these guys believe in this come live and let live, lay laissez faire. and what she father said was, oh, you've got to accept the fact that this is the kind of a lifestyle you live. are you crazy? >> jane, i've got to get in here. jane -- >> hold on. let's see the panel. let's see the panel. mark eiglarsh. >> thank you, jane. first of all, you've got dale archer saying bravo. you've got sliwa convicting him already. let me explain something, the only thing we know for sure is none of us will ever know for sure whether this really happened. that's number one. and number two, as i tell my jurors, when i'm raising questions about someone's credibility, there's a difference between believability and accuracy. so even if when you see this oprah interview, she looks believable, it may be entirely different whether she's accurate, whether this really did happen or whether it was imagined in order to sell books or when she was in a drug-induced state. >> well, i think drugs is at the heart of all of this. mackenzie talks about growing up in a crazy drug-filled w

neil: you had your shot with your tax cuts and your laissez- faire attitude. then we had a crisis. so you had your shot. you had your moment in the sun, and you messed it up. what do you say to that? >> if only it were so simple. if only you could blame the credit crunch on the banks. the single biggest factor in the recent crisis was that interest rates were deliberately kept too low for too long, and that is a political decision, not a market decision. it was made equally by york fed, the european central bank, the bank of england, and the bank of japan. as for the idea that this crisis was caused by deregulation, correct me if i'm wrong, but as recently as last year, congress was telling fannie and freddie to make more cheap loans available to more people. so to turn around and called the -- call the problem a result of deregulation is ridiculous. political interference, in an attempt to stave it off, is making it worse. the recession has happened anyway, but as a result of this borrowing, children and grandchildren will pay off our debts for years to come. neil: thank you very

. >> i think your day has a laissez-faire attitude about life in general. >> yeah.ughter ] >> well, that's -- that is a little bit unsettling. as if he'd know how his dad moves his hips. we're not talking to mackenzie phillips here. so jonathan, how does it work? you have to go console macy? >> yes. and on the street correspondent tour and the late night dancing. >> tell me the -- not a big deal, is she -- she went on, she had a little bit of fun, and somebody -- you know, what? almost everyone gets eliminated on the s how. >> it's an elimination show. >> everyone but one person gets eliminated. >> they should explain it before you go on. >> and the person who is going to win, am i right or wrong, donny osmond? >> he's hot. >> marie didn't do so good when you danced with her. >> well, we made the final. >> didn't you break your hip or something like that? she got physically injure. >> no, she fainted. >> don't do anything to donny. ashley, unfortunately this is the time of the show where we embark upon a tradition, and guillermo right now is outside. let's go for th

these guys believe in this live and let live, laissez-faire. and notice what she said, what her father had said is that oh, you've got to accept the fact that this is the kind of a lifestyle you're -- are you crazy? >> jarngs i've got >> jane, i've got to get in here. >> okay. mark. let's see the panel. let's see the panel. mark eiglarsh. >> thank you, jane. aye yi yi. first of all you have dale archer saying bravo. you have sliwa convicting him already. let me explain something. the only thing we know for sure is none of us will ever know for sure whether this really happened. that's number one. number two, as i tell my jurors, when i'm raising questions about someone's credibility, there's a difference between believability and accuracy. so even if when you see this oprah interview she looks believable, it may be entirely different whether she's accurate, whether this really did happen or whether it was imagined in order to sell books or when she was in a drug-induced state. >> i think drugs is at the heart of all of this. mackenzie talks abo

neil: so we have gone from a relatively laissez faire attitude. you argue it could go the other way. >> i think that the consumer, which constitutes 70% of our gdp -- i do not think the consumer is coming back to the spending rate of the last 10 years for perhaps two or three years. i think we have some issues in front of us. neil: if you are right, the market just what. the economy does not do a lot more. >> i think we are going to resume gdp growth, but very slow to moderate. as long as the money stays in savings and does not go into consumption, i would argue that probably a 5% savings rate cost you 1% gdp. neil: so we are doing all the things we should do, but it is going to cost the economy. we are going to return to the floor of the house where a certain congressmen is getting a verbal whipping. >> -- and our duty bound to treat each other with proper dignity and respect whether we like it or not. teachers and students see us as role models, but none of us is perfect. we all make mistakes, and we sometimes fall short of expectations, but whe

but in health care for some reason, all of a sudden, they're move age way from laissez-faire capitalism. and this basically says they're afraid of competition. twl there's no way we should turn away 47 million unemployed people to the same insurance companies who have been gauging. this is more about people who work every day, who make their payments every month, every year, and keep going up, and they're paying a decision proportionate amount of their income to insurance companies whose executives are making, like the aetna president -- judgment, you're going to hear this. no, no, you're going to hear this. the aetna ceo makes $24 million a year. >> whose business is that? what does that have to do with this debate? that's not why we're spending too much money on health care. capitalism is not competing with the government. it's about competing with private enterprise. >> the public option is about competition. >> coming in -- >> the public option is about competition. >> thank you for being here with us. >> well, thank you for having me. and call me anytime. >> coming up on "cnbc repo

