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Lehrman Institute Chairman Lew Lehrman on the steps to boosting the economy and job growth.
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Well my next guest says the dismal economic news of the week represented a significant change just more of the same as -- economy continues.
To -- Joining us now.
Wall Street -- American historic lows -- chairman of alarm and institute author of the mark.
The true gold standard -- Up almost 10% nine point 98% year to -- year to date.
The S&P up fourteen point 56%.
The NASDAQ up almost 20% up nineteen point 62%.
These are incredible.
In glorious numbers.
Our Jaffray.
Well I'm happy about the results of course for everybody who has profited by it but I am unhappy about the techniques by which this market has been.
Floated into.
You know ten to 15% pay increases and this is a a Federal Reserve System and money machine in blowing -- lots of liquid air.
-- -- backs into the market.
But you should be used -- since been in multiyear process now.
Monetary easing of one form or another QE1 23 it is but they don't poetry because that's war.
While it's right -- and this has been what the Fed has been doing really since the beginning in the Federal Reserve act of 1913.
However it's never been done on the unprecedented scale.
But the Federal Reserve has been practicing now since -- Obama took office would you would you agree perhaps even conceive.
That we haven't known what in the world to do whereas either economists philosophers -- politician it's.
Since.
October of 2008.
To stave off disaster and to restore this economy.
That the Federal Reserve however unpopular may be and I understand -- version to it -- in your misgivings.
But the fact of the matter is how much of anything has been working.
Other than monetary policy led by Ben Bernanke.
That there are two ways out of a an economic.
Recession even an economic depression -- you depreciate -- currency.
An export.
Unemployment to the world by -- your currency in lowering the value of exports in order to steal market share.
From countries around the world which is pretty much the way the Chinese have been doing for the last twenty years.
Or.
You undertake a program.
Fiscal balance.
Tax rate reductions.
Simple deregulation.
And stabilizing the value of the dollar.
And an event that happened and I wonder if it would take two to have a significant be able to report.
Significant progress from all about to the American people.
And is there again I always answers.
Is there are short term solution to what is now long term pain for the American people 23 million of whom remain unemployed or under report.
The short term solution is to elect and president -- president we do that let's say we do that yes.
-- what what happens then.
People are policy then we we have to count on the the clarity of mind of president Romney to choose cabinet officers as well as bringing with him.
Enough congressmen and senators to reorient the entire American economic policy it's its.
Its budgetary policies and has monetary policies -- do you -- its import well you know who who we're gonna lot that far.
-- continued and our next sit down if you will.
But it seems to me it's also important that he is easy if the governor Romney finds himself in an interest in position this connect.
He finds himself in the unique position.
Of having the same disadvantages as Senator McCain and none of the advantages that is to say he is running against certain.
President Obama but unfortunately.
Governor Romney is still running against George W.
Bush when it comes to economic policy -- Yes that was -- -- that's been true in the past and and many presidential changes.
For example.
Want when we think about President Reagan.
-- he was running against it catastrophic effects of Nixon's wage and price controls.
Which lasted right up until 1980 inherited to some extent by -- Jimmy Carter the New York Times I have to remind you.
Move the New York Times.
And on the eve of the election.
Between Reagan and Carter had.
It too close to call Reagan won big if he -- so because of the third debate as a call I think that's right.
I know -- -- I whoever good to have neither thank you so much.
