed out to your audience. >> we will give both of our guests a chance to respond. >> i do not think we need to get too personal about this. whether you are a democrat or republican, we see both parties, the obama administration, and unemployment rate of 13% is as unacceptable now whether you are a keynesian or not. the spending had some effect, especially in 1936, so the caller is really excising a little bit of what i wrote and giving it an interpretation i did not intend nor was visible in the text. but anyway, the 1930's were a bad period. we did not recover. we sort of appeared to recover during the war, but nobody calls for a recovery. >>

the famous economist maynard keynes is famous for saying, "in the long run, we are all dead." we're interested in what the trends show and what might happen next, but we are living in here and now. it is the squiggles that lurch downward that are important to us now. we are well below trend on a lot of these indicators. host: this is exports of soybeans and corn. what did we know about this -- what should we know about this again? the price of the commodity. guest: these are two of our largest agricultural exports. what has happened here is increased demand, coupled with the global weather conditions, has driven up the price for both of these commodities. for example, with corn, it is used for producing ethanol, and along with poor weather conditions, if these to diminished supplies. the same thing with soybeans. you look at the growing nations, soybean-growing nations, such as the u.s., brazil, china, that top weather conditions -- that have had tough weather conditions, it has depleted supplies and troop up the price. host: anna marie, you are on the air now. caller: my ques

she writes "the spending was so dramatic that finally it functioned as keynes had hoped it would andmployment had dropped from 22% to 14%." now granted, 13%-14% is still too high, but to say that when roosevelt came in with unemployment in the mid-high- twenties and due to can see in spending reduced it to the low- teens, earmarked as a failure, is just unfair. but she has made a career of repeating these canards and i think it needs to be pointed out to your audience. >> we will give both of our guests a chance to respond. >> i do not think we need to get too personal about this. whether you are a democrat or republican, we see both parties, the obama administration, and unemployment rate of 13% is as unacceptable now whether you are a keynesian or not. the spending had some effect, especially in 1936, so the caller is really excising a little bit of what i wrote and giving it an interpretation i did not intend nor was visible in the text. but anyway, the 1930's were a bad period. we did not recover. we sort of appeared to recover during the war, but nobody calls for a recovery. >>