Starting to protest. They say the malaysian government is stonewalling and even lying to them. Thats coming up in the kudlow report beginning right now. Good evening, everyone. Im larry kudlow. Were live here at 7 00 p. M. Eastern and 4 00 p. M. Pacific t seems that president obama and Vladimir Putins relationship is at the breaking point. We havent seen anything like this since world war ii. Today russia, a defiant putin as accused the west of, quote, crossing the line. Now we await president obamas response which must be tough, clear, and properly targeted. This evening we have an allstar Political Panel set to go. First, Michael Mcfaul who recently stepped down as u. S. Ambassador to russia joins us. Michael, thank you for joining us. Why do you think jay carney said that stock market remark . Did he do that deliberately to badg badger stock markets . What was he trying to do there . Well, i cant say for sure but reading the tea leaves of what he said today and president obama said yesterday, i suspect they are planning the new sanctions on individuals. Individuals related to the russian government, in the russian government but also probably individuals in the economy. They made very clear that if putin took this step of annexation there would be costs so i suspect theres going to be new sanctions. All right. Let me just read a couple of names to you. You probably know these guys. This is from the wall street journal editorial. Alexi miller, he can squeeze ukraine on gas supplies and prices. Egor, another croni and canadian became a billionaire after putin took over the kremlin. Theyve got a lot of assets in london and the United States and travel back and forth. Is tht kind of thing that you want to see the president do . Well, all three of those gentlemen you just mentioned are very close to president putin and unlike the list from yesterday, they do have assets abroad, like you said. He lives in europe. Igor and the company have a Major Joint Venture under way with exxonmobil. So if the administration and europeans it has to be together decided to sanctions those individuals, that would be costl costly. One of the issues here is london. Let me just briefly read some numbers. 70 russian stocks have been listed on the London Stock Exchange as depository receipts. Combined in the last ten years, russia has raised 400 billion in stocks and bonds in london. Last year was 47 billion alone. So the stakes are very high. Will london play ball, do you think . I have not heard mr. Cameron, Prime Minister cameron say anything. I think youre quite right about that. I think the feeling in the uk is different than it is in washington precisely because of what you just described. More over, politically its important to recall that Great Britain and russia have been undergoing their own renaissance, you know, reset over the last several months. And so they are at a different place. However, i want to point out a really important point. Its one thing to say youre going to sanctions individuals that are tied to the state in some way economically but thats not the entire russian economy. There are Russian Companies listed in london, listed around the world that have very little to do with the state and i think its very important, as sanctions go forward, that those thinking about them distinguish between those tied to the state and in some way indirectly helping president putin doing what is he doing in the ukraine and those that have nothing to do with the state are just good but they are going to suffer. Its a pretty hard thing, ambassador, to put a wedge between the two. I think ideally you are correct. Its a great point. I dont know how you do that. You either have banking sanctions or you dont. You either have financial sanctions in the city of lon dor or wall street or you dont. Let me ask you one final question. P putin said a couple times today, no more military action. He said hes going to defend the interests of the russian speakers by diplomatic and legal means, not military means. He said he didnt want to partition the ukraine. And he said he didnt want to take any additional military action s that credible, ambassador . Well, im glad he said it. It would have been worse had he not said it. Lets be clear about that. But lets just be clear, a month ago he wasnt saying he was going to go into crimea either. In fact, hes never given a speech about crimea and why its necessary to go defend russians there. I actually think today thats what Vladimir Putin is thinking. But if theres violence in eastern ukraine, people shooting each other, ethnic ukrainians killing ethnic russians, there will be action by president putin and kremlin to get involved. Its a precarious situation right now. Michael mccaul, appreciate your input here. Joining me is former counsel to president clinton, lanny davis and bill crystal. Let me begin with you, bill crystal. I think you just heard the discussion that we had, the importance of bill, what do you want president obama to do and when do you want him to do it . I would have liked him to have done Different Things five years ago when he pursued this reset. Putin took the lesson that he can use a pretext to invade another country, defending the russian speaking people when he lost control in