what is the macro number when you look at household debt in the u.s. today in 2008 prior to the recession. >> guest: the book is primarily about household debt talking about the u.s. the number for the u.s. if you look at 2002 march 2007, the u.s. house vote at that time contributed close to $7 million in debt. that was more than doubling of household debt to gdp numbers over this type. this is a huge amount we have never seen a household in the u.s. and the consequences are extremely negative. having said that, this is not the only time this has happened in the world but not as part of the point that we try to make in the book is the episode of back him in the household followed by him as long recession that we had you met it is seen elsewhere as well. in europe, for example with similar dynamics generated by a similar run-up in different parts of europe. having said that at the beginning the key problem is the lack of a downside in those elements are present even in debt that may not be household that. it tends to be more sovereign debt. the problem

as i've said, macro economic risks are decreased. what has increased, on the other hand, is the risks posed by the financial dimension. financial stability is more at risk now than it was six months ago. the new mediocre that i talked about, that new mediocre growth is not a comfortable place with respect to financial stability. financial risks have migrated. for example, they have migrated from banks which are far more regulated and better supervised and heavily tested, to non-banks. they have migrated from advanced economies towards emerging markets. let's go through a few of those risks. for one, there are adverse side effects of the very low or even negative, as we clearly saw, including on the primary market today, very low, if not negative interest rates caused by otherwise necessary accommodative monetary policies. these foster a higher risk tolerance on the part of investors which can lead to overpricing. and if the low interest environment persists, it can create solvency challenges for life insurers and defined benefit pens

of looking at macro prices into 2008 prior to the recession? >> of book primarily is about household debt talking about the u.s. if you look at the run-up from 2000 through 2007 it was more than doubling over this time period. there is a huge amount. banda consequences are extremely negative. is that is part of the point we may give the book with the quick run-up of debt especially household debt followed by the deep lot of recession europe for example, faces that dynamic generated by the run-up of the different parts of europe. having said that the key problem is the lack of the downside but that which tends to be more of a problem but the economy is having trouble to deal with the evaluation of this money it couldn't get to the amount that it needed to quickly enough so that downside between greece its creditors affected the entire year rose zero. the problems that we talk about that is the public policy. >> host: but when you hear the term too big to fail that is a public policy issue what is your sense of that? >> too big to fail is somethi

so those are some of the macro economic dimensions. as i said, macro economic risks have decreased. what has increased, on the other hand, is the risks posed by the financial dimension. financial stability is more at risk now than it was six months ago. the new mediocre that i talked about, that new mediocre growth is not a comfortable place with respect to financial stability. financial risks have migrated. for example, they have migrated from banks which are far more regulated, better supervised and heavily tested to nonbanks. they have migrated from advanced economies towards emerging markets. let's go through a few of those risks. for one, there are adverse side effects of the very low or even negatives, as we clearly saw including on the primary markets today, very low if not negative interest rates caused by otherwise necessary accommodative monetary policies. these foster a higher risk tolerance on the part of investors which can lead to overpricing. and if the low interest environment persists, it can create solvency challenges for life insurers and defined benefit pension f

so those are some of the macro economic dimensions. as i said, macro economic risks have decreased. what has increased, on the other hand is the risks posed by the financial dimension. financial stability is more at risk now than it was six months ago. the new mediocre that i talked about, that new mediocre growth is not a comfortable place with respect to financial stability. financial risks have migrated. for example, they have migrated from banks which are far more regulated, better supervised and heavily tested to nonbanks. they have migrated from advanced economies towards emerging markets. let's go through a few of those risks. for one, there are adverse side effects of the very low or even negatives, as we clearly saw including on the primary markets today very low if not negative interest rates caused by otherwise necessary accommedtive monetary policies. these foster a higher risk tolerance on the part of investors which can lead to overpricing. and if the low interest environment persists, it can create solvency challenges for life insurers and defined benefit pension fund

are we all macro economic strategists now?the fraction of the average performance in the u.s. stock and say the rest is company specific or stock specific and we track that overtime. if you look back in the 1980's and 1990's come i can only explain 25% of the average stocks returned from macro factors. it declined over the next decade and tromped out and 11 -- in 2011. at that point, and it can explain 70% with macro factors. now, we are about 50-50. recently, it has been a little more macro with oil dominating most conversations. francine: what is your take on european equities? there's a misconception that when the euro is low it benefits european equities. 40% of what europe makes goes inside the euro bloc. the benefit from that is very small. his germany a good pick? adam: morgan stanley's strategist has been optimistic on european equities. a lot of the move so far has been in local currency, as we talked about. you have to hedged if you are a u.s. investor. i see the argument, six months timeframe that they continue to d

on the macro economic front, it is fair to say the macro economic logic that justin laid out is probably more effective when you are in a labor market like we have in the united states that is objectively tightening. there might be more of a first mover advantage for individual firms in this situation than a period where there is an abundant unemployed workers. it may even be that if we are in a situation as we find ourselves in the united states today perhaps the real hurdle is moving people from the ranks of outside the labor force back into the labor force irrespective of their skill level. it is actually perhaps an even better point in time to raise wages because i think the analytical results will show one of the things, the most important thing that lowers people back into the labor force is actually higher wages. there is also perhaps a situation from the corporate side that -- i think it is fair to say that the marginal benefits for corporations for doing all the other things with cash on hand is perhaps declining at the moment. we know there has been low levels of investment, br

jonathan: say the macro environment helped the valuation. is that an expensive way of saying the collapse of the oil price helped drive this deal? like the collapse of the oil price has been quite a bit for the sector. it always seems to happen when the oil price comes down and there is a different valuation. the way we would look at it is if you look at the combination of the company's, what we could do with the asset bg has with our capabilities applied to them. we saw a lot more value than the marketplace. >> it looks like this is a big bet in gas. >> a very good question. it is a bet on gas. it is a 50-50 company. combining it will not change it fundamentally. we see gas is an important fuel for the future. bear in mind this is a field that has 50% less carbon dioxide emissions. we see gas to be very important. we think of that on gas is a good thing. jonathan: is this signed sealed, and delivered? do you see any big hurdles going forward? >> as with any bill of this magnitude, there will be a hurdle. we will have to go to brussels as we

now obviously there is a macro economic background.g that tomorrow we'll be having our semiannual global economic prospects here in this room at noon under the leadership of david stockton talking about the u.s. economy and nick lardytkftÑ talking about china and preston, one of our speakers today. >> jacob kirkegaard on europe. and we do expect wages to pick up. but there is something more at work here and something more at work in terms of the actions taken by american companies we're going to be featuring later today, the ceo, mark berto lienee who took a function in this position, but the labor share of the economy is at clo a;m to an all-time low from the post-war period. and that is a number that generally never used to fluctuate very much over the business cycle and has been sustained at a lower share of national income for many years now. and the question is does it have to be that way when does it make sense for companies to change that and that is what we're going to address today. we're very fortunate to be releasing a set o

this signals very good news for the macro economy, signals good news for the labor market. it would add evidence in support of the hypothesis the labor market is tightening, something we should all want and very importantly it is very good for low wage workers themselves who should be our primary concern. many of them have trouble making ends meet, justin did a great job talking about issues of cognitive load and the stress that having financial problems can lead to a person that helps make them -- that pushes them in the direction in some cases of being a bad worker, but it also pushes them in other directions that are bad as well and their personal lives, so we should be happy when some of those pressures are alleviated. these workers are playing by the rules. they have jobs. they're working hard. they're getting a pay increase is a fantastic development for them. we should be happy about it. so i will now turn to the main focus of the remarks, which is voluntary wage increases in the context of public policy. and i'll just make three points. the first is that -- accordin

how do you take those ones and twos and fix the problem on a macro scale? that is how i think we can be more effective in representing our district and making sure we are fighting bureaucracy. host: finally our you where you expected to be at your age of 37? rep. hurd: i do not know. like i said before i have learned through doing things that are meaningful and hard. it is about having a positive mental attitude. being honest people. treating people with respect. i was taught that at a young age and continue to do that now. it is an exciting place to be in order to represent my country. people that need to be fought for. host: anything else that would interest you politically? rep. hurd: i am interested in running a business again. for me, the next objective is getting reelected. there are a lot of folks that are doubting i'm ready to do that. they have doubted me plenty already. we know what we are doing. we will prove everyone wrong once again. host: congressman, thank you for your time. >> all this week, we have been bringing you conversations with new m

