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Host is great to see you tonight. We have got a lot to talk about today and not much time to do so so lets get right into it. You have a wonderful new book out called fracture. Congratulations to you. I read it over the weekend and is just a fantastic read, a wonderful read. I think its a mustread for anybody who loves history and politics who cares about Race Relations in america and maybe who just wants to know who the next president is going to be. Tell us what caused you to write it and what...

Taking what bush did host a blueprint. Guest so, i think there is a lot of things they can do. For candidates, transition operation is something you want on the side. Host separate. Guest they need to coordinate time to time like clay johnson, for example, dealt with karl rove and karen hughes to say well, i will meet you to tell you what im doing. Because you dont want conflicts between those because the worst is when political people think here they are working hard for nothing, eating big mac...

Not to vote for state senator, theyre making the state laws, do not skip state and local elections and do not skip midterms, thats one of the way it is powerful have been able to override the majority in the country. So we have a higher stop at 12 50 but thank you for coming. [applause] thanks again to our panel and thanks again everybody if you are coming, we need you to exit the room and come back in. Im sorry but we do have to empty the room before the next panel. Thank you. