so we conclude that paul krugman is a fair weather friend. >> pinhead.ght? >> absolutely. krugman, nate silver, pinheads. loser, actually nate silver may be right. is he a smart guy. >> what does he do at espn calling games? >> he has a popular blog. he uses data. >> to predict winners? >> they love him because he is using -- is he like a money ball guy. he can predict final four. >> he can work in vegas. >> i don't know what he does. all right, now, mcguirk, you have picked the north korean dictator kim jong un. why? >> kim jong loon. he did not make it there like saddam hussein and other dictators in the world. one strike against him. anyway, he has mandated that his people, primarily the college students of north korea that they get his stupid mo howard adolf hitler looking hair cut. >> is he ordering people to get the hair can cut that looks like him. can we full screen him up there. so we can see what the hair cut looks like. >> i heard this story isn't true that somebody made it up. is that possible? >> that is possible. but, again, the story about

krugman, the old blog versus the new blog. >> it was satire.pe of bat data analysis basically. when we start aid week and a half ago i told my team you are in the big leagues now. the internet is crazy sometimes. they are brushing things off really well. i'm there managing a staff of 20 people and someone is like kind. throwing apples at your kids or something. >> jon: heavy is the head that wears the crown silver. >> absolutely. [laughter] >> jon: that's why i wear the jester's crown it's made of felt, much lighter. [laughter] here is why i think your site is important. statistics and analysis are pundit-fuel. >> yeah. >> jon: and if your site. if the purpose of your site could be to refine to help vet the type of statistical analysis or the type of numbers that these pundits use as their fuel it's an incredibly valuable resource because part of the difficulty of analyzing things based on numbers is you don't really know the efficacy of many of these statistical studies, no. >> we're saying look, we're just trying to be right a little bit more

now you want a bit of a rout with paul krugman over this very issue about two years ago krugman called me and dodging his money crowd at banking mistakes and you have a point in words for that view now krugman also said that banks create money what's the distinction between your conceptualizations of the monetary system there. well the difference is that proven is that he's actually changes soon a bit in its place say by finally admitting in one paper the banks create create money by creating loans. he argues this is massively constrained and irrelevant and you can continue modeling the economy as if banks lend out the reserves they have and that's the conventional model all the money on model that people think happens right now that you know you go put a hundred dollars in the bank the bank and something ten dollars lends out ninety and then that money gets deposited in other banks and they have gone to nine million that eighty one and so on and you finally get ten thousand dollars being created from one hundred dollars deposit that's what they teach students in your economics and tha

paul krugman. yours are. but what with all seven games. what a witch. ch. we will what will the eye. the all your weight in the daily has been denied to come to special by the first ukraine. my name is identically. you can wait just a different consists of an elbow at the website for ca dot com. the second day of the nuclear security summit took place in the hague heads of states and governments of fifty four countries of the world. this cast resin or inaction of dangerousat

"new york times" about ryan's statement, and let me read to you some of what krugman wrote. "american conservatism is still, after all these years, largely driven by claims that liberals are taking away your hard-earned money and giving it to those people. since conservatives can't bring themselves to acknowledge the reality of what's happening to opportunity in america, they're left with nothing but the old dog whistle." and he talks about the dog whistle of playing this to those people, race and class involved, congressman. >> yes. unfortunately, there are those who are still trying to spread this stinking thinking, where they're trying to get people to believe something that's not a fact. and they keep saying it, even though it's true. and congress needs to be, if they're willing to try to deal with the issue of poverty, pass the minimum wage to $10.10. give unemployment insurance, because 200,000 of those people who don't have insurance today were fighting in a wreck in afghanistan just a few months ago. so i think we are in a situation now where the republicans are sayi

