paul krugman: that is definitely true. about used to write books this, where there was said that a corporation is a collection of stakeholders including the workers and to some extent. , the customers, the stockholders. but it wasn't all about just maximizing the stock price. changed,nt to ask what it is a change in the political climate, a change in the balance of power. one of the reasons corporations felt that they needed to treat workers as stakeholders, is. the strong unions and companies that did not have unions worry that they might get one if they treated their workers badly. it was an environment where there was a signal from washington saying -- don't be too greedy. now, the signal from washington is basically, be as gritty as possible. we are pretty. -- greedy as possible. we are committing economic evidence, serious evidence that says that we are just not -- wages are not like the price of wheat, like a commodity driven by market forces and which you dare not metal with because -- meddle. there is a lot of mark

paul krugman, yes, that paul krugman, made recent come men about the tax cuts and may it and get yourpinion. >> there is enough data under the bridge for us to say this is not playing out according to the story. this doesn't look at all like the story. this looks like the tax cut is nothing burger as far as business investment is concerned. david: this is the same guy who on election night after it was clear trump had won, said the markets were going to crash and never recover. they came down a little bit, but they're still way up from where they were on election night. so this is the guy who democrats are taking their cues from. he is saying it's a nothing burger. kind of a reverse barometer. i would think by his definition that means the tax cuts are doing great. >> i would say so. republicans should be on their knees every night praying democrats are still taking their cues from paul krugman. what watts unemployment rate reported this week? 3.9%. we have a jobs crisis in employment. we don't have enough workers in the united states. for paul krugman to sit there and suggest a cut i

do you think paul krugman is bringing the warning bells a bit too dramatically at this point?this negative feedback look. you look at what the lira is facing. i think that is the right tone. i think he is being too dramatic. any comparison to 1997 is inappropriate. all the time we have to look at each emerging-market individually. it is dangerous to take them as a group. as we mentioned in the introduction, there are economies with external deficits. it will be hard to fund those deficits in an environment where interest rates are going higher. that is what we believe is happening. we expect we will not always see these sorts of losses, but we will continue to see volatility in emerging markets. sophie: continuing to get these lines from the bank of korea, saying em market is unlikely to affect the korean economy. who does it affect, though? it is not the triple r currencies, maybe just one of the triple r currencies in asia being battered at the moment. >> true, it is different than 2013. you must remember then, global growth was very soft. we did not have the same prospect o

david: paul krugman. >> i don't know who paul krugman is. i never heard of the guy.t be known. but when you look at this, the first little signs of something doing pretty well. the state and local stuff, david, that is something i've been working on for years, in 30 years. that is where a lot of the revenue feedback comes through state and local government revenues. they're popping up in the most-damaged states. places like connecticut, new york, california where they have progressive tax, a little bit of economic growth piles in on the revenues. that is wonderful for the country. i'm very pleased the way things are going today. they may reverse themselves next month, who knows. today i'm very pleased with the early reports. david: one thing that hasn't reversed itself the thirst for spending inside the beltway. >> that's true. david: the president is trying something, a little bit, doing this so-called recision move which allows the executive to pull back on some of what has been proposed. it is only 15 billion. i say only 15 billion, that is a lot of change for mos

roubini makes comments about it obviously never looking at anything to do with the white paper paul krugman looks at this and he's famously said the internet would be as popular and we use less and never go anywhere and they have no feeling whatsoever for these . technological reason i was on c's guys to explain something as novel in this field as public private key pair and crips and brainwash them fumble and then if they can even get their heads around the concept and then who are you to to judge my face currencies or protocols right so what is what is your five years from now what is going to be happening in your world what do you what are your goals with your five year plan a bit personal while both i mean because i think you two bit and you are kind of synonymous you know it together in a big way but we're just going to go in five years give us the picture well for but i see most central banks the monetary authorities adopting the bit process and the procedures towards issuance of their national currency base i see more bridges being built between there's a lot sets and still currencie

i always take the opportunity to repeat what paul krugman said on election night.e him here. it really does now look like president donald j. trump and markets are plunging. when might we expect them to recover? a first pass answer is, never! of course we know it was 18,000 on the dow. we closed even though it wasdown today, we closed at 24,700. i mean, american people realize what's wrong is wrong, don't they? >> well, david, being a democrat means never having to say you're sorry. michael moore is not apologetic about 80 million dead under the economist regime, 50 million dead under stalin and millions dead under communist regime in cambodia. he is touting the fruits of communism. honestly, has he been in a time warp? david: even in places like california where you're from, where you're speaking from right now, there seems to be signs of an awakening from people tired of getting it wrong. people do get tired of losing. donald trump, so far, i don't see many people getting tired of winning but people get tired of losing. the argument is losing. the argument that k

