lachman. that dirt arvin subramanian, who told me before the hearing here that people just call him superman. i may just -- we can all just call him dr. superman if you have trouble with dr. superman and purity as a fellow at the institute for international economics, a senior fellow for global development and has been associate director for research of the aforementioned ins, international monetary fund and staff on tariffs and trade. welcome, dr. superman. if you are recognized for five minutes. pull that closer again. that way we -- a little closer still. is it on? >> sorry. >> at a significantly better. >> i want to use this opportunity to look back in order to look forward. in particular, i want to look back over these last two years to draw policy lesson for the broader vital issue of american global economic leadership. that's one fewer non-americans testifying before you. such a bad end, i want to offer perhaps too, may may be too enough policy suggestions. the reflection number one. a

concerned that this guy had to figure out this love thing because i don't want to drive this message that lachmannot love. >> i think it is antithetical. -- that a black man cannot love. >> i think it is antithetical. he feels deep love. if you want to talk about sexual identity,his gender that is something for a lot of our culture, you got to get your son correct. fix his son.ing to he is trying to understand his son. he loves his son. he is trying to figure out how to make him a part of his life. i think he is a champion. he is dealing with it in the best way he knows how. he doesn't have a lot of tools, but he is a clumsy craftsman, but he is trying. as far as his relationships go, a respect of his race, he has got a wound he does not know how to fix with the abandonment issue he feels with his mother. the ruthless nature of his business doesn't allow him to access those soft parts that would allow him to be vulnerable, to potentially be hurt again. he is always feeling like he has got to be the top dog. we are seeing he does let that guard down. it cost him. every time we see it there is a co

i'm not saying specifically eddie lambert or the lachman, but can you take over a retail store -- or bill ackman, but you you just take over a retail store and say, i got this? >> it is complicated and multichannel. you have competition on every corner. it is a very tough this is. you cannot move the oil tanker overnight. thesees time for businesses to shift strategies. it is very difficult to expect instantaneous change just because an activist decides they want to get involved. having said that, i do think activist investors will be much more prevalent within the consumer space. there are many companies with a strategies inth today's world. and not that the activist is the one that actually takes over the company and becomes ceo or dominates it -- >> eddie lampert style. >> but take a look around. jones started with an activist. whether it is a conglomerate that needs to be broken up, a company that needs -- that is sitting on too much cash, or a company that investors overall are not valuing what the management is doing and there needs to be a change agent, i think you'll see a lo

he wanted desperately lachman to come back from australia and locklin didn't want to do it. didn't appreciate the fact fact that his fathers didn't protect him from the infighting of peter chernin who was then president of news corp. and roger ailes who set these landmines for him that were set off. >> by -- why did he bite the tenured? >> it was interesting to me because the decision to buy this vineyard which i think the price tag was in excess of $28 millioe dollar the same as the price tag put on the yacht they used to gallivant the oceans. he said this is what i used to enjoy with my wife whom i am about to divorce and this would be a good place for me to forging new life in my ninth decade so i'm really going to enjoy that bear. i think it was a question of him wanting a fresh start and a fresh environment. >> on your right. >> he hi my name is amy lu. what do you think about the reputation or criticism that "fox news" have in terms of women on the news channels and showing more skin and more cleavage or shorter skirts and even more legs. what do you think of that and

lachman. the scale is different now. but i am far more -- about the prospect of this being repaid, one. and two, even in the extreme case where it not to be paid or -- it would not be make a dent in the imf because, for example, i think the imf -- it would be paid off first before anyone else. and second, again, if things go really bad. the imf has $130 billion of gold against which it can fill any hole of any magnitude that we can currently imagine. so investing in the imf is not a risky proposition. >> may i add to that? one of the things that the imf did -- was famous for, it imposed strict conditions on the country to which it lent. it isn't doing that anymore. i mean, the so-called austerity which creates such excitement in the european press is a farce. there hasn't been any big expenditure cuts. they almost all have been investment which is a strategy. while tax increases which is a bad strategy in a recession. >> okay. >> cut spending? >> if i can cut you off, doctor. dr. steele? >> historically countries have te