Skip to main content

tv   Stossel  FOX Business  May 25, 2014 12:00am-1:01am EDT

12:00 am
that is my "two cents merve. thank you. that is my "two cents more". is it for tonight's "willis report." have a safe memorial day weekend and a happy one. thank you for joining us and don't forget to dbi to . john: we're talking about the destruction of our society. >> my goodness, things are bad. >> drought. >> climatic changes. >> other global environment changes have emerged as threats to our very survival. >> it always ends in mass debt. >> even if we survive. john: our nation is in decline. >> the problem is unprecedented in our history. >> people will lose their jobs. >> simply put, we're in trouble. john: but wait, might we invent our way out of trouble. >> we have the technology. we have the capability to make the world's first bionic man. john: so many good things are happening. >> i just can't believe that i made it. >> this woman just heard sound
12:01 am
for the first time. john: the good new day. that's our show, tonight. you worried about the future? hard not to be if you watch the news. it's mostly negative, violence, disasters, danger and i suppose that's our job to tell you about problems. if a plane crashes, that's news. the fact that thousands of planes will land and take off safely during this tv program is a miracle, but it's not news. so we soak in disasters and heed warnings about the next one. global warming, pesticide
12:02 am
residues. i covered hundreds of scares and finally wised up. in england, a journalist smarter than i quickly realized he was focusing on the wrong things that led to this book. "the rational optimist." matt ridley gives lectures around the world explaining why he's an optimist. >> back in the 1970, the future was bleak, the population explosion was unstoppable. famine was inevitable. bird flu is going to kill us, the ice age is coming back. all these, the desert was advancing. y2k computer bug, all these things were going to go wrong. that's what everybody said about the future. i was surprised when i grew up to find that things are getting much better for most people most of the time. john: some people call this pessimism porn or fear porn, it sells in the media. people want to be scared. >> sounds wiser to talk about
12:03 am
what might go wrong than to talk about what might go right. it seems foolish to talk about what might go right. on the whole, there is much more market for bad news than good news. john: you mentioned overpopulation, when i was in college, that was the scare that they were selling me, that the book, the population bomb was a best-seller. the author warned that the 1980s would bring mass starvation because population growth would have trun the food supply, and the population did double. he said there would be mass starvation by the 80s. 80s came and went without a shortage of food. some in the media continue to shriek about unsustainable population growth. there are 7 billion on earth. >> at some point there's not going to be enough stuff for everybody. john: really? here's another wrinkle. since global warming is the hyped scare of the moment.
12:04 am
>> this mandatory population control be a part of the fight against global warming? john: mandatory population control. a government official would come to your house, matt, and forcibly tie our tubes. >> that's roughly what happened in china for the last 30 years. there has been mandatory population control, extraordinarily cruel and with a huge amount of suffering involved. it's unnecessary, population growth rates have been falling all around the world whether you have mandatory or voluntary control. all you have to do is give people a bit more prosperity, wealth, education, and turns out if the kids stop dying, they have fewer kids. >> the media are hyping crime and terrorism, and there is a reason to be fearful, almost 3,000 people did die on september 11th, and there have been mass shootings in schools. head of the nra recently said this is why we need guns. >> there are terrorists, home
12:05 am
invaders, drug cartels, carjackers, knockout gamers, rapers, haters, campus killers, airport killers. john: he goes on and on, and those things have happened, and there are good reasons why people should be allowed to have guns, but it upsets me to see the head of the nra hyping this stuff. >> crime is declining. violence is declining all around the world to an extraordinary extent. the number of rapes, the number of murders, you know, going down steadily in countries like the united states, and the number of people killed in warfare globally was the lowest in the last decade of any decade since records began. that may not feel like it tos you in the west because of iraq and afghanistan, but it was true globally that we are seeing much less violence around the world. john: and yet, if you survey people and ask them if that's true, i would think most would not believe that. >> because we were constantly
12:06 am
