it would agree with mark calabria. the fed must be bold, hike rates in september. 10 good reasons why it should not be swayed. from bloomington, illinois, line for republicans. caller: good morning. i have a question and a grief comment. -- brief comment. i believe the proliferation of regulations is on has been, especially since president obama took office, strangling to the economy. i have a question for mr. calabria -- i hope i pronounced his name correctly -- of the cato institute. commented that paul economist the former professor at m.i.t., i believe, predicted that cutting spending after 1946 by 40% would cause another recession or depression. instead, the economy grew 10%. i found that interesting. i wonder if mr. calabria could tell us if he knows that -- whether or not professor simmons and attempted to explain his error. in terms ofas it the decrease in military spending at the end of the war to -- world war ii? fromnt-up consumer demand prewar rationing. i would be interested in mr. calabria's comments. gue

mark calabria, i will let you start. andt: i share that concern i think it is too easy for executives to pay with shareholders' money than their responsibility. there was a tremendous amount of criminality and fraud, i think the crisis was drawn by dad -- bad macrocs economics and bad government policy. we should not for ourselves to think that we would be sufficient. guest: you have to look at the fact that, a general move to make regulations more friendly to wall street from the 1980's -- no emphasis on extending derivatives. lai you have this kind of open space, it is hard to see with clear lines who has defrauded who. hopefully the new regulations will give us more clear lines. host: michael konszal with the roosevelt institute. mark calabria with the cato institute. i appreciate your time this morning on "washington journal." we will be asking our viewers this question, what do you want to hear from the 2016 candidates when it comes to this issue of climate change western mark we are talking about this -- climate ch

then at 8:30 eastern this orning, a discussion from mark calabria and michael konczal about financial regulations and recent volatility in the stock market. host: good morning. it's monday, august 31, 2015. president obama begins this week on a three-day trip across alaska in which he'll highlight the issue of climate change and call for a global focus on the issue. but even as the president is set to make his appeal against the back drop of melting glaciers, his administration is being criticized by some environmental groups for green lighting new arctic oil drilling and for continuing to put off a financial decision on the keystone excel pipeline. this morning on the "washington journal," we're asking our viewers to weigh in on the president's environmental record as he begins the final year and a half of his presidency. what do you think president obama's legacy will be oe

and then a roundtable discussion of mark calabria of the cato institute and michael konszal.rnal" is every morning on c-span at 7:00 a.m. eastern. >> i'm so thrilled and excited to be here and i want to thank c-span covering the national book festival. we have a beautiful sunny days and i hope the camera shows how huge the crowds are. >> one thing to remember about exceptional presidents, can't be said too often, is they are the exception. [laughter] >> thank you, all, for coming today. this is a wonderful advantage. it's been said that heaven is a high brear. well, if that's the case, heaven has gone outside today and we're in heaven at the national book festival. >> not the leaders for tomorrow. i felt that time, you must say to yourself, i am a youth leader for today. see what i can do. >> that was an article for the atlantic trying to show we had this red-blue map but when you actually went and interviewed people, the divide was not a chasm. the divide was a little divide. there were political scientists in town. the idea that country itself is as polarized as washington