ukraine a month ago. Thats why he did this. It wasnt just like crimeas been on his mind. This was a retaliatory blow. We need to work with the rest of ukraine to bring them closer to the u. S. Including military aid and guarantees. The idea that this can be done by sanctionsing a few individuals, that thats an effective response, thats silly. No boots on the ground, were just interested in economic sanctions, putin doesnt think that way. But we think that way, bill. Well, we shouldnt. We didnt always think that way and we shouldnt think this way and we have a military treaty with nato nations right next to russia. And then nato will crumble and what will the world look like then . Lanny, lets go to you. Boots on the ground, lanny . Thats a big step for me. What say you . Its more than the American People right, left, and center would tolerate. I think bill is a great man and with a great mind but he got his history wrong. President bush was president. My old buddy president bush, by the way, when georgia was being invaded by the then russia forces that took over the two outlier provinces. I think president obama has done it just right and the sanctions worked, i believe, in bringing iran to the table. They certainly suffered from the sanctions regime that both barack obama and Hillary Clinton administered. So i think right now barack obama has got it right. Whats he waiting for, hugh hu hewitt . I thought the announcement that the president made yesterday was so inadequate and he didnt say anything today. I mean, where are the olagards and the sanctions on banking in where is the military assistance . Where is the discuss about exporting natural gas . Where is the 25 or 35 permits to create liquid gas terminals . Where is the comprehensive package to say we mean business to putin . Its not there, larry. The contempt oozing out of the kremlin against the u. S. Is palpable. We have a treaty with poland. I wonder if americans maybe lanny will tell me this. If he decided to liberate the russian enclave, do lanny davis and democrats think we will defend our russian ally . Irans not at the table, lanny. Iran owns the table. Were inviting recklessness on the part of we might not be here today and nothing has been wrong and i worry about the next crisis, not the one that were seeing come to a conclusion today. Lanny, what is your response to what hugh is saying . Im very worried. This may not be munich all over again but i do think that nato is the place that we have to rally and take a stand. I just would like to ask you and my friend bill, is this the United States unique role . Where is europe . Where is england, as larry pointed out, and where is nato . Wed like to have a lot more sound and anger out of the European Union than im now hearing. Why is it only Barack Obamas responsibility to do what you just said . Bill, i want you to answer that. Nato im all for the nato military exercises. I think any financial sanctions have to have london involved and really anything has to have germany involved. What do you think, bill . Look, its not easy to bring the europeans along but thats what leadership is about. Larry, i was on sunday thinking there are serious sanctions. Many, many individuals, actually sectors of russia and industry and banking, not just a few individuals, most of whom worked the assets of the country, he announced the seven individuals yesterday. What kind of signal could that send . Could he make up for it by announcing military aid and exercises with allies . Its not just poland. Its small borders right and nato. I hope they ramp it up, the u. S. Response here otherwise i think were inviting very Dangerous Things all around the world. What do you think, on the way out, bill i want it to ramp up, too. I dont know why he didnt Say Something today. Putin is all over the tape. Wheres our president . But putting that aside, why do you think a guy like jay carney who is not acting on his own made those comments, you better not invest right now unless you want to go short stocks . What do you think motivates that statement . I think these guys tend to think they can save some words that will affect reality. Obamacare is great. Lets put up cute ads and they will decide its a cute program. Jay carney can affect reality. Its childish. Look at what the russian stock market has done. You know more about this than i do. As the president put on his minimal sanctions. Isnt the russian stock market up 8 . Yes, the russian stock market had been down 20 and its up 8 after the last few days. The r ucuble is up. Just how much money is in russia and could come out . I mean, you are right. People are reinvesting in russia. I dont know what that means. Its probably not exactly what we want. We have much more to discuss. Lanny davis, bill kristol, hugh hewitt, great panel. Thank you. Later, families of the missing malaysian flight start to protest against the malaysian government. Dont forget, free market capitalism, the best path to prosperity. Boy, we are a long way from this russian crimea crisis. Im kudlow. Well be right back. Well be ri. Ameriprise asked people a simple question in retirement, will you outlive your money . Uhhh. No, that cant happen. Thats the thing, you dont know how long it has to last. Everyone has retirement