cities around the world starting in london which was very much the capital of the world, the center of lovell finance and then traveling first around europe and then more widely to the united states to mexico and into places which were a little bit more off the beaten track, winnipeg, shanghai, tokyo, bombay and coming back to london. looking at this book is really a tour of the world. >> host: 1913 you say london was the financial capital of the world's? its 2013. what is london today? >> guest: financial capital of the world capital. there's something else about 1913 which is it was the capital of a great empire and course the empire has entirely disappeared but that's one of the interesting parallels there are in the book between 1913 and now in 1913 as we said london was very much a cosmopolicosmopoli tan city and a very global city. it's a very global city and cosmopolitan city right now. if you look at new york in 1913 between washington and new york in 1913 debates about wall street many of his debates at go pretty powerfully today in terms of the relationship between wall street and m

>> the concern of lovell is that when prices get into bube territory : a flood free from market fundamentalsigger risk than the price. overvalued about 10% in southern california. mortgage credit if anything is still too tight, not to lose, and if anything we're under building. so for all these reasons this looks nothing like last decades bubble. charles: as a nation we have gone through them all right. the stock market bull. i think we have the baseball card bubble, the real estate bubble. every time something appreciates in value when naturally say, hey, it's a bubble. are we just overreacting? >> is really is an overreaction. you have to go back. i see the word bubble. is not because of price increases. price increases by themselves don't gi you that can deliver mission. you need silica fundamentals. price relative to income in rent, there are other parts of the market. how tight or loose credit is. back into does a six we head into loans. that is when you start calling this a bubble. we had over building. you have investors. you have them now, but they're not buying the flat. they're buy

oil is above $108 a barrel and when you have that lovell of uncertainty, investors, the trading communityhaven and they are seeking that in gold right now all. some bold has been struggling and everyone looking for a bottom. this morning gold was above $1,400 an ounce up 2% on the session. there's a large amount of u.s. dollars flowing into these commodities in anticipation of a u.s. strike in syria. stuart: am i right in saying commodities move quickly? this move in oil and gold started as john kerry was talking about moral obscenity yesterday, that is when the move started but accelerated, accurate? >> listen to the town of those voices in washington and the tone changed yesterday and that is when we saw these commodities move to the upside. they are waiting in anticipation of any news that will come out on that. stuart: could come any moment. thank you very much indeed. the average college student spending, wait for it, $662 every year on textbooks. that is up 82% in the course of the past ten years. peter morici is a professor of economics at the university of maryland. welcome to the

so you can imagine pat lovell of anxious anxiety and potentially fear because you don't out for this murdering fellow ways. so when it comes down the hall and into the bedroom and 60 p., who are you talking to? who are these people? that is when pat backs up into the dark corner. that is the moment in time that a decision is made. do i take them in a light? do i try to overpower him? to issue him? what happens? that is the kind only pat can tell us about because he's the only ones still around i was there when it happened. so when he says billy drew his gun, because apparently billy didn't have a god and a knife. when he drew his gun and pat shot him, in pat's mind is self-defense. and again, that becomes the real crux of the entire story. did that really happen that way? did really really racist god or did pat shoot him? it's a series of these things and you wait for the big climax. so when pat talks about that, those few minutes of time that really bring all this together really is kind of exciting. it's an exciting story. pat did a good job with it. for a while, pat garrett was th

the senate bill was beyond sequestration lovell's. we, -- the senate bill was beyond sequestration levels. we, at the department, felt better about the senate bill. sequestration is a blunt instrument. pham and arithmetic perspective, it places the with- -- from an arithmetic perspective, it places caps and makes it difficult for us to accomplish the goals we have for our country across a variety of fronts. i think there is a growing sense that there is a need to re-look at it. >> you do not have any idea of what the numbers are or some of the projects. i can live with it. >> with i am saying to you is that the situation is obviously very fluid. in our department, we happen to be ready for just about anything. >> thank you, mr. secretary. we are honored to have you with us. most governors recognize how important transportation is to their success in their states. as a former elected official, you understand that. it is economic development and the ability to expand economically. in the state of utah, we have stepped up our commitment

this outside review we should say was conducted by a prominent group and the law firm hogan lovells.former. and also clark hoyt, a bloomberg editor, used to be the public editor of "the new york times." there are two instances they found reporters using this data. we should highlight what kinds of information they were getting at the time. in one case, apparently journalists reported on the pricing of a mortgage-backed security offering by using data that the reporters could only get by looking at the terminals. the other a case where one of their tv reporters, and they went on the air with this, i remember when this happened, was using some information from the terminal about when people were working there and when they weren't, whether they are on the terminal or not, looking at the scandal at ubs. >> the trader that lost $2 billion in an obscure group. what they did in trying to identify who that was, they looked at who at ubs worked in the group and found the trader that had not logged on. i think a lot of people expected this review would find that bloomberg reporters misused in

the senate bill was beyond sequestration lovell's. we, -- the senate bill was beyond sequestration levels. we, at the department, felt better about the senate bill. sequestration is a blunt instrument. pham and arithmetic perspective, it places the with- -- from an arithmetic perspective, it places caps and makes it difficult for us to accomplish the goals we have for our country across a variety of fronts. i think there is a growing sense that there is a need to re-look at it. >> you do not have any idea of what the numbers are or some of the projects. i can live with it. >> with i am saying to you is that the situation is obviously very fluid. in our department, we happen to be ready for just about anything. >> thank you, mr. secretary. we are honored to have you with us. most governors recognize how important transportation is to their success in their states. as a former elected official, you understand that. it is economic development and the ability to expand economically. in the state of utah, we have stepped up our commitment

we need to not grasp after a lovell a-- love affair with a certain preconceived idea what might be in the book or movie. the balance of practicality, consideration of the facts and the actual science that is out there. it's a key component to this. we have to be creative, but we have to be careful not to -- be reckless. [inaudible] >> on that question, there's a question from the audience you mentioned a love affair with technology. part that have love affair is out of necessity. and that is very true in the area of energy. and so if you could talk about little how the qdr office will be approaching the issue of renewable fuel standards and other cutting edge requirements coming down the pike that you can see i know the qdr requirement is look out twenty years particularly where energy is concerned. of all the area that's among the most im-- impossible to predict. it you can talk about how you are looking at that area. >> yeah. i thank you for that question. it gets back to kind of first principals. the first principal how we approach the questions. dove tails to the last answer as we

. >> buffer in merganser other people to go to that type of lovell. >> that with these four individuals thiamine no position to speak for them but i could surprise that you look at their sectors of technology, services, constr uction and agriculture. looking for people who want to work. those spectrum's in terms of skills, very highly technical positions such as the jobs to by the way i would not say the most skilled with very differently skilled in the construction sector but in all these cases this is a state where workers are ready and willing and able for them to get engaged to build their own individual wealth but at the same time hope that enterprise continue to grow. >> one more follow-up. it always seems it is conventional wisdom we have to have these protections of the worker it facilitates the myth that they will come and take jobs even leaders said washington and feel content to buy into that. what do you say that immigrants take jobs? >> we would do well to look at what has transpired in other states, and neighboring states like alabama recently that state passed a fairly dr