mr. forbes. >> mr. forbes, steve, you and your father have built one of the great publishing dynasties in american history. i would like to ask you the famed question that i just asked a previous witness. do you believe that you and your father could have built the dynasty you have, what were your sales, sir, in the last fiscal year? >> they weren't as high as the year before, thanks to government meddling in the economy, but to answer your question, in no other economy, other than the free market entrepreneurial economy, could the forbes have survived. not just in the commercial sense, but what we write about people. but we will say good things about the mayor. i want to get out of here alive. >> thank you, mr. forbes -- thank you, steve. >> so i'll call him not oscar, the oscar. >> sir, we seen a great financial collapse in this country over the last nine months. the prosecution is trying to make the case that this is a result of the failure of free market economics. can you point out some examples, si

mr. forbes isn't even swingsets it down. [laughter] >> quickly. quickly, steve. mr. forbes.federal reserve has lowered interest rates drastically before and notches in the early 2000. the late 1990s. we had early 1990s. i can properly, if i do still have the memory i had 10 years ago, find a couple of other incidents. why did we have a great housing boom? why did we have a collapse and a new depression then? >> well, it's all a matter of proportion. yes, the federal reserve lowered interest rates in the 1990s but not on a scale that they did in 2000. we didn't have over a year, for example, of 1% of federal funds. that was a brand-new thing. that was artificial. nothing to do with the market. so if you look at the federal reserve, in fact, in the past times, sometimes when the fed has lowered interest rates artificially, like the early 1970s, was because it was pretty excess money and setting the stage for horse down the road. has happened in 1974 and 75. so yes, the fed has made, this wasn't the first time the fed made mistakes. but what combated with the fed did this time,

mr. forbes is not even sweating so sit down. [laughter] >> quickly, quickly steve, mr. orbes, the federal reserve has lowered interest rates before. the late 1990's we had a boom, the early 90's. if i could, still had the memory i had ten years ago, i could find a couple of other incidents as. why didn't we have a collapse in the depression them? >> it is all a matter of proportion. the federal reserve lowered interest rates in the 1990's but not in the skeel that they did in 2000. we did not have over a year for example of 1% of federal funds. that was a brand new thing. that was artificial, nothing to do with the market so the look of the federal reserve in fact in the past times, sometimes when the fed has lowered interest rates artificially like the early 1970's was because it was printing excess money and setting the stage for chorus them the road this happened in 1974 and 75 so yes the fed is made, this wasn't the first time the fed has made mistakes but what confounded what the fed did this time were mistakes made on things like mark-to-market accounting, short se

forbes on fox." let's get the flip side with mr. steve forbes, elizabeth mcdonald and neil weinberg with other our group. will this hurt lives or save lives? >> this will cost lives. this is a poison pill from the president who has no understanding of innovation. takes $800 million to $1 billion to bring a drug to market. you shorten the patent period you will get higher prices or entrepreneurs doing less risk taking because the raurds are rewards are cut short. david: quentin is this good or bad? >> i think we have to look at what drug companies document 30% of cost is marketing and 12% is r. and d. 25% of the drugs they make are novel. the rest are just sort of following on the way hollywood movies make schedules. they make sequel drugs. the fact of the matter is if they just stop producing so many ads all love to the ads they have on our show but if they stop marketing so heavily that would go straight to the bottom line and generics would be better. but they don't want to tell you the facts that that basically walking and going t

mr. forbes is absolutely right. what we're looking at right now is potential amtrak, the orphan stepchild of the government if we keep it going in this direction. that's the problem with this plan, unpassable in its present form. >> steve, do we need some form of health care in this country? >> we certainly do. we need to bring real capitalism, entrepreneurial capitalism to the health care industry. >> why doesn't that happen now? you don't have the government involved in health care in this country beyond medicare, you had for years they're supposedly competing against each other. why haven't we had the kind of competition that would bring prices down and make it more available to people who would be new customers and bring in new revenue? why hasn't that happened. >> if you talk to any hospital administrator, you'll find the health care industry is the most regulated industry in the country, medicare, medicaid, numerous rules there, states having regulations in some cases, thousands of regulations. if you want rea