questions. So ameriprise created the exclusive. Confident retirement approach. Now you and your ameripise advisor can get the real answers you need. Well, knowing gives you confidence. Start building your confident retirement today. [ girl ] my mom, she makes underwater fans that are powered by the moon. She can print amazing things, right from her computer. [ whirring ] [ train whistle blows ] she makes trains that are friends with trees. My mom works at ge. music defiance is in our bones. Defiance never grows old. Citracal maximum. Calcium citrate plus d. Welcome back to the kudlow report. Were talking putin, ukraine, and president obama. Lanny, bill, and hugh. Hugh, does this whole brew haha become a Political Campaign issue, in your opinion in. Absolutely. I think the president is lawless in many respects domestically changing obamacare on the whim, choosing not to inform the overtime pay and lack of Strategic Vision abroad, we saw it in the 40 and 70s and American Power gets to a low point and independents and strong democrats begin to wonder what is the party doing, what is the president doing . I think this is a huge part of the 2014 as its developing. The unpopularity of president bush and the iraq war, do you think these midterm elections will be about putin and the ukraine . Look, as youve heard, im very mixed on this whole subject and i do want to remind my colleagues that the American People are in a nonintervention maybe even isolationist cycle and hugh may be right. Were tired of being always the ones called upon to police the world, always the ones to take the lead on anything that happens anywhere in the world, including the ukraine and there are a lot of americans and im certainly not an isolationist and believe we have to stay engage and where are the rest of the nations of europe and why does america always have to, quote, do something . Why is it our president s obligation rather than nato and the people on the front line starting with germany, as you asked before . Bill kristol, though, maybe because im a reagan guy, i respect lanny davis all the time. But when america goes wrong, the rest of the world go wrong. When we dont lead, the rest of the world goes off the track. Im not for boots on the ground but i think we have to be tough and strong and targeted here. Otherwise, the rest of the world is going off to the id. Let me just say that i agree with that and then ill rest and listen to my colleagues. I agree that we have to be tougher with the sanctions as occurred in iran. Were very tough and i give president obama and secretary of state clinton credit for strengthening the sanctions regime in iran. Id like to see that more here with mr. Putin. Bill . Well see if we hang tough in iran. Weve had sanctions mostly insisted on by congress. Weve now let up on those sanctions in return for no real letup on the ir iranians. I think they are going to be looking to restore american strength. Some will be more interventionist and thats a good debate to have. I believe im not sure in 2014 its an offyear election. I think it will be enough for the republicans to pick up house seats and i think for if i were advising a republican president ial candidate, i would say study up on Foreign Policy and defense policy. You can talk all you want about having a strong Foreign Policy if the defense capabilities are being guided, it books moot. I think it comes back in a big way. Hugh hewett, this was going to be my original thought but we got on to put ten ain and polit. I dont think trashing obamacare is going to be good for the gop. Even in florida it was an issue. Lousy jobs, poor wages, i think the gop has got to have some kind of Economic Growth message to clinch the deal in the senate races. Ill give you the last word. Absolutely right. Bill was talking to me earlier about tony abbott and Prime Minister harper in the west that is viable on all fronts. The freedom at home, everything needs, layer wee, were going to miss you a lot because youre not going to be pounding this desk in a couple of weeks but hopefully republicans will remember, thats what wins, Economic Growth and a freedom abroad. Ill still be around. Well get all of you guys on the radio show. Lanny davis, good to see you. Thank you. As always, bill kristol, appreciate it. Folks, sadness and shock has turned to outright anger. The family of the passengers aboard flight 370 are protesting about the lack of information that they are getting from the malaysian government. Well have a live report on that and the search for the plane next up on the kudlow report. Announcer where can an investor be a name and not a number . Scottrade. Ron im never alone with scottrade. I can always call or stop by my local office. Theyre nearby and ready to help. So when i have questions, i can talk to someone who knows exactly how i trade. Because i dont trade like everybody. I trade like me. Thats why im with scottrade. Announcer ranked highest in Investor Satisfaction with selfdirected services by j. D. Power and associates. More than a new interior lighting system. It is more than a hot stone massage. And more than your favorite scent infused into the cabin. It is a completely new era of innovation. And the highest expression of mercedesbenz. Introducing the 2014 