maybe it's a way around it paul paul krugman is apt at this time paul krugman is absolutely right on this issue the first point to start is that we still have a major debt overhang in the household sector the best way to reduce that debt overhang is to have some wage growth not talking not not just real wage growth but also nominal wage growth dollars taken home that's the way to reduce the burden of debt the other piece of this story as i've already referred to a little bit is about this problem of the distribution of income between wages and profits what we have seen over the last. is a very significant redistribution from wages from walk because to profits to capital we have and that's part of the what the reason why we are in stagnation now that we have the shortage of demand so we have a major tosk of redistributing income back from profits to wages and that's going to require a wage growth and actually i think right now it's going to require wage growth and it's going to require a limp. and it requires both and therefore the the fed must avoid stepping on the brakes because it

of defending ourselves in need of a beam into two teams with us to hold local rink in vienna that krugman has been effected on the streets. that is why everyone wants to know it. today thousands on little guy. the organization and bulldozed like him. there are about twenty thousand people there are other similar size to the station is due to his land. we would need to change that. i hope to have a little touch and go without. south africa is the only african country cafe at tuesday the international press coffee duration of the night is said to just hold and feed the teams to practice eco self defeatist eight assists to taiwanese students must neither the taste pasta with grading system similar to that of marshall august. one of the main reasons for boston us visit was to make students the baby on an agreed set to kick it so it can indeed be guided by someone that all i can assist in preventing shoes. and right standing with the football over the world the tomb of st on tuesday the use of that it's not hubby and me being there is a lot of baggage is that even if they don't have money and

krugman cutting in front of the npt now ain't it. welcome to the election. bake it. he was to do with what to eat the scornful. so simple. joe johns thanks from istanbul due to news from ukraine which is looking at painful cuts to meet the conditions of the unannounced just approved bailout plan include a cut to pensions of up to fifty percent plus and tens of thousands of government jobs and scaling back subsidies for fuel healthcare and education the lawmakers and to have rejected that plan in the first vote but later pass that after interim prime minister are sending its annual himself behind the reforms ukraine's state coffers are in desperate need of a boost and the imf has agreed a package to help in our country. the deal required ukrainian moment is to cause painful reforms reforms that interim prime minister on sunday it's a new accent essentials. shaw. one of these laws and not accept it. we predict ukraine will default on its loan repayments. we also estimate the country's economy will shrink by tend to say all the snow. some twenty thousand civil servants

and he is veryuateful to krugman -- grateful to krugman who correctly predicted inflation wouldn't beroblem and says our debt isn't all that bad. and i don't think it is all that bad. it is due to explode when the baby boomers need their medicare which is very soon, but there's an obvious answer that both parties are going to gravitate towards which is means testing. make the rich pay more for their medicare. keep them in the system, but make them pay more. and i think that will so solve the budget problem. >> could i just say -- one is it just has to be said whenever a liberal said what huck key just said, when reagan cut taxes, more revenue didn't come into the treasury department. [applause] he got, you know, every year taxes went down, and i think this is in every single thomas seoul book. every year taxes were cut, more money came into the united states treasury -- [applause] the problem was tip o'neill would spend three times as much for every dollar that would come in. now we'll spend another three -- prison. [applause] and as for the future of entitlements, again, everything a

lastly, when paul krugman wrote a column, obamacare fails to fail, it focused on republican criticismn the law and read in part that there is not any room in their worldview for the possibility this thing might work. is it your contention there is >>way the law can succeed? what i'm saying is the law is not working very well and we can do much better and it will cause a series of problems abundant and health insurance, health care, and the economy, which we cannot afford to not deal with. we have to go into a different direction. >> resident scholar at the american enterprise is to joining us today from washington. thank you for your time. we appreciate it. more on the health care deadline is coming up as we will hear from south carolina democratic theressman james clyburn, third ranking member of the house of representatives. that is coming up in about 20 minutes. up next, tomorrow, the gmc oh will head to capitol hill for testimony on her company's latest free falls linked to a faulty ignition switch. matt miller will join me with the preview next. ♪ >> more this weekend about the f