channeling paul krugman.ar story is what's going on in italy. -- the car story and what is going on in italy but the lira is front and foremost. breakwill do it for "day europe." ♪ guy: welcome. i am guy johnson. my cohost is off today. cash trade is less than 20 minutes away. -- less than 30 minutes away. turkey bows to the market. by 300tral bank hikes basis points in an attempt to stabilize the lira. initially, the currency rose on

i want you to listen to what paul krugman, you know paul krugman -- >> i do.] stuart: well, he just condemned the gop tax plan. watch this. >> there's enough data already under, you know, under the bridge for us to say that this is not playing out according to the story. this doesn't look at all like the story. this looks like the tax cut is a nothing burger as far as business investment is concerned. stuart: the tax cut is a nothing burger as far as business investment is concerned. edward feulner says? >> i say that's nonsense. job creation, the unemployment numbers we just heard this morning, the repatriation of capital coming back? yeah, some of it's going to stock buybacks, but when apple -- i remember being on one time saying, well, apple will repatriate $100 billion. $300 plus billion. it's coming back, it's going to be invested. even if it goes out in shareholder disbursements, the shareholders are going to do things with it. yea for small business. 30 million small businesses, that's where jobs are created. i'm so optimistic right now in terms of wher

emerging market currencies on a whole there are some economists among them renowned economist paul krugman who says he feels reminded of the asian market crisis back in the one nine hundred ninety s. is it that global i would this be too far because lots of emerging markets have actually learned. from the asian crisis so they they issue dept in the local currencies and then you are sheltered against the stronger u.s. dollar for take for example brazil they have the public that is nearly all in brazilian reality so they don't care who would say if the dollar's getting stronger even they have to pay less stepped back so the number of economies which have learned that the classical ones and really turkey and argentina stand out here really in their vulnerability against stronger u.s. dollar india is always a classic example when the dollar is stronger when the when the oil prices rising they running into problems because of the diffuse it's about the other ones are pretty safe and in particular the emerging markets in asia we have to say are pretty safe right to call their senior economist ed

together what's your take on the reaction from the old guard the warren buffett charlie munger paul krugman the old economist nouriel roubini they've really come out and with critical comments on big going and and they're really trying to talk it down what's your take on the word what does a come from work one of the statements or any basis for. first of all there's a lot of people who really believe in the current system and i've been working for banking in finance for ten years before create so. and when i was leaving it my the c.e.o. of the insurance company i worked for he was extremely skeptical and he was making kind of oh we will be fun. and there's these people who worked and lived there and they're really belief that the system works and we should have bailouts and we should have quantity fees ing and we should have all these things. and eventually they also change their mind. the people that you mentioned probably are having big interesting in keeping the status quo because they have billions and trillions of dollars of interesting in the current system so obviously they will not

roubini makes comments about it obviously never looking at anything to do with the white paper paul krugman looks at this and he's famously said the internet would be as popular and we use less and never go anywhere and they have no feeling whatsoever for these two. the logical reason i was on c's guy is to explain something as novel in this field as public private key pair and crips and watch them fumble and then if they can even get their heads around the concept and then who are you to to judge my face currencies or protocols right so what is what is your five years from now what is going to be happening in your world what do you what are your goals what your five year plan a bit personal well both i mean because i think you two bit and you are kind of synonymous you know it together in a big way but we're just going to go in five years give us the picture well for but i see most central banks the monetary authorities adopting the bit process and the procedures towards issuance of their national currency base i see more bridges being built between digital losses and still currencies. the

together what's your take on the reaction from the old guard the warren buffett charlie munger paul krugman the old economist nouriel roubini they've really come out and with critical comments on big point and and they're really trying to talk it down what's your take on the word what does a come from work one of the statements or any basis for. first of all there's a lot of people who really believe in the current system and i've been working for banking in finance for ten years before crypto. and when i was leaving it my the c.e.o. of the insurance company i worked for he was extremely skeptical and he was making kind of oh we will be fun. and there's these people who worked and lived there really believe that the system works and we should have bailouts and we should have quantity fees ing and we should have all these things. and eventually they also change their mind. the people that you mentioned probably are having big interesting in keeping the status quo because they have billions and trillions of dollars of interest in in the current system so obviously they will not praise be goin

people like paul krugman are always saying it should have been more stimulus, less austerity. are you saying that from your vantage point? >> it's not just left commentators. on the right there were people like marty feldstein calling for more infrastructure expenditure, probably not paid for debt, not debt-financed, but nevertheless the underlying impulse was the same. it was a missed opportunity five, six years ago, and it was a missed opportunity because it's convenient in the short run, politicians, to sit on their hands, because they know that the central banks, the fed, the ecb, my goodness, true in europe. will have to re-invent themselves as the u.s. cavalry. >> i'm fascinated. because president trump is constantly touting the stock market, the dow jones. it's been doing really well the entire time he's been in office, with some ups and downs. in fact today is a bit of down with global stocks and shares. and yet you've written correctly in the book that actually most people, most ordinary people don't he shares. so what's the disconnect there done to the ordinary peopl