being told about the violence happening and not told about the gradual trend towards less violence of all kinds. >> finally, matt. many people envy the life royalty once lived. to be a king in the good old days, and yet you made a video for your book points out today, most of us live better than kings once did. though the kings had hundreds of servants. >> consider louis the son king, he chose from 40 dishes taking 498 people to prepare each meal. today's average person can go into a supermarket and buy a fresh, frozen, tin, smoked or prepared meal made with beef, chicken, lamb, beans carrots or choose to eat from scores of nearby restaurants, italian, chinese, japanese, indian, each has a team of skilled chefs waiting to serve at less than an hour's notice. add all this up and realize you
12:07 am
have far more than 978 servants at your beck a call. >> we have thousands and thousands of people working for us. that's what the system of commerce. it's a collaborative, cooperative system. john: thank you, matt ridley. here's another reason the good old days were not as good as today. most everything is smaller, faster, lighter, denser cheaper, that's the title of robert bryce's new book. what do you mean, smaller, faster, lighter and so on. >> john, look, i carry a cell phone in my pocket, a smartphone, it has 250,000 times more digital storage capacity than the computer that went to the moon. the other day i bought an ipod nanoholds as much music as 300 lp's. 200 times more lighter and 6,000 times more efficient than an lp. john: progress haters say we are overwhelmed with choice, doesn't make our lives better. >> overwhelmed with choice?
12:08 am
john: i don't use most of the stuff on the cell phone, it's too complicated. >> fair enough. let's look at smaller computers, faster communications, denser engines, denser agriculture, all of these things allowed increasing standards around the world. john: is that a line from the book? all this may be tr, some people aren't happy unless they are scared or miserable. what do you mean? >> no politician ever got elected by saying everything is okay. the devil is at the door. you have to elect me, if you don't elect me, ruin nation will come. this is part of the media, if it bleeds, it leads, that is something we see all the time. and yet this continuing increase in living standards all over the world has been truly remarkable. john: now, i'm old, and all my life i've heard, we're going to run out of oil! almost four years ago, my president told me we had to have an unpleasant talk about
12:09 am
the energy crisis. >> this is the greatest challenge our country will face during our lifetime. the energy crisis is not yet overwhelming, but it will if we don't act quickly. we must balance our demand for energy with rapidly shrinking resources. john: rapidly shrinks resources. >> isn't that remarkable? you know, if you look back. john: it's logical, yeah. we're using stuff, so the resources must be shrinking. >> sure, but what's happening? better drill rigs, better drill bits, seismic technology, new technologies are allowing computer sensors at the edge of the drill bill. let's look back at history. 2005, the chairman of exxon mobil said mass production has peaked in north america. mass production is 41% higher than 2005 and the u.s. is producing so much natural gas we're looking at exporting natural gas. john: on page 180 of the book,
12:10 am
the 1914, u.s. bureau of mines said oil supplies would be depleted within ten years. >> sure. >> so in 20 years we have oil. department of interior says they'll be gone in 13 years, in 1946, maybe we have 20 years left says the state department. the department of interior again in 1951, depleted, they like the 13 year number. >> of course. and yet what's happened, january of this year, 2014, the u.s. exported, exported an average of 4 million barrels of oil a day. almost all of it in the form of gasoline and refined products. john: you are cherry picking oil and gas, we're going to run out of other stuff, maybe food. >> john boies, an economist at the university of calgary looked as prices of industrial commodities over more than 100 years and found that the overwhelming majority they fell in price. john: if it falls in price, that means there's more of it.
12:11 am
>> the combination of price and innovation is remarkably powerful combination, that's what we've seen. effort towards "smaller lighter denser faster cheaper" is happening all around us, given that we've seen it, why can't we see it? >> wow. that's a good question. i think part of it is that again, there is a tendency to want to be pessimistic as we look forward. we have 3-d printing and ever faster communications, ever cheaper computers. all of these things cheap or free education now thanks to online courses. john: and information that's free all over the world. >> and cheaper energy, the foundation of modern society. you add all of these things together, we're poised in the u.s. for another american century because we have all of these things in spades that other countries lack. john: we will get more into that during the snow. thank you, robert bryce, you keep the conversation going at facebook or twitter, use the
12:12 am
hashtag. good news! let people know what you think. murder, war, miserable poverty. it does persist and yet i'll tell you why these are the good new days?
