Sep 9, 2011|
Tommy, in for Garland, talks to UNO Associate Professor of Finance 'Dub' Lane about consumer spending and President Obama's American Jobs Act. He is later joined by Melanie Williams, whose unborn baby girl, Olivia, has a heart defect and is the subject of a benefit at Generations Hall
Should drug addiction in the city be treated as a health issue or drug issue? More deaths due to overdose in New Orleans than homicide. This hours guest: Dr. Jeffery Rouse - Orleans Parish Coronor
Bernie Sanders said he’s going to push his plan for a single-payer healthcare plan like Europe. He says Obamacare is costing us too much and the GOP can’t get their bill together to correct the problems. This hours guest: Michael Cannon - Director of Health Policy @ Cato Institute
OH CANADA! Could Canada be the next country to legalize recreational marijuana? Canada is proposing legislation that would legalize recreational marijuana by 2018. This hours guest: Chief Larry Kirk - Retired Chief ( Old Monroe Police Department, Missouri & member of LEAP (Law Enforcement Action Partnership)
Is an independent “select committee” necessary in the investigation of Russian hacking & possible collusion with Trump associates? This hours guest: Max Bergmann - Senior Fellow at Center for American Progress Steve Bucci - Director of the Allison Center for Foreign Policy Studies at the Heritage Foundation
Automatically Generated Transcript (may not be 100% accurate)
-- -- -- William on Friday it would take a break from the saints relevant we might get back to it. Because in addition to the saints game yesterday before it. And on and on any of you once did or not but the president gave a speech about his jobs plan. And prior to that a story was in the news about Ben Bernanke Ben Bernanke. Been burning key. I can never -- -- to Shire. -- talking about how He was surprised by people weren't spending more. And that kind of struck me that the chairman of the Federal Reserve. Was either detached still lawyer confused door of delusional or in denial. Lawyer had no idea what was going on the in the real world and when I watched the president's speech. It just made me feel. Utterly. Frustrated and and it made me feel as though. The situation was kind of hopeless because. There Republicans. Who sent on their hands for the most part and Democrats the party of the president. Clapton the initiatives that He put forward and when they would take the shot. From behind the president do you -- one point seem like rousing. Applause and and the unanimous enthusiasm for what the president was saying and were all on the same page. Then you saw the other side of the chamber and they're just sitting here staring at him and you could see some of that and speaker John Boehner is response and it seems like here we go again where it. It goes to a different philosophy of either what the government should do more ways to get out of this economic. Mess that we're Ian and so with all of that backdrop and we invite your phone calls here at T 601878. Toll free 866. 889087. -- we bring in doctor Walter -- Blaine Minnesota professor economics. And finance in the department chair I did my alma mater UN al-Qaeda and -- good afternoon comic fans I wanna -- -- doctor Duncan should work hard to get that guy that -- He deserved and about five doctor Dunn has a nice ring to -- Well let me start with Ben say his -- forming Bernanke Ben Bernanke. Some talking about He doesn't know why Americans aren't spending more is the -- detached you're trying to spin it positively yo what's gone on here. I don't that was a very strange comment especially from -- although Bernanke's been much more open than any our previous reserve chairman. It's still a strange comment because. As you said I think most economists understand that it's pretty obvious why people holding onto their money it's typical in times of uncertainty. And as we as we know the other big news item that you you didn't mention is that the Bank of America just announced they're laying off 40000 people. -- when you have news like that coming out there and it then that the public sector is constantly. You know. Everybody's talking about you know the deficit problem which is a real problem but the response to it which is going to be cut government means cutting jobs. You know that. -- public cutting back the private sector is not adding jobs that people are very nervous about holding onto their jobs. Guess what they're going to be. Not a bad thing so it is I don't think it's particularly surprising and I'm surprised that the German -- surprise. Yes you can follow that -- -- look into a miracle -- mirror mirror on it it in the end deducted dubbed the thing that they got me about this was. -- this may end -- this detached and if He -- you know goes back to whatever president there was that. Had bought a gallon a -- along need to know what the price of a gallon of milk was and I think the first President Bush knew I was surprised when He saw that you could SCANA. -- something that the grocery store in May -- and get my president's confused here but my kids somebody this is attached to be in charge of the Federal Reserve are not. I would be over critical of that I think it was I think it was a silly statement on his part and and not worthy of him but. I think it's partly katyushas very frustrated. Because the Fed has been trying to do everything it knows how to do and and it's not working very much you know -- -- the president's been trying you know this the stimulus package and some people say well it just wasn't big enough but the point is. That didn't seem to work