this laissez-faire attitude that the market always correct did not prove to be correct.t: next phone call. kevin from boston. caller: there is an economist named paul krugman. he has some pretty out there . . after a housing bubble and automotive bubble burst, he wrote a paper describing when the bubbles are about to burst, the government needs to step in and direct the markets and break the bubble at the time of its choosing so that it can decide when and how to deal with the fallout from it. guest: that is one of the key points that obama and tim geithner are advancing. the argument is in there are too many federal agencies overseeing distinct parts, and you need someone looking at the whole, systemic risk. if you are going to crack a ball before it bursts, then you run into some questions about maybe it is not a bubble. host: look for the associated press host: thank you for being with us this morning. >> lehman brothers investment bank collapsed in one year ago today, triggering the biggest bankruptcy in u.s. history. president obama will be in new york city today to

this laissez-faire attitude that the market always correct did not prove to be correct. host: next phone call. kevin from boston. caller: there is an economist named paul krugman. he has some pretty out there . . after a housing bubble and automotive bubble burst, he wrote a paper describing when the bubbles are about to burst, the government needs to step in and direct the markets and break the bubble at the time of its choosing so that it can decide when and how to deal with the fallout from it. guest: that is one of the key points that obama and tim geithner are advancing. the argument is in there are too many federal agencies overseeing distinct parts, and you need someone looking at the whole, systemic risk. if you are going to crack a ball before it bursts, then you run into some questions about maybe it is not a bubble. host: look for the associated press series in website in newspapers across the country. chuck hawkins, thank you for being with us. we are going to spend the next half hour asking you about your thoughts on health care, in particular, if your posit

in the panic of 1893 and the depression that followed and that being the end of the laissez-faire capitalismeginning that people were shocked and moved the nation to the left that happen the same thing and 29/32 that was much more ft-of-center values. the reverse happened in the early '70s were the failures ofibal principles became more manifest weot reaga and thatcher to donate the last 30 years and we may be at su a moment again for americans have lost assets at a staggering level. unemployment is likely to stain that the unacceptable level. the wealth of the nation has been reduced will take a lot to get back and the public is making a reassessment. we are fortunate in hat the current administration has come forward with a rery vigorous ne conforming principal prep we have a chance now, we are not home free. we are better off than i can imagine being given what the world will look like 10 months ago. but nonetheless, we will be in a competition for the public judgment of which way back to prosperity and freedom? obama's got off to a wk start but i worked in the warehouse and competed ther

professor sunstein argues, for too long the united states has been trapped in a debate between laissez faire types who believe markets will solve all our problems and the command and control typ who believe that if there is a market failure then you need a mandate. the lays fair typethe lays fair, the mandate types are right that people are fallible and make mistakes a sometimes pple who are specialists know better and can steer people in directions that make their lives better. that is what he has written. presumably an his view the specialis would "know better" than ordinary americans are government bureaucrats. he seems to believe that americans are lazy and inert. i think this is not a healthy view. so i question whether anyone who thinks the americans are fundamentally lazy can perform his role as a gatekeeper of government regulatio the obama administration. professor sunstein'spproach is consistent with much of what we have seen from this administration i have to say which seems to believe that government conol of health care, the financial markets and the business community, is gener

something on paper, something to stop you doing something, whereas the american culture is more laissez-faire, so you have this rift arrising, and it will be played out in pittsburgh later this week. host: laura trevelyan, joining us from new york, and betsy pisik, a longtime u.n. correspondent for "the washington times." what else is different as the general assembly convenes? what do you look for? i guess what i am looking for is some of the color behind the scenes of what happens. guest: security is nothing new, but each year it gets amped up a little bit higher. in 2002, osama bin laden essentially the to the target of the building and said this is a tool of american culture and to call for the end of american structure. there is talk about finance, meetings on the side. as the meetings have gone on, the general assembly has become something where is more the world leaders seem to be speaking more for domestic consumption rather than international. it is a chance to bring problems to the world bank and to the world at large, and to make their people feel as though they are doing something

this is not mistrust in the laissez-faire system. it is not the mistrust in the capitalism of famous scholars. this is not the mistrust of decades defended by the cato institute as it was in the case 80 years ago. it is now the mistrust in the highly regulated capitalism of the last decades. i am not sure that capitalism can't survive such a massive attack. the market either is or is not. there are no third ways. we should consider a way to fight against the newly rediscovered belief in the state against the second generation we see around us these days. we must not allow the repetition of the 1930's and the decades that followed. we must limit and not expand government intervention to and into the market. that is our task today and for tomorrow. the final sentence is that the communist experience should never be forgotten. otherwise, it will be repeated. thank you very much. [applause] >> thank you, mr. president. we will take questions. i would ask that you hold the could microphone close to your mouth so everyone could hear which

the panic of '89 the three and a depression that followed it ended up being of laissez-faire capitalism and the beginning of another era. people were shocked by that and moved the nation to the left for a while. the same thing happened in 1929. we got 30 years or 40 years of a much more left of center set of values. the reverse happened in the late '70s where the failure of liberal principles came in and we had reaganism and a thatcherism. we may be at such and again. americans have lost assets and a staggering level and unemployment is likely to be at a consistent level for many years. the wealth of the nation has been reduced and will take a lot of hard slogging to get back. the public is taking a reassessment. we are fortunate in that the current administration has come for with a various -- a very vigorous set of non conservative -- [unintelligible] we are not home free yet. we are better off than i can mention being, given what the world look like 10 months ago. nonetheless, we will be in a competition for the public's judgment of which way back to prosperity and freedom. obama has