12:13 am
12:14 am
the performance review. that corporate trial by fire when every slacker gets his due.
12:15 am
and yet, there's someone around the office who hasn't had a performance review in a while. someone whose poor performance is slowing down the entire organization. i'm looking at you phone company dsl. check your speed. see how fast your internet can be. switch now and add voice and tv for $34.90. comcast business built for business. what is this place? where are we? this is where we bring together the fastest internet and the best in entertainment. we call it the x1 entertainment operating system. it looks like the future! he has a phaser! it's not a phaser! it's my phone! he can use his voice to control the tv. you can use your woice? my voice. your woice. my voice. "vuh," voice. his voice. your woice? look. watch sci-fi. [ female announcer ] the x1 entertainment operating system, only from xfinity.
12:16 am
. john: are you poor? what does itean to be poor in america these days? around the world about, 300 million people struggle to live on a dollar a day or less. 300 million people, equal on to america's entire population. and this is a terrible thing, and yet, it's really good news, it's the good new days, because 300 million very poor people is a smaller portion of the world than ever before. this chart shows the percentage of people living on less than a dollar a day, now 5% of the world. when i graduated llege, it was 25%. millions have listed themselves out of poverty. and it's great to read on the website think progress. articles like five reasons why 2013 was the best year in human history? fewer people are dying. dying young. and more live longer. fewer people suffer from extreme poverty, and the world's getting happier.
12:17 am
but wait a second, think progress is this lefty website. government liberals who are generally clueless about economic progress who wrote the sensible articles? who wrote it? well, actually zack beauchamp, and not only do you realize life got better, but you say it's largely because of free markets. >> yeah, markets are a big part of the story. the reason they are is they spark innovation. way back in the 17th century people started ideas about science and reason and research and led to the medicines and sciences about the great remedies for diseases that killed millions and millions of people young earlier. markets are one important way we distributed the diseases and got the benefits of the diseases to a large number of people around the world. john: so many wanted to make a profit curing people? >> in part, markets and people
12:18 am
worked in tandem. poorer people and wealthier people alike. john: so it's so obvious to me, and you got it, why didn't your colleagues at think progress get it? >> they do. modern liberals and conservatives agree that markets are good and should have market systems. >> wait, i'm looking, you left think progress, but on the site, nine reasons why 2013 was not the best year in history. school closing, shutting the doors on black and hispanic students. college grads can't buy houses. the gender wage gap. women are being murdered at work. this is a different world view. >> there are lots of things that are still ad. fact that the world has gotten much better is not a reason to be complacent about things that are terrible. global climate change is catastrophic and dangerous. set that aside, celebrate the progress we've made, it's the greatest accomplishment in the past 200 years of human history. john: and shouldn't attack the free markets that brought us.
12:19 am
>> regulating free markets in the way that we deal with the problems we have, including environmental ones. >> regulating them, we don't have enough of that or too much of that? >> no, i don't think so. the benefits of growth and the way they used to be aren't distributed appropriately. people aren't getting welfare lessons. we're talking about people getting richer. poor people around the world could be doing much better than they are. they're doing much better than they used to be. governments can help with the process. john: so how is that working now the cuba and former soviet union? >> you know there is space between cuba and sweden. john: okay, so sweden worked it out. >> and countries do the best in the world. john: they rate themselves as happy, but that's because they're swedes. you ask them in the surveys, they are happy. >> this is a point you won't like. the wealthier countries get per capita, the happier they are,
12:20 am
too. they tend to be happier as time goes. john: but they don't invent anything. >> the inventions are part of the global market. john: yeah, we invent. >> they invent some things. skype. john: astonia is a free market country. what's sweden done since volvo? >> lots of things that have made people's lives better in the country. >> why the hostility to market? >> not hostility to the markets, it's hostility towards underregulated markets. john: piles and piles of regulations? >> yeah, because they're not giving enough to the people who need things. there are people who are suffering and there's a great deal of discrimination against women and minorities. john: and ore regulation won't kill the golden goose? >> no, it won't. global life expectancy was 47 in 1950, since then it's gone up to 70.