roubini makes comments about it obviously never looking at anything to do with the white paper paul krugman looks at this and he famously said the internet would be as popular useless and never go anywhere and they have no feeling whatsoever for these two. the logical reason i was on c's guy is to explain something as novel in this field as public private key pair and corruption watch them fumble and then if they can even get their heads around the concept and then who are you to to judge my face currencies or protocols right so what is what is your five years from now what is going to be happening in your world what do you what are your goals with your five year plan a bit personal while both i mean because i think you two bit and you are kind of synonymous you know it together in a big way but we're just going to go in five years give us the picture well for but i see most central banks the monetary authorities adopting the bit process and the procedures towards issuance of their national currency base i see more bridges being built between there's a loss and still currencies. there's sti

roubini makes comments about it obviously never looking at anything to do with the white paper paul krugman looks at this and he's famously said the internet would be as popular and useless and never go anywhere and they have no feeling whatsoever for these two. the logical reason i was on c's guy is to explain something as novel in this field as public private key pair and crips and watch them fumble and then if they can even get their heads around the concept and then who are you to to judge my face currencies or protocols right so what is what is your five years from now what is going to be happening in your world what do you what are your goals with your five year plan a bit personal while both i mean because i think you two bit and you are kind of synonymous you know it together in a big way but we're just going to go in five years give us the picture well for but i see most central banks the monetary authorities adopting the bit process and the procedures towards issuance of their national currency base i see more bridges being built between the law sets and still currencies. there's

bleeding when it comes to the currency, but watching emerging markets over the next few days with paul krugmanthe latest voice to add to concerns that the emerging-market meltdown has just begun. he is comparing it to the asian financial crisis. we saw a spike early on and that coin, but falling by .25%. all of this volatility stemming from geopolitics uncertainty over trade. the trump's easing his demand that north korea abandon its new program immediately and says it is still working towards a june 12 summit. u.s. wants says the kim jong-un to take "credible steps" towards denuclearization. is this a significant change of language and that we will see sanctions lifted before a complete dismantling of its nuclear program? >> yes, this does appear to be as significant statement. long beenosition has they want credible, verifiable, and rapid de-nuclear station on the peninsula. that was something north korea has pushed back on, so this seems to be a walking back of that and an easing up. doubt as to some whether the administration believes it can get a credible, verifiable denuclearization. in

. >> what about paul krugman? are you worried about that one adding to the deficit or the $9 trillion in added spending that will be added to the deficit and debt over the years. what you make of it. >> again, you're right but he's taken a lot of positions that are indefensible so i'm not the least bit surprised it's taken another one. neil: do you think tax cuts should be paid for, we look at it as the same as spending, you offer a tax-cut pay for it, make sure it balances out. >> you can be sure of anything. all the government can do is change the tax rate and how the economy will respond depends on a lot of other things. in a number of democratic and republican in ministrations of the years, my colleagues like all the administrations, tax rates were cut and tax revenue rose. you can't just go with a one-to-one correlation. the other thing is people who argue against tax cuts say the deficits rose. there's no amount of money that congress cannot outspend. neil: under either party. >> right. the reagan administra

. >>> paul krugman says the new tax plan is not the investment miracle the gop promised. >> the theorythe case behind the tax cut was it would lead to a surge of corporate investment and plant and equipment which would eventually push up wages. we are not seeing that. there is enough data already under the bridge for us to say that this is not playing out according to the story. this doesn't look like the story. this looks like the tax cut is a nothing burger with business investment. >> the tax bill slashed the corporate rate down to 21%. the republicans said that would create jobs. to a much greater degree, companies are paying wall street. worker bonuses and wage increases. there were many. hundreds of companies announced wage increases. that totaled $6.7 billion. companies lavished investors by buying back their own stock. the latest example here is apple. the tax bill made it cheaper to bring home $285 billion in cash. apple will reward investors with $100 billion. apple gave workers $2,500 bonuses. that makes $300 million. it spent 333 times more on buy backs and bonuses. it may

