the president and she asked the question of the administration where are we overinvested and where are we underinvested where. do we have our assets underutilized. where are we missing in the world. and she and the president made the decision that the united states was dramatically underinvested in asia. >> rose: and overinvested in the middle east. >> overinvested certainly in terms of our military efforts in the middle east. absolutely. and that it was going to be, in order to get the freedom of maneuver to reinvest in these places in the world that are really about the future of the world, and the future for u.s. interests, we needed to draw down these military, the military face of foreign policy in iraq and get on that path in afghanistan and reinvest tremendously in asia. secretary clinton's first trip as secretary of state was to asia. that's the first time a secretary of state has taken his or her first trip to asia since dean rusk in 1961. and from then on she just kept on pushing our efforts and our efforts in asia. you look at her work with as on. you look at her work on the

in the middle east. >> overinvested certainly in terms of our military efforts in the middle east. absolutely. and that it was going to be, in order to get the freedom of maneuver to reinvest in these places in the world that are really about the future of the world, and the future for u.s. interests, we needed to draw down these military, the military face of foreign policy in iraq and get on that path in afghanistan and reinvest tremendously in asia. secretary clinton's first trip as secretary of state was to asia. that's the first time a secretary of state has taken his or her first trip to asia since dean rusk in 1961. and from then on she just kept on pushing our efforts and our efforts in asia. you look at her work with as on. you look at her work on the south china sea. you look at her work with burma in terms of bringing burma not community of democracy, potentially. right? that's a good list of contributions. >> tom donilon national security advisor to president obama as they enter the second four years of that tenure in the white house. thank you for joining us. see you n

the incentives aren't that you make more money by practicing excess care and not overinvesting in service and safety. >> stephen: again death panel? >> you take an idea from the left universal coverage and an idea from the right trying to build a real market and health care. you do it by covering everybody but not for everything. we redirect the enormous money back to people. >> stephen: you give everybody the basic cable package not the premium channels. >> another way to express it might be -- >> stephen: no mine is good. thank you mr. goldhill. >> thank you for having me. >> stephen: the book is

he overinvested housing, what you're doing is over consuming. so we had the massive overconsumption. it's analogous to eating your seed corn and in that process without millions of people how to do the wrong thing, how to build houses, the mortgage bankers, residential attorneys. as millions of people try to learn how to do something new productive in the global economy, which is one reason it's so difficult to deal with unemployment. if you drive a construction wages commute traffic manufacturing wages, which we did with this instruction become a matter of millions of manufacturing jobs overseas to places like india and china. initially the people did know how to do that work for a while. for having a really difficult time getting those jobs that. how did we make a mistake of that magnitude? that is a really big error. they never make a mistake of that magnitude. he takes government policy to create that mistaken in this case it through the culprits are the federal reserves, fdic in government housing policy. in a fundamental context, the real

if you overinvest in housing, what you're really doing is over consuming. so we have a massive overconsumption. in that process, which are millions of people how to do the wrong thing. we taught them how to build houses and be legal attorneys. in addition, if you drive up construction wages, you should drive up manufacturing wages. that drove millions of manufacturing jobs. the people in china did not know how to do that work very well. we are having a very difficult time giving those jobs back. markets never make a mistake of that magnitude. it takes government policy to create a mistake. in this case we did call the fdic and government housing and the fundamental context, the real problem is made by the federal reserve. some people don't get what it means. the monetary system of the united states was nationalized and there is no private monetary system. the government owns monetary system. if you're having problems in the monetary system, which is what this crisis is about, this is the definition of government policy problems. if interstate highway bridge