35 Burst results for "Adam Smith"
Trump administration taking $3.8 billion more from military for Mexico border wall
"Other ministration argues that it doesn't need congressional approval to re direct military funds to the border wall the White House is asked for less money for the wall in their formal budget requests in Congress but now now they're taking three point eight three billion dollars in pending on funding they're just taking it Hey wait a minute let me ask a question let me see if you can all answering I'm gonna quote Donald Trump we're gonna build a wall who's going to pay for us okay one two three Mexico right do you remember remember that statement now this announcement three point eight three billion dollars bipartisan opposition I mean it's just done to me the house Armed Services Committee chairman a Democrat Adam Smith from Washington who's very articulate by the way I heard in speaking I'm really not familiar with him so this this administration has already stolen billions from the department of defense in order to be in building the president's vanity wall and today they are doubling down on that bad policy the president wants to take credit for rebuilding the military but today's reprogramming decision does the exact opposite it will prevent the acquisition of critical ships vehicles and aircraft I by the way mark Thornberry a Texas Republican who is not running for reelection this year did not mention the president by name but voiced strong opposition to diverting money from various Pentagon accounts for border wall construction the ranking member of the house Armed Services Committee a Republican a certain this move is contrary to Congress constitutional authority I have to tell you the Congress did not vote this money and this new plan puts money the Pentagon programs including multiple military aircraft programs at risk so let me let me start out by asking you a question what do you think of the decision to divert three point eight three billion dollars in Pentagon funding to the portal I think it's unconscionable whether are for the war against the wall Congress voted against it and there's one more thing that has been announced and this was announced by a U. S. official who said the United States the Taliban have reached a truce agreement that will take effect very soon and could lead to withdrawal of American troops from Afghanistan the anonymous official said the agreement for a seven day reduction in violence to be followed by the start of all Afghan peace talks within ten days is very specific and covers the entire country including Afghan government forces well I have to tell you there are indications this announcement may come as early as this weekend do you believe that there will be a ceasefire and more than that do you believe that if the Taliban did comply with the reduction of violence agreement do you have any doubt the Taliban would take over
Pelosi To Send Impeachment Articles To Senate Next Week; Trump Team Preps For Trial
"House speaker Nancy Pelosi says the articles of impeachment against president trump will be delivered to the Senate next week house impeached drop three weeks ago on two counts abuse of power and obstruction of Congress Wyoming Republican Liz Cheney says the process is taken way too long it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here Washington state Democrat Adam Smith yesterday called on below sea to hand over the articles now says she was right to have delayed the process to have a fair trial shine a light on the fact is there I was doing this while pelo sees delays sparked the reason strategy has a much change what's likely to be the final verdict trump's acquittal in the Senate of charges that he abused the power instruct the Congress in pressuring Ukraine to investigate Joe
Pelosi: House moving to send impeachment to Senate next week
"Majority Leader Mitch McConnell says the impeachment trial could start next week he's anxious to get started a long way the president was impeached in the house three weeks ago hello see it's been in a standoff with McConnell over how the trial would be handled Wyoming Republican Liz Cheney says impeachment was based on assumptions and no direct evidence it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here but Washington Democrat Adam Smith says pelo C. is doing this the right way pressure on this to have a fair trial shine a light on the fact it's not fair to Connell wants a speedy trial without new witnesses and Donahue Washington
Pelosi: House moving to send impeachment to Senate next week
"Majority Leader Mitch McConnell says the impeachment trial could start next week he's anxious to get started a long way the president was impeached in the house three weeks ago hello see it's been in a standoff with McConnell over how the trial would be handled Wyoming Republican Liz Cheney says impeachment was based on assumptions and no direct evidence it is not the job of the Senate to try to fix the completely faulty imply process that the house Democrats conducted over here but Washington Democrat Adam Smith says pelo C. is doing this the right way pressure on this to have a fair trial shine a light on the fact it's not fair to Connell wants a speedy trial without new witnesses and Donahue Washington
Pelosi not yet ready to transmit Trump's impeachment to the Senate
"For the past several weeks. There's been one burning question dominating this saga. When Will Nancy Pelosi? The speaker of the house transmit the articles of impeachment to the Senate and therefore launched the trial process in the Senate. While this morning Speaker Pelosi finally addressed at that point. Take a listen now in terms of impeachment. You'll keep asking me the same question. I keep giving you the same answer. As I said right from the start art we need to see that the arena in which we are sending our managers is that too much to ask of course addressing that point in an answering that question or two different things. A Pelosi later added that she's not holding onto the articles indefinitely and that she would probably transmit them soon soon. I've got to fantastic guests to help me make sense of all of this political gamesmanship in a few minutes will be talking with CNN. National Security and legal analysts. Susan Hennessy but I I'm joined by my colleague. CNN Politics Congressional reporter. Alex Rogers Alex. Welcome to the PODCAST. Thanks so much for me so it seems to me. After days. Days Days of stasis on this story we did learn in the last twenty four hours several things one as I just said speaker. Pelosi said she's likely to transmit these soon she's not going to hold onto them forever. To President. Trump actually asserted yet again today. He's opened. Witnesses named some witnesses. He's interested in of course. Course which are total non starters For the Democrats in terms of Adam Schiff or Joe Biden or hunter Biden or the whistle blower but is has said and he's going to really leave this to the Senate. We learned that Mitch McConnell the majority leader in the Senate went to the White House and briefed the president on what the contours of this trial is going to look like. So it sounds like the president has more information about Mitch. McConnell's vision of how this trial is going to play out then speaker. Pelosi does which is why she's still hanging onto the articles as we're recording this at least and Finally we've learned that there seems to be a strategic divide going on between the president and and his advisors and or some of his advisers and certainly the Senate majority leader Mitch McConnell in terms of whether or not he wants some very vociferous defenders from the House Republican Conference To join in defending his case in the Senate McConnell of course worried that Too partisan partisan of abroal may upset the apple cart with some of the moderate center. Republicans that they need to keep on board with the plan here so all of those. Those things have emerged in the last twenty four hours and yet Nancy Pelosi is still holding onto the articles of impeachment. What does that mean soon when you expect her to send these to the Senate or she said today today I'll send them over when I'm ready and we're still trying to figure out what leverage she has Senator Majority Leader Mitch? McConnell said yesterday that she has none he has the votes. It's a simple majority devote Democrats are hoping that there are four Republicans to join them. But now we've talked to Susan Collins. Lisa Murkowski Mitt Romney and all of them are on Mitch McConnell. Donald Seidel Miss. So we're wondering here. What Nancy Pelosi is looking for if there's any possible signal that she could get from The Republican leader. She says that she just wants to see the rules. Mitch McConnell says let's just go back to the nineteen ninety nine precedent under Clinton and. Just run with that now she. It seemed to me when she walked into a press conference. Today Should two main message point. She wanted to hit when it came to the issue of impeachment. One was. She's not buying this whole Mitch. McConnell nineteen ninety nine Clinton enroll. She thinks he's not portraying how those were set up namely the Clinton rules were devised in a bipartisan agreement. And I think there was one hundred hundred nothing vote supporting them. In the United States Senate That was hammered out with the blessing of the leaders. Trent Lott and Tom Daschle. Nothing like that is going on with McConnell when Schumer right now is Pelosi's point number one so she doesn't By his argument that this is playing by the Clinton rules. That was one thing she wanted to drive home but number two it seems she wanted to sort of list Her reasons that she thinks she's been victorious in this decision to hold onto the articles articles namely that it has put the issue of documentation and witnesses front and center in a way that if the articles had immediately gone over in December. Maybe they weren't. What do you make of that? I mean her point is that there's a number of witnesses who have not been Who have refused to testify and the Clinton Peterman process? All of those witnesses had already talked before that that evidence was already out there But the thing is that she right now is losing not only those moderate Republicans Republicans at your needs but also Democrats. There's a number of them who've said in the past couple of days that let's just let's just get this started senator. Dianne Feinstein said if we're going to do it she she she should send them over. I don't see what good delay does. She's later walk that back. Other Congressmen have also Adam Smith at today on CNN. Basically said let's transmit these articles goals that's during the Senate trial and then he later said I misspoke wait. I missed how Senator Feinstein walked back to her comments. What did she say? Because it's all those comments my eyes widen so I I missed the walk back. She said today that those comments are now being taken out of context okay. I don't know if that's a real walk back. They're not out of context are they. I don't know vow. The the thing though is what does holding the articles now do for the Democrats. Are they really going to be able to change the rules. Or they can get these witnesses upfront. No Mitch McConnell has the votes. And he's ready to go he's made that crystal clear what What do you make of this concern concern that? McConnell has apparently expressed that Having some very vocal House Republican conference members who were Lord Diehard trump supporters at all costs be part of his defense may upset the apple cart of sort of the Republican unanimity. That you just described that he's been able cobbled together. How is how big of a concern do you sense? Is this for McConnell. So we have some reporting from Sarah Westwood Phil Mattingly came out today. There's there's this struggle between some of president trump's allies who think that a legalistic argument by Patsy. Baloney the White House counsel so is Not going to be good enough. You need to win this. It's it's not only trial but it's somewhat theater have your most for syphilis. Allies Congressman Jim Jordan Congressman Mark Meadows. Some of these people who can articulate the president's argument in different style. Then you also have Senator Mitch McConnell's view. It appears where those those people are going to turn off exactly the Republicans that you need. You Need Susan Collins. Lisa Murkowski the people people in the middle so the president right now is receiving this conflicting advice. And we don't know yet. I don't think the decision has been made on who is going to defend the president and the trial yet. Yeah no we have not heard that decision we know that Pets Bologna and his team. The White House counsel on his team Have put together a plan and that there seems to be one but we don't yet know exactly who will be doing the defending of the president. And I think that the president who we know consume so much Fox News and sort of has this echo chamber constantly feedback loop in in. His mind doesn't always necessarily think the way McConnell does about Are we just doing a full on brawl with the Democrats here or is there work to be done with your own party here and McConnell's clearly trying to make the case Mr President don't lose sight. Yes you're going to be acquitted but you've got to still keep your party on board. I think right now if you just run the nineteen ninety nine Clinton trial rules you will see each side making their argument and then a couple of days of questions from the senators and then you vote whether to dismiss the whole thing right then there or then to also get into the witnesses that Democrats think will bolster their case my final question for you before we go to break you say that Democrats will boast of their case. What about the fact that Donald Trump is still out there saying he wants them? Witnesses I Mitch. McConnell sort of in a no witnesses camp. He doesn't necessarily want to see Joe Biden or Hunter Abidin or the whistle blower called. So there's a difference there too is they're not of course There are some Republicans who want to see honor Biden. They WANNA Have I think Senator Ron Johnson said this week the full gamut of witnesses. But you've also seen Senator Susan Collins who you know really the crucial senator here say a that it would be inappropriate inappropriate for president trump to say to China investigate on our Biden Susan Collins once witnesses But we we don't really think that means also hundred I think we've that means you know people with firsthand evidence other people who testified before the house. Yeah actual impertinent witnesses to this What these articles of impeachment are about and therefore pertinent to this trial? Alex let's take a pause and our conversation for the moment legal analysts Susan. Hennessy will join us right