although. I really do believe in both cases that we really with a bit worse off if those things at least some of those things that -- -- And and so they're frustrated they're saying well. You know every -- all all the economic troubles don't seem to be working and I think the reason is that this is just really hard for people understand just. It that that many to post a time toward recession it's what we call it cyclical event in other words. There's just the shortage of spending and if you just can pop a little borrowed money He had developed. In the economy then then that can bring it out of a cyclical recession. But I think what happens now what we're in what's called -- structural. Recession that is the kind basic economy has changed. And just pumping money into it. -- whether it's through fiscal policy or monetary policy. Doesn't seem to be working because we have more. Bigger fundamental problems that don't respond to that issues and that's frustrating because if you're in charge of policy is the president. Or the chairman of the bed. If your tools don't work that what do you say it answered I just don't know why people aren't spending. So I think I think I can I can kind of a little slack there. Yeah -- there's some of those bigger fundamental problems well and again it's hard to say because you know this is all generated. By. The but the fact that that you know -- Housing bubble crisis followed by the the financial collapse of the investment banks and those type of things. And that is what's precipitated this whole last couple of years. Problems. And and that the word that the economists like the uses our economy desperately and -- needs to deal -- and that's technical term what it really means is we've been borrowing to the the public sector -- boring too much the government been boring too much. The business sector have been borrowing too much and so we'd really. Overextended our credit we're we're we're we're up to -- neck in debt. And so. That's one big issue and so therefore giving out of that means we need to actually say more and spend what we do that. That's the long term solution we really desperately needed that but we do that. Economy could go through tough times in the short run in the short run is now extending into its third year so that's that's one of the issues. The other issues I think that the fundamentally restructuring in the economy. Where. We can't find jobs because the types of jobs we need to do -- -- changing. You know information economy is is picking up -- case that. But that although new recent college graduates are having trouble that the people that are having the most trouble with people in. Medium low skill type positions in those things are kind of what we're losing jobs that foreign born people they can do those type -- jobs. And then and then this restructuring is something that's gonna take several years to do. So we've got some big problems but they're long term problems in the short term tools we have just don't seem be working it's -- news but I don't even know what little stability. -- you know as much in the president's speech last night in and he'd made mention of Texas. Code in changing its of that manufacturing jobs and come back and and I'm paraphrasing the heck out of that their -- when I heard that part. Indeed I have a hard time by an -- because. So much she's changed in the global economy in and manufacturing jobs there. Are not coming back I don't think. I don't I don't see that I don't see that -- that's that's what that we need to be moving into more information typing jobs things where. The United States has been compared to bad things that are creative. You know that the Japanese they kicked us when it's time to actually make things. But they're not very good about creating things were very good about -- we are very creative. Area and and that's where we need to be expanding and and and you know that's again and I don't know that them. You know movie night that we could have those manufacturing job those are really good but we kind of -- the battle on those. So. Minnesota so -- did changing the tax code to. To make it more profitable for bill American companies to do business here that that's -- cannot. Really that will help stop doing that will help some made just that. And I think our problems are just bigger than what a lot of the things we're doing some of the things the president proposed. You don't have some merit NN. Potato attacking if He can get a couple more minutes let's take a break here we come back I would like you to if you can. I kinda explain to people are in their lives saints fever last night India really get a chance of pay attention of the president's speech. And it goes through it if you could wisdom from the economic standpoint in in in terms of if we can take the politics out of it in just try to evaluated. In terms of a business deal because she you already said we're spending too much. The president says this wasn't gonna add anything to the debt or deficit. Kind of put that that the evaluated as a business deal and then let it snow events accurate or not and bottom line it would if you think was the president proposed last night would help us in terms of jobs. Any economy phone lines are open at 2601878. Toll free 866. 