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 to church works as well as statins. david: in 2008 the drug companies spe

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, sir, of where y

mr. moore. 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. moore, 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