12:21 am
john: not because of regulation. >> yeah, in part it has. take -- >> innovation, i'd say, thank you, zack, coming up, something that poisons your drinking water and the air we breathe and causes global warming. that's what i hear, but i look at same thing and see mostly good news. that's next.
12:22 am
12:23 am
12:24 am
♪ if i can reach the stars ♪ pull one down for you ♪ shine it on my heart ♪ so you could see the truth ♪ - ♪ i could change the world - ♪ change the world ♪ i would be the sunlight in your universe ♪ ♪ you would think my love was really something good ♪ ♪ baby, if i could ♪ change the world ♪ baby, if i could ♪ change ♪ the world... ( woman speaks )
12:25 am
a message from the foundation for a better life. . >> the controversy is over tentacles being injected into the earth to break up rock and release natural gas. john: it's called fracking and scared people, it might pollute my drinking water. they use dangerous chemicals, they might spill them. so fracking is banned many places including in this state, my state. ann mcelhinney grew up in ireland where she was a dutiful
12:26 am
left wing environmentalist. you must be against this dangerous way of suck oil out of ground? >> not even slightly. it's wonderful because energy is important. we need more of it, not less of it. john: what brought you around? >> the truth actually brought me around, and i sort of discovered that a lot of the environmentalists who are scaring us to death with nonsense about fracking are making stuff up. john: you make fracking sound good. here's a video about one of the dangers. >> they take good water, mix it up with not so good stuff and shoot it into the wells to force out the gas. poisonous vapors find ways into the lung, and cancer-causing chemicals find a way into your glass. john: poisonous vapors and cancer-causing chemicals. they do use them. >> unbelievable. the fracking fluid has carcinogens, if you're work about fracking fluid, worry about coffee. there is carcinogens in
12:27 am
absolutely everything. john: this is hard to accept, but it was hard for me, too. in big doses in broccoli and coffee, there are rcinogens. >> absolutely. john: we're scared of the chemicals. >> we're scared of everything. one of the poshest hotels in california has a sign saying there is carcinogens in there. there is carcinogens but it matters the quantity of what it is. if that's all you eat every day of your life, then you're in trouble. it is minuscule the amounts in the fracking fluid, complete nonsense. john: anti-fracking movie won oscar nomination telling viewers we allow fracking, tap water may catch fire, but as i reported before, there are many places in america where no fracking is done, but? water still catches fire. this is a lake in alaska. this man lives in new york where fracking is banned,
12:28 am
yet -- so why does the water catch fire? >> lucky, lucky people. do check and see if water is flammable. if it is, lucky, lucky you. it means there is so much hydro carbons out there. if it is, lucky, lucky you. john: you will be making a lot of money. >> a lot of money. why in america have people figured this out but not in other countries in the natural gas drop in price boom in supply, mostly america, not because we necessarily have more of it. >> america is unique in so many ways. extraordinary country, there is something absolutely unique to america that doesn't happen anywhere else where individuals own mineral rights and a game-changer. the oil and gas company go directly to your door. wouldn't you be so happy if someone knocked on your door and said we're going to give you a million dollars and royalty check that will come with regularity. if you have a nice piece of
12:29 am
hydro carbon, that check will come for 30, 40, 50 years. john: it's my money, i have a deed to my property. i own it. in my country, the government will own it. >> in england, the queen will own it. john: why bother? >> why suld they bother? they're not going to benefit. here in america, the people benefit. you can see that no more so than in north dakota where this has been a game-changer for people. john: energy is important. put the slide up of the woman in africa. this has been life for people forever. >> the washing machine liberated people more than the pill. the truth is that this woman should be either having a cocktail or finding a cure for cancer, and instead of that she's doing this back-breaking, mindless rubbish of a job. john: almost all day. >> anyone who traveled to india or africa see women wasting their lives, when they can be playing tennis or finding cure for a disease.