my perspective is obviously from a macro economic perspective. and full employment is of course, a central goal of macro economic policy. i'm not going to -- i'm disappointing the reporters. i will not be talking today about prospective monetary policy actions out of respect for my successors and ex-colleagues. but i do want to say that when i was at the fed obviously we took a lot of -- we were very -- we took very seriously the full employment part of the mandate and it figured very much into our policy decisions, including in particular, famous qe3, the quantitateive easing open ended program that tied our policy to a quote, substantial improvement in the outlook for the labor market. so i'm glad we have seen not as much improvement as we would like, but certainly meaningful improvement in the labor market over the last few years. now, important question, of course, going forward is whether or not macro economic policy, by which i mine primarily monetary fiscal policy can reliably and sustain bli achieve full employment in our economy. and i w

good to see you. >> the macro trends are not good.you listen to cisco, they're not telling you their business is stronger, they're telling exactly the opposite. the move to the cloud -- adobe is an embedded security play. the problem here with all these guys, i look at adobe and the valuation, that's not typically how i like to play. it's very, very expensive. but that is the move. it's the move to cloudy like more. >> in cyber security, there is one stock we have followed from its peak and back again. firefly, up 22% year-to-date. >> we've had the but off 15%. the stock got obliterated. since then, it's done well. i think fire eye is interesting. i still think best in breed is palo alto networks, which is expensive. i get it. and the journal had an article stating exactly that. and they also said it's not as expensive as it seems. and if you look, their growth rate maybe sports a multiple we see. >> pops and drops. a pop for imax. up 2%. >> doing again, laser technology just released "furious 7." it's a company that continues to find

i think macro environment, we'll need to see a quick change and quick improvement in the macros to get earnings to continue to rise. david: zack, say you're kind of worried about the height that this market has gone, even though there are good signals. if you want to hedge your stock bets, what kind of fixed income bets look good to you? >> if you want to hedge the stock bets you don't buy a hedge fund per se. hedge with short-term high quality fixed income. you don't want to make bets on long term maturities with fixed income. you get burned when interest rates start to move. you could lose massive amounts of money. stay globally diversified. 12,000 companies all over the world. if you hedge bets, rebalance on the highs and lows. liz: i want to say netflix is out and as we're parsing numbers we need to look at the stock, jumping in the after-market session. it closed at 475. it just printed for a bid, 509 and moving higher and higher for the bid of the ask is 510. don't want to give you numbers. we want to make sure. we would rather be right than late. we do know that they're out. as

what about the macro prudential role that the fed also has?l: the fed repeatedly signals that yes, monetary policies could be used to deal with these macro prudential issues, but certainly not at a first resort. can they approach this through regulation and other impacts? and arguably, there are not any big bubbles. alan blinder highlighted as much in the wall street journal today. global yields are low. there is a tertiary bubble -- is there a tertiary bubble? it's hard to hang onto. very much to your point, we have to see the extent of the bounceback in the economy. maybe it is the weather and will prices and these transitory factors but we are not sure yet. we have to see how much the economy is recovering in q2. 1% in the fourth quarter is not a momentum that policymakers want to see to start the great liftoff, if you will. we have to see what the rebounded in q2. will we be the same as last year we are growing 5%? or is it something much tamer? the fed will air on the side of waiting in a bit longer. erik: carl riccadonna, as always, than

time and who have the money to come to florida in the wintertime and he said what would they want a macro well, they would want a modern hotel that had electricity. one that had an excellent up-to-date kitchen and dining room, one that had steam heat and elevators, all of the amenities that the first-class hotel would have. and so he gave this to him, but he did so in the setting of a spanish renaissance palace he hired thomas hastings and john greer, two young architects that would later go on to be the architects most notably of the newark public library. and they turned what had been a march into a luxury resort hotel that look like something had been picked up spain and brought over here and it dropped down on the east coast in what was then an old spanish town. saint augustine was noted at the time and still is as the oldest city in america. so he was sensitive in coming up with a modern building and one that would fit in with the ambience of an old spanish town. henry flagler was a hardheaded businessman and as we saw in standard oil he was a hardheaded business man and also someone

. >> overall, we would say macro economic risks have decreased.e global recovery continues , but it is moderate and uneven. cory: she says the global economic risks have decelerated over the last six months but threat to the world financial system have risen. french tv stations have been shut down by hackers who claim allegiance to islamic state. tv 5 monde has been off the air since wednesday night. a message in support of the islamic state was posted on their homepage in french, english, and arabic. france's national security agency is working with them to restore operations. an indian court sentenced the founder of a computer company to seven years in prison after finding him guilty of india's biggest ever corporate fraud. he admitted to inflating the software company's assets by about a billion dollars in 2009, triggering an 89% decline in the share price. after the scan was discovered nine others including the company's former chief an answer -- financial officer were also found guilty. a world where we can get closer to the idea of breakthro