sclass. The best or nothing. Welcome back to the kudlow report. New information is coming in from the thai military. Reporter good evening. We have two developments. Even with the new pieces of information, investigators cannot say where the jet is or what happened. First, the plane took a gentle 20degree turn after the pilot said all right, good night. The turn was programmed into the jets flight management system. Heres the most Significant Development reported first by tom costello on nbc nightly news. The information to make that turn was preprogrammed. Let me repeat that. The coordinates to turn the plane were put into the auto pile low computer at least 12 minutes before they radioed all right good night shortly after takeoff. Why would someone who put a turn back to kuala lumpur into the auto pilot . It may be the pilot who has extensive experience was being prudent and knows the Old School Rules of flying, always have a plan in place before an emergency arises or it could also reveal that this was all planned for yet an inexplicable reason. The other big news is that authorities in thailand say they may have radar data from the morning of march 8th that shows the flight 370s flight route. Now, when thai officials were asked why 11 days later they are only now releasing the information, a spokesman said because thailand was never asked. The families are now the families of the passengers are none too happy about the flow of information in the case some have threatened to go on a Hunger Strike to demonstrate their hunger and are hoping to reveal officials to do more and do that quickly. Larry . Kerry, thank you for that. Second of all, the thai government, thats the most ridiculous b. S. Ive ever heard. The preplanned turn in. Computer system, you were saying that the pilot is an oldschool guy who might have set this up . Im not sure i understand that. Okay. If youve been flying for a long time, you know the oldschool rules. When youre taking off in your plane, you need to always be planning for an emergency. You dont have an emergency but you say, if i have an emergency, what do i do . Its common for an experienced pilot to say, if i run into an emergency, i can put on auto pilot and go back to a landing location. So that is the theory that perhaps this is just somebody who put it in or was it somebody who put it in for nefarious reasons and that they dont know. If you put it in, doesnt that dictate the planes turn, or am i wrong there . No, you have to push the button and say execute. Very interesting, kerry sanders. I dont know if i understand all of this, to be perfectly honest. We appreciate your help. When vladimir promised no military action, that is if you believe it, investors also liked the strong housing permit data. Tomorrow is fed day and Janet Yellens big day in the spotlight. Im going to ask whether shes going to confuse everyone. Were talking about your money and were going to talk to our money experts next up on kudlow. Kudlow. [ male announcer ] how can power consumption in china, impact wool exports from new zealand, textile production in spain, and the use of medical technology in the u. S. . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. With investment information, risks, fees and expenses i just ah woke up today and i said i need something sportier. Annnd done. Ok maxwell, just need to ah contact your Insurance Company with the vin number. Oh, i just did it. With my geico app. Vin is up to the loaded. Ok well then jerry here will take you through all of the features then. Why dont weeeeeeeeeeee go out to the car. Ok, ill just be outside. Ok, yeah. His dad is my boss. Yeah. Vin scanning to add a car. Just a tap away on the geico app. All right. The markets ended a little higher. Is wall street going to be right, they put their faith in putin . I dont know. Here now, Forbes Magazine executive editor. Michael farr and phil orlando, chief market equity manager. Phil, let met begin with you. I dont want to speculate but from a very good piece in the New York Times by an old friend Landon Thomas who is in london, investors have put a lot of money, american investors, pimpco and blackrock have put a lot of money into russian stocks, into the russian stock market. Investors bought 325 billion in russian stocks and bonds. 235 billion was in gas alone. The question is, what if they pull out . What if blackrock pulls out . What if a lot of people pull out . I dont think this story is over yet. You look at the bricks over the last few years and china and india were considered to be the investable countries because in part, political instability. So youve got very bold investors that will put some money in. Weve been nibbling over the last couple of days but i wouldnt consider what weve done to be significant in any way. I mean, the question, mike to you on this, is putin more or less in control with respect to these financial flows . Still, jay carney, the white house spokesman, made an odd statement. He said, dont invest in russia unless youre short. I have no idea what it means. Maybe that will keep putin on a short leash. I think it will and i think it will to the extent that the economy has already gotten bad. Markets have gotten bad over the course of the last year. If those investments