. >> the fomc continues to see sufficient underlying strength in the economy to support ongoing krugman in the labor market. the fomc will continue assessing incoming data carefully to ensure the policy is consistent with obtaining the longer run objectives of the fomc of maximum employment and inflation of 2%. in short, the larger the shortfall of employment or inflation from the respective objectives set by the fomc, and the longer any such shortfall is expected to persist, the longer the target federal funds rate is likely to remain in the present range. >> and here's what she had to say about what everyone else was talking about in q1, the weather. >> certainly, the weather has played an important role in weakening economic activity in q1. it is not the only factor at work in most projections for growth in the first quarter. it is an important factor. it is not the only factor. >> and so what should investors expect from the federal reserve? >> we have tried to give a general formulation of what we will be looking at, which is how far are we? how large are the shortfalls in achievin

are not paul krugman? mail. >> i often get his mail and vice versa. >> krugman is leaving princeton in a year. >> a year and a half or so. >> i would say his mail is often quite heated. >> he's a complete demigod to the left, though, he really is. he almost walks on water. and then on the other side, he instills the same -- the opposite from the other side. >> i think he's a bit of a lightning rod. he was certainly an outstanding economist in his prime. >> in his prime. oh, man. man. >> which was 1981, i this i, wasn't it? >> no. he was a participant at this brookings meeting i went to last week. >> okay. all right. all right. alan will be with us for the remainder of the program. >>> when wep come back, biotech sent into a tail spin after congress sends a letter to gilead sciences after pricing for its hepatitis c drug. >>> as we head to break, check out the "squawk box" market indicator. in today's market, a lot can happen in a second. with fidelity's guaranteed one-second trade execution, we route your

brought a new print of it can't happen here newspaper columnists, bloggers and pundits like paul krugman and anthony lewis drew on the book's the 42 aboard what they saw as a current bush administration's slow motion right wing takeover of the united states. they saw him as another down home strong man. they never specified to twho th first one had been. the notion that bush was a fascist is unchallengeable, pointless to argue, but i bring up to unlike people. there is one element of it can't happen here that relates to the present. he never specifies what the alternative is. what he implies is what is needed is an oligarchy of good people. not so different from the new samurai and how these people are selected, good people are selected. you have to replace democracy with an oligarchy of good people. out this is to be done he doesn't have much to say. when you read or listen to people around the obama administration, lot very similar to their view of the world. very similar to their view of the world with one important difference i won't go into now. i will pick up in question and answer

a times columnist paul a times columnist paul krugman is calling his blog something between disappointment disaster. silver struck back with data detailing how the criticism on the blog turned negative after silver left the "new york times." this might be related to silver dismissing two-thirds of the op-ed columnists for writing, in his words, crap. >>> after the break, scolding each other over that missing plane story. and a female guest plays the gender card in a heated argument over obamacare with chris hayes. argument over obamacare with chris hayes. [ male announcer ] it's here -- xfinity watchathon week, your chance to watch full seasons of tv's hottest shows for free with xfinity on demand. there's romance, face slaps, whatever that is, pirates, helicopters, pirate-copters... argh! hmm. it's so huge, it's being broadcast on mars. heroes...bad guys... asteroids. available only on mars. there's watching. then there's watchathoning. ♪ >>> time for our video verdict. a sharp disagreement and it got rather personal. >> can we go for news school? i'll tell you why. everyone stop for a se

and peter ford tweeted me to say, paul krugman's nobel prize makes about as much sense as president obama's your comments coming. e-mail me at loudobbs.com, follow me on twitter or go to loudobbs.com at loudobbsnews. >>> meeting with world leaders and other heads of state, our president seems at times to be a victim of his nature, demonstrating his desire to command rather than to persuade, to lecture even as nato peers rather than talk with them as leaders and counsel he should seek rather than assist upon. today president obama carried a somewhat surprising message to european leaders. mr. obama seemed to be trying to convince europeans that there is a worthy cause, that european values matter to the world and should be defended by, well, europeans. mr. obama also warned the european leaders that they must spend more on defense in order to deter vladimir putin's expansionist agenda. >> going forward, every nato member state must step up and carry its share of the burden. by showing the political will to invest in our collective defense. >> he couldn't be more right, of course, but why now