>> she started working on these issues of housing mortgages and all of the macro economy. the timing was good because it started thinking about issues towards the end of 2006 before the crisis was started loading the data we need to do the analysis that is inside this. i remember in 2007 when the crisis started to appear, the whole system kind of crashed. we were already had the data to look at the issues that became relevant. in some sense they became lucky. it has been a tremendous opportunity to get the opportunity to work with someone like him. >> host: "house of debt" is the name of the book. princeton professor of economic and public affairs atif mian is the co-author. you are watching booktv on c-span2. >> in 2003 judith miller wrote several stories on invasion of iraq and weapons of mass destruction in an effort to reveal scooter libby. she was found in contempt of court imprisoned in a federal jail for 85 days. tonight she talks about her time in jail and the story, a reporter sure nate. >> guest: >> i was in jail because i refuse to reveal the identity who did no

they are tinkering with the macro prudential rules and those have had an effect, so i think at the momente bank of england looks fairly comfortable. jonathan: guy johnson and bob parker, thank you very much. coming up, the man who nailed the bond market last year when most people got it wrong. what is he forecasting now? we will talk to stephen major after the break. ♪ jonathan: good morning and welcome back to "on the move p are co-i'm jonathan ferro. 30 minutes into the trading session. remarkable week last week, best week on the stoxx 600 since january. maybe not a covance it is was the worst week for the euro since september 2011. right now, all time highs for the ftse 100. the dax also coming off a record high. some great stock stories. caroline hyde has these and here she is. caroline: let's look at what is tugging down the stoxx 600. the worst performer, tgf, a seismic survey are in norway. revenues aren't looking quite so pretty for those oil related stocks. first-quarter revenue/my a quarter. -- revenue slashed by a quarter. they are cutting their 2015 forecast. they are also cut

not a lot of macro data to focus on today. we get euro zone retail sales later on today but also fomc and ahead of that a little bit of caution. in the currency markets the dollar slightly after a strong session. higher by half of 1% and the dollar falling slightly against the japanese yen on the back of the action. keeping it's monetary policy unchanged. 119.87 and the aussie dollar with another jump against the green back after the surprise move by the rba. of course it didn't move. that was the bigger surprise. brent crude down by 1.5%. 58.25. wti down 2.3%. 52.73. we have the largest than expected increase based on the api report. we get the eia report today and we heard the saudi's producing at a record pace. seema, what's coming up on the show. >> heres what's coming up. bio tech shares on a tear over the last year but is the sector heading for a correction? one expert tells us how to play the volatility in bio tech and he tells cnbc he's still bullish on the commodity sector. find out where he is putting his money. plus

max; it is macro related. easy money, take it while it is here.ket assets being spun off at relatively cheap prices creates an incentive. scarlet: a quick mention of mylan making an offer to buy perrigo $429 billion. you were telling me -- for $29 billion. you were telling me mylan was sniffing around for a deal. max: there is an a lot of antitrust concerns with branded and generic drugs. i'd not heard of perrigo as a potential acquisition target but not too surprising considering the macro landscape in that space. scarlet: let's move onto your trade, on a semiconductor etf the smh. what is your strategy on this sector? max: i am bearish. we had a slew of negative announcements as of late. intel kicking things off. sandisk following suit micron's earnings with a lower forecast, not very upbeat either. this basic dropped a bit and then got picked up by speculation of an intel-ontario deal -- intel-alterra deal. i'm looking at the possibilities that things slide again at the m&a wears off and as we head into earning season which peaks next week with

there's prediction from the macro economic model you're going to have this problem, this dead weightaw, and when that didn't materialize, people looked and said, you know what, you get less turnover because people stick around longer, do you think there's broader sort of social policy lessons here? >> you know, i think when you reduce inequality in every way, whether it be a micro level one company or macro level across the economy, you're going to see positive impacts you would have never predicted. i think when you increase inequality, you're going to see negative impacts you would have never predicted. >> there are these folks out there today striking and demonstrating for $15 minimum wage. >> we have a rising inequality in both directions, right? we have the top going up, we see wage stag nation not just at the bottom, but all through. >> what do you want to see happen throughout the remarkable decision you've made in your company. >> my pipe dream is that we have a private capitalist solution for this, we and others prove that we're going to win, and we're going to make more mon

