it seems like john pours line by just get away with it the new york times deal book is reporting the criminal investigation into the collapse of m.f. global is heading into its final stage with that customer money that still went missing and went out charges expected against any top executives. or in other words. a look at one of these sort of the. moving of money from cloying to couch to buy spanish dead now actually go into us to go to jail. we'll hear hear more let's get to today's capital account. now you can probably find recent headlines or data points inspiring talk of the u.s. housing stabilization but when you look at the foundation of an actual recovery is there one because you can't forget about the zombies. i mean it's going back and if you were if you were going to say are you sure the problem there is going to. start going. well there are you going to have you know i mean he went into his house shook. just like that you may think they're coming out selling and rebuying what purportedly drives primary demand in the u.s. but with underwater homeowners stuck and households

away any time soon it's worth hearing what he has to say joining me from new york is michael grunwald senior national correspondent with time magazine the author of the new book the new new deal the hidden history of change in the obama era michael welcome thanks for having me thanks for joining us deprivation a right by the way and yet that's good chris thank you were are where are we today based on your reporting. with regard to this i mean actually you've made some very very strong statements in the synopsis of the book that that this was really a new new deal this was a major piece of legislation. is it right and then and why don't most people know that. well part of this was sort of standard keynesian stimulus in fact and you heard mitt romney in two thousand and eight republican and democratic presidential candidate who was in favor of stimulus and romney in fact had the largest plan. the obama administration came in after the fourth quarter of two thousand and eight g.d.p. crashed nine percent that's a depression after the stimulus passed they had the biggest improvement in jobs in thirty years so the stimulus did money in through middle class tax cuts through aid to t

new york times" the next day. it is embargoed for the book when you are serving the embargo, but sure enough, said the the deal is off. and i was very agitated about that, but as i was racing for the prison to find a computer somewhere at the airport for the next day's paper, it occurred to me that i had actually trusted transport not to talk to any other authors. even though he was behind bars as a swindler when he made that promise to me. i mean, can you imagine how persuasive he must've been when he was a genius? he'd give me the insight into how convincing he was that i'm almost kind of glad it happened to me because you can understand something intellectually. you can you can type to people and i talked to dozens and dozens of madoff but tends to make tell you their experience. they can tell you how convincing they attacked their widowed mother and ensure that their money would be saved. and it's an intellectual understanding. yeah got it, he was a persuasive guy. what a happy new companies that being said great, bernie is not going to talk to anybody else. and you realize, why on earth did i trust him? whin

enlightening for me is to read this new book that's out that is -- deals with this whole question of competence, written by ed klein, used to be with the "new york times "the amateur." it goes into great detail in a whole number of different areas in terms of his philosophy, why he believes what he did, how he got there, how he's managed or failed to manage in the white house. i think what's happened, at least my own conviction, here's a man who doesn't believe in a lot of things that most americans i think do believe in, in terms of a strong international role for the united states of america. we got all kinds of developments underway in the middle east and he's headed for the exits. our friends and allies over there, israelis, saudis, united arab emirates, countries that look to the united states for leadership especially with their security is threatened, and what they see is the united states headed over the hill, you know, pulling out as fast as we can. i think with respect to the economy, the whole thing was encaptured in that statement the other day to small business, you know, if you've got a small business, you didn't build it, somebody else

new new deal" is the new book. this is the cover. this article from the new york times. he erred in seeking stimulus money. what was paul ryan's roll? you write about this in your book. what was his role in opposing the recovery act? >> he is taking aot of grief because he is one of the democrats calling him the cash and trash republican. they trashed the stimulus bill and voted against it but when running around trying to get cash and going to ribbon cuttings claiming credit for projects in their district. there's a certain hypocrisy to that and paul ryan shouldn't have denied that he did try to get that money but not necessarily awful to vote against something and call it bad but then try to get the benefits for your own district. >> host: there was a fight in the republican party. >> guest: when it was being put together. the republican leadership almost all of it be sided with the document in this book even before president obama took office they realized their halfback to power was they had to oppose everything president stood for no matter what it was even if it was a bill with tax cuts and unemploym

reporters dealing with foreign affairs and certainly in "the new york times," "the washington post" still has some, and the magazine's like the new yorker has some very good people and some of the great books of the middle east, the contemporary middle east have been written by there are a few good ones on television. i think still. if we were to reject the idea that the present situation we can only do this on an individual basis. i am hopeful scott. i hope they do because on the one hand it's a very tough not to craft today. on the other hand the options are wide open because there are so many ways that you can publish or broadcast or whatever i can't say that i have total confidence this is going to happen i hope there will be some new business model that will take us beyond where we are now and that we will still have flourishing and effective news media because in the absence of that i think we are in very serious trouble. >> yes? we are educating more of our youth that they shouldn't be happening. do you believe that perhaps our educational system is lacking? >> i will lead off on brzezinski the answer would be yes. we hear an awful lot about what is failing to teach the sciences and

reporters dealing with foreign affairs in, certainly in "the new york times," "the washington post" still has some. the magazines like the new yorker has some very good people and some of the great books of the middle east, the contemporary middle east have been written by journalists. there are a few good ones on television, i think, still. and i think if we, if we reject the idea that the present situation where the agenda is set by the likes of rush limbaugh, then we can only do this on an individual basis. but that's all i can think of at the time. i am hopeful that, that our younger people will have an opportunity -- and i think they do can, because although on the one hand it's a very tough nut to crack today, on the other hand, the options are wide open because there are so many ways that you can publish or broadcast or whatever which certainly didn't exist in my day. and i can't say that i have total confidence that this is going to happen, but i devoutly hope that it will, that there will be some new business model that will take us beyond where we are now and that we will still have a flourishing and effective news media. because in the absence of that i think we are in very