mrs. thatcher but i do not advise ronald reagan. he always denied -- post that because he disapproved of? >> guest: he thought they were not wholehearted enough. he thought they got the message. it's a matter of the difference between saying are you going to use this in order to manage the world closer to your way of thinking, or do you intend to introduce the whole scheme, which hayek recommended. in which case we'll have an uncomfortable time, however long it takes even if it takes 20 years it will be a very uncountable 20 years because all sorts of things will disappear. including all sorts of things do with democracy. hayek didn't believe, he so believe in prices, he so believed in the market he thought even things like town government shouldn't exist, that should be handed over to a corporation. he didn't believe the pound dollar -- sorry, the dollar should exists. he believed there should be private companies, each issuing currencies and we would eventually come to understand which was a strong currency and which wasn't and ho

mrs. thatcher and ronald reagan and very much people regard thatcher and reagan to hayek and his thinking.e got all of her handbag this capacious and slammed down the road to serfdom on the table and said -- by frederick hayek -- and said this is what we believe, so no doubt what she believed was to introduce for the first time actually into the conservative party we have a catalyst of things that you should try to obtain which actually come out of the book on the whole conservatives and republicans never used to do this, so this was lawful. were they really hayekian? he never went out of his way to ask let me just make this clear i am not an adviser to mrs. thatcher and i do not advise president reagan said he always denied that they were. >> host: did he approve and what they were doing? >> guest: they were not wholehearted enough. he thought that they got the message, but in the practical policy they were saying about the election today it is a difference between saying are you going to use this in order to nudge the world closer to your way of thinking or deep actually intend to introd

mrs. thatcher in particular was wrong and against the existing law to allow such a massive monopoly. you get monopolies, you cannot get decent coverage of politicians. the politicians had to increase and rupert got what he wanted of them. so on and so on. >> how he has tried to do that in this country. is there evidence in the united states that the political pressures and action exists are well documented. >> in the newspapers, suddenly edward kennedy stopped him and stopped being difficult. and there after the boston papers stopped calling him foot so kennedy. he didn't press the obstacles and cost me the ownership. there is a whole slew of the cross mediaship rules being bent to sir rupert. he is extremely clever and charming and gets what he wants. in the united states, that is as true as it is in -- i don't know of anything he really has been denied by political people going back to jimmy carter. anybody in the united states. i understand that his power is not as great in the united states, but none the less he is pretty powerful now and has the "wall street journal" which i mus

mrs. thatcher stepped down as british prime minister, she said ours is the first nation deliberately formed with an idea. not on land, not on bloodlines, not heredity, an idea. an idea of liberty. and whether it shrunk under presidential terms or expanded not only home, but abroad are the six criteria i use. six components, rather. >> host: what's the value in rating presidents? >> guest: well, i think it's a story of leadership. only 44 men in 230-something years became president of the unite. of the united states. that's a very, very small club. to get in it, most of them fought very hard to get there, all but george washingtonment of some point -- [inaudible] and to have gotten there they had to have been, they had to have something going for them in their time. they department all succeed -- they didn't all succeed. and this can be used, hopefully, for people who study business, what makes for an expansive and creative ceo of a company at a time the nation's going through transitions. what makes for a good labor leader, what makes for a good professor, university president. so here are

mrs. thatcher i do not advise president reagan. so he always denied that they were. >> host: is it what they were doing or -- they were not whole hard enough. he felt they got the message but in the practical politics saying about the election today it's a matter of the difference between saying or you going to use this in order to nudge the world closer to your way of thinking or do you actually intend to introduce the whole scheme which he recommended and which we are going to have an uncomfortable time however long it takes even if 20 years, an uncomfortable 20 years because also of things will disappear to with the representative democracy. hayekian believe the market and the prices he thought even things like town and city government shouldn't exist but should be handed over to a corporation. he didn't believe the dollar, sorry, the pound -- the dollar should exist. he believed there should be private companies each issuing currency and we would be eventually come to understand which was the strong currency and which was and a

mrs. thatcher clearly has at least got a copy in her handbag with her, whether she read it, i don't know.guest: i think sthe -- she did, and reagan read it, and all sorts of people, unlikely people, much more serious than one imagines, but have cameron and os born read it? and i'm sure obama has read about it. i don't think he's read much about economics at all, and nor had roosevelt. roosevelt had an instinct and obama has a less sure touch, but whether they read ppe, the fact they -- i don't think have a real grasp of keynes or have a slender understanding of hayek. it's -- it's not good. >> host: now, talk a little bit about the road to serfdom and how that book came about and what drove hayek to write that in particular at that point. >> guest: it's really interesting because -- and it came about in an odd way. hayek moved britain in about 1930. he was none of the things one might have guessed about an austrian. he was not sympathetic to the right, all things he didn't fit the cliche. not with standing the fact he had letters of recommendation from the director of general of the bbc a

thatcher, that chairth committes for chairs than this one.t of cd that's it. the rest of this chamber would be occupied at people he didn't have a college degree. >> what the senator yield? mr. e >> i'm asking tosi yield.nator r >> senator from iowa has the fuller. d >> i recognize the senator wants to do this in an orderly mannern people wanted to be here to speak. i think the senator from colorado made some h good points the senarng to him for a question. it would yield at the senator a from minnesota has a question and obviously the kentucky will have everyenator right.ing >> senator from north carolina.l of how long on before a number f this type can be recognized? >> this senator cannot be relin recognized until the floor is yd relinquished. >> i think that chair and i yield h back.senato from >> senator from minnesota. >> thank you, mr. chairman. thank you for allowing me to ask a question. i just really want to know because they've only been here two plus years, but it seems to me that actually and from my dave -- this is my third that fl this committee has worked in ai pretty functional way. it took a long time. on we started having hearings onas this. it? how long