and how about the public sort of the public hearing would it make sense to combine them so that your macro the record not only for say the candidates controlled committees but other regulations your got on the priority list. >> well. >> is doable do you think. >> with respect to the report issues i think we want feedback in terms of what is most valuable to the public how guidance works with the regulation and that sort of thing with this really and also with the prop j we're talking about you know some important constitutional issues i'll be worried about sort of giving them a short trip if everything is combined together. >> any other questions or comments from the commissioners? i echo commissioner keane's statement it is well done and helpful and seeing where we need to go one suggestion that i have is i know we don't have a formal committee on this commission but to the extent commissioners want to participate hopefully that will be welcomed by the staff i for example have those enforcement regulations have been near and dear to my heart maybe other commissioners you can reach out to

the macro reports will get better. what are we going to hear from the stronger dollar the future guidance? there's no reason for big asset management to jump in front of it. quite honestly trading around this flat line feels like it's the right thing for the market to be doing. >> jeff do you agree? of those two factors we were talking about, all the economic data we were going to watch to tell us whether or not this recent slowdown is for real or the earnings, which matters to you most and what do you think drives the markets more this week? >> here in chicago, michelle earnings are the paramount focus, specifically the forward guidance. there's more of a rear view snap pot. goldman on thursday, those financials, the heart of the u.s. economy, we want to hear what they have to think about forward guidance, potential damage of the u.s. dollar spiking. this is so important going forward. guidance guidance guidance right now. >> that is for sure. as you know, expectations are not very high for the first quarter and last

what happened over the last month is that the macro involvement to a point, it was a great logic and a very compelling value. together combining, the synergies, this became something that looked too good to pass up on and that is why we moved as we did. >> is that an expensive way of saying the collapse of the oil price helped drive this deal? >> of course the collapse in the oil price has done a bit for the sector. considerations always tend to happen when the oil price comes down and there is a different evaluation. the way we would look at it, the combin of the two companies, what we could do with the fantastic assets that b.g. has with our capabilities applied to them we simply saw a lot more value if that combination than in the marketplace. that value drove the deal at this stage. guy: jon, as you pulled out the highlights from that conversation, what were they? jonathan: i guess you're looking at a big boost to the energy market. asked him what the energy boost meant and these are decades long decisions. he told me this will be a fuel destination for years to come. when you lo

we've got the macro data in focus. you have economic data coming out of taiwan and of course is the meeting as well. it will be interesting to see how the dollar reacts. if we do see dollar continue to push higher then we could see some asian currency depreciation. that's where we stand right here. >>> ten days until the u.k. election and the race is still too close to call according to three polls published over the weekend. u gov put the conservatives aahead. over the weekend, i saw them tide at 33. >>> promising more help for first time buyers. the conservatives call that quote, call that policy quote, panicky. >>> david cameron has secured the pack -- backing of 5,000 new businesses warning that it would pose a risk to the economic recovery. >>> good morning to you. pleasure to you with us. what do you make of the plans to abolish the non-dom status. >> it's very popular in britain. it's popular with both main parties and certainly all the smaller parties and the first thing to say about it is whether it's a good i

pieces of news that talk about present danger and how it effects the decisions you could o should be macro and a hell story from last week on april 1st the governor announced monitoring water limitation that bring climate changer in assuring a secure way for pension holder we have a safe present for the land and water we absolutely don't think no longer a future possibility climate change threatens our life support in n this state drought happy on a sickly basis the climate technologists show that the experience greater exacerbated the current drought of winter of 2015-2016 was the long run it on record for california our water supply are especially threatened with warming temperatures when rain replaces the mountain snows we counted on second piece of news you're familiar with this april the legislation is talking up calpers for the companies that receive half the revenues from cool my wife and i the package of this will be a major step for the divestment. >> 30 seconds. >> the vehement and the recent because of it's poor performance, in fact new income from the financial analyst without