8890870. Doctor Walter tell Blaine I guess from UNL back in a pleasure under the W. Kelly -- her car. And Green pride day Walter doubling doctor -- against a professor of great you know my alma mater is an associate professor of economics. And finance and department chair and you were talking about the president's speech last night about the economy. The chairman of the Federal Reserve Ben Bernanke not understanding why people aren't spending more and involved askew is a listener. Did you buy it whatever you want now are you saving everything neat ten. And I. Animated it's not the best thing for the economy but. In these times of uncertainty doctor Elaine I'm I'm pretty much mirroring what the American public sooner or not outsourcing and but what is He gonna take before we get back to the president's plan. To turn this thing around as it kinda like an after Katrina deal where somebody has to go first. Yes and again it it it is a chicken and -- and an issue because. Consumers spending drives so much of the economy two thirds of the economy. And if they're not spending that is very little other things that we can do investment usually the thing that. They keeps things going but their people aren't investing now because they're not gonna bet that you don't think people going to be. Buying what you're building. And so. But what do you do to -- to change consumer spending. Well you gotta rebuild confidence that things are gonna be better in the future that -- I'll be able to hold onto my job. I'm worried about I guess they because this is what we called structural change it is very very intractable meaning. -- really hard time finding out what to do that some of the things that. The president proposed probably won't have a huge effect but they're probably -- you know a good start. I think we've been caught up and although. I really believe that we have a long term debt problem federal debt problem that have to be solved. I don't -- this is the time to be spending all of our efforts on that because there's a lot of people out of work and that really hurts badly those people are hurting. And we may be need to have that put aside a little bit a bar. Are they legitimate interest in controlling the debt to try to say let's look -- they get to the next year or two a little bit better and then we can start. Focusing more on the debt problems. He showed -- people the end -- gonna make an analogy here to the saints game last night they lost the game minutes in and people that are not. The savvy to football might say oh saint slows the game they had trouble it's could be along season but yet if you've. If you know football and look at the game you know the offense played very well on special teams played very well and really. They took the Packers down to the last play of the game and defensively got some problems and you need to address those. And maybe it's a lot easier -- to look at a football game and analyze what's going on than it is with the economy I'm gone somewhere with this in that. If you're a consumer. And or maybe year job in your industry is doing pretty well but you hear that Bank of America's laid off 40000 people. And meg get your attention and and it's like wow you know I I think I think everything's -- fine but. Maybe not because think of America's -- 40000 people lose so there we go tight enough to purse strings. Again and then the point is that did that can be damaging even -- it has nothing to do with your industry cannon on. I'll certainly -- -- that that would affect consumer confidence and that's why I say. Is that the time for the government be doing lay offs go to private sector during the playoffs is this the time the government be making things worse by doing a lot of what you want the government to. But yet you have the debt and deficit comes. Two very and that's why I say that. Maybe we shouldn't although -- the -- a huge problem. It may not be the problem we should be first on our list right now. And I hate to say that but that I think that the unemployment to meet may be a bigger problem. Load in the deficit and we auto mode real re prioritize this. But yet if the government it doesn't layoff people don't don't reduce the size of government. And corporations. That it continued to lay off people will -- really do anything with consumer confidence -- just increased the debt and deficit. It's a relative that is what we're saying is that if the government. It's been concentrating solely on its deficit it could lead to more lay -- And more layoffs is going to be creek increased our unemployment problem. And -- I think also increased our competence for. Morally also the government or the products and cobalt but for the government to homer power now that the policy decision yeah so that that the that the government can. You big government can control that decision. And and then bit now may not be the time to be doing more lay -- Put you want to control the deficit let's get economy's solid had been attacked the deficit. As -- the matter priorities because it kept contracted attacked the deficit now. It's going to extend this recession or at least slow there's. A lot longer. Like you're doubling our guests from you know and I get a tech -- comes and goes just so the heart of it it says what are quote best chance. At recovery come from enthusiastic support of the American jobs act which is what the president was pushing for last night but on the flip side. Would bigger tax breaks have stopped. All these big layoffs thanks for -- show what do you think. And I don't think so I really don't think they're using what bit tax breaks would have solved the problem that is I know that's what the Republicans responsive. And and in general that's a good policy but that is I don't think shown to work very well in. The short term issues that -- -- with tax break had to do it long term growth but that's our problem are probably short term unemployment and so I don't think