in his life. with things he might belief. thank you, thank you for the series. thank you. thanks, cal. let me ask lisa to take up the question of what were his grievances against capitalism? his grievance against capitalism, it was monopoly he had the most trouble with. that s why he thought that an overthrow of capt capitalism was in order. the grievance was the accumulation of wealth in the hands of the few. and the controlling, what he argued early on was that combinations of corporations of business owners would be able to get together to control many aspects of the economy and that s what he was clearly against. so what he advocated were labor unions as similar combinations of workers who could then work together to break the monopolies that corporate entities had been forming with each other to try to control many aspects of the economy at the time. so, in that way, people argue that our time period is very similar to debs time period in terms of the growing gap be
[inaudible] i am thrilled to be here today to talk about an important topic, and in the interest and in the spirit of the conversation that the peterson foundation has been having so far, i want to talk come start by talking to you in a bipartisan manner terry. tim pawlenty announced he s running for president and said last week he feels americans are not looking this in the eye, that the need to slash budgets without regard to sacred cows. is that even possible? i think it is, but i think it needs to make sense. let s not forget the terrible bind america is in right now is that in a classic economic terms this is the worst time to cut deficits. that s the relentless stream but paul krugman writes in the new york times every day. there is a chance that if there is zero demand for private capital it s not that low interest rates eventually zero and less activity in the private-sector if you cut public investment at the same time that actually you will lose more revenu
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