. >> i trust your personal integrity to have that spirited debate but what about a larger macro sense when you have the fbi that is so reliant on the uses confidential informants? >> i think it's important to keep in mind as i said earlier confidential informants are only one piece of the equation. it's not going to substitute for good investigation background that can be done, open source, researching contacts, and the use of physical surveillance and electronic surveillance. they are all tools. i think it would be inaccurate to say that the fbi relies so completely and so fully on informants. it is just one pees of the equation and because i.t. involves people, it runs the risk of creating challenges. >> and one of the challenges involves the idea that you may plant the idea of somebody carrying tout act of terrorism that somehow plants the idea in someone's head. >> i take issue with that, these situations both in united states and abroad, and task force officer has an exceptionally high degree of integrity and they are not interested in trying to create problems, create investigat

non-english column we're talking about nearly 90 percent of our population who are english speakers macro at least 3 and above if you look at the which they understand i'm sorry the english population at the secondary level they're doing symsubstantially in the testing poor so i guess we need more details to look at what the the reasons we're thinking maybe the star test which we no longer use it, too 0 different for the english learners and because the english learners as a secondary level mainly newcomers or long term english learners so we just need more to look at the details or need more details from the district as well so this concludes the number pieces of that hallow point we'll go to the commotionaccumulation. >> i'm away wake now so the delack has come up with some recommendations there are somewhat general and we would have been much for specific and as we go over this material i think we come up with better recommendations so this set is as of this printing and so we're asking that, please to evaluate the structural programs especially, as it is with the density of english sp

realized in this time period i've drawn likelyly from the trend reports i'm not a pharmacist their macro maybe a case i mispronounce some of the pharmacy costs occur into in medical side and in the pharmacy side in the medical side those are drugs that are provided in the hospital or maybe provided in if an outpatient setting but to the pharmacy benefits this is not what ear talking about significantly about today because those trends will show up in our medical claims experience what wear looking at it what you're going to see as a pharmacy experience going forward. >> one of the things in 2012 speciality drugs represent 25 percent of the pharmacy accept and it is growing at a sustainable rate matt haney that is going to continue to grow at 20 percent clip-on the near future according to the united health care this could represent by 2012 up to 9.9 percent of the national trend that's significant historically a hospital or hospital in patient costs have been a large portion as we're talking about the aco they're not here that's the outpatient side you want to see growing and growing at

there was not a macro driving factor for the equity market today.lected in where we see the prices for the major averages. it was a single stock story. whether you are talking about bank earnings, that kicked off the day. goldman sachs and citigroup, those two stocks moving. of course, we have the wave of ipos that began trading. that was a buzzy event. it did not affect the macro view. etsy doubled in its first day of trading. these three companies raised about a billion dollars in their first day. we have been seeing some more ipos starting to heat up a little bit more. i want to talk about oil as well because we did have a reversal in oil prices today. we did see a drop in oil earlier today and by the end, we were seeing an increase. some questions about shell supply. that's -- shale supply. we will see what oil does. alix: see what the volatility does. we appreciate it. i am here with lisa carl, peter. peter, good to see you. investors are starting to get signs the u.s. gross story might be losing some momentum -- growth story might be losing so

additions and subtractions i want to call to the commissions attendance we have professional educatorors macro those recommendations we'll not make a recommendation we'll not purport i wanted to speak to that in support of our staff working with the community as well and just remind us all that is the first year we're in growing modes we've been supplementing and trying to keep lights on for years this is a thoughtful way of moving forward we've mating made a huge commitment to the multi lingualism unlike if you places in the country it is an investment so how we invest and grow this carefully is very complex with you grow a program at the middle school you're dealing with other electives kids and families have choices we time to make sure we're thought fill in setting up a process to insure success important all the students and families that's what we're hearing this is a zero-sum budget if you increase something you have to cut something else i'll be cautious about those decisions on the fly they impact programs in a carefully thought-out proposal based on your proposal from last week. >> i

if you stay macro, she can handle that. >> well, you have the legal knowledge that bill doesn't have that education. you have the ability to dig deep. but bill has the ability to terrify. and i would like to see her go one-on-one with -- >> are you familiar with bill ayers? i don't know what you're talking about. >> i saw bill ayers -- >> i don't want to terrify hillary. you get into an interesting point. i don't want to terrify hillary. i want to sit down, have a fair interview with her. i think the problem with her is if she comes over to fox news, is she likely to sit down with somebody like me who will really press her? i will give her the chance to be heard fully, but will she sit with somebody like me who would press her? i'd press her deep. >> she has never been confronted in public as far as i know with somebody like you. smarter than she is has knowledge -- >> i'm not smarter than hillary clinton. >> oh, yes, you are. >> oh, no, i'm not. i went to albany. she went to yale. >> it doesn't matter where you went to law school. it matters today. >> pretty impressive. she did okay