that the Republican's solution is is is better. Then what the president is off. Yeah because the president last night set I realize some of you have a different theory on how to grow the economy. So -- -- sincerely believe that the only solution to our economic challenges. Is is simply cut most government spending and eliminate. Most government regulations and egos of the politics of its so how doctor do you separate. -- political. Decided this would then be. I guess -- the business aspects of it what is a good business deal for the country -- not an -- separate the two and at that point you have. I guess what is it keynesian and who's the other economists always go more monitor -- optical audio right side knew how do you find out what is. The best thing to do an image He said these are different economic times. Well again you can't and then let me say that the president's speech was clearly a political speech last month -- And then that's part of what the Republicans are responding to because. You know He said well let's put politics aside what you wanna put politics aside He could have adopted a Republican beltway -- and put politics aside He didn't do that. So he's clearly. Clearly playing politics is that the because. Whether this gets passed or not he's trying to simply look like He did something. So if this is and that apple -- pick up. The problem is that we don't have a lot of good -- servers. But I think that in some ways. Some of his proposals. May have to have at this point in time have -- have blow a little bit have some merit. Armed I got a question about credit card Denny any question about. To Germany and I need you to save for a couple more minutes ten year deal to get the class that I can. Doctor doubling our guests -- professor from my UN don't give any questions about the economy and about consumer spending are quick to excel read here that says. I have no extra -- even with two jobs I'm charging I'm charging needed items the price of everything has skyrocketed with paychecks. Not going up will be back to talk about all of this on the big 87 in double WL right now time for Demi WL first news. I talking to professors doubling her -- well -- the economy and a lot of blood. The president had his say last night about jobs people's Bank of America laid off 40000 people in case you've not heard and asking Hillary. They you know Bank of America laid off all these people listening to tighten your purse strings a little bit and and hold on -- everything you have and as a result. That slows down the economy and how does a cycle ever and then when He comes a consumer confidence do you have any. And before we go to the phone lines professor I don't know if I've run this by you or not I don't mean to sound. Crazy. Uncle issue which by the way me you know I heard a conversation earlier today under the WL about. Ron Paul. And how the media marginalized is him and I don't know this is really your Bailiwick you're not but a much in the Republican. Debate the other night and at one point during the time during the good discussion. They're talking about immigration and the conversation turns to fences along the border. And Ron Paul says. Hey look just see you know these fences could be used to keep Americans in. EVE if you have capital you're trying to get out during bad economic times they could use these fences to keep you in and not let you out. And then there was a gas spending and an awkward moment among the crowd and at that point. I think Ron Paul destroyed his candidacy and I think He kind of ventured into a crazy -- territory MI -- no mystery. Then and that I did not hear that but not there yet that that sound a little bit crazy uncle to me -- -- So numb. It anyway come to it to get to. Crazy uncle territory here. Will win and when it comes to. Philosophical differences. We have. It did did is they didn't government merely have to get out of the way and let a laissez Faire economy takeover. Or in them much in the president's speech last night. It is a basic philosophical difference or is the government there to help. And to stimulate the economy and an end to employ people as you said in -- not that I concerned. Laying off people so when you try to figure out what is the best thing to do all of that is filtered through this. Tremendous political message and I'm not trying to sound like a crazy -- local here in venture off into that. -- fences used to keep Americans in aerial blood isn't beyond the realm of possibility. That corporations are using this trillion dollars of of assets that we hear that there are sitting on. And using it to two vote with these assets and and in essence just trying to bring about a change. Time in the administration and and then once they hand them perhaps a Republican controlled house senate and White House. Then the regulations are gone completely in they have that the atmosphere. That they really want to operate in with with virtually no regulations -- mine make and stuff up and my. I know I know what you're saying I bet. I don't buy that type of into your approach I believe. I believe the pop rub the Republican politicians. May be in pursuit of something like that because. You know maybe if they do nothing in the economy stays bad it may help their chances of getting a Republican president now or they're business people behind -- who also feel the same way. That could be I have I'm not aware of that but instead of the woods the Republican politicians of the one to have the most direct interest that. Something of that sort. Nice so like I've just ventured off into a crazy uncle Terry well no I