laura tyson, chair of the economic advisers then for president clinton and marty feldstein who held the same title under president reagan. laura, marty great to have you on the program. thank you for spending the time today. >> thank you. >> good to be with you. >> marty, both sides appear to be extending an olive branch when with it comes to the fiscal cliff. do you think we will reach a compromise? and if so how and when? >> i hope so. the consequence of not reaching the compromise for the american and world economy next year would be disastrous. we would be talking about a very deep recession if we went over the cliff and didn't quickly bounce back from it. >> laura, you think there is a two-part solution. what do you mean by that? >> we have the fiscal cliff and a need to get a long-run compromise plan on deficit reduction over the next decade. i think we have to be realistic, that the possible of getting the long-run plan over a six, eight-week period with a lame duck congress that is a low probability event. i think we have to think of this, can we find a way to negotiate a deal t

all of it should be. >> jennifer: laura tyson, thank you so much for joining us again inside "the warnd for sticking your neck out on predictions. >> thank you. >> jennifer: even though we agreed 100 percent. up next jon meechum is here to tell us what thomas jefferson has to do two solving this fiscal cliff mess. and later mitt romney heads to the white house for the lunch date heard around the world those stories and much more ahead right here on "the war room." >> jennifer: we are back inside "the war room." i am jennifer granholm, thomas jefferson our face's third president, is known for his less than savory personal life. he father several children with his sigh sally henning sadly that has eclipsed his good accomplishment the declaration of the independent the expansion of the united states through the louisiana purchase, he sent lieutenants i lewis and clark on their favorite expedition, it's that thomas jefferson that we meet in the new book, thomas jeff the art of power. and tonight i am so pleased to welcome its author, pulitzer price jon people uma they are. thank you for j

. >> marty phelps and laura tyson. >> we talked about the economy under a second obama presidency. but what about the markets and your money? we'll find out the smartest vesting moves you can make and how to protect yourself. >>> then, when you think bankers, you think jamie dimon. my interview with the chairman and ceo of jpmorgan chase. we'll talk regulation, politics and policy. as we take a break, take a look at how the stock market ended the week. back in a moment. en we got marr. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule. a short word that's a tall order. up your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up. everyday delta flies a quarter of million people while investing billions improving everything from booking to baggage claim. we're raising the bar on flying and tomorrow we will up

but later join jennifer granholm in "the war room" for more on the so-called fiscal cliff with laura tyson congresswoman donna edwards at 10:00 p.m. eastern in "the war room." more "viewpoint" coming right up. >>questions, of course, need to be answered. >>we will not settle for the easy answers.

there are the ladies on the long list, christina romer, laura tyson, janet yellen.t are you hearing about who could be rising to the top of the list. >> janet yellen is more likely to be a candidate for fed chair if bernanke, if the president decides not to appoint bernanke for another term. i would take yellowen off the list. christina romer will not be on the list. she didn't really fit in with well the administration the first time. the name i hear among women candidates is lale brainerd, over there now, very well respected on the international front and delta lot with issues having to do with the european debt crisis and very much hands on when it came to these deals that the eu was striking with greece, so really familiar with that territory and with that crisis and that of course is one of the big issues there. i think she would be more likely than any of those but, look, the front-runner, current chief of staff, former budget director, i hear some hess tans sigh a little inside the white house and some in the wall street community not big fans of lou and even

but later join jennifer granholm in "the war room" for more on the so-called fiscal cliff with laura tyson congresswoman donna edwards at >> eliot: as monti python used to say and now for something completely different. not something about the fiscal cliff or the benghazi kerfuffle let's talk british press scandals or the scope of rupert murdoch's media empire's breach of trust integrity and the law. today, lord justice levinson released his report detailing the scope of what he discovered in the british media especially focused, of course, on the enterprises owned by rupert murdoch that have been implicated in the scandals that have erupted over the past several years. to say it is not a pretty picture is to state the obvious. here are some of the figures detailed. 17 arrests have been made. with respect to payment of public officials 52 arrests have been made including 27 journalists. with respect to data hacking and improper access to personal computer records 17 arrests have been made. there were over 800 known victims of phone hacking by british media interests and until recently, non

laura tyson? >> yes. >> she's a chicken producer. >> no, she's a professor. >> oh, she's the boxer.t one job -- >> i like what joe said earlier that at the end of the day the only legacy that matters any more for obama is the economy. he's going to have his legacy in obama care for better or worse. going to have his legacy in dodd-frank. the only one that matters anymore is economics. >> you can't -- there's 100 republicans. you can't single the one out that you hate. >> it was very interesting in the exit polls. i just going to to get to this quickly that the electorate sort of blamed bush for the economic crisis. that's not going to be true any more. it's not even true from today. you could make that argument he was given a bad hand. >> i went as far to say that the whole reinhardt rogoff narrative, if we go four years above 8% and crappy gdp the left will reap what it sows. >> it will reap it in '14. >> we'll finally be able to say definitively wrong-minded policies can hurt the economy and if jimmy carter had been reelected there may not have been the '80s. >> my 2014, bernanke