laurence tribe has said trump's attempt to unmask the fbi informant verges on treason, or take paul krugman who said trump allegedly selling to foreign powers is effectively treason. as a matter of law, ethics, politics, you name it, this is a very serious issue, and not a word to be thrown about lightly about anyone. of course, that hasn't stopped donald trump before. he's thrown out a lot of words about a lot of people, claiming democrats who didn't applaud during the state of the union. >> they were like death. and un-american. un-american. somebody said treasonous. i mean, yeah, i guess why not. can we call that treason? why not? i mean, they certainly didn't seem to love our country very much. >> somebody, somebody said treason. it might have been one of my two guests who's going to speak to the politics of this in a moment, but first, we turn to republican congressman tom cole and for an opposing view point, which we always welcome -- coleman, excuse me. gop strategist eric beach. first of all, gentlemen, thank you both for being here. congressman, why do you raise the "t" word now be

professor paul krugman writing in today's "new york times" compares europe and america. collapse of freedom, if it comes will probably happen here, in america, first. the collapse of freedom? krugman doesn't tell us how freedom is collapsing. he just says it. nancy pelosi says we must save our democracy. she evidently believes it is under threat from what? i'll tell you. secret, dark, big money influence. that is what she says. by the way, hillary holds a fundraiser in new york city thursday night. $2500 a plate. for the multibillion-dollar clinton foundation. senator elizabeth warren says democracy is crumbling around us. how, you may ask? because hillary won the popular vote, not the presidency. that is what senator warren is saying. you get the point. the left spins trump as a threat to democracy. i have another idea. the to our democracy comes from within the government itself. it is motivated by hatred of our president. when the fbi spies on the presidential campaign of president donald trump, that is a threat to democracy. when the obama administration uses the irs

paul krugman, he tweeted out are going to party out like it is 9097 -- 1997? he talks about turkey being in a freefall and argentina not looking good. what is it about where we are in a cycle that makes people more likely to believe that we could be in some kind of currency financial crisis contagion situation? greg: it is happening. [laughter] scarlet: but is this a condition of the late cycle? greg: i don't think it is as much that as a condition as oil just moved 60% in six months, and that causes shakeout's always. julia: got it. a perfect storm, i guess. scarlet: greg anderson, fantastic to get your thoughts. i love the pack of wolves analogy. this is an exclusive. janet parker is the activist fund, it is mulling whether to push for a sale. that stock initially spiked higher and said -- retreated a bit since. the size of the stake is currently below the 5% threshold that requires disclosure to a regulator. according to people familiar, jana has built a small position and you can see casy moving as a result. coming up, jay clayton, jeremy of the sec, see s

podium a panel on the state of the american economy, a discussion with senator sherrod brown and paul krugman nominated by our fearless leader. [ applause ] >> we're getting this oprah winfrey style i think. thanks, everybody. thank you so much to glen for introducing this panel. we have i can't think of actually better people to discuss the state of the economy. very lucky to have them both. senator brown, i'm starting off with you. last year you released a paper called work doing hard for too little. in it you argued that hard work isn't valued and you outlined several ideas how to make hard work pay off. the day you rolled out the plan you said we need to change the way we think about the american economy. what did you mean by that and what were some of the ideas? >> for a number of years we've seen corporate profits go up. we've seen executive compensation explode. we've seen productivity go up and workers' wages have been flat. workers' wages are flat. benefits have been scaled back whether it's retirement or healthcare benefits as those profits jump. i mean look at humana corporation. n

podium a panel on the state of the american economy, a discussion with senator sherrod brown and paul krugman nominated by our fearless leader. [ applause ] >> we're getting this oprah winfrey style i think. thanks, everybody. thank you so much to glen for introducing this panel. we have i can't think of actually better people to discuss the state of the economy. very lucky to have them both. senator brown, i'm starting off with you. last year you released a paper called work doing hard for too little. in it you argued that hard work isn't valued and you outlined several ideas how to make hard work pay off. the day you rolled out the plan you said we need to change the way we think about the american economy. what did you mean by that and what were some of the ideas? >> for a number of years we've seen corporate profits go up. we've seen executive compensation explode. we've seen productivity go up and workers' wages have been flat. workers' wages are flat. benefits have been scaled back whether it's retirement or healthcare benefits as those profits jump. i mean look at humana corporation. n

>> of all people, paul krugman had a wonderful piece about this a week and a half ago stating because're the last recession. dagen: again, "wall street journal" editorial page probably. i don't read, fully admit that. give this to second synopsis. >> it is very hard to lower wages. even in a massive recession. because employers are though cognizant of how hard it is to lower wages for wages have an interest at an interest up to speed as i can see them. so with this labor shortage, you have to raise prices. you have to raise wages and as we just are bracing, more people enter the work place. >> i'm surprised they didn't say they got elected president of the above switches are going up fast enough. >> is actually a brilliant economist, but it's where he lets you see that. >> michael lee, thank you so much. getting answers. house intelligence chair devin nunes and trey gowdy invited to the justice department for a classified briefing. the meeting is related to their demands for more transparency related to alleged rights abuses. a hot mess. spilled liquid chocolate all over the highway.