start to leave and the dollars start to leave, people start to suffer and his support base erodes. The money they are raising in lond london, the money through the big stock markets and funds, this is a big thing. Russia doesnt have a balanced economy. Outside the energy sector, what have they got . I have doubts about how much putin really cares. I get what youre saying, michael, but he was in georgia a couple of years ago. I think the way hes weighing it, larry, if i do Something Like this every couple of careers, the solidarity and support that i get from the nationalism with russia will outweigh but i dont think he cares that much about economics. I think youre right. Okay, he doesnt really care. Hes an ultra nationalists and thats his goal here. But if the ruble collapses as it did in 1998, putins got himself a real economic problem. Hes got a real problem. Hes very clever and hes outmarted president obama every step of the way. He was able to do this without military action. Right. I dont see him stopping here, unfortunately. Unfortunately. Phil orlando, tomorrow is janet yellen day. What i gather, get your take on this, they are going to get rid of the Unemployment Rate as the target for the fed funds policy rate so there will be no Forward Guidance on unemployment. But they are going to substitute it for a bunk of market labor indicators. I dont know what its going to be. I have no idea. But they are going to have three or four indicators which, in my judgment, is inexplicable. She will not be able to explain that at the News Conference tomorrow and shes going to substantially and totally confuse investors minds. Weve been hearing variations on this last year, larry. And members of the Federal Reserve have been unhappy with the Unemployment Rate. They didnt feel it accurately reflected Economic Growth and employment growth in the u. S. Economy. What the feds been looking at has been the participation and the u6, the labor impairment rate. The fed thinks those are better metrics. Why dont they say, lets take a look at hours worked . Some say thats a very important indicator. So you have four or five things. Its utterly confusing. Theres no rule or rhyme or reason. That may be to the feds advantage. I grew up in the vulcar days when they didnt give you any guidance at all. Folks like me and you, once we see what they are putting in the basket, well be able to analyze it and track it once we know what the gruound rules are. But i think its better measurement of improvements in the labor economy. Much too complicated for me. Im not going to be able to reason this through. But basically they are confusing the rules. They are changing the rules in the middle of the game. They said, were trying to get to 6. 5 . As soon as they get to 6. 5 , they say we dont like that number. Charlie says that the unemployment mandate is an inappropriate mandate to start out with. Maybe if they start gerrymandering the data they dont have to do anything. Maybe they should use a tailored rule. I think they are backing into it, is what i think. I think they want to mine it and find the statistics that keep Interest Rates at zero. For the rest of our lives . Are you a buyer or seller . Im a buyer. I think the biggest push is lower labor unit costs and thats the untold story. Thats exactly right. All right. Ive got to get out of here, thanks, michael, phil, good luck tomorrow janet yellen. The deadline tomorrow for obamacare enrollment is 13 days away. You should be prepared for a mad flurry of lastminute rule changes and exemptions. But there is talk about appointing a watchdog to keep the spending under control. That is next up on the kudlow report. Report. You really love, what would you do . [ woman ] id be a writer. [ man ] id be a baker. [ woman ] i wanna be a pie maker. [ man ] i wanna be a pilot. [ woman ] id be an architect. What if i told you someone could pay you and what if that person were you . When you think about it, isnt that what retirement should be, paying ourselves to do what we love . [ male announcer ] this man has an Accomplished Research and Analytical Group at his disposal. But even more impressive is how he puts it to work for his clients. Morning. Morning. Thanks for meeting so early. Oh, its not a big deal at all. Come on in. [ male announcer ] its how edward jones makes sense of investing. Makes sense of investing. So our business can be on at ts network for 175 a month . Yup. All 5 of you for 175. Our clients need a lot of attention. Theres unlimited talk and text. Were working deals all day. You get 10 gigabytes of data to share. What about expansion potential . Add a line, anytime, for 15 a month. Low dues, great terms. Lets close new at t mobile share value plans our best value plans ever for business. Is really what makes it slike two deals in one. He 1,000 fuel reward card salesperson 2 actually, getting a great car with 42 highway miles per gallon makes it like two deals in one. Salesperson 1 point is theres never been a better time to buy a jetta tdi clean diesel. Avo during the first ever volkswagen tdi clean diesel event get a great deal on a jetta tdi. It gets 42 highway miles per gallon. And get a 1,000 fuel reward card. Its like two deals in one. Volkswagen has the most tdi clean diesel models of any brand. Hurry in and get a 1,000 fuel reward card and 0. 