12:30 am
instead they are wasting time doing this. energy matters. that's the least of it. john: when they say more regulation, be safe rather than sorry, delay it. be sure we're condemning people like her to a life of drudgery. >> the regulations already in existence on a state level to regulate oil and natural gas production is almost obscene already. i think this idea needs further regulation is nonsense. and the idea we stop women from having what we is an appalling thing to do. john: thank you, ann mcelhinney. coming up, more reasons why these are the good new days? this woman is hearing sound for the first time.. >> november, september. did you hear those?
12:31 am
12:32 am
12:33 am
12:34 am
our veterans need you. there are more than 8 million enrollees in health care at the department of veterans affairs. that's more than 2 percent of the entire us population. this incdes veterans from previous generations and veterans from today's wars. challenging medical condition ever increasing technological breakthroughs and more returning women than ever before are redefining the type of care va professionals are providing. serve those who serve our nation. provide patient centered evidence based care. bring your exceptional medical and health care skills to the veterans health administration. america's heroes need you. join the conversation at #workatva or visit
12:35 am
. >> saturday, sunday. you can hear my voice coming through both sides? >> yes, yes. john: that woman's hearing sounds for the first time because she just got cochlear implants. what a difference technology can make. >> could you hear those words? >> yes. yes. john: makes me cry just watching, and there's more that could make us cry if we knew about it. 40 years ago man-made body parts were a fantasy in tv shows like the $6 million man. >> we can rebuild him. we have the technology.
12:36 am
we have the capability of make the world's first bionic man better, stronger, faster. john: fiction then, and the actor lee majors did actually age. here he is more recently. >> most of you remember me as the six million dollar man whose physical abilities were enhanced by technology. now i'm here to introduced lee majors bionic rechargeable hearing aid. >> selling hearing aids. dr. kevin campbell says the world caught up to the tv show, really? >> absolutely. it is amaze the time we live in now is one of the most exciting times in history for science and technology and medicine. we're able to provide things for patients that we'd never imagine will be true like on the six million dollar man. john: and one of the biggest new things is the 3-d printer, and i get how they can make a
12:37 am
gun or other nonliving things, but the next thing is replacing organs? printing organs? >> exactly. it's amazing technology. it uses the same technology as an ink-jet printer. we have a matrix of skin cells and organic compounds and the computer generates this three dimensional image that's a living organ. this could solve so many problems in medicine with organ shortages for heart transplants and kidney transplants and the like this. has been accomplished already with children born without a windpipe and three dimensional tracheas that are implanted in the children and doing well now. we'll be able to serve patients who normally may die waiting on a transplant list. john: which is about 18 people a day, most waiting for kidneys. >> exactly right. john: and wake forest, where
12:38 am
you went to school, researchers figured out how to print new skin cells on the burn wounds using 3-d printers. different kinds of skin cells that only need a patch of skin, a tenth of the size of the burn to grow enough skin cells to print skin. >> before burn victims have to have skin grafts, large surgeries where your own skin was harvested from other locations in your body. you have multiple wounds at risk for infection, if we can print skin i think that plastic surgery and burn-type medicine is really going to leap forward. john: let's move to other bionic body parts. this teenager was born with an arm that doesn't extend beyond the elbow. a charity surprised her with news in the auditorium. >> to actually give you a bionic arm. [ cheers ]
12:39 am
. >> this is what she's always wanted her whole life. she always wanted to do things. now it's opened up a whole new world for her. john: that was her father speaking, and these artificial arms, hands, knees, keep getting better. >> they really do, the technology is amazing, now we can control these body parts with thoughts, just like when you think i i want to move my arm, it happens. the way the surgeons maintain this, the nerves in the shoulder exist and can receive signals from the brain. they then connect the nerves to a muscle group in the chest that allows the chest muscles to respond to your thoughts. then an electrode goes from the chest to the mechanical parts in the arm and you can zip a jacket, you can hold an egg and not break it with a bionic arm. the six million dollar man is here now, and it's wonderful for folks like this young woman
12:40 am
who was able to receive this arm. john: the technology keeps improving for diagnosis. i'm holding an ordinary iphone, it has an app and special case that will allow me by pressing my fingers on this to get an ekg an to you via e-mail and can you treat me? >> absolutely. i used it on a flight to san francisco last week. there was a gentleman in respiratory distress, trouble breathing and i used my iphone to determine he wasn't having a heart attack and we figured out what was going on, and i was able to communicate with the pilot and we were able to decide about diversion of the plane appropriately. this is amazing technology that really puts so much information at the patient's fingertips and allows me to do so much better for that patient because i have this data to use. john: and you have a device with you that will be used for treating migraines? >> i do.