would say I can't rule it out it's just that I I've not aware of I guess I do Tomlinson go to doctor Bombay high here under the WL. So that are coming. Did I grow -- -- -- -- stolen -- there needs to be apathetic and I was what I was gonna say because if you look at the world economy it's all in shambles right now Europe's got all kind of problems -- pin -- bin -- turnaround. Floundering. And from what I understand there are people in China. It's kind of more like all of Paper dragon now economically called a mean and -- you know this it's a lot a lot of this is information that a caller from what's been cute. You know this radio station and not. And our other shows. -- can't understand China's got a large cities that -- living here and on and wondering. To lose all of flu related to an end in I'm not. Economic -- or anything I just wonder if Bob. Maybe this is some kind of pushed torch where you know our nation's kind of does also what big corporations. Job. You know a lot more power than they they know they do right now because that's been. Economic model that's kind of been on the fringe element from years ago and everybody got a thought it was kind of like -- a crazy uncle -- now. You know on the other angle and had -- doctor I'm just saying that may be in the short term for twelve months laying out there eighteen months several long we have left ping on of their assets to against. I attempted to NBA influence. An election and then as a result they get anything else friendly and operating. Condition as they possibly can with with the Republican. Com or at least a philosophical a government that's -- philosophy does create a new regulations are bad. Let's make it is business friendly as we possibly can but I'm not gone as far as she won -- with the professor thinks things from the good. Well again that. The -- agreed that we have internationally. A lot of problems Europe is in trouble and Japan has been through twenty years of what we're going through now we need to we we need to remember that. Twenty years. And Japan it just started crawling out of -- when they got hit by the of the earthquake in China. -- UV rays and very interesting question my perception -- I have some major concerns there that they have been that they are creating their own bubble. Because I think they are expanding so fast. That that some point that that's not going to be sustainable which is basically what happened in Japan a little bit twenty years ago. And or what happened to us a little bit to U2 and half years ago. But they I have to I have to returned about China I don't see again I don't see international conspiracy I think business as well. Be investing if they think they can make some money and right now. They are holding on them they would talk about everybody holding the money to businesses are folding under the money big time but I think it's because they don't think people would buy their product of the make up. They really haven't as does the economy of China would crash. That's -- I mean it's also scary right now but because they're there's they're only now getting into their own but. But. But that is that is I and I think that's something that we we might be talking about. And it might be. Three years in my beat by -- -- might be nine years now I I I don't think that's the problem today that's going aside imminent this but I but I think it may be building up. I think they may be building a bubble. That's that's been my perception when I visited there that was kind of what I got out. It's Friday -- today -- yeah I went into -- kicker Rob -- and go to Bob it is is something the president is said and I wanna know if this is possible and I could bug you on WL. Okay like something that Hitler you whipped you last night was -- He -- He commented on South Korea. The amount of factoring all these key is and how -- taken up. Speaks. -- Auto mount factoring in the United States and now we need to. Metal -- these vehicles are -- cells and the good old USA well. This this is something that I've I've been paying some attention to for a while and I. Took a friend of mine to lakeside shopping center. And I said Tony I want group we went to look at Dillard's Macy's and JC Penney -- -- for you to look. -- -- -- -- In any of these race to lose. That says He made in the USA image you can find any thing I won't buy it for it we start off of the pro -- -- is still -- All of it merchandise is -- -- China all of it apparel including issues. Then we went from from one department to another. Once one style -- to another and achieve the -- Singapore Ty law and Vietnam. Chama -- being the most Dominic. And -- secret that fine even -- in the history or an old shoes. Are made in China. Don't we could not current one item one -- paralyze them so. Still all these jobs were talking about. I don't know the answer is but if -- becomes simply a distributor of good -- in the manufacture of goods. You're you're transporting -- jobs and and also in German auto pure wit charm -- manufactures. More buicks. And what amount of factored in the united state. You were running out of time Bob -- the professors say thanks for the call. Yes and let me tell you I wish we are -- got a good story I heard a good story from the ambassador of Japan. A few years ago when will we always -- are doing well if we did He came here and He said. You know you know how Japan got started the United States it was with a one dollar blog posts and okay they -- their first trade was that they were killing but within the Boston area are our room. All of our textiles and things of that sort. Clothing was made was a lot