mr. forbes is, of course, the head of freedom works, former republican house leader dick armey. renter, at least i don't think so at his 90-acre or so ranch in texas. those are your angry renters. big credit for the "wall street journal" exposing that astro turfing outrage last year. this is why angryrenter.com remains relevant and instructive. this is a template. this is what corporate pr designed not to look like corporate pr looks like. all the outward appearances of grassroots outrage but fueled by corporate pr. remember that group patients first which is americans for prosperity? same deal, same template, same grassrootsy look. because of the way that organizations like freedom works and americans for prosperity are structured, they don't have to disclose who gives money to them. if you are able to figure it out, there do appear to be some patterns. according to "the washington post," freedom works received major funding from the tobacco company philip morris. lo and behold on the freedom works website you'll find, "raising the cigarette tax is bad policy." according to the

mr. "forbes"? >> and to mr. johnson dinky for being here i know it is tough and long but you keep telling us you want us to get it right but we cannot do that unless we ask tough questions he said he wanted to ta abou the administration's position. i want to do that. when was the last time that you were at gntanamo bay on behalf of the administration and? >> sometime within the last few months. >> you notice the security we had for manyetainees because oftentimes you go through the door and we have double doors on some of the detainee's, we have guards, well-trained they don't move anywhere unless there with a naval officer also shackled when they're getting interrogations' questioning or when they have medical treatments because they could grab a pen and a stab it through the nurses guy. th is whathe professional people told us. mr. courtney raised the suggestion earlier about the general prison population, but if it is citibank's contemplating putting those prisoners with the general population? is that a poss

mr. forbes asking .bout the goals of the administration in relation to detainees and their rights. i think you said the administration's goal is justice for the victims of terror and so for the u.s. citizens. justice for all. when we talk about our milary courts. i guess my question is, do you believe american soldiers have a constitutional right to a fair trial? >> believe that under the ucmj american soldiers, sailors, airmen have aumbeof rights to a fair trial. >> thank you. and does an americanoldier have the right to defend themselves in a combat zone if they were to run against a member of al-qaeda or a known terrorist? do they have the right to defend themselves? >> absolutely. >> and during a military trial is it permissib for a prosecutor, a government prosecutor to withhold or fail to provide exculpatory evidence to the defense of an american soldier? >> first of all, as a former prosecutor myself i hesitate to comment on what somebody did in a particular trial or a decision made in a particula

michelle obama is number 40 on "forbes" magazine's annual list. mrs.kly become a worldwide sensation. she even bet out oprah winfrey and queen elizabeth, who came in at numbers 41 and 42 respectively. german chancellor angela merkel tops the list for the fourth year in a row. >>> from powerful women to a tragic situation in chicago. young people are dying in record numbers on the city's streets. this past school year alone, more than 500 shootings, dozens of deaths. our don lemon sat down with some of the parents who lost children to the violence on chicago's deadly streets. >> reporter: is he right? it takes you back, always just raw pain? >> every time we talk about what happened that day, it breaks me down all the time. >> i'm just as numb as that night, that afternoon and they called me and she told me blair had been shot. you talk about the worst feeling in the world. instant trauma to the emotions. >> you know, when i think back to what kind of child i had, it hurts me so bad. it hurts so bad. >> yeah. >> reporter: most of you are carrying some s

forbes out with its latest ranking and fdic chairman sheila bair retains her number two spot on this list. first lady michelle obama makes her debut on the list at number 40. mrs other notable names including oprah winfrey at number 41 and britain's queen elizabeth at number 42. >> chair bair was number two? >> yes. >> who was number one? >> angulela merkel. >> the who played 24 songs. >> i was just looking at that, too.rv >> i forgot, tommy must have come out in the 60s. that was rock opera. >> i saw it. >> you did? >> you were a gleam in your grandmother's eye. >> about ten years ago, i saw the new one on broadway. >> did you see jesus christ superstar? >> well, i saw it in a high school auditorium once. i don't know if that counts. >> that counts. >> here is a change for magazine readers. next month, entertainment weekly will be featuring tv ads. it will be embedded with a video player that will include commercials from pepsi. a three-inch screen will start playing automatically as you flip the page open. >> you know, the car companies got it. why not for washers and dryers? appliance manufacturers looking to a $300 million cash for clunkers equivalent to b