it was picked up by paul krugman of the "new york times" and others and it's not true, so you can go on economics 21 and see the author of the report that they are talking about. paul ryan deserves better and he probably deserves an apology though we all know we won't get from one those guys. >> way to hold them accountable, i like that. >> bob? >> one of the favorite people i like to see associated with the republican party, can we run a little sot on this boy. >> in this uncertain world surrounded by lies and corruption, everywhere you look, there is no greater freedom than the right to survive and protect our families with all the rifles, shotguns and handguns we want. mark my words. the nra will not go quietly into the night. >> wayne, but we wish you would. wayne lapierre is going to be around and the nra, well, good, stick around because you cost them votes every time you open your mouth. >> kimberly, do you need a tissue to wipe any of that off? >> just spit all over my face. a pat tillman foundation, 8k race in san jose, california, all of the runners going out of their way t

. >> paul krugman writes, republicans are just making this stuff up. >> reporter: jay carney backed him up. >> reporters have discovered that, in fact, the circumstances are not as they're being presented by either outside groups or republicans. >> it was astonishing to have the democratic majority leader in the united states senate get on the floor of the united states senate and call americans liars. >> reporter: republican senator roy blunt questioned reed's accusatio accusations. >> i guess you think the active imagination of missouriens are running wild because they're contacting our office constantly talking about higher premiums, higher deductibles. >> reporter: 6.2 million had policies cancelled, many pushed into far more expensive plans. >> there must be 6 million of us then. we should call ourselves the liars club. >> reporter: this man got a letter canceling his policy and laying out a 61% increase in premiums under obamacare. >> i went from $891 a month to $1437 a month, and also my deductibles all doubled. >> reporter: jeff and victoria of north carolina who had been in an

i see paul krugman going after it with nate silva. his website is-age, major disappointment. any little rivalry here? turns out this guy works with numbers. not trying to get girls. not trying to become a matinee star. he's giving people the facts, and everyone gets mad at him. right now anybody will tell you republicans were on a roll. >> this guy has his own reputation to uphold, not say what folks on left wanted to say, making predictions like he did for barack obama in the past and now making predictions for republicans. it's just predictions, guys, get used to it. >> you think he could pick up girls? give me a break. >> who cares about that, bob. not everyone cares about it. >> he's telling the truth and this is how you know he plays it straight and he's fair and balanced. i like that. just tell you who you it is. >> i know very few democratic pollsters who would tell you republicans have a good chance of carrying the >> let's talk about 2016, heating up, getting hot in here and that's why bob is getting bothered. rand paul. >> that bothers me. >> he's made this new 50 s

a times columnist paul a times columnist paul krugman is calling his blog something between disappointment disaster. silver struck back with data detailing how the criticism on the blog turned negative after silver left the "new york times." this might be related to silver dismissing two-thirds of the op-ed columnists for writing, in his words, crap. >>> after the break, scolding each other over that missing plane story. and a female guest plays the gender card in a heated argument over obamacare with chris hayes. argument over obamacare with chris hayes. i'm rdy, and i quit smoking with chantix. as a police officer, i've helped many people in the last 23 years, but i needed help in quitting smoking. [ male announcer ] along with support, chantix varenline is pron to help peop quit smoking. chantix reduced the urge for me to smoke. it actually caught me by surprise. [ male announcer ] some people had changes in behavior, thinking, or mood, hostility, agitation, depressed mood, and suicidal thoughts or actions while taking or after opping chantix. ifou notice any of these, stop chaix and ca

