in school today still, students study paul samuelson's textbooks to learn economics.the 80s samuelson taught although the american economy approaches soviet growth the planned soviet economy has outpaced major economists. what? this is utterly wrong, and yet samuelson is still the text that students are forced to buy. it's good to be skeptical that samuelson and other experts predict america's future, and when pessimists like me say it's the regulation now, more all the time. that's killing the american dream, be skeptical, and facebook, matthew keller posted -- taking risks. that's a good point. this is a country that evolved differently from europe. for some reason america became a place where if you try something and fail, it's okay. people will even lend you money so you can try again. in europe and asia people often say, you failed, go work for someone. you had your chance. but america's more tolerant of trial and error. we know about thomas edison's success with the lightbulb, but few people know that edison failed hundreds of times. he was fired by the telegrap

in school today still students study paul samuelson's textbooks to learn economics but in the 500s samuelsonhe american economy approaches soviet growth the planned soviet economy has outpaced major market economists. what? this is utterly wrong, and yet samu samuelson is still the text that students are forced to buy. it's good to be skeptical that samuelson and other experts predict america's future, and when pessimists like me say oh, it's the regulation. there's more all the time. that's killing the american dream, be skeptical and facebook matthew keller posted, my wife's age grant. only been here four years and in that time she makes more money than a lot of americans. what people don't realize is that to succeed you must take risks. taking risks. that's a good point. this is a country that evolved differently from europe. for some reason america became a place where if you tried something and fail, it's okay. people will even lend you money so you can try again. in europe and asia, people often say, what? you failed. go work for someone. had you your chance, but america's more toleran

i would certainly say, not picking on particularly president -- professor samuelson. it was a real worry the economy would not be able to absorb. i think the concern was we would float back into the depression and at that time there was this view that it was world war ii that got us out of depression. others have published a question of whether that is what did it or not, and that is very much in controversy. i am not picking on professor samuelson, but i love the fact that if you picked up his textbook published just before the fall of the berlin wall, he talks about how great the soviet economy is. i am not sure he ever had a forecast record. forecasting is not something i would bet much on for anyone. guest: the economy is radically different than what you would see now. essentially ag planned economy with wage controls, price controls. the transition to a consumption-based economy went smoothly, or smoothly then people would have anticipated at the time. it is tough to broadly generalize. essentially when the economy was booming during the 1940's because of all of

. >> chris samuelson, originally convicted of weapons possession has spent two of his four years at corcoran in the shoe. >> you got to have a strong mind to be become here for a number of years like i have done, you know? but it's broken people back here. but, hey, you know, all i can do is just keep going. >> the stress of working in this environment is mandated that officers never work the hole for more than two months at a time. >> this is a shoe housing unit exercise yard. this is where the inmates come out to get their prescribed exercise daily. and of course, at times that their favorite exercise is probably fighting. >> these shoe yards were the site of the notorious gladiator fights of the mid 1990s. when we first filmed here in 2000, the unit was still recovering from that scandal. at the time, officers were keeping known gang rivals apart to cut down on inmate assaults, but it wasn't all that effective. >> in the olden days, it was more guys trying to kill each other, but we still have those. >> whenever violence broke out, the control tower went into a well-rehearsed routine, as

the always brilliant robert j samuelson in "the washington post" on capital flows.at warp speed. globalization is quietly rewriting the economic rules in ways that suggest we may be losing control over events. from "bloomberg intelligence." i am big on this. there is the capital flow vigilantes. we talk about the drip drip of losing control of economic events. this is something we discussed last friday, b phillips curve potentially shifting that relationship between inflation and unemployment. what we are seeing is an increasingly globalized world, we have to roll over these developments because later becomes less of a driver of inflation. as soon as something comes in space and -- expensive, you imported. plus or going to guess -12 years, the phillips curve. carl: it is getting flatter and flatter and it will do so as we get increasingly globalized. tom: the stand fisher believe in the phillips curve? -- does stanley fisher believe in the phillips curve? carl: in a sloppy fashion come on but not in a finely tuned manner. vonnie: do we continue to globalize? problem