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Former Reagan Secretary of State George Shultz on growing tension with Iran and the looming fiscal cliff.
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Reagan's former secretary of state is also to advertisers -- -- -- most impressive.
Resonates.
Of all time sponsor of more present than -- although that would not be greatly.
George -- secretary good have you what do you make first off on.
This a rainy and they had a good -- more is coming alive -- because I thought about big Ghazi and what we knew then what we're saying then what we know now what we're saying now.
I just kind of think mourned more it's gonna start coming out.
I think it illustrates.
How we should shift our gears a little bit in the way we react to what Iran is doing.
Iraq this is a provocative.
Action by around filing firing at a drone -- international waters.
Now here's an example of what.
We did in the -- -- Iran was starting to fool around with Kuwaiti shipping.
So we re -- the ships to American flag so we can protect them.
When the president of Iran was making a speech somewhere maybe at the UN.
Saying the last thing Iran would do would -- -- -- in the Persian gulf.
Our navy was taking pictures of them doing it and so we boarded the ship we -- of some mines which -- above the sailors.
We sank the ship we took a sailors to Dubai and we should Iran coming get your sailors and cut it out.
So that was a good clear message.
But we don't send messages like that secretary anymore and the reason why won't even went -- economic policy now.
John Boehner the speaker is talking about you yesterday on dealing with -- so.
Fiscal -- don't want you here this and I wanna ask your question about this is John Boehner yesterday.
At Stanford economist and former Treasury Secretary George Schultz put it.
Of the 1986.
Reform is a sort of unsung hero of the very good economic times we've had prolonged.
For the time has come again to revamp the tax to.
In if we do he argues won't get a gusher and there'll be a response and revenue will come out.
You were right about that -- secretary the one thing -- that if you think about it the speaker has offered.
A -- -- here to consider revenues.
We've not heard anything back.
From his democratic counterparts I could be wrong maybe something developed in the interim anomaly -- aware of it.
But does that trouble you because we've got 53 days before this great class.
Well it's just not conceivable.
That the government category into this -- So here's what should be done I think.
We should get people who have the power to decide something that is people who can negotiate.
And who can carry the results of their agreement.
And sit -- start talking to each other listen to each other.
And the way to go about it I think.
-- just start by saying what our long term objectives.
And then you try to put in place.
The kind of measures that deal with the immediate problem but are also compatible.
With your long term problem.
Obviously what we want.
Is an economy where -- brisk expansion.
Without inflation that's short while ago everybody would say.
As a matter of fact that's -- -- you -- tax revenue expansion.
So we have to say to ourselves what gets us there.
You mentioned the 1986 tax jackets -- instructive for many response -- many respects.
There was put forward by President Reagan.
-- to work through various committees of congress.
They -- scored ultimately as I remember.
By the staff of the joint committee on taxation which -- time probably still is highly respected so everybody accepted their story.
In the end it was introduced in the house by Dick Gephardt who were as the house in the democratic greater than in the senate by Bill Bradley.
If passed the senate 97.
To three wow 97 to 3COM.
So is Larry because somebody asked Ronald Reagan -- an upset in the two Democrats introduced this legislation always said.
-- He said it -- and the.
-- that that.
Now that -- governance.
It's also also understanding that it doesn't have to be Euro -- the -- as he often said do you as well.
-- -- getting 80% of the proverbial all five of the happy with -- -- -- better than no up but we don't have an intelligent and wants -- maybe things will change.
Secretary but we shall see.
Well I I don't I don't know about that everybody is saying that.
And I've been -- a long time so I don't know billions announced but I know quite a few.
Members of congress and senators on both sides.
They're very capable sensible.
Absolutely evil -- sort of -- and they can see the problem as well as anybody else we'll see you know -- the broader responsibilities.
-- it was Edwards -- but seeing the problem and -- examining what you guys did Baghdad and both.
Willing to negotiated.
And give something gets a -- I don't know I don't know but -- watched George Shultz an honor as always.
