Offeofficer of the academy. For those of you who were here who was here at the demystifying healthcare session this week . You will hear a little overlap. The academy itself is its 30th year of existence and 30 years ago wilbur cohen, bob myers, real legends in the area of a social insurance realized that we needed the academy for two purposes. One, to serve as a network of consisting social insurance scholars so they can support each other in advance the field. At that time 30 years ago we scoured the country and could come up with just about 100 people in this country who were legitimate social insurance scholars. Today, the academy has a thousand members so within 30 years weve had a nice growth. The second goal of the academy and this is the essence of what is today is a magnet to attract younger people and at that point the academy younger people were me. It was a fear that we boomers were not understand why we had programs like Social Security and medicare and workers comp. The f
We cant ignore international competition. The question for the committee is, if the United States isnt going to adopt some form of intellectual property bonds or patent box, what are we going to do . Are we going to just ignore what is going on in the rest of the world . It hardly seems like a good idea. But the downside and people have noticed this of the patent box or intellectual property boxes that unless theyre carefully crafted, you can have a serious problem of encouraging too much property being included in the patent box, and you get a lot of revenue erosion that way, and its pretty undesirable. The issue really is what are we trying to achieve with the intellectual property box and patent something to the answer should be we want to encourage activities we would otherwise lose, and if we find ourselves in that situation, then we should try to figure out a way to craft one of these things. The rest of the world is doing and it we ignore them at our peril. I think i have a diff
People working to get themselves out of poverty. Sam from the financial times. Thanks very much. You were talking earlier about the u. S. As a bright spot, among advanced economies. The story of the president ial campaign has not been that American Voters feel this has been a bright spot recovery. Is there a risk the administration is feeling out of touch with public mood about the u. S. Economy at the moment or are we overestimating just how negative people feel about the economy . First of all, i dont know, you know i look at evidence from the measures that economists look at about how people feel about the economy are the Consumer Sentiment index and the Consumer Confidence index from the Conference Board and the university of michigan. When you look at measures like that, you see that confidence has been consistently rising since the recession. And last year reached levels we hadnt seen in over a decade. So i see a number of ways in which people are positive both about their situat
Of decline. It caused the averages to slightly rebound. The dow closing up 46 points, pretty impressive. Call me cynical, but i think we need to be careful about getting too excited about any near term resolution. How many times during the debt ceiling debacle, remember that . Did our leaders insist they could hammer out a deal. Even a huge grand bargain to fix the deficit only to have the negotiations unravel. Until we get a resolution, the fiscal cliff will be the most important issue out there. Tonight as part of my game plan, im going to give the historical prism as long as the cliff is hanging over our heads. As a gristled veteran of the markets, i searched my memory for the perfect analog for this moment and found it in something that happened more than 20 years ago before i give you the investing framework for the next six weeks, lets go over the more time sensitive stuff and game plan for next week. Shortened week because of the holiday. First off on monday morning we hear from