this is like coke brothers meet krugman. >> we're holding hands. you can't see it. >> are you?ly the president just met the pope, just moments ago. i don't know whether we have video. we exchanged gifts. apparently they gave each other your book "how capitalism will save us." it was such a coincidence that at the same time they both gave -- no, actually that did not happen. >> i didn't know the president visited with you, joe, this morning. that's news. >> yes, the pope. do you think they're both talking about the shortfalls of capitalism at this point? >> they might be but i think the pope is ahead of the curve in terms of understanding what markets are about. what he wants are results. he came from a continent where you have crony capitalism to farewell. i hope the pope is telling the president, don't go our way with crony capitalism. i've learned from the mistakes argentina and others have made. >> we'll have rahm on later, too. steve, are you optimistic that the worm has turned 0 are that the pendulum will start swinging back towards less, you know, central planning and mor

getting your insurance canceled -- i think it is going to be an issue that will cause us a great krugmanmong especially single women improvement great among single women over 35. and then young people. obamacare was designed to screw people over. actuaries sat down in a room and figured out how they are going to pay for this monstrosity of a program. they decided that screw everyone he five or younger. -- 35 or younger. privacy areunding issues young people are concerned with. the proof is look at ken cuccinelli. he won all voters between 18 and 24. are ourthese narratives own fault. we don't push back on them, about young people. we have some demographic challenges. but the democrats do as well. for whatever reason, we seem to be overly obsessed with our own greed -- with our own. the started their technology operation. ononder if you could expand the mission and purpose of the silicon valley operation. fundraising, technology and fieldwork? >> it is a go where we think our blessed opportunity to recruit we thinktalent is -- our best opportunity to recruit the vest thing talent is -- be

my hat to paulip krugman who wrote about this in his blog a couple of weeks ago that if you are concernedrns or leave an event emerging in china, focus on their equivalent of the test spread or the quality spread at the short end of the yield curve because frankly as everyone was theing their eyes at financial and bear stearns, it was never going to be a big problem in the u.s., everyone was focused on the quality spread in text right back in that period in 2007, you would have been early and right. i agree with everything that mike just said. long-term, this will be good for china in terms of weaning off ive reliance on leverage. focus on the short term quality spread at the front end of the chinese curve. >> are we going to see more default like this, mike? >> yeah, it is almost inevitable if the government is no longer going to step in. 63 copies of a debt to equity ratio exceeding 400%. atot of people looking solar, obviously, where this company came from. overcapacity huge in china. shipbuilding uses a lot of steel as well. there are a lot of industries where this could happen. it ne

my morning must-read is from dr. .aul krugman, nobel laureate he says "in the past, wage increases ofr percent a year, more than twice the current rate, has been consistent with a low inflation. we should see rise in wages as a development to cheer and promote,." not a threat to be squashed." -- cheer and promote, not a threat to be squashed." >> there is no reason for the government or fed to be targeting or worried about high wage growth. i do not think that is the real issue of inflation risk. the issue of inflation risk is that angst are going to start lending. they already have begun. when lending growth and money growth happens, it will catch the fed on its back foot. the fed is going to be too slow to react to that. i don't think it is a wage-price inflation spiral story but it is a money and liquidity growth story. >> it has been a theme in the u.s. for a couple of years. we will continue with charles calomiris on his latest book. ♪ >> good morning, everyone. "bloomberg surveillance." i'm tom keene. with me, scarlet fu and adam johnson. we look at stocks, bonds, currencies, an

reading david fr economic he was an conservative but he based his investments on the vice of paul krugmanbt is not all that bad. it is due to explode when the baby boomers need their medicare, which is very soon. it is an obvious answer that both parties will gravitate toward. make the rich pay more for their medicare. that will solve the budget problem. it has to be said whenever in liberal says would when you cut taxes, more revenue did not come into the treasury department. every year taxes went down. cut, more taxes were money came into the united states treasury. the problem was, tip o'neill would spend three times as much for every dollar that would come in. the years spot on this -- of entitlements. we are talking about bringing in 1.2 million poor people per year here. that is going to be sustaining social security? that is going to be sustaining medicare? one thing people haven't noticed , certainly they are celebrating the browning of america on msnbc . they are bringing in people who are not from america, people who are in theory going to be funding older white people who are g