12:41 am
this is the device. it has been shown in clinical trials in belgium to decrease the amount of migraines. you put it on the head like this. it delivers impulse to the nerve. you do this for 20 minutes a day every day and it was shown to decrease migraines. it is now fda approved in the united states and you need a prescription for it, but this is an amazing device. it gets people off pain medicine. it's wonderful. john: thank you, dr. campbell. next, this commentator from the national rifle association on why these are the good new days for people like him?
12:42 am
12:43 am
12:44 am
12:45 am
. >> the final battle is about to begin. john: this clip's from a history channel tv show where marksmen compete. >> chris cheng. john: shoot cross bows, rifles, grenade launchers. >> chris! >> you have earned the title of history's top shot. chris cheng, after that show, quit his job and now works at
12:46 am
the nra, he makes speeches about guns and gun culture, and yet that almost certainly would not have happened in the good old days. why? >> yeah, i mean someone like me who's a gay, asian guy. john: you're a twofer in terms of being a discriminated against group, asians were less harshly discriminated against but have you relatives who were locked up during world war ii. >> yep. i'm half japanese and so some of my family members were internment camps in world war ii, obviously things are much better for asian-americans now. john: the one that really sets off often macho men, and i associate that with the nra is your being gay. >> uh-huh. john: and on the show, you didn't say i'm gay. >> my competitors didn't care. they knew. what was interesting is that the history channel never outed me because they said it never became an issue. and for me that was a really,
12:47 am
really cool moment. my own stereotypes i have brought into the gun community were shattered. >> life has come a long way from 17 years ago when ellen degeneres said this on her sitcom. >> why can't i say the truth, being who i am, i'm 35 years old, i'm so afraid to tell people. i mean i'm -- i'm gay. >> her studio audience applauded but america did not. advertising agency reports chrysler, j.c. penney dropped commercials from her show, her ratings took a dive. the show was canceled. ellen was unemployed and reportedly came close to bankruptcy. just 15 years later, she's hired as j.c. penney's spokeswoman and hosted the academy awards twice. this is so quick. >> amazing to see the tide shift in american culture and
12:48 am
the change of opinion that nowadays, there's so much more support foray rights, for same-sex marriage and equality. john: same-sex marriage is yet a different point, and let's look how quickly attitudes changed there. in 2004, abc "washington post" poll found gay marriage was opposed by 59% of americans. 10 years later supported by 59%. >> amazing to see so many out and proud gay americans like ellen, anderson cooper and neil patrick harris and now with michael sam being the first openly gay nfl player. john: there were a lot of people very upset by that. one football player derrick ward tweeted, man, you got little kids looking at the draft when the kiss was played. >> if it's okay for the media to show, heterosexual couples
12:49 am
kissing and being affectionate, why shouldn't it be okay to have same-sex couples doing the same thing? john: let's move from sexual orientation to women. the good old days were not great for most women. nancy pelosi understood that when she became the first female speaker of the house. >> it is a moment for which we have waited over 200 years. today, we have broken the marble ceiling. >> the marble ceiling, great, but somehow a few years later, liberal women are screaming about how terrible life is for women. we start with sandra fluke. >> too many women are shut out in silence. >> up until now, being a woman is a preexisting medical condition. >> we are so far from equality in this industry. >> women are not making it to the toof any profession. john: women are not making it
12:50 am
to the top of professions. you work in silicon valley. what's your experience? >> sarah sandberg, the chief operating officer of facebook and marissa mayer, ceo of yahoo!. things are changing. >> female execs run h-p, xerox, avon products, and still a victim of culture out there among women, achieving women? >> the whole victim mentality to me, it's a choice to be made, when someone is hurlingant gay or racial epithets it's how do i take this energy and translate it on something positive? one quick example, on asian-americans in executive leadership, there are not many asian-americans in ceo.
