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-- miniatures here's senior editor of for the bush institute and more importantly his books out where's the editor of the 4% solution.
Who is and by doctor keep -- as he -- back consumer confidence and we're going economically and these -- these this is the economic recession it's been going on really for three and a half years.
-- first off some of the economists and some of the people that way in in the book that we we -- be aware of or.
The -- unity -- five Nobel Prize winners are on Robert Lucas.
Vernon Smith Edward press -- -- Gary Becker and I'm Myron -- I think those some of that the higher names of people might not recognize.
But Anthony's -- is another.
Author she -- -- -- -- -- forgotten man.
And in me just mention one author he closes the book and even he's surprised a lot of people -- any Michael Novak he's actually -- theologian.
And I wanted to be close the new book with a theologian and events to make it you know -- I was trying to make it with a point subtly but I think it kind of comes through little more than than subtle.
And then as we did we want to grow not just for growth saying we don't just want to make everybody wealthy and I mean that would be great but it's it is not in an end to itself.
Why do you wanna grow because when you grow you make people that -- off when you grow it's easier to -- did solve a lot of the social problems that we that we face in this country.
And when you grow -- would would know that points out is is that if you care about poverty if you care about helping the average American or are.
You have to think about free enterprise you have to concentrate on growth you have to want it.
One of our economy create jobs for Americans and he -- that you what he argues and I think he's right is that there is a moral imperative to -- that you eat you should.
Embrace free enterprise.
Because it's actually the moral thing to do in the right thing to do.
I think we have embraced green movement is -- on hold through.
I hope so listen I think the president has it wrong.
It's not that there was a moment in time like the Big Bang theory of the universe where suddenly.
An entire city state was in existence and people were using it right feeding off of it to create their businesses.
People with initiative.
Built things and then were able to generate.
Tax monies etc.
that funded roads that -- for police instead of private securities said the society grew around individuals.
Obamacare comes to the -- in all of these regulations you know what doctors are doing now I'm told.
They're gone down to close to Rica.
Three months out of the year.
Working down there -- they can charge less for procedures and get their full -- But the hospital rates a reasonable you not paying eighty bucks for sushi -- said.
So they worked -- for three months they come home and they don't do work for nine months while they can make enough down there in three months ago.
Atlas shrugged them out of here and Brendan.
Got to ask you to about -- nearest to me -- -- going to be popular Hubble bush.
Was -- trying to get the bush recession is Bush's policies in reality.
It wasn't No Child Left Behind.
It was a prescription drug plan to get you sixteen trillion dollars in debt that we experience today.
As you guys had a change to the institute to analyze what went wrong what did go wrong.
Look at I think it's hard to have that conversation about talk about housing.
-- a huge housing bubble in this country and at first and you know time.
One of the chapters I think -- most fascinating this book is by Vernon Smith and features -- And it looks at the housing crisis but they don't just look at the new one at that first in 2007.
You look at every recession since the great depression and they say what you do what were housing and all of us and they found some interesting data.
On it turns out that housing is actually a better indicator.
Of a coming recession of the severity of that recession end of the of a recession ending.
Then and business investment so that calls into question I think but a lot of people think of -- -- as the business cycle.
And they actually argue in the in the chapter.
That housing has a much larger role to play in in the arc at the in the economy and why I was housing front.
Who housing was propped up and I think in in a couple of ways one you know we we did have unit.
Now Fannie and Freddie that that where would I think some people call an accelerant that.
I fueled its its -- that the rise in prices without Fannie and Freddie Mac giving away those mortgages.
At a low -- to people it normally would not be able to qualify correct that's I think that's that's right.
And we also had a huge influx of foreign capital -- flowed into this country.
And heated in in looking at -- chapter he you know he found that almost every recession since the since war to.
Housing is it it went down before everything else except for to -- One was 1948 it was a mild recession it was.
He he he was an anomaly because of war two was ending in Indian military spending was was was coming too close.
These the other recession where we did not have housing dip down into recession -- 2001.
So we had -- housing powered through 2001 never actually -- down.
And then caught.
I think an updraft from Fannie and Freddie but also from foreign capital so it it shot housing way above where it ever never should have that and then -- came he came crashing down.
-- find out more about we were heading his country because.
They also go over where we we we might have went wrong.
So we can get it right he's the editor of the 4% solution -- minutes -- thanks so much.
For coming down here in sailor the 43 -- United States museum of -- -- -- -- and back to keep those great avenue in how -- you charge me for this.
Well you know I don't like to talk about the rates this year and you still beyond lower -- the envelopes slowly take a deep breath and then pay it pay -- --
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