9 apr for 60 months on tdi models. The white house has now claimed a signupsurge ahead of the march 31st deadline. What they neglect to say is how they have paid their premiums. The white house has repeatedly changed the obamacare rules to serve political needs and thats why one gop leader is calling for an independent care watchdog. House republican chief deputy whip peter from illinois. Peter, wonderful stuff. Let me get this right. Years ago they had a special t. A. R. P. I. D. Its calling for Something Like that . Exactly. Its like the afghanistan i. G. , the iraq reconstruction i. G. And the concept is a very simple one. Follow the money and give an independent oversight agent that is a special Inspector General, the capacity to go across all of these jurisdictional lines. Heres the limitations right now. Treasury can only ask treasury questions and there is dozens of agencies involved in obamacare and no one single entity has the capacity to ask all of the questions. This will be a money saver. I think it will be a process helper because, as i remember, in the t. A. R. P. Sense, the Inspector General took look at who was helping whom and who showed up in meetings and that was extremely helpful. This obamacare is even more complex. Just in recent months theres so many changes. I dare say very few people can keep track of this. Look, you dont know if youre a book or if you look at t. A. R. P. , a very, very big spending problem of 800 billion, obamacare is a trillion eight in terms of spending over the tenyear budget window. It all begs the question, which is who watching this whole scene and the answer is nobody is watching the whole scene in totality. The reality is that the whole situation has wetted itself that they dont have the dispassionate interest in trying to get to the bottom of things. They are really interested in covering up and patching through and coming up with a whole hodge podge report and its individual citizens that are really suffering. I think what president obama has ee sently done has doomed the individual mandate. I think now he has got a threeyear moratorium. Hes going to extend the deadline. We know that. It may be that anybody that suffers any quote unquote hardship and the man at the center of this thing, that was the Supreme Court decision, i think its dead. And therefore i think obamacare is dead. I think obamacare is a house of cards that is collapsing as it is being built. The trouble is that as it is being built and as it is collapsing at the same time, its injuring people and its having an adverse impact on the economy and you cannot get straight answers from this administration which is why you need a special Inspector General that has the breadth and capacity to go from one department to the other department to put all of the pieces together to find out what is what. All right. Election year stuff, politico is out tonight. G. O. P. Health plan could be rchl ode to nowhere and they are saying that the republicans cant get it together. They are not even going to have a vote in the house. Yes, mr. Mccarthy is trying to develop something. Eric cantor is responsible but its not happening and therefore, it wont be a force in this election. What say you . I think that theres going to be an alternative health care element debated during the debate on obamacare dave camp offered the substitute that got shun away. So, look, we have an embarrassment of riches right now on the republican side and on the conservative side on alternatives that go after things to lower cost and fund highrisk pools and deal with preexisting conditions and when you look at the opportunity that president obama has had, there was National Consensus on cost and National Consensus on preexisting conditions and rather than focusing on those, he went for a big, massive plan which they have overpromised and under delivered and thats the worst place to be. Last one, peter. In your judgment, a political question, politically, is it better to have a unified republican plan or is it just better to wait until 2016, just hammer away in the next six months on obamacare . Which do you think is better . They are not mutually exclusive. I would say hammer away and the contrast is very, very clear but i think theres a big political advantage in terms of offering the alternative. This is the vision and this is how you move forward. They are not mutually exclusive. I think you can do both and i think we will do both. All right. Many thanks. Thank you, sir. Thank you, larry. They have been two of the best sparring partners in the history of the kudlow report. They are going to join one more time to debate Economic Growth. Why dont we have more of it . Stay with us. Next up. Next up. Over the years on the kudlow report, weve had great debates on the economy. Weve always tried to have both sides of the aisle represented. Joining me is Jared Bernstein and jim of the American Enterprise institute. As always, welcome back, gentlemen. Jim, at the fed meeting tomorrow, theres a lot of talk about unemployment. Theres a lot of talk about longterm unemployment. Jimmy, i dont really think the fed has much to do with longterm unemployment. I would cut the minimum wage for longterm