12:51 am
john: is it discrimination? >> other cultural factors affecting asian-americans'ability to rise through the corporate ranks of america. john: we tend to forget how different america was recently. just wasn't that gays couldn't get security clearances. 40 years ago women couldn't get a credit card without her husband's permission. good old days were not so good for women or blacks. when i was born black people couldn't attend the same schools or eat at the same lunch counter. now we have a black president. he's my president, even though he's wrong about most everything. >> this is the moment when the ocean began to flow and the planet began to heal. >> if you've got a business,
12:52 am
you didn't build, that sombody else made that happen. john: when we return how he and bill o'reilly are wrong about the future, which is good news, with one exception.
12:53 am
12:54 am
12:55 am
. john: there is some bad news, our nation is in decline. so says the curmudgeon in chief of fox news, i say, bill, give
12:56 am
me a break on almost all fronts. these are the good new days. and tonight's show highlights why life should keep getting better. except for one big problem -- politicians, politicians who have the power to spend other people's money. they can destroy our future and they are on the road to doing that. >> this is federal spending per person since america began, started low, less than 5% of the economy. here's world war i. here's world war ii. used to go down after wars but now in peacetime, it only goes up. pretty soon, we're up here. how are we going to pay for that? john: we can't pay for it, even if we doubled tax rate, tripled them. america couldn't afford to pay for medicare, social security and other new spending. start of the show i made fun of media scaremongers, probably
12:57 am
unfair to include sound bites like these. >> we're talking about the destruction of our society. john: another depression. everything comes to a grinding halt. programs lose funding, social security checks go unpaid. employers can't meet payrolls. >> and one day the system breaks. john: those warnings make sense, they were talking about our debt. that's a real problem most like the others we talked about tonight. we are going broke and the response of our politician says not to cut anything, it's the double down on idiotic policies that increase our debt. this clueless ex-congressman once bragged he was responsible for allowing you to buy a home if you put down a measly $1,000 down payment? is he now an outcast? no! now the president appointed him head of the federal housing finance agency. this month melvin watt announced fanny and freddie will dump the prudent rules they imposed after the last
12:58 am
housing bubble and taxpayers will guarantee your mortgage if you put down a small down payment. it creates what economists call moral hazard, it invites us to behave badly, when we do, they reward us with taxpayer money. our politicians are the biggest threat to our future, but let's not add them in our note, despite our irresponsible politicians, life has gotten better. silicon valley keeps inventing faster than government can crush them. google will inform them about anything in seconds and it's free, free all around the world. people in the poorest countries have access to more information than the rich used to have. air bnb lets us share homes. uber and lift lets us share our cars. facebook allows us to share all kinds of things, so does
12:59 am
e-mail, and it's all free! skype is free! it let's you chat with anyone anywhere in the world, hear students in a school in brazil skype with old people in america. >> we created a phone that connects our students with people in a retirement home. >> hello, hello. john: students learn english? and the elderly are less lonely. >> i'm good, how are you. john: and again it's all free. these innovations happen because they happened before politicians could crush them. they're part of what adam theerer calls preventiveness innovation, create apps for apple, if we, did they probably would never have happened. if innovators could keep creating new things faster than politicians and regulators can
1:00 am
kill them, our future will indeed be the good new days. that's our show. see you next week. >> bye, everybody. we'll see you tomorrow. american's wallets getting grilled. everything you are putting in your grocery cart and on the grill, and even the propine to fire up the grill is way up. cranking up the a/c is going to cost you too, and the happiest place on earth is becoming the most expensive place on earth, too. i am in for brenda, and this is bulls and bears. welcome all our gues


info Stream Only

Uploaded by TV Archive on