'When I'm ready': Pelosi won't budge on sending impeachment articles to Senate, despite calls from Democrats
"For this today from house speaker Nancy Pelosi and another one for you and that will probably be soon as president trump fires off more tweets against below sea in the impeachment process the house speaker defending her decision to hold off on sending the articles of impeachment to the Senate today she reiterated that she wants a clear idea of what a Senate trial will look like in terms of witnesses and documents never the less they are proud of our defense of the constitution of the United States we are concerned that the senators will not be able to live up to the oath that they must take to have an impartial try so much for that Washington state democratic congressman Adam Smith tells C. N. N.'s new day well he doesn't blame Pelosi for trying to get a better deal display doesn't look like that's going to happen and yes I think it is time to send the impeachment of the Senate and let Mitch McConnell be responsible for the fairness of the trial the alternately is hello he today said she wants to move smartly and
House to vote on resolution limiting Trump war powers today
"Of vote is expected to take place today in the house on a war powers resolution that would limit president trump's authority to order military action against Iran in a statement house speaker Nancy Pelosi criticized trump's recent order to kill a top Iranian military official in Iraq she called it a provocative disproportionate military air strikes democratic lawmakers and even some loyal Republicans came out angry after an intelligence briefing from the trump administration concerning that strike that killed their running in general Qassem Soleimani Washington Democrat Adam Smith chair of the house Armed Services Committee talked with CNN this morning I am not specifically told us what did you hear that made you think it was a matter of fact when frost they said they did not have specific targets they didn't know what specifically their audience were targeting nor did they have a precise time line they said
"adam smith" Discussed on Ideas
"This episode is about the philosophy of Adam. Smith often called the father of economics. The Adam Smith of the seventeen hundreds has had a long afterlife. Here's economist Milton Friedman in one thousand nine hundred eighty. PBS series free to choose on the Longevity Javadi Up Adam Smith overall vision his conception of how it was that without any central. Oh body planning it millions of people could coordinate their activities in a way that was mutually beneficial to all that central concept is every bit as valid today as it was then and indeed we have more reason to be confident in now he had because we've had two hundred years more experience to observe how it works but as often as he's used to buttress arguments for free market policies his name is also used to oppose them. It was Adam Smith the father of free market economics who once said they feed clothe and lodged the whole body of people should be themselves tolerably well. Fed Clothed and Watch Smith Myth would've called himself a philosopher not an economist but on both sides of the economic debate. His name carries a lot of weight here again is contributing tributing producer. Matthew Laze in riders documentary on the Battle Over Adam Smith's legacy. I was once asked on an exam in high school who invented capitalism in seventeen seventy six. That's Dennis Rasmussen at Tufts University city seventeen seventy six was a big year not just for the American Declaration of Independence. But the publication of what became Adam Smith's best last known work. I think it's an overstatement to say that Smith invented capitalism. The very term capitalism capitalism has not yet been invented but the wealth of nations is undoubtedly an important book. It's an important milestone in the history of thinking about the moral and social and political effects as well as of course economic effects of commerce and free trade. The wealth of nations is certainly one of the most famous books of all times also not one of the most read or understood but one of the most famous books of all time and further solidified Smith's reputation as I say he thought that their immoral sentiments was better and more important but certainly yield the wealth of nations to have an important practical impact as well. The book was surprise hit the printer at the time said it was basically number two on the best seller list coming second to only the pop history book the decline and fall of the Roman Empire the printer road that the sale of Smith Book though not near so rapid has been more than I could have expected from a work that requires much thought and reflection qualities that do not abound among modern readers the wealth of nations. It's a big big sprawling book. It's hard to distill down to anyone essence as nine hundred pages long. I guess one place to start would be with the title right so the full title of the book is an inquiry into the nature and causes of the wealth of nations so one of the big questions of the book is where does wealth come from how do some nations become rich and others become come poor and this was a particularly striking question for someone like Smith because what he saw as the barbaric futile age was still there in his own back door in the Scottish islands island's well in highland Scotland. There were still the clan system where you would have people loyal to their local chieftain and society revolved around these these bonds of loyalty and tradition whereas in lowland Scotland it was becoming much more advanced progressive commercial and so people were out making money for themselves calls yet merchants chipping good across the oceans and it was a much more open diverse commercial society that sniff does a great advance in terms of individual freedom needham and individual security all kinds of things and so what what caused lowland Scotland to become such a prosperous progressive place whereas just a few hundred miles away there is a much more backward civilization and and how did this play out across the world was the big question that he and his compatriots all wanted to to answer it seems like a big leap from thinking about the origin of morality and macroeconomic so this has given rise to what's known in Adam. Smith Scholarship is the ADAM MHM Smith problem so there's this question of are the two sniffs reconcilable kit you can the Adam Smith theory of moral sentiments be reconciled with the the Adam Smith of the wealth of nations in particular people have wondered whether the emphasis on morality and especially on sympathy in the theory of moral sentiments can be reconciled insalled with the emphasis on self interest in the wealth of nations now by this point almost all Smith scholars say that yes the two are fully reconcilable that the problem with many of labeled as a pseudo problem arose because people confused sympathy with benevolence and self interest with selfishness he in fact believe the fact that self interest is a reliable motive that you can rely on as famously put butter the bureau the Baker to sell you meet or bureau bread out of out. Their self interest keeps you from relying on their benevolence. It keeps you from being subservient or acting like a dog at a table begging for food the way you might for instance if you're a surf in the feudal era and your livelihood depends on the the win the caprice of your Lord Your Feudal Baron Ryan Hanley from Boston College and author of several books on Smith really want people to remember that Smith came at economics from a philosophical perspective right so the wealth of nations is of course a nine hundred page book that many people have tried to distill into a few very succinct metaphors or concepts when people think of the wealth of nations today they tend to think of the concept of self interest or laws affair this idea that societies based upon the pursuit of self interest without restriction will work to the general good now. All of those ideas are key parts of the wealth of nations but if we were to look to see what Smith thinks is most valuable in the wealth of nations why it's necessary to have an inquiry into the wealth of nations. We'd want to go back to the very beginning of this book. The book again is a book that's introduced on its title page as written by a professor of of moral philosophy so why is a professor of moral philosophy so invested in questions of economics he begins to. I answer this from the very first pages of the book in this lovely what he calls it the introduction and plan of the work which is really only several paragraphs appended to to the very beginning of the text. Smith has think about the difference between what he calls the so-called quote Unquote Savage Society and a modern modern quote unquote civilized society in the middle of the seventeen hundreds an idea backed by people like philosopher jean-jacques. Rousseau was growing in influence. It was the idea that modern society with its streets and fences an joint-stock companies deprives humankind of some kind of noble natural natural essence that before humans came out of the forest and built cities and towns and ports they lived in savage yet somehow more egalitarian -tarian inconsiderate state according to Hanley Adam Smith didn't buy it. He notes that in the savage society the sort of society that many people in Eighteenth Century and today sort of back to the Land Movement sometimes Romanticize Smith makes the observation that however free and simple think about what life would have been like then it would've been a state in which people were frankly poor and because they were poor they were desperate. They might have to engage in such things as infanticide horrific treatment of elders. The disabled tabled those unable to earn their keep. A savage poor society is unable to support these individuals and therefore is Reduced Smith tells us in the fourth paragraph of the wealth of nations to having to being unable to support them and indeed to have to let them him go in ways that would violate our natural humane instincts one off the benefits of opulence therefore from the very beginning is the idea that opulent societies don't need to do this. There is a certain standard of living within opulent societies that is valuable. I'm not because it enables the one percent to have everything in their dreams not because it even enables individuals to to climb through the ranks and to have tremendous amounts of economic opportunity those aren't things that Smith necessarily disparages by any means but at the end of the day what makes a commercial society good in the eyes of this professor of moral philosophy is the fact that it works to to generate an opulence that is of benefit to the lowest and least well off. Smith makes that clear and the introduction plan to the work and he goes was on in the very first chapter of the wealth of nations in which he details the concept of the division of Labor to go on to say that in fact this is precisely what justifies the program as a whole the fact that a lowest and least members of society it can be reasonably well accommodated with the necessities of life so this is I think one of the elements of the wealth of nations and Smith Economics nominee more generally that only very recently have scholars begun to focus on and only very recently. Are we starting to see any appreciation of when it comes to Smith popular reputation.