of it was centered up and bought that. And Japan started importing these cheap. One dollar blouses and that was really hurting the big industries -- in Boston and Japan kind of stole from us and He says go to Boston now and ask him. -- they admit those jobs because Boston replaced those jobs with much better jobs information jobs. Intellectual jobs things of that sort. You know what. Japan not make in the one dollar -- anymore they lost those jobs to South America first in Mexico and now to China now China looting and Indonesia. So the point is -- Japan's not. Did lose those jobs either so yes we do you see those jobs translating. The question is what follows after you've got -- we've got to do what we have comparative advantage in and making blouses is not our comparative advantage. And so. Yes it hurts the people that are that are who's losing those jobs but overall we replaced most of those jobs would much better drops so. I am of an advocate of free trade I think it it's a painful process but I think it makes everybody better off in the long run. Doug did double enjoyed talking to me it's educational every time you have yet come on -- you know line it's easier you know are you bath. I -- okay I'll get a go go against. Private here you -- I think it's -- all right my idea I graduated from you know which is why -- say that we'll be right back in low to tell you about a benefit that's coming up. We'll we'll talk to two. To a woman meant that is having a baby and is having some troubles tale about a wounding 877 if you. I Tommy Tucker in which you just a couple of minutes left to the think tank game -- contests. Melanie Williams right now Melanie is a labor and delivery nurse and the auctioneer mean can't does she got a couple of kids Nathan and -- seven and three they live in the new -- -- and they've lived in New Orleans and -- area. Their entire lives and there is a fund raiser. That's coming up four earned. Well let me let them Melanie tell you what the fund raisers for -- -- -- -- -- I'm -- -- thank you haven't me. And tell me -- -- -- about what's going on with you and your husband and your family. Well we come unexpectedly each and I earlier in the change came it was their third child should Guillen and we range -- and her eighteen counters and find out that extension. And that's when they measure and act on something was wrong monitor heart. -- Jarrett in the pediatric cardiologist and trying to get the final by mr. if we learn that she has -- -- can't type of plastic left heart and termed. -- around town without it and -- heart defects. Blair has her hearts which. And did not develop within the first eight weeks -- it will require. Some intervention and it is a -- upon delivery and then also. Acquire three open heart surgery points and -- you can't check the curtain like five -- old and then the other kids take place within the first Green light. When you do Melanie I'm union members sat and. So and do you do on November 7 and have you picked a name yet or not. Name and -- -- her it actually picked out four and that's its special treat. And I am very fitting BK actually airs and kind of our regional and burned down now. So the Bolivia is due on November 7 and then on November 12 she's looking at surgery. -- And it's gonna be very expensive procedure and and you don't like to talk about the money because there's so many. Other concerns that go along with fed cut along those lines you're having a big there are doomed to -- a big benefit tonight right. And we definitely -- it's more organized fundraisers tonight shoot straight awareness for the conditioning I'm hypo plastic left heart and turn and -- actually. How quick sound the first the cost her her medical area. I'd and it's -- generations hall embody those rid that is at three Chaney Andrew Higgins Erik Paulsen. Is going to be the MC and they're a great band lineup DNA in front here. -- you we're gonna have imagined friends. We have the wise guy. We have. Two other great bands at any that I'm night explain about an hour outside the competing you're gonna become an and she is going to be. And it mixing it up port there that belly dancing chancellor be forming acting at 91. All of our -- so we're very excited about it. -- need any help with the belly -- and you're being sure Iran Contra and I got a big belly if that. I include Susan great -- from find happiness acme oyster house Austin's onto his kitchen drug goes say Dell's suitors. Fresh quiz -- rumbles Jeff -- always jumps in similarly nausea and more -- get tickets how. Eating picketed the door -- ninth army cannot handle so form nine -- -- levees levees that Olivea cart dot org if you're interested in donating. But -- you may not be able to make it tonight at. And we have impeach your party that actually starts at 630 so where it will be content to particular track in the main event starts at 730 tonight. It's a great auction -- -- saints season tickets fishing charter blue dog art from George Rodrigo. We actually do we have to have an arrangement has and cash jewelry artwork. Gift basket -- certificates. There anything you can think Canada and we pretty much at. -- so you can't announce their tonight if He -- it's a generations all. The patron party starts at 6303600. -- and -- 730 to 1130 bring some money did on the auction items. As well again this -- how you feel it. I'm doing great I mean it's CNET September in Louisiana per kilowatt. Where it until actually -- does He grant. And god bless you hang in there okay. Thank you thank -- thank you -- you go to www. Olivia is hard dot org coming right back going to be 870 WW.