i understand paul krugman says we are not spending enough. not the issueit's when programs are managed properly. 95 anddrive down route hit the six nash and her section of 198 and 95, they have had jersey walls up there for five years, and this is all part of the stimulus, the recovery and reinvestment act of 2009. so i do not know what the excuse is. this gives infrastructure spending a bad name when funds like this are poorly managed, when there is no movement on a project. i think that this says that for itself. and i don't want to hear anybody saying republicans are against infrastructure spending. it is the mismanagement of the funds that bothers people. the privateng -- in sector, you do not mismanage funds. you do not have unlimited funds and unlimited tax dollars. that is what the government seems to give -- we can just tax infinite him and then the money is wasted. host: overall, you agree with the idea from the president that if you put money into infrastructure, that you will grow the economy. caller: undoubtedly. spending -- he go

paul krugman of "the new york times" endorsed colette d. saying he had believed kowalski before. and cited larry summers, since he's not going to be famously involved with the factories are, actually recovered himself as an economist and has pointed out that we have permanent unnecessary unemployment and millions people. the reason we have this is the political aspect to what color scheme saying is rich folks don't like government spending money on poor folks, even if it would benefit them, even if it would stimulate the economy and make their businesses more successful at year. the most extreme example recently in japan it is necessary to cut off food stamps for poor kids. i don't know what country the people who did that live in, but it is not one that i want to live in. this is the question he spoke very eloquently, but it seems we have a conflict between the scientific conclusion with the impression you should spend money on poor folks and the powerful, wealthy, political interest, which have created this great environment including the economics profession reaching to reinha

paul krugman in the new york i and and doors koelsk cited larry summers, whom since he is not going to be famously involved in the federal reserve, actually recovered himself as an economist and has pointed out we have permanent unnecessary unemployment of millions of people. the reason we have this is the emperors new clothes. there is the political aspect of what he is saying. rich folks don't like government spending money on poor folks, even if it would benefit them, stimulate the economy. the most recent example is they have cut off food stamps for poor kids. i don't know what country the people that want to do that live in, but it's not one i want to live in. the question is, it seems that we have a conflict between the scientific conclusion of keynes that in the depression you should have money to poor folks and wealthy, political interests, which have created , comingat environment to paul ryan in congress, who liked to cite them and now fights something else. is there much we can do about this aside from some movement from below? is science enough to persuade those who ought t

so paul krugman and larry summers aren't in the room here as far as i can tell -- >> many if they were, we'd be hearing about it by now. [laughter] >> but there aren't any bigger advocates for trying to boost aggregate demand and stimulate the economy than we are, but that's a business cycle issue right now. and what we're talking about is a more fundamental, long-term structural issue. and for that matter, they're not unrelated. as andrew was just saying, these structural issues can lead to the fundamental drop in demand that we're seeing, and so you need to address both of them. >> so you can run an economy with a very small group of the elite up at the top and a whole mass of fairly miserable people down at the bottom. it's feasible, it's just a lousy society, it's a smaller economy, it's not where we want to go at all. and it'll almost certainly have political implications. >> absolutely. >> those tend to be unquiet places as well. >> just to circle back a little bit to your constitution of henry ford and the robots, you did anticipate two questions here. one is whether given what

and paul krugman in "the new york times" endorsed saying he didn't believe gillespie before. and cited larry summers, since he's not going to be famously involved in the federal reserve, actually recovered himself as an economist and has pointed out that we have permit unnecessary unemployment of millions of people here the reason we have this is the emperors new clothes. that is, the political aspect of what he is saying. rich folks don't like government spending money on poor folks. even if it would benefit them, even if voted stimulus the economy and make businesses more successful. he's the most extreme example result is apparently is necessary to cut off food stamps for poor kids. i don't know what country the people who did that or want to do that live in, but it's not what i want to live in. so i would yo just say about th, and this is the question, it seems that we have the conflict between the scientific conclusion of games that in a depression if you spend money on poor folks, you should give money to poor folks. and powerful, wealthy political interests which have