"adam smith" Discussed on Ideas
"Gratuitous lie you disapprove of it and Smith thinks an impartial spectator spectator would also disapprove of it and so it's wrong and so we make this general rule as a society lying is wrong now. Lying might not always be wrong allied to save somebody's life might be perfectly reasonable perfectly moral and so Smith's thinks in the impartial spectator would see that again they know all the circumstances involved in any given situation and they would take that into account and impartial spectator might approve of allied to save someone's life and this could be contrasted with someone like Immanuel Kant who says you have to do rational no matter what the circumstances so so even if somebody says comes knocks on your door and says hello. I'd like to kill your mother. She upstairs. You'd have to tell the truth right and Smith's notion of an impartial spectator makes is room for nuances in context and circumstance in a way the many others moral theories don't and I think that's one of the more frankly attractive features of his moral theory so in many anyways Smith thought that the origins of morality emerged spontaneously if you will they emerged without anybody telling us one central central directing being what is good and why but rather through the free interchange and exchange of sympathies among ordinary actors in everyday life that was a revolutionary discovery on Smith's part and was very powerful both for understanding central concepts and moral philosophy eh also for the foundation laid for thinking about certain concepts not just a moral exchange but also economic exchange whether he was an economist I or a philosopher or whatever you WANNA call him. Adam Smith has been dead for two hundred twenty nine years. Why does he matter today. I love it of all the points of contention over Smith yes it is undeniably true that he is dead. Why he matters today well he matters today. At least as for two reasons one is that simply his name has a certain stature and like many of the great names and the history of philosophy see if you can claim him to be on your side you have authority on your side so he has some influence in terms of his legacy and the way in which his authority she can be used to bolster a particular position but he also has relevant because at the substance of his ideas Smith thought broadly and he anticipated anticipated a number of the issues that are with us today he was patience and synthesizing a number of different strands across the social sciences and humanities in his day so he brought together into a coherent package and indeed a far seeing package system of ideas. That's still very worthy of our engagement achievement and which we can find a lot of food for thought as we work through our own issues today. Smith is remarkable because he does contain these vast multitudes that that if you slice and dice you can get any position you want. What's really interesting is trying to put the whole together and understand how all these partial pockets of truth add up into Louis Synthetic and reflective whole a very deep thinking philosopher who can't be easily pigeonholed into any one particular category and in a lot of thinkers and theorists and politicians claim to take inspiration from Smith. The wealth of nations was on Barack Obama's llamas two thousand eight essential reading list in the New York Times Chinese Premier Wen Jiao carried a copy of theory of moral sentiments when traveling while organizations like the Adam Smith Institute are explicitly libertarian social critics like Noam Chomsky claim that Adam Smith would have despised free-market capitalism but this battle goes back a long way as people have tried to claim Smith for for almost as long as he's been dead.
"adam smith" Discussed on Ideas
"I'm not iot welcome to ideas in the United States in the mid eighties to prove your credentials as an intellectual member of the Republican Party. You'd wear a certain kinds of pattern Thai. The Thai came in many colors burgundy was cool. Navy blue was a nice choice and if you're really devoted wooded you could even get special pillow's made from the same fabric but what made the Thai special was not the color. It was the image on the tie that mattered eight of a Scottish philosopher named Adam Smith Smith is best known today as the author of the wealth of nations which which is often called the first work of modern economics and Smith the first economist Smith not only tends to be seen today as an economist but indeed as a particular type of economists who is wetted to a particular ideological vision of how things are learn how they ought to be Smith's name carries a lot of weight and his name adorns various organizations societies and institutes principles the explain how it is in an automobile operates are no different from the principles that explain how a horse and buggy operated or how bowing out offered one of the twentieth century's greatest evangelists of Adam Smith was the free market economist Milton Friedman the principles that Adam Smith enunciated she aided are every bit as valid today as they were then but Freidan certainly wasn't the first to claim Adam Smith as an intellectual father. I was recently giving talk and an economist came up to me and was like what is it like the most common thing about Adam Smith that like nobody reads him but everybody just quotes him and everybody laughed and I was like yeah and actually there's like a big story behind that but before he was cast as a timeless economist Adam Smith was a workaday philosophy the teacher less concerned with the source of the wealth of nations and more with the origins of good and evil the meaning of right and wrong and the Genesis of morality coronial questions of Human Nature Morality and what's right and wrong and Justin what makes a three society. You're happy society and that is what Smith would have wanted to be remembered for. CBC Producer Matthew Liaison Rider brings us this documentary on the battle over Adam Smith's legacy. Have you remembered nothing recall. The lessons and Adam Smith father of modern economics and competition individual ambition serves exactly every man for himself gentleman Adam Speth care. That's a scene from two thousand one film a beautiful. Mind in it a group of Frankish college boys apply the lessons of Adam Smith to the art of picking up girls one problem with that seen though is that Smith never actually said individual ambition serves the common good at least not not in anything he wrote down but he is often called the father of something yeah. The most common version of Adam Smith is that he's the father of economics and there's something just very simple and benign about that you know he's the father of economics glory. Lou is a postdoctoral postdoctoral research fellow at the political theory project at Brown University. The slightly more politically charged version of that is Smith is the father of capitalism and defender free markets as the only and the best way to solve a variety of complex social shaw political and economic problems glories research involves not just who was Adam Smith but how Adam Smith has been used over time how different generations have reinterpreted the writings of Adam. Smith and various people have deployed Smith to fight their ideological battles. I think it's really important portent to be humble about a text and what we say we can know about it for sure and I think understanding thing why a text become so famous and why it's ideas become so powerful we we gain a richer understanding of that when we look at the text through the eyes of its past readers so that that's a big thing for me as an intellectual historian we really try to reconstruct their worlds and see you through their eyes and and kind of think through their minds and I think that gives us access on why certain kinds of ideas become so powerful and why they fade from view and throughout the after life of Adam Smith's ideas especially in this country those views are somehow timeless than they transcend transcend historical context and I think it really matters that we get an understanding of Smith in his own time right before we decide for ourselves. Our Smith Questions Are Smith answers the same as our questions to problems that we're facing today questions is like is capitalism fundamentally immoral system does it require steep inequality and what are the problems with inequality quality what are the advantages and disadvantages of open borders for trade these really hard questions and they've had different versions appear over time since the time. Smith wrote and I think looking at how people have answered those questions and brought Smith into the conversation can be really illuminating. Smith was born in seventeen twenty three three in Kircaldy a seaside town on the east coast of Scotland. His father was a customs agent who died before he was born and he was raised only by his mother. An eighteen ninety five biography describes an unusual incident. When he was a small child he was playing in the yard of his uncle's house. When when a passing gang of vagabonds abducted him taking him into the forest his uncle rounded up a posse road into the forest and brought back young Smith math whether being kidnapped by vagrants had any lasting impact on his economic views is anyone's guess but the biographer her a man named John Enra- goes on to speculate that it was the town itself Kircaldy that gave Smith a unique insight into the workings of a modern Cottam a small town Lake Kircaldy is a good observatory for beginning ones knowledge of the world it has more sorts and conditions kinds of men to exhibit than a rural district can furnish and its exhibits each more completely in all? They're ways pursuits troubles and characters that can possibly be done in a city city. Smith who spite of his absence of mind was always an excellent observer would grow up in the knowledge of all about everybody in that little place from the great lady eighty of town to its poor colliers and salters who were still bondsman. Kircaldy too had its shippers trading with the Baltic. It's customs officers with many good smuggling Mugla story and it had a naylor to which Smith is said to have been fond of visiting is a boy and to have required in them his first rough idea of the value of division Asian of labor so he lived basically a boring scholarly blade. Dennis Rasmussen is as an associate professor of political science at Tufts University and the author of the recent book the infidel and the Professor David Hume Adam Smith and the friendship that shaped modern thought he went to excellent schools he went to the University of Glasgow as a college student. After finishing it class go he went to Oxford for six six years on a fellowship where he did not learn anything from his professor she found Oxford to be totally useless and the professors had given up he said even the pretense of teaching but he immersed himself himself in self study after which he became a professor at the University of Glasgow for twelve years he was a professor but not in economics well. He was not on a professor of economics because there's no such thing professor of economics at the time economics didn't yet exist as a separate discipline. He was a professor of moral philosophy was this title for most career he would have described himself either as a philosopher or maybe more likely as a man of letters to eighteenth century term in the eighteenth century was a period of major social upheaval industrialization urbanization wars a a couple of revolutions even more revolts all to the new and energetic sounds of people like Arno Baca Rini Mozart Vivaldi and a whole a Lotta guys named Bach and Scotland of all places was be placed to be the real dominant imminent feature of his time in eighteenth century. Scotland was the onset of what we now know is the Scottish enlightenment this real intellectual cultural flourishing rushing that happened in what had previously been a pretty notoriously backward placed synonymous with poverty and barbarism and over the Christmas versus Miss Lifetime. There's this economic flourishing but along with it a cultural intellectual flourishing to the point where by the middle of the century no less a figure than voltaire bit rueful these said there's Scotland of all places that we look for idea of civilization.
The Biggest Bubble in World History?
"The rant. This week is continuation of last week. Okay what i've done here is. I've added kind of another chapter to the story story so last week. I talked to you about the way that wall street turns conservative investment vehicles into pure toxic waste is what i'm calling colleague and i mentioned two examples right. The investment trusts starting in the late nineteenth century ending in the nineteen twenty nine crash and the u._s. thirty year mortgage around the time of the financial crisis. You know maybe from around two thousand two through just say two thousand nine this week. I wanna talk a little bit about mutual funds in that same light okay and the story begins with something called the prudent prudent man ruling of eighteen thirty. We're getting in the weeds here folks. There's a lot of material here all right so the prudent man fiduciary the tradition in american well in american law and in american finance goes back couple of hundred years before the nineteen sixties when when and mutual funds kind of blew up in the way that i'm about to describe but there was this one particular decision in eighteen thirty in a case called harvard college versus amory sorry you can google that and and learn the details of that amac and talk about just mention the a quote from the decision that was made at that time so so here's the quote from a decision which outlined the prudent man rule okay so these are the words of judge samuel putnam in eighteen eighteen thirty quote all that can be required of a trustee is that he shall conduct himself faithfully and exercise a sound discretion and he is to observe how men of prudence discretion and intelligence manage their own affairs not in regard to speculation but in regard to the permanent ah position of their funds considering the probable income as well as the probable safety of the capital to be invested and quote. That's a lot of that's a lot of stuff there but the salient points are prudence discretion intelligence probable income probable safety of the capital title so this is what's known as the prudent man rule it still alive today though you'd probably be hard pressed to find very many true practitioners. The decision was made in a boston court. Okay it became the ruling principle of among others a whole class of money managers that will called the yankee trustees they were the living essence of the prudent man rule and they viewed the avoidance of losses as more important than achieving leaving gains right very conservative so in boston almost one hundred years after the prudent man ruling the first open ended mutual fund was created in nineteen twenty four and it was very much a product of the trustee culture right people who took care of trusts and were these the yankee trustees who used the man ruin invested very conservatively it was called the massachusetts investors trust and it was different because it didn't have a fixed the number of shares like all the funds before it it's sold shares to the public based on demand and investors could sell them right back to the company at whatever the current price was right. That's an open and mutual fund as we know today so as a product of the boston prudent man culture it was so conservatively run it came out in nineteen twenty four right just when the twenties were kinda getting getting cooking and it was seen as being out of step with the times sort of like warren buffett in nineteen ninety nine fine and you know it it did all kinds of things issued detailed quarterly reports listing all of its holdings and transactions and costs that was the exact opposite visit policy of at that time the the new investment trusts of the era which refused tell investors what was in them in turn out as we said last week to be toxic waste okay now you fast forward a little bit you go nineteen forty-three edward crosby johnson. The second is a lawyer who takes over the fidelity fund and fidelity right. The company knows fidelity. It's got like two and a half trillion of assets under management today well. He took over this boston. Mutual fund operation called fidelity fidelity at the time. They managed three million bucks. It was hardly anything that was even a small amount of that time in nineteen forty three now in his book the gogo years author author john brooks noted of that event quote the man who turned the fidelity organization over to him refuse to take nickel for it in keeping with the traditional boston austin concept of a trusteeship as a sacred charge rather than a vested interest to be bought and sold and quote brooks looks continued the notion of a mutual fund as a trust was deeply ingrained in state street sort of like wall street and boston deeply ingrained in stay street st st st at that time and would remain so until about nineteen fifty five in quote so the laws governing mutual funds and trust were different but until the the mid fifties according to brooks mutual funds felt like trusts right it wasn't seen as an opportunity to get rich speculating with other people's money far from it. It was a sacred charge so but johnson you know eventually. He left those old conservative ways behind. It's a necessary step in solving the toxic waste. He was a fan of jesse. Livermore johnson love jesse livermore. That's what got him interested in. The stock market to begin with of course livermore was the famous trader who made lost i i if i'm not mistaken for fortune speculating on stocks you know including in the twenties and eventually shot himself in the head nineteen forty in the cloakroom grooming sherry netherlands hotel in new york so with his one transaction of taking over the fidelity fund the old conservative way of the yankee trustee was kinda taken out back and shot in the head johnson grew the business by trading stocks okay now the dow rose about one hundred and fifty percent between nineteen forty-three the year he took over and nineteen fifty two the year johnson met a man named gerald cy who's a chinese fellow his last name aside t._s._a. Sign was born in shanghai china in nineteen. Twenty eight came to the u._s. In nineteen forty seven to go to college got a bachelor master's degree from boston in university and stuck around so these guys met nineteen fifty two and they were both inclined more towards market timing and rapid-fire trading in large positions positions you know no diversification long-term view neither had a trace of the prudent man in him johnson. Let size start his own fund in nineteen fifty seven the fidelity capital fund. I'm sorry i left outside went to work for johnson when they met okay and he started his own fund in nineteen fifty seven the fidelity eddie capital fund from nineteen fifty eight to nineteen sixty five the fund return two hundred ninety six percent according to john moguls forward to a book called super money by adam smith breath aka george goodman good book. You should read those those adam smith books along the way si- had to deal with the crash nineteen sixty two that year the dow jones average fell twenty seven percent and most of the downward move which was really from kind of january first until june twenty six of that year most of that downward and move happened in two months between april twenty fourth june twenty six with a drop of twenty two and a half percent so is short and sharp and kind of brutal john brooks. It's not how well the mutual fund industry weathered the storm quote the great rising giant of american finance the mutual fund industry had come out with honors cash chevy still conservatively managed in the prudent fiduciary tradition the funds had bought unbalancing the falling market of monday and had sold on balance and the rising market of thursday day thus besides protecting their shareholders from excessive risk. They had perhaps actually done something to stabilize the market and quote. Apparently there's one particularly if you look at the chart of that time there's one particular week those pretty brutal right around the time it bottomed out and i think that's what he's talking about. Their size fidelity capital fund was down by may of that year but he recovered and the fun rose sixty eight percent in the last three months of the year okay so a few years later nineteen sixty five big year for gerald outside that year has fun was up almost fifty percent of course the turnover one hundred twenty percent right so turnover of one hundred percent means. You held everything for a year. Basically like you sold every share you bought that year so he sold one hundred twenty percent implies and even shorter period right so one hundred percent turnover would be if you bought on january first sold on december thirty first every share and this one hundred twenty percent is like i don't i don't know maybe he sold it all by by november. Let's just say but really what what happened was. He's just constantly turning over daily by then by nineteen nineteen sixty-five gerald saone twenty percent of fidelity instead of picking is his successor to run fidelity et johnson picked his son ned johnson then who actually was a pretty good stock quicker to write in a bull market. Everybody looks good. Silence fidelity immediately started his own fund called the manhattan fund. It started with around two hundred forty seven million in assets the quote the biggest offering an investment company history end quote according to the new york times by mid sixty st eight. It had five hundred sixty million bucks in it. The fun didn't do so well that year though and si- sold his company to c._n._a. Financial corporation regime for thirty million. He got out of the top pretty smart a year later. It fell ninety percent that was closed <hes> so by december thirty thirty one thousand nine hundred seventy four near the bottom of brutal bear market. The manhattan fund had these single worst eight year track record of any existing fund at the time accumulative would've loss of seventy percent of all the capital that had gone into it while manhattan fund wasn't the only one there were other kind of gogo funds of the year. I remember one called. The enterprise fund was up like six hundred percent at the top and down by more than half or so at the bottom but cy was the most famous money manager of time he was really the first kind of celebrity financial major financial guy he would later lie to an institutional investor magazine interviewer when he said quote we had one bad year in nineteen sixty eight night been killed in the press ever since. I don't think it's fair dr and quote one bad year. How about the worst eight years ever at that time size gruden end there. He later worked for an insurance company that bought american can a tin can manufacturer and he turned that business into a financial services company called primerica. You may have heard of it primerica which he sold to a guy named sanford weill in nineteen eighty eight. It's the company that became came city group okay short short story there from primerica to citi group so you know size fingerprints are still on american finance today so that's the short version of how ed johnson and even more so gerald cy turn mutual funds you know this thing born out of the conservative a bit of boston yankee trustee culture into they turned it into toxic wastes into these rapid fire trading vehicles in in in the nineteen fifties and sixties so mutual funds began life in america as a conservatively managed sacred dacre charge of the prudent man the yankee trustee and they ended up as the new gogo mutual funds of gerald site irritating huge positions in highly speculative stocks trading in and out quickly and size manhattan fund was just the most famous and most disastrous example but there there were others said and you know they took these huge positions they weren't diversified and the brokers hated it but they couldn't not do it. Because <hes> you know cy was a big deal. He was the biggest thing in finance at that time that two hundred and forty seven million deal right that was the biggest deal is like fifteen percent of all the offerings that year in mutual fund so you know it was the brokers had to deal with them. They had to play along with these huge positions that he was taking even though they didn't like it because it looked dangerous to them <hes> and trade in out very quickly. It's just like the investment trust of the late nineteenth and early twentieth centuries and it's just like what they did into the thirty year mortgage with mortgage-backed securities and c._d._o.'s in the housing bubbles it housing bubble singular really have one of those wall street takes these conservative vehicles and turns them into toxic waste. Every year is a little bit different. Every bubble has its own characteristics characteristics and course today. What are we seeing today the very biggest bubble in the history of the world the global bond bubble label featuring at last count according to data compiled on bloomberg. They keep track of it. If you have bloomberg you can you can log in and get the latest chart art of the world's negative yielding debt. It's over sixteen trillion about sixteen point four trillion according to bloomberg it's insane. It can't end well. These things things never ever ever do the thing that worries me about this and of course i have to give credit where it's due wall street had less to do with this than central bank central banks did this when this on them of course they're clearly taking a page. I don't know did wall street. Take a page from them. Wall street was around before central banks right so <hes> at least before the federal reserve's early so i think we we have to say that <hes> the central banks take a page from wall street and turned you know the conservative -servative thing most of the negative yielding data sovereign debt and they've turned it into toxic waste guaranteed to lose you money if you hold it to maturity pretty insane insane. That's the rant for this week if you liked it or didn't like it or have a question or a comment right into feedback back at investor our dot com.
Former top figure skating coach accused of sexual abuse
"Gregory P. as one of four male skaters who is now come forward accusing Callahan of sexual abuse which he says he reported to U. S. figure skating in nineteen ninety nine Callahan at the time was considered a star coach seen here with Olympic gold medalist Tara Lipinski perhaps his most prized protege in a statement to CBS news U. S. figure skating said it does not comment on threatened or pending litigation and fully supports all victims of sexual abuse do you feel that the US figure skating intentionally covered it up I don't know if I'm calling the fears I I I I mean I think that all the years were wide open the most definitely push on the rug no question in a statement to CBS news a lawyer for Richard Callaghan said he has not received the lawsuit war Bennett made aware of Adam Smith's allegations major he also says Callahan to dis any wrongdoing making produced thank
"adam smith" Discussed on KOMO
"And congressman Adam Smith chairman of the house Armed Services Committee was here he says it's time for the Senate to pass a bill that's already gone through the house that would require background checks for anyone trying to buy a gun the Senate is back in session in September almost back to Quinn reporting Coleman whose time is four thirty two all three of the Seattle city council members that are running for reelection appear to have survived the primary goals chip July has more of the nine seats on the council seven are up for reelection of those only three incumbents decided to run again one of them is Deborah warez of door Seattle I'm a pragmatic progressive that's how ID myself sometimes people think I'm right of center one publication basically called me a socialist in another publication called me you know a corporate **** I mean when I suppose to do if the results hold chill face attorney and Davis and Sattler in November we are looking for a re focus of Seattle away from the council members and to the people yeah the other two incumbents Lisa her bold and Shamus someone also appear to be advancing to the general election but at a minimum there will be for new faces on the city council when all is said and done just pose a look come on use commoners time is four thirty three a king county parks improvement levy is passing the sixty seven percent of the vote the proposal provides eight hundred and ten million dollars for maintenance improvements and access to parks and trails in king county as well as the woodland park zoo homeowners would pay a little more than two dollars a month more than they do now as the present levy expires a two hundred nineteen million dollar levy to expand libraries in Seattle's passing was seventy three percent of the vote the proposal would eliminate overdue fines and expand library hours a past would cost about three dollars a month more for.
"adam smith" Discussed on KOMO
"But democrat, Adam Smith, chairman of the Armed Services Committee, says the US should be cautious careful. You know, whatever response we have measured and reasonable, stop the conflict lady. President Trump says he thinks Iran probably made a mistake. Jeff pohjola. Komo news station thirty one. In north Seattle has been evacuated after high levels of toxic mold were found inside. Komo's Charlie Harger tells us the fire chief says it could take a while to allow workers back in firefighters have long complained about higher than expected rates of cancers and other illnesses for people working in station, thirty one their union ran tests, and found high levels of poxy, mold fair. Chief herald, Scott says they've moved workers to nearby fire houses while a thorough investigation takes place. We wanted to have our firefighters working in an environment that can cause them harm if we had information response times could take up to a minute longer than normal. He says the investigation could take months Scoggins says is going to be complicated because firefighters breathe in smoke. In other toxins as part of their job team of experts will try to narrow this down. Charlie Harger, KOMO news. If you or someone you know, has recently failed, the driver's test, it could be because it's tougher to get a license in Washington than any other state. That's according to law, firm Siegfried and Jensen, which compared drivers, handbooks written tests, and road skill requirements in every state and Washington came out on top. The firm's Jeremy Hendrix says we have the most rigorous road test, judging on nineteen driving skills while other states test and average of ten to fifteen skills, three point, her parallel parking what you do when you park on a on an incline. He says, South Dakota only tests on six driving skills the lease. Of any state as for the written test. Hendrix, says you need an eighty percent to pass whereas in New Mexico, you only need a sixty eight so what does having the toughest driving tests in the country do for us because you bar? bar a little bit high than theoretically the drivers that are on the road should be a little bit better but daddy says maybe another study for another day see romero komo news komo news time six oh four well let's talk about driving right now the update from marina rockinger grade in some areas and we still have a problem in the express lanes northbound i five just north of eightieth car broke down in the right lane so people are really having to slow down right before they merged with the main line and northbound i five in the main line just south of the county line is state route one of four there at in mountlake terrace there is a collision blocking or partially blocking the h._o._v. lane we have slow down southbound i five from northgate into seattle solid traffic from the east side on five twenty westbound from four zero five montlake southbound four or five really the impelled view from five twenty to newcastle and northbound is heavy from five twenty two eighty fifth in kirkland northbound i five into seattle still struggle because of a collision still being reported near colombian way so it looks like it's in the just south of colombian way in the right lane and southbound i five still slow out of federal way from just south of three twentieth through five your next komo traffic at six fourteen shannon o'donnell has the forecast will better late the never we had a little bit of june rain over the last couple of days bringing out the last of the showers and right on time the schedule.
Trump officials brief a divided Congress on escalating tensions with Iran
"Will there be armed conflict with Iran? I met Reese, seven hundred wwl w dot com. The men who had the state and defence departments have updated members of congress on what may or may not be a path toward war with Iran, secretary of state Mike Pompeo and Defense Secretary Patrick Shanahan briefing, the full house and Senate Tuesday on tense relations with Iran. Some members of congress left the meeting saying the US was handling Iranian aggression, Representative Adam Smith said the US strategy, so far isn't working her tail their forces. What our maximum pressure campaign done in terms of the Cheever objectives, I have not seen US intelligence now believes Iran is also behind the attacks against commercial vessels off the coast of the United Arab
Who Is The Neoliberal Shill Of The Year?
"Couple of weeks ago. I was talking to call him Mortimer. He's college student who runs a competition called the Neo liberal Schill of the year, the wet works. Is you go to the Twitter page at near liberal that's near liberal, but with zero for the O he's put together a bracket kind of like match madness. He's asking people to vote for who they think is the greatest neo-liberal Schill, and Colin told me that Stacy Vinik Smith and cod. If Garcia from the indicator they're going to be in the running, but cut if in Stacey didn't know. And I told khadafy Stacey that I'd love to speak with them in a studio. I didn't say why calling can you hear us? Yes. I can hear you. Colin what's going on can you reduce it south to us? So my name is Colin I am the co founder and executive director of the neo-liberal project. And when new liberalism, basically said was markets are not like an end markets are means to end, we want wanna harness markets to make everyone wealthier to make society more equitable and into make the world a better place, and you run a competition. What does that? So I run the neoliberal Schill bracket, which is an annual competition, which we highlight people that we believe contributed positively to economics and politics in the past year, Iran, the neoliberal Schill bracket. Yes, she'll sounds like not a compliment. She'll is a compliment show me. It's it's tongue-in-cheek. It's means that you shield for position that you stood up. And you said this is what I believe in. This thing is good. Okay. Side of right. And other words she'll for goodness show. That's exactly that's exactly what was Yoda like. Schill for the force iota was a show for the. Stacy I have some good news for you too. Okay. This year, you both been selected the apart the Neal show bracket, really. You both have I've mixed feelings. Committee deliberated Wong over it. And listen to hours of podcasts. And we look through your Twitter's read everything about you. Oh my gosh. So neoliberal is this really loaded word, what does even mean near liberals have been blamed for everything from lowering wages for US factory workers to killing turtles to some near liberalism, Maine's using markets and the government to make a soul, richer and half you to others. It's only made the rich wealthier at the expense of the rest of us. After the break. I'm going to explain what near liberalism, actually means and ask us, stay Cincotta. Neo-liberal Schillt's of the. Planet money indicator is made possible by CFP certified financial planner professionals who want you to know that certification makes a difference. A CFP professional is trained to create a holistic financial plan in your best interest. Learn more at let's make a plan dot org. Support also comes from ADT, America's trusted home security company can help protect you against break ins fires and carbon monoxide twenty four seven emergency response when you needed most more at ADT dot com to understand what neoliberalism means I caught up a historian. My name's Quinn's Loboda, and I teach history at Wellesley college Clin wrote a book about the birth of neoliberalism. He told me you can trace the word back to a handful of economics at one conference in France in nineteen thirty eight there was a gathering and Paris called the Walter Lippmann colloquium, and it was there that they that they took they chose this term neoliberalism to describe what they were doing which is trying to rethink liberalism. After the great depression, liberalism, not liberal in the way, we often talk about left wing liberals in the US, you know, people go online to own the libs, but classical liberalism, it's a collective where all those thinkers who like moving against the church after the nice on. David Hume, Adam Smith, David Ricardo. And and then associate those with political beliefs of free trade free markets are the rights individuals to see their self interests that kind of thing they organized a workshop in in Paris. And they all get got together there were intellectuals industrialists journalists politicians, what kind of things they believe in these imbedded groups of liberals there was a vision of an interconnected world economy that they felt needed to be kind of fought for and restored. They believed in the need for conditional free trade. They believed in the need for the free movement of capital over borders as a way to ensure kind of interdependence that would itself hopefully guarantee peace in the long run.
"adam smith" Discussed on Dr. Drew Podcast
"A nasty brutish ensure that he's sort of making the case that we are political animals, very very much your case that their brains evolved for that. And we are very spirituality is built into that. I think that there's there's there's a part of that. That is true. But I think there's an over emphasis on the the kind of the nastiness, and I so an example of this is the literature on gain theory. So a lot of the literature and political science that is focused on kind of rational, the model of individuals rational actors the problem with that is that people we experienced it. When we run these experiments, we've gotten it this era of behavioral economics neuro economics, people don't screech other over as much as we were expecting certainly not in the when I was taking classes in the eight late eighties early nineties. I was kinda given an idea of this kind of wretchedness of human beings in kind of a nastiness of human beings and a selfishness of human beings. And it turns out that that doesn't actually fit the data. So well that people are much nicer than we would expect. There's not again not to say. There's not a lot of suffering a lot of people doing mean things, but we cooperate far more than I think we give ourselves credit for Adam Smith said man desires, not only to love, but to be lovely in other words to be seen by others. And he also said impera phrasing. The man is a peculiar preoccupation with the wellbeing of other people. It's all true. Right. That's what we we're sort of both right? We're sort of a great. And but sometimes great exactly, and I think that attaches great case. So his wealth of nations is kind of hyped up in when I give lectures on this on a regular basis all real raise out Smith. And just you know, what what do, you know about Adam Smith and the few students who will kind of chime in on that they'll be like. Oh, yeah. Wealth of nations, but they don't remember they don't they've never heard of his theory of moral sentiments, which is as you're saying, this kind of this view of us having this affect of life that is intertwined with others. And it is and that's the book that Adam Smith was working on to his deathbed. He started it in his twenties and was wrapping that up at, you know, we're still working on it as at the end of his life because he thought that was his more important work. This idea that we have this what he called fellow feeling and the some of the brain imaging experiments that I've done show evidence of that kind of fellow feeling motivating our decisions. Rather than just this kind of this this kind of brain is computer metaphor that is I think very dated and miss and inaccurate way of understanding human nature. We're not just calculators. Right. And so whenever people talk about a I I always made the case that you never have human intelligence because you have to have a body. I who because our nervous system is feeding untold information. And then the fact that our we'll talk about the scans. And what part of the brain. We're talking about here. So for the last that I was mentioning on fellow feeling we did a a colleague of mine developed what we call the the Robin Hood game. So you're given an opportunity you're interacting with three other people and you're seeing different distributions of income..
Trump renews national emergency threat to build border wall
"Top Democrats say President Trump would face legal and political challenges if you tried to declare a national emergency to build his border wall. House Armed Services committee chairman Adam Smith says the executive power has been used to build military facilities in Iraq and Afghanistan, but would likely be wide open to a court challenge for the wall. The president has said the White House has been talking to some steel company executives with a lot of people I formed my folks do. Say that will build a spill barrier. Still. It'll be made out of steel it'll be less aversive at it'll be stronger. Democrats object to the idea of a wall and not what it's made of.
TSA pledges to get Sea-Tac Airport back to ‘full force' with bomb-sniffing dogs
"Seatac airport is getting more bomb sniffing dogs, and they should help make those security lines move a little bit faster. Komo's Romero report Maria Cantwell sits on the commerce science and transportation committee at their latest meeting. She was informed by the head of the TSA David Kaczynski that seatac would be getting three new passenger screening canine teams. This is not just the speed of moving people through TSA lines. This is a layer of security that cannot be underestimated can't will says the new teams will allow more passengers to be cleared through security in less time. Seatac estimates that checkpoints with a bomb sniffing dog and process two hundred forty passengers and our compared to just one hundred forty passengers
"adam smith" Discussed on The Economist Radio
"Many more questions were raised at a profound level about how governments and central banks deal with modern economies. Would they take from Adam Smith because they learn from him or finger. Many things that policymakers today could take from Adam Smith. The first is to think of markets in that much more nuanced way to ask for market. Not as it were is failing in this traditional economic ways, but does it do what it's supposed to be doing is discharging public function? How exactly is it working? A second thing is that financial specialists in particular can look at what he says about the collapse of the air Bank in seventeen seventy two which arose because of enormous indebtedness arising from the Chi-ching of booze of exchange. And what says there is we need party walls to prevent five from becoming a general conflagration, and that pushes us towards more prudence in. Our regular system, but also directs is to think about specific channels by which feedback loops can become very, very aggressively pro-cyclical and lead to crashes of kind that we saw in two thousand eight. And finally, he lays out a way of thinking about crony-capitalism that's very, very strong and pungent weather thinking about excessive CEO pay today or the way in which the technology platforms can be potentially ripping off outsiders the benefit of insiders. And what about the resurgence of protectionism in America? I mean, Donald Trump missed often to be heard, banging the drum for some form of protectionism, not to sign that the world that Adam Smith foresaw the endless fear is in retreat. Now will it certainly assigned that much of what we took to the conventional wisdom of free trade is being questioned overturned by politicians and Smith Ecorse recognizes that we're gonna moments where people may wish to threaten a trade war in order to keep. Each other honest and committed to as it were open markets and open trade, but he's perfectly clear that a free trade increases equality and decreases economic value. And therefore protracted war in trade would be very, very damaging. Then in his view, as now I believe today, we must ask you what you think Adam Smith made Brexit. He was a great defender of the union between Scotland in England, seventeen seven, ineffectively a free trade area that it created a my right to Ashim he'd been marching for remain well. I don't think we can take it because the Christian wants Smith would think about you, the Brexit or the jaw, Beyonce's latest. Album, of course Apollo game. So we can't really make judgment, but it's certainly true that all of the major intellectuals of the eighteenth century Scottish enlightenment where in favor of union. And that's the point that Scottish nationalist today need to burn. But he's very care, the economic advantages. And he says that the union seventeen seven is a measure from which infinite good has been derived to this country, which means Scotland in relation to Brexit. It's really interesting. Smith was asked in seventeen seventy eight for his advice about the American colonies which were then in revolution and his solution was that the colonists should have representation in the British parliament. But he said, of course, that means that sovereignty must inevitably be transferred from here to the colonies every time. So he captures both the free trade worries of those who wish to preserve the single market and the sovereignty worries of the Brexit..
"adam smith" Discussed on The Economist Radio
"So how would he assess significance? Some people say that Smith isn't particular journal and therefore he shouldn't be given that title and it is true. I've said that many ideas can be found in other writers in different forms, but this one thing that Smith does triumphantly right? And that he's, he puts markets at the center of political economy, and I think that's an absolutely crucial move. And if we look at the reason why Smith is by far the was widely cited influential columnist now, dwarfing Hayek canes marks and the rest of them is because of that foundational move. If he puts the markets more firmly, the heart of economics than other think is give me an example of that. Where would we notice it? We know to sit in his own work. First of all, in the. Discussion of division of labor and the idea of specialization and all of the benefits you get from markets, allowing people to exchange and trade and economic value from that. And what he pushes us towards is a very much more nuanced idea of how you think about market exchange in present day markets. And you can see that when it's working well in things like sickle hamburgers and had caught markets. There's a markets that basically for consumer goods that get consumed and then thrown away. And also you see them in asset markets which behave very differently in the differences between them, something that we get out of Smith, and we often stop thinking about it. When we thinking about more than economics division idea you. One of the many phases that we think it's coming from new web is popularized really by Smith, you point out that's been happening since Adam delved and eve span. Why was he groundbreaking in that sense? It was he just noticing things you just better notice. In other economists were his very good notice, and he's a very good analyst of specific activity and he's very good data gathering. So what you get is a compendium in the wealth of nations of a north lot of ideas, and then the integration and elaboration into a systematic theory and its VAT theory that I think caused people in his own time off towards to see him as a kind of Isaac Newton of political economy nations is, I think, definitely title that Adam Smith is best known for, but the theory of moral sentiment of new peels rather different audience. If he would make the case that to be less of a pure free market liberal, you tend to like the theory of moral sentiments. They seem very different to me to can you account for that in the way that he was developing? Yes. I think the key point is to understand that all part of one single overarching theory which progressively elaborating developing. So the theory vol sentiments is publishing seventeen fifty, nine wealth of nations in seventeen seventy six. The seventy. In years between them. And the first book is about moral psychology and how we form Neum's and values in society. And then the second book takes that his background and asks when you come to markets, what to markets, like when they're imbedded in norms and practice, and tradition, and history, and all the ways that described said it's quite a modern development to pretend that markets just as it were economic models to be found in spreadsheets. Eight, you say one point has become a figure of reverence libertarians figure of hatred for the left, which you described is completely absurd absurd because the spotting the wrong things exaggerating the very, very partial, very, very few people who write about Smith have actually read much of him and you see that in the analyses. So the first one is the suggestion that the two books somehow contradictory others. The idea would be one is about out truism others. So interest in one is about. Moral goodness and the other's about greed, and actually that's quite wrong as a single overarching theory here and what links to and wanting all Smith's thought is the idea of exchange so market exchange in markets, but also exchange regard of value or esteem in the way we form on norms and social conventions. Most crucially also people tend to forget this in the unpublished lectures on rhetoric, exchange of ideas through language and autism making incredibly current, not just to the rapidly, expanding Scotland consensual, but also many contemporaries today l..
The Diamond-Water paradox explained
"Okay. The diamond water paradox here it is. We need water to survive. We absolutely do not need diamonds to survive. So why is it? The diamonds are so expensive and water, so cheap. Why do we value diamond so much more than we seem to value water, which we literally cannot live without and yet diamond. Our price more highly, implying that prices and value don't quite match. And this is a real conundrum because when out of Smith put forward his theory about how we should leave it to the market is on the basis at the market can efficiently price the goods and services that we consume based on supply based on what we demand and implicitly within that. It's also reflection of the value out inspections really struggled with us the first good old fashioned supply. There's water literally falling out of the sky, gushing down from mountain peaks sitting in big open lakes, and then there's diamonds which do not fall out of the sky there. Unfortunately, deep under. Terrible surrounded by rocks so like they're hard to get to hard to get out of the ground and that especially applies back in the seventeen hundreds when Adam Smith was writing. The way to fifth began to you. It is that done more scarce than water and back could explain some of the paradox, but not all of it. Linda scarcity does not quite solve the diamond water paradox because is not always abundant, but the minute you start to realize that actually in some places at the world water is scarce. The supply begins look more like diamond. So then you would expect a higher price but says, Linda usually don't really get higher price. And even if the price of water does go up, it does not typically get into diamond price territory witnesses that another solution Adam Smith and other communists have considered, was it maybe the value of diamonds versus water had to do with the amount of labor involved in game. Getting them like, maybe we've alley things based on how hard it is, how much work we have to do to produce them. But that wasn't really quite. They're either that one also wasn't one. Water-tight sorry, but just looking at labor wouldn't explain the diamond water paradox because for instance, yes done is can be hard to mine, but water can sometimes be hard to get his well if you live in, for instance, a desert. Linda says, Adam Smith died in seventeen ninety. Never having truly cracked the diamond water paradox. And for a hundred years, economists were wrestling with this question, but the paradox it wasn't really fully explained until the neo-classicist emerge. So I'm talking specifically about Alfred Marshall's Alfred Marshall famous economists. He was a Cambridge and he was very much in the school of Adam Smith in the tradition of Adam Smith and the way that Marshall crack the diamond water paradox was by recognizing that the way we value things is not totally fixed. It's not the absolute price at the absolute level. Of utility that matters. It's the marginal utility. The ideas that when you said a price for something like a diamond or barrel oil or a gallon of water, you don't just price it according to how much you value it writ large by how much you value its very existence. Because in that case, water would Trump diamonds every single time. I mean, you literally needed to stay alive instead the value something is dictated at least in part, but the extent to which you want that thing where you need that thing in a given
"adam smith" Discussed on MyTalk 107.1
"Invisible hand it's adam smith right there well there are many designers i'm sorry not designers but a costume designers on on tv shows and on movie sets that are not using yes collections anymore so the stars have made it known that they won't wear those items anymore they're not asking for them yeah yeah so that's a good step in the right direction i think would we even recognize if we're watching the good fight and one of the attorneys is wearing a beautiful dnc suit would we even know anyway no but it's just a silent protest i guess to say no we don't want your softening dot okay yeah it's such a funny thing with with fashion because we praise some of the snarky commentators for saying things there is they have to have a personality into safe things true that line you know and definitely he has stepped over that many times i'm not saying i'm not defending him at all but it does make you think okay well what is acceptable what isn't acceptable where is the line are we were living in a world where we need more kindness anyway but when it comes to fashion sometimes it's brutal yes and don't you think that we've gotten to that point that we just going through like a you know we're going through the societal shift where there were certain behaviors that were praised and acceptable and now we're going you know what i'm sorry that's out of fashion now and either catch up or we're going to start going no you're the problem now yeah you always been we just have an identified exactly voice or we're just we're just done right we don't have to continue to be okay with certain things so just because we created a culture that said it's cool to be snarky all the time we'll now maybe we're not sometimes yes sometimes that's a little too much obviously nobody knows where he's coming from like white selena gomez is ugly really what is your standard of beauty because she's pretty adorable i'm sorry is i want to make a correction in in the first photo she was wearing a bunch of different red dresses they weren't necessarily dole chain gabbana but he just made a comment someone else said she looks like a pomeranian dog you're right and he's like ha ha ha it's true and she's so ugly just like why what he's also in the past feuded with miley cyrus so her brother actually did one of his shows and then you know miley cyrus made some comments and he just went after and said i don't want your brother i don't know what it was but he didn't want his brother modeling for him anymore at all this is really weird back and forth fighting thing that he got into with miley cyrus and that was over a year ago so it's just a history of oh yeah maybe that's social media oh guys we're gonna take a break when we come back orange is the new black the trailer came out and some fun news about little prince louise christening let's next laurie and julia company fiftyseven explores montreal with his stunning new girlfriend monique pendlebury age picture it looks like he's with his i'm embarrassed for him if something happens to casey nine and he thinks he's going to do that if i'm gone.
Woman in custody after climbing onto Statue of Liberty pedestal
"Of july thank you everybody new york's liberty island was shut down wednesday when a woman attempted to climb the statue of liberty to protest the separation of families at the border tactical teams would the nypd had to go up onto the statue of of the pedestal to try and coax the woman down she was clutched to lady liberty's robe near her feet and why pd detective brian glacken was one of the officers who jumped on her and brought her down she didn't realize those vents we're gonna rip you could rip right out she initially tired itself off i believe to that once i explained to that's not safe she kinda got a little bit worried about that so yeah i mean it is dangerous lacking knowledge is what's going to get your heart detective says the statues copper servicemen things difficult some members of congress will be working on legislation to abolish ice congressman adam smith of washington state says he's pushing a bill that would end family separation to detention at the border many of these people who are waiting immigration status they do not have to be locked up in facilities and they certainly don't have to either be separated from their families are locked up as a family there are other ways to make sure that they show up for the hearings that are vastly more humane and also more cost effective congress reconvenes next week with more rain coming tie rescuers are racing against time to pump water out of a flooded cave before they can extract.
"adam smith" Discussed on KBOI 670AM
"Be in a state that politicians very concerned about if in fact you're not one of these protective businesses and so forth you might even realize the price increases right away because they are diffused as milton freeman and adam smith another site them or my being a purist no they're rationalists they do in reality because those prices are spread all throughout the economy so as friedman would say i take it if you work in the steel industry you feel the positive benefit of taxing other competitors outside the country but if you are purchasing let's say toasters all over the country you're not gonna feel it directly and you're not gonna feel it right away because you buy a thousand things a year one hundreds of things a year but it is harmful to the economy and empowers the central government because which businesses are going to be protected with tax increases on the american people which employees are sacrosanct which employs are not and what about the downstream employees the car dealers that might be affected or the people who sell appliances at sears who might be affected by the increased prices and who might be laid off are their jobs not as important are their families not as important what about job creation how do you create jobs but tariffs that is with taxes on services and goods that people wanna purchase at aren't produced in the united states can you give me any examples of this while mark.
Comey says assumption of a Clinton win factored into email probe announcement
"Lesson we learned in iraq and saddam hussein used chemical weapons against his own people and you know we add a decade of no fly zone two wars hundreds of thousands of people dead the atrocities that assad has committed against his own people with with conventional weapon as much as with chemical weapons are correct there is no question about that but the question is what are we accomplishing by engaging in the conflict the syrian people are no safer today than they were yesterday so if we're goal is to protect the syrian people this isn't getting us there there are no easy komo's jeff pohjola with democratic congressman adam smith you're listening to komo news in an exclusive abc interview james komi says his belief hillary clinton would beat donald trump and his desire to make sure the election results reviewed as legitimate had to have figured into his decision to announce the fbi it would review the clinton email investigation days before the election the former fbi director saying he had to share his perspective with readers of his new book my hope i didn't write the book for this reason but talking about leadership it was important to tell the email story because it's me trying to figure out how to lead well the people will read that story and try to put themselves in my shoes try to realize that i'm not trying to help a candidate hurt a candidate i'm trying to do the right thing says he would still release that letter even if he knew that doing so would help elect trump the komi interview will air at seven pm sunday night right here on komo news your money at twenty and fifty past the hour on komo news for the propel insurance money and business update bring it so you at twenty.
Twelve senators seek FCC probe of Sinclair news scripts, pause in Tribune review
"Adam smith is worried that the us might get bogged down with another military conflict this time in syria is the white house weighs its response to the latest chemical weapons attacks smith is concerned about how effective any military response might be president monster missile strike after chemical attack it really didn't change schmidt says there are no easy solutions but he's afraid that any kind of response could lead to esscalation seahawks peer to be passing on the opportunity to bring colin kaepernick aboard is a backup quarterback komo's charlie harder has the story let's two weeks ago we were telling you about the rumblings a hawks are interested in speaking with capper nick adam schefter on espn reports the team was all set to speak with him earlier this week the question of how he would handle the anthem this year came up and caused that visit to be at the very least postponed and possibly canceled depending on how you look at it there are reports captured said he'd continue to kneel for the national anthem while other reports say he wouldn't commit one way or another seahawks are still without a backup for russell wilson charlie harder komo news washington state senator maria cantwell is among eleven us centers asking the federal communications commission to investigate sinclair broadcasting scripts for news distortion the letter from the eleven democrats and independent bernie sanders asks the fcc to put on hold its review of sinclair's proposed purchase of tribune media is fortytwo tv stations if c c chairman agit pie has reportedly rejected the request saying the fcc does not have the authority to revoke a license based on the content of a particular newscast reuters quotes pie as saying i can hardly think of an action more chilling of free speech the federal government investigating a broadcast station because of disagreement with its news coverage or promotion of that cover verage shouldn't claire on komo tv and komo radio state supreme court has upheld the death penalty conviction of connor shire man this is judge handing down that sentence in two thousand ten and finished shelby and hereby is sentenced to death sharon walked into a kirkland home in stab two women and two children to death in two thousand six the ruling today a majority of.
Trump Says Syria Decision Coming Soon; Mattis Says U.S. Awaiting Evidence
"Of riches and fame has been sentenced to thirty three years in a federal prison combo's corwin hake reports from us district court in downtown seattle fifty one year old david delay listened intently as his victims and their family members took him to task for lying to them about being an hbo movie producer and promising fame and fortune all the wild coercing them into prostitution and other sexually exploitation activities delay was convicted last november on multiple counts of sex trafficking child pornography and obstruction federal judge robert last nick sentenced today to thirty three years in prison just twenty four months short of the maximum sentence allowed the judge noted such a long sentences unusual in a case with no homicide involved then said delay deserves that harsh punishment given a chance to address the court the father of one victim face delay and called him quote a piece of crap the father expressed desire for ten minutes alone with delay presumably to exact physical punishments at the downtown federal courthouse corwin hake komo news since secretary james mattis going before the house armed services committee this morning testifying in support of president trump's budget and during that hearing the topic of how to deal with syria came up here's komo's frank lenzi president trump has promised missile strike of some kind against syria in retaliation for last weekend's apparent chemical attack near damascus washington democratic committee ranking member adam smith addressed that in his opening remarks unwise to me start launching missiles we need to know where that's going with the purpose of it is before we take that out batta says the goal for the us is to find a peaceful way to stop the civil war and in our strategy remains the famous a year ago the drive this to a un brokered peace but at the same time keep our foot on the neck of isis until we suffocated in terms of.
