to qana mr coined the phrase the instability of stability so to what degree has the work of hyman minsky informed your view on debt cycles. well i think herman minsky is is a very important figure in the history of economic thought and certainly i've read a number of his things although i'm not an academic you know like when you're at the b.o.'s you're preparing one hundred meetings a year and you've got so much to do you don't really have time to sit down and read a lot of economic history but certainly high minsky and the idea that the banks could really get you into trouble that instability could breed serious stability could breed instability. in the medium term effects of ponzi schemes and the rest of it all of that really resonated with us but in addition i mean you have to go back to other thinkers too like vix high. richard coo for that matter there's a lot of people who saw that there are a lot of different ways in which things can go role and. i think in a sense what people find it hard to really understand is that there's no magic bullet in all of this stuff if the economy is

to do you don't really have time to sit down and read a lot of economic history but certainly high minsky and the idea that the banks could really get you into trouble that instability could breed serious stability could breed instability. in the medium term effects of ponzi schemes and the rest of it all of that really resonated with us but in addition i mean you have to go back to other thinkers too like vix in the high. richard coo for that matter there's a lot of people who saw that there are a lot of different ways in which things can go role and. i think in a sense what people find it hard to really understand is that there's no magic bullet in all of this stuff if the economy is really a very complex adaptive system it can break down in a lot of different ways it's not just about one hill i'm so sorry to cut you off but i'm being told that we have to go to break but please don't go anywhere because we want to continue this i'm glad that you bring up ponzi because i want to talk about that when we return but like i said it's time now for a quick break but stick around because willia

he said, this could be our minsky's. in other words, it isn't just this highbrow focus. it is going to provide content that informs and educates and entertains at all levels so that when you consume this content, you're better off for it. and that has been the mission of the corporation for public broadcasting. the first and foremost in the very beginning, our job is to be stewar word of these -- of these funds. how do disperse the funding? guest: it is very interesting because unlike and every single country throughout the world, public media funding in this country is uniquely american and entrepreneurial. a most fulfilling what ronald reagan said that government should provide the spark and the private sector should do the work or the rest. and for 40 plus years, that has been, i think, the best example of the public/private partnership. so the funding we receive from the federal government is very strictly allocated in terms of what cpb can do with it. approximately 90% of our funding goes to stations and some producers and film makers, and , 70%the remainder of that

he said, this could be our minsky's. in other words, it isn't just this highbrow focus.it is going to provide content that informs and educates and entertains at all levels so that when you consume this content, you're better off for it. and that has been the mission of the corporation for public broadcasting. the first and foremost in the very beginning, our job is to be stewar word of these -- of these funds. how do disperse the funding? guest: it is very interesting because unlike and every single country throughout the world, public media funding in this country is uniquely american and entrepreneurial. a most fulfilling what ronald reagan said that government should provide the spark and the private sector should do the work or the rest. and for 40 plus years, that has been, i think, the best example of the public/private partnership. so the funding we receive from the federal government is very strictly allocated in terms of what cpb can do with it. approximately 90% of our funding goes to stations and some producers and film makers, and , 70%the remainder of that