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Lehrman Institute Chairman Lew Lehrman on the White House’s policies’ impact on jobs and income in America.
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As President Obama is uninterested and increasing wealth or raising the real incomes of Americans instead this administration's most important -- -- had government jobs and re distribute income.
I'm joined by Wall Street legend of Americans story was Lerman chairman of Germany institute author of the book the true gold standard -- good to have you here.
You're talking with George -- -- he is speaking.
It's -- literally.
When he talks about moving people and active program an incentive.
It.
That is being.
Put forward to move workers out of the private sector -- -- -- two of the public roles.
And create ever on -- larger class dependency.
And you're saying.
Much the same.
Thing is that right.
I am I said in a slightly different way -- and my friend George we've been together for a long time.
President Obama has made it clear he's interest in and re distributing income -- he is interest in consumption.
And of course he has he he's in -- with.
The big business and sometimes the very big banks he's this economy and does not have a problem of consumption.
Nor is it under bank we have a problem and investment and saving.
And there's been nothing more cute.
Of those who wish to save and invest for either college education or for.
Retirement then the president has zero interest rate policy of the Obama and Bernanke administration.
So little discussion either in the business -- general media.
Our Washington DC about our seniors those who live on fixed income what we are doing to this country.
In terms of creating.
Incentives for -- and saving.
In the macro sentence.
If I can't fool me understand why no one is discussing that -- Well that and that's what I find so perplexing about.
-- Obama for the full four years he's been president and while he was the United States under never once does he talk about.
The real investment which creates jobs and increases in com.
It has been historically true since -- -- dust revolution.
That increased incomes of families of individuals.
Of those who are planning retirement or send their children to school.
Has been increasing capital investment.
Per worker per family.
And the United States has been declining actually -- since the in the 1971.
That it is not a new problem it is a problem however I think we can all agree.
That has been exacerbated to extremes that were unimaginable.
Four until four years ago.
By this economic crisis.
In this.
Reversal of fortunes that we're going through there in in the United States.
What is it going to take as I look at the market today are coming option currently relatively healthy eyes.
In that session falling.
On again retreating to low volumes this does not look like a healthy market suddenly today.
If one describes -- only slightly more robust markets as helping.
This looks like a problem what are your -- is a problem Lou I mean the stock market since 209 has been hostage to the Federal Reserve System.
Wall Street.
Every three months when the market takes a swoon is begging for injection.
Newly printed money by the Federal Reserve which they do.
Through the banking system which of course gives the financial class the speculator class if you will.
The advantage of those who are trying to produce real goods and real services in the real economy.
The money goes to the banks.
Then it goes to.
The Wall Street and investment groups then it goes to all all of those major companies who have credit -- the balance sheets who's missed.
Small business on managed.
And millions of Americans desperate for jobs and some of -- -- out of jobs for as long as.
Or years the longest by the way -- jobless duration since the Great Depression you know for.
For millions of our policies.
It is always good to talk with I -- Ashenberg -- moreover -- -- -- -- Is there are you confident of all that were governor Romney to be elected.
That he could turn this economy around and through leadership through.
Through energy.
With the Republican Party do you believe there's any chance that he could turn things.
Importantly.
Within a matter of six months sixty months.
I'm completely confident that.
President Romney can change.
Change the direction -- our economy I think it is possible that part of the expectation effective is becoming president.
Would have a a material effect within eight months the key thing is that.
-- governor Romney knows that it's not consumption or banking.
Its investment in new production new manufacturing and jobs that's why have the confidence.
In a president Romney.
We'll -- their confidence and you thanks for being here thank you little.
