profound. we have done it in the past. we used to have one hell of a great middle class nation. these things were under control. we didn t have when you think of the number of people that are excluded. i want to get at reihan s core point which is central to how we think. it is very global. let s talk about it in terms of finance. i think it is central to how we think about the response to the financial crisis. it is starting to be articulated now. you have had jamie with one of the most interesting testimonies to the financial crisis inquiring commission was from jamie dimon. he talked about the ceo of jpmorgan, his daughter called him up and said, why is there a financial crisis, what s going on? he said, it is the kind of thing that happens every five or seven
big. for whatever reason, we ve grown more affluent, yet compared to countries much, much poorer, much more inequality, but have this extraordinary number of increase in people who can t work, socially isolated because of mental illness and the controversial thesis is that it is due to our heavy reliance on psychopharmaceuticals. it is an incredibly beautifully written book. very compelling and speaks to a deep problem. 1 in 76. a ton of us are related to people that have this problem. it s something or friends. when you think about the labor markets, these larger problems, you know, one social problem i often find is that if all you have is a hammer, all you see are nails. that s a great recommendation. i m going to look that book up. tom frank, very briefly? i know that boeing is pulling out of wichita. we were supposed to feel so sorry for them because they won t be able to ditch their factory in seattle but they are ditching their one in wichita. you know, in some ways th
one of the things that has driven me crazy, all of it has been about the process, can he make the recess appointment or not, no one is saying, what is this entity with the four letters? what is it doing? what is it tasked with doing? one of the causes for the crisis and the furies about what came about. you had a part of the banking sector regulated and part of it unregulated. one of the things it is tasked with doing is looking at those places that have previously been unregulated. the nonbank banks. the nonbank banks. the cfpp is tasked by dodd/frank to regulate them but cannot without a director statutorily. the most crucial aspect of what think can do is look at credit reporting agencies, debt reporting agencies, all that stuff has been largely unregulated. the cfpp is there to regulate
have you this labor dispute, let s consolidate there instead. the thing is they are a very powerful incumbent. so, one of things you see happy one of the things we do when there s a downturn, very aggressive monetary stimulus, perhaps a case for that, but what happens with that is that it s designed to encourage certain kind of innovation. it is what you might call exmroe tattive innovation in which you increase the scale of operations. when you do that you do that by substituting technology for labor. that s not very good for labor levels that contributes to a larger kind of slack employment markets. what you really want to ee is exploratory innovation. that s what you get when you have really competitive micro-economies, new intrants. the nlrb is a side hoe. boeing has a legal department and they re going to fight those battles. then we ll just have them in washington state. that s cool. they re going to keep piling on enormous profits as long as they don t face ferocious competiti
with one country or another, but they are much more tightly defended and protected than a truly competitive sector. i want to respond to this. i think this is this idea of this sort of you know, that you addition the response here that you have to a lot of the mrobz and the political economy which i find attractive and intellectually honest and intriguing, is that we have a problem with insufficient competition. incumbent interest, rent seeking, corporate government access keeping people out. and i think that there s only a fuel employment in that scenario is with leverage. you don t have it through two companies. one, we ve seen there are different ee qua lib lee yum. right now we re in one in which that s a skewed distribution. the second thing, how many airplane manufacturers are we going to have in the snus certain industries that are just not going to be that much competition. we ll talk about mitt romney s jobs record and how he helped sort of bring about exactly the