two smart economists, martin wolf and zani minton beddoes to explain it out.erever our trains go, the economy comes to life. norfolk southern. one line, infinite possibilities. nthat's why they deserve... aer anbrake dance. get 50% off new brake pads and shoes. >>> i'm gloria borger in washington with a check of the headlines. the obama administration says a half million people have applied for federal care. the website has been plagued with technical problems since its october 4th launch. congressional hearings about the troubled processed set for later this week. >>> for the first time since 2008 presidential run, hillary clinton is back in the thick of campaign politics. she appeared at a rally saturday for her good friend and feller democrat terry mcauliffe leading in the virginia democratic race. >> when you think of why people run for office at these times, if it's only about yourself and only about you wanting to get a job and get the perks that go with it and, you know, have people stand up when you come into a room, that's not enough anymore because i

martin wolf, welcome. >> thank you very much. >> well, the bomb didn't go off. what now? >> well, first of all, i'm not surprised it didn't go off, because in the end the u.s. has always drawn back from the brink. and i'm terribly pleased, because it was so dangerous. what now? that's the really big question, isn't it? they've set themselves the task of preparing a budget by mid-december. the continuing resolution will run out in january and the debt ceiling issue will rise again in february. i don't see how they're going to agree a budget. we know why it's been so difficult so far. i hope they will. and if they don't, i imagine there must be a possibility that we'll be in the same place again early next year. >> so, how are the markets likely to handle that uncertainty between now and then and as we get close once again to the brink? >> the interesting thing is that the markets have taken all this in their stride largely. there's been very small tremors in parts of it. but i think the markets still assume that nothing bad is going to happen, that in the end it will be so

i'll ask two of our favorite foreign observers, martin wolf and zani betters to tell us whether the damage to america's credibility is already done. and can it be repaired. and a staory of democracy working. i'll talk to chile's president about that nation's successes 40 years after a bloody coup d'etat. but first, here is my take. the crisis has been resolved, but this respite is temporary. we're bound to have more standoffs and brinksmanship in washington in the months and years ahead. to understand why, you must recognize that for the tea party, the stakes could not be higher. republican senator ted cruz put it plainly at the recent values voter summit in washington. >> we're nearing the edge of a cliff, and our window to turn things around, my friends, i don't think it is long. i don't think it's ten years. we have a couple of years to turn this country around or we go off the cliff to oblivion. >> cruz dominated the summit's straw poll taking 42% of the vote, more than three times his neare esest rival. his national approval rating might be an abysmal 14% but to the base of the republ

i begin with martin wolf. it is little -- it is very difficult to know what is going to happen at washington. at every turn you think there is a breakthrough and a surprise when it is not. so i don't know if you know, i have no idea how this thing is going to end. >> all i can say is that i spent last week, quite a bit of time in washington and talked to some of the people involved from the administration side and they certainly convinced me that they didn't know how it would end, and if they didn't know how it would end, how could i possibly know? i still assume because i think most people in the world still assume that the very, very last minute the debt ceiling will be lifted with some sort of deal which will probably kick it on for another few weeks and then we will be back there but in the end the u.s. will lift the debt ceiling because the alternatives are simply unimaginably horrible. >> rose: let's just stay with the fact and assume you are right on that, i think people do and that's the reason markets

my guest, martin wolf, says the us debt ceiling is the

watching all this from london, the noted commentator martin wolf, of the capitalist friendly "financial," says "america flirts with self-destruction." this man is the biggest flirt of all, newt gingrich. it was newt gingrich who 20 years ago spearheaded the right-wing's virulent crusade against the norms of democratic government. as speaker of the house he twice brought about shutdowns of the federal government once, believe it or not, because he felt snubbed after riding on air force one with president clinton and had to leave by the back door. it was also newt gingrich, speaker gingrich, who was caught lying to congressional investigators looking into charges of his ethical wrongdoing. his colleagues voted overwhelmingly, 395-28, to reprimand him. pressure from his own party then prompted him to resign. yet even after his flame-out, even after his recent bizarre race for the presidency bankrolled with money from admiring oligarchs, even after new allegations about his secret fundraising for right-wing candidates, gingrich remains the darling of a fawning amnesic media. >> i'm newt gin

>> martin wolf, thank you very much for joining me. >> it's a great pleasure. >>> enough of politics, the debt and that spectacle in washington. let's change the subject. if you've ever lost your smartphone, as i have, you know it can feel like a death. the experience highlights just how our world has been engulfed by social media and how our technology has become a vital organ of our being. and it's happened so fast. facebook is not quite 10-years-old, twitter is younger still. facebook's mark zuckerberg told a reporter that in 2016, just three years from now, "people are going to be sharing eight to ten times as much stuff." like anything hurtling us forward at breakneck speed, the advancements are great, and so are the dangers. for every arab spring or political movement using social media to foment change, there may also be campaigns of abuse and hate. for every wikileak and revealed secret, there's the encroachment on personal privacy by the nsa. for every new friend meeting through cyberspace, there's the risk of estrangement from the real world. our devices change not only what

i'll ask two of our favorite foreign observers, martin wolf and zani minton beddoes to tell us whethery is already done and can it be repaired? and a story of democracy working. i'll talk to chile's president about that nation's successes 40 years

i'll ask two of our favorite foreign observers, martin wolf and zani betters to tell us whether the damageamerica's credibility is already done. and can it

extraordinary person anisfield-wolf and she would have been it used to be named to the black pulitzer prize at least up down on the cover of the saturday review in 1941, martin luther king himself won its coverage of the five years ago under the leadership under montagu a dear friend friend, it was transformed to focus on artistic excellence and today we use the buzz word cultural diversity. i was put on the selection committee and a foundation generously asked if i would be the chair. so we've restructured it and i asked my friends and my colleague and the man that i met and i asked if they would compose a jerry -- a jury and they agreed. and we have a good time arguing about the 400 bucks and it is a miracle. [laughter] but it takes actual people on the ground you can see rise what a prize should be and how splendid and rewarding the event should unfold but it makes people on the ground to manifest the vision. i think it is to be fitting if we all joined in celebrating and honoring someone for so many years to legitimatize the spirit of edith anisfield-wolf as she retired from this position last year because her husband was ill but we have become very good

wolf. it used to be nicknamed the black pulitzer prize, at least uptown. langston hughes won it, hur stomp was on the cover of the saturday review in 1941 for winning it. martin luther king himself won it. twenty-five years ago under the leadership of ashley montague, who's a dear friend, it began to be transformed to focus on artistic excellence and what today we would call, use the buzz word cultural diversity. ashley put me on the selection committee, and then when he passed, the foundation generously asked if i would be the chair. and so we restructured it, and i asked my friends, steven pinker and a fellow man i met at the university of cambridge, simon -- [inaudible] who's remained a good friend, i asked if they would compose a jury, and they agreed to, and that's been so many years ago that i can't even remember. we have a row cowsly good time arguing about these 400 books, i tell you that. it's a miracle, you guys, any of you have won. [laughter] but, you know, it takes actual people on the ground, you knowsome you can theorize what a prize should be and how splendid and rewarding an event should unfold, but it takes people on the ground to particular