They host a forum today on federal investments on innovation and science. Newt gingrich and Business Specialist along with academic researchers will be talking about the issues our live coverage just about to get underway on cspan3. As we wait for senator warren, well bring you a story from the Associated Press regarding the Iran Nuclear Deal president obama traveling in ethiopia, and the ap reporting he delivered a belittling rebuke of Republican White House hopefuls monday calling their attack on his landmark nuclear deal ridiculous, if it werent so sad. Obama suggested the rhetoric from some gop candidates was an attempt to divert attention from donald trump. A wealthy businessman whose popularity is con founding the republican field. Maybe quoting, maybe it gets attention, maybe this is just an effort to push mr. Trump out of the headlines, its not the kind of leadership that is needed for america right now. The associate press quoting president obama during a News Conference in et
World. And the evidence is that these patent Innovation Box policies are not very good at that because what theyre targeting is the income generated from the patents rather than the research that leads to them. This is true of lots of r d tax credits. In holland they just designed one which is quite intelligent, i think, because it targets the research that leads to the r d. So the labor hired rather than the income generated from that r d. But i think we should remember that, for example, the act which in 1980 allowed publicly funded research to be patented. If you read that act, its really interesting. They also say we better make sure that the taxpayer doesnt pay twice, right . So just like year, i think the nih spent arounded 39 billion in research, both basic and applied. And the problem is what happens to the prices of these drugs . Do they reflect that input . So its not only and ive been reading a lot about this, but the pricing mechanism itself could be one way to be rewarded
Now that is 10 trillion. So there are not many places you can say i can take 10 trillion out of the spending stream to keep you healthier. Let me follow up on this now speaker gingrich. You are a conservative and as a result may have credibility than i do in some circumstances on the question on the role of government here. Why isnt it enough to count on private industry to do this . Why do we have to have a substantial investment from the federal government . Its a question about American History. [ inaudible ] and i are developing a project on why George Washington matters. And people dont often notice that the Founding Fathers wrote into the constitute a Patent Office because they so deeply believed in the future. They made investments. The First Federal highway was built during washingtons lifetime. They believed in improving things. They talked about them as improvements. Jefferson launched an expedition to the west and there was a Childrens Book on this called from sea to shining
They have not opted for more radical wake up plan. And mexico cities earthquake leaves over 200 people dead. What impact will it have on supply chains in the United States . Matt we are less than half an hour away from the european open. Lets take a look at equity index futures. Very Little Movement as investors await the fed announcement. You can see the euro stocks futures are down at one of 1 and ftse futures are up by of 1 . We do not see any moves better than that. Take a look at the bunds and my here. Al and i have up speaking of minimal movement, we see almost nothing today. I will zoom out what we so far a move of not even close to one basis point. Been for thee have last couple of days on the german bund yield. Guy it is a focus on what is happening in washington might is all about the fed. Not about the Balance Sheet rolloff. The market seems very calm about that. It is all about the dots and what those dots will signal about the 5050 coin toss whether or not we get a decembe
I this hearing is an hour. I want to thank everybody for getting here sort of in a rush. Were going to have to vote a little after 3 00. I think theres like six votes and there may not be a rezmption of the hearing. So were going to get to it and have a good discussion. Today were going to look at the federal governments role in funding research. Im concerned that government system of supporting research have inefficient and often incents haves the wrong thing which leads to wasted taxpayer dollars. Weve posted examples like this National Science Foundation Study which had money being spent on ugandan gambling habits and we do it year after year. Senator langford found investigating if kids dont like food that has been sneezed on. Are you more or less likely to eat the food in the buffet line if someone sneezes on it. And who could forget the shrimp found on the treadmill. I remember as a kid in the 1970s seeing senator william describe wastes such as this as he gave his Golden Fleece