"adam smith" Discussed on Acquired
"Yes it was adam smith and he had an idea for a company that we've we've actually talked about in the past on this show to sorta like bring social laments and personal information to email inboxes starting with outlook and he started a company called zap ni which is inbox backwards and applies to why with it ends up getting in and then immediately after the program he moves out to san francisco raises a bunch of money and they're kind of like the new hot startup and so what does all this have to do with dropbox so turns out that adam was the same fraternity and actually the little brother of ju halston at mit and so drew is back at mit he sees all this and he's like men my little brother in my fraternity just raise five million bucks out california i gotta get in on this i need to start a company he's super inspired you know he sees atoms kind of path you're y c says he has to do it to what turns out that drew had a company on the side at mit called accolade which was doing sat tutoring and so he applies to y combinator i believe is that winter with this sat prep company and you realize he he he had applied with the he applied once before dropbox had applied before drought accolade which actually is a pretty good name for a company just turns out it was not a good business.
"adam smith" Discussed on Great Big History Podcast
"It is a standing blow your mind astounding that the most capitalist state in america the one with the least restrictions to lowest taxes the least regulation is kansas the one that's the most like out of something adam smith might have bite of tossed away because he was he was more of lahser so he would have wrote an went he and we need to have more protections for people in this is kansas that's not that their grandparents their great grandparents grandparents who of the people who are making these laws would minds would explode if anyone had ever even if they're grandkids had ever come to them and said you know what we need mom we need banks be able to loan whatever they want to whatever prizes they want and make up whatever they wanna do that would have blown blown their minds 'cause nineteen twenties they looked at the merchants of death which the most famous group the people who made money the companies that made money off the war in europe made ungodly amounts of money the god made money off the murder of other people like tobacco come today like increasingly gun companies go manufacturers today they were seen as bad companies immoral companies not in the cities but out in conservative america and what conservatives want and what was sold to them was a return to normalcy which was for urban conservatives pro capitalist and see now we get we start to get look at that because that's the beginnings of the modern republican party right there.
"adam smith" Discussed on Radio Free Nashville
"Adam smith omitting words is they say you know the entrepreneurs are he intends only his own security and by directing that industry in such a manner as it may as it produce may be of greatest value he intends only his own gain and he is in this as in many other cases led by an invisible hand to promote an and that was no part of his intention but the part that is almost always removed from that is by preferring the support of domestic to that of foreign industry in other words adam smith was saying the invisible hand of the marketplace works when people prefer to buy things made while in his case it would be made in england in our case it'd be made in the united states we democrats should be taking this issue as saying donald trump great tariffs on steel on aluminum but don't stop there let's let's right across the board let's equalize you know the the the way that i i've i've been telling a story for years and years i mean the the the way that i characterize this is that if you can make a pair of shoes in connecticut with with the dollar's worth labor and you can make that same pair of shoes in mexico with fifty cents worth of labor or in china with twenty cents worth of labor then when you import shoes from mexico you should add a fifty cent tax and if you import shoes from china you should add an eighty cent tax so the cost of labor ends up being a dollar wherever you make the shoes you might as well make them here it's easier to ship directly to your customers and things like that and that's a alexander hamilton hamilton came up with this in seventeen ninety one it was largely passed by seventeen ninety three at the request of of president washington and it worked it built america into an extraordinary industrial economy and it worked right up until the eighties and reagan started taking this apart you know reagan thatcher the whole neil liberal thing and let's do away with and then and then the d l c and and and bill clinton in ninety two running on nafta running on a campaign of eliminating tariffs in that in that.
"adam smith" Discussed on Historical Figures
"Move obstructions to free trade upon which the invisible hand of commerce would then guide the nation to prosperity he blamed the lack of economic progress in europe on the feudal system that had been in place for hundreds of years which he felt encouraged landowners to extend rather than improve their estates it was a system designed by those in power and designed to restrict socioeconomic mobility without the relics of feudalism more the restrictions of arbitrary taxes smith believed that a society could grow and prosper on the backs of its citizens and the division of labour less economic restriction would mean that people could pursue their own financial gain and as he had addressed in the theory of moral sentiments smith believed this self interest would drive the improvement of society as he famously quoted in the wealth of nations it is not from the benevolence of the butcher the brewer or the baker that we expect our dinner but from their regard to their own interest the wealth of nations laid the foundation in of what we call capitalism and essentially the american dream the thought that no matter how lowly your station your determination and drive can lead to prosperity as gordon geico put it in wall street greed as good precisely the wealth of nations proved to be one of the most influential tax of the enlightenment and cemented adam smith's legacy as one of history's greatest philosophers sadly he had little time to celebrate his book success with his greatest friend david hume who died on august 25th seventeen 76 only a few months after the wealth of nations was published and though hume's death left smith is the sole remaining iconic philosopher of the scottish enlightenment smith found little time for publishing new work success of the wealth of nations led to smith's appointment as commissioner of scottish customs on january 24th seventeen seventy eight a post that allowed him to set scottish policy on the taxation of foreign imports many assume smith would treat.
"adam smith" Discussed on Historical Figures
"Within the duke permission to relocate to paris but first they took a short summer tour in the south of france in the pierre unease with scott and mcdonald a well earned vacation and once it was over new was right back to work at the end of the summer smith and the duke departed for a twomonth stay in geneva and finally arrived in paris in december seventeen sixty five why geneva did smith have a secret love of chocolate swiss chocolate wouldn't actually be distributed abroad until the second half of the century so that's probably not withdrew them there but it was the home of voltaire who was perhaps the most famous philosopher of the era and one of smith's idols smith had a few sieve praise for voltaire's famous social satire adam smith said quote the ridicule and the sarcasm which he so plentifully bestowed upon fanatics inherit aches of all sects have enabled the understanding of men to bear the light of truth and prepare them for those inquiries to which every in belhadj mind ought to aspire he has done more for the benefit of mankind than those grave philosophers whose books are read by a few only the writings of voltaire are made to be read by all and quote smith admired voltaire so much that he even owned a bust of him at home getting to talk politics and philosophy with voltaire must have been like a kid who grew up with a poster of lebron james in his bedroom facing off against him in the nba it would have certainly been a very exciting moment in any case smith and voltaire were able to meet a handful of times during his visit to geneva during which they discussed issues such as the tense relationships developing between the geneva court and the local parliaments interstates smith and the duke of buccleuch left geneva in the late autumn of 17 sixty five and arrived in paris around christmas unlike into loose smith found ready access into paris's intellectual society david hume was currently serving as the british ambassador secretary and though he left.
"adam smith" Discussed on Make Me Smart with Kai and Molly
"Well what i gotta tobin read my adam smith all right uh so so here's the productivity thing and first of all wage growth right productivity is uh the measurement of widgets produced per hour work in the most simple basic terms and if we produce more widgets per hour worked if we are more productive than the company for which we work can sell more widgets make more money and then in theory in theory passed some of those along to its workers in the form of wage increases right so that is the most simple definition of why productivity so essential to economic growth because once you get wage growth then you have those uh wage earners who also double as consumers in their offduty time right they go out and buy stuff companies have to make stuff uh the proclivity cycle uh continues and economic growth is thus generated so so that's the the fundamental relationship of productivity and and wage growth now when you throw technology in there comes really really perplexing anna and if you're a regular listener in the marketplace you know that productivity in this konomi has been stuck for years and years and years and a lot of people believe that is because we've seen most of the gains in productivity that technology can give us right whether it's robotic uh car assembly plants whether it's smartphones what have you and the problem now is how do we break through to the next level of productivity growth where new technologies can help us actually increase worker wages as productivity increases it's a really really hard problem because the fundamental reason this economy is stuck is because we've maximized our productivity we can't figure out how to get more widgets out of workers without like you know beating them and that's that's a a serious problem and that's my answer while announcing ten tied directly t it as a great answer by the way uh lab athena tied directly to you into job replacement by machine oh yeah yeah it's it it is totally related.
"adam smith" Discussed on The Adam and Dr. Drew Show
"This isn't the hat fields in the mccoy's this is the hat fields in the johnson's and every once in a while the johnson's push back but not very often this is more about the hatfield than it is about the johnson family and this thing of turning it into the they turn it they always turn it into the same thing well yeah there killing people were you understand were killing people in uh the the so wait and never solve any problem ever but listen or what this irresponsible policy adam smith washington congressmen listen his take on the problem with isis and people being stabbed and run over and vans on bridges here we go our young to death there that is an indication of the violence on the other side in our who want to take second hey don't blame isis there's a nutjob who stamped someone on a train who was a bernie sanders supporter near we got to reset how we look at the handcuffs on the fbi bad ab absolutely i mean i've long felt that we need to be more aggressive in the cyberworld and more aggressive in our communications in terms of helping to counter extremist ideologies but look what i'm really worried rarely worries the more we draw this line the more violence you know more it's muslim versus christian the more hatred i mean the three people who got stabbed in portland art young two deaths there that is an indication of the violence on the other side well it in our lots of luck and rate as congressman that is it that is a rare event in had that widespread condemnation as rare as only is to seek the to seek people were shot in kansas on this the planned parenthood clinic there was attacked there were numerous jewish centers that have been attacked there's the oklahoma city bombing enemies have a common thread of an funded by governments.