unemployment or i would get rid of the minimum wage or create keystone or i would stop double taxing, saving investment or do a hundred things that are blocking capi l capitalism or the longterm unemployment. I would like to see what the longterm Unemployment Rate would be. Instead of growing at 2 , were growing at 4 . Listen, unemployment still might have a faster gdp growth. I think overall free market capitalism is the best path to prosperity. We need more free market capital. Subsidies, regulation that incumbent businesses. I love that. Jared, i just made a little list here. Obamacare is a job killer, the minimum wage is a job killer. The overtime regulation is a tax killer. Double taxation of dividends, capital gains, double taxation of corporate profits and then theres stuff that we are not doing like building the keystone pipeline, were going to destroy the coal industry. We have terrible welfare incentives for people. Youre really bringing me down over here. Let me say, first of all, some of my favorite minutes on television has been talking to the two of you. Despite that list of which i totally disagree with. Really . Yes. Youd be surprised. None of that has anything to do with the Federal Reserve. If you want to talk about the fed, what they are interested in doing right now i believe and well hear more of tomorrow is to continue to apply monetary stimulus in the interest of faster growth. If you want to bring down the Unemployment Rate, its conventional wisdom that monetary stimulus is one of the ways to do so. Now, unfortunately, you asked the question, why have we had so little growth . Your list has nothing to do with it. Heres why we have so little growth. In 2013, widely agreed upon, numbers by any group you want to cite, fiscal drag sucked 1. 5 points of gdp off of growth in 2013. Fiscal drag is what the answer to your question is. Gas prices are part of that fiscal drag, right . Part of it. Almost all of it. Letting the payroll tax if the economy kwas dragging it was dragging before the great recession. I think the reason is the lack of dynamism. Youre not getting as many startups or the very hightechnology companies under five years, the gazelles. But thats a problem from back in the 2000s. Im not blaming obama. The bubble was some of the things that you guys have been advocated for over the years. Housing . Am i advocating for that . All i want to do is remove many of the obstacles. I do believe in free market capitalism and we need more of it. Simple things. The incentive structure for welfare is all wrong. Double taxing dividends and corporate taxes, that stuff detracts from the economy and the seed capital that jim was talking about for entrepreneurs. The longterm Unemployment Rate, you cant say thats going to solve longterm unemployment. I happen to think you have a point there because i think what is happenings there, economists have this thing, its an ugly word. Historyethesis. That means when something cyclical morphes into something stru structural. I dont think tax cuts are going to do it. I think we actually need targeted programs and direct job creation targeted at the unemployed. I saw Something Interesting about this, the value of work from the National Review online. Very good article. But one of the things that they said that caught my eye, if you want to deal with longterm unemployment, why dont you reduce or eliminate for the unemployed . Thats a sensible idea. I would lower that minimum wage and then maybe put a direct wage subsidy to help make up the income and combine that with things like relocation systems that people want to move to where else and get some of the good fracking jobs and make it easier for them to do so. Gentlemen, i appreciate it very much. I really want to talk capitalism, not the fed. And we did. I thank you very much. Jared bernstein, jim, youre boater riff specific. Thats it for this evenings show. I dont think the Federal Reserve should pump up anymore. I think we need free park markets, fewer obstacles to growth. [ male announcer ] how could a luminous protein in jellyfish, impact Life Expectancy in the u. S. , real estate in hong kong, and the optics industry in germany . At t. Rowe price, we understand the connections of a complex, global economy. Its just one reason over 75 of our mutual funds beat their 10year lipper average. T. Rowe price. Invest with confidence. Request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. With investment information, risks, fees and expenses man the sharks are back. Theyre looking for the best products and businesses america has to offer. The only thing that really matters what is it . Money. If the sharks hear a great idea, theyre ready to invest using their own money. How did this idiot make his way into the shark tank . This is absurd. And fight each other for a piece of the action. You about taught all of america one of the biggest mistakes salespeople make. You blew it. But first, the entrepreneurs must convince a shark to invest the full amount theyre asking for or theyll walk away with nothing. Im not interested because you dont want to do what it takes. Who are the sharks . Theyre five selfmade, filthy rich investors kevin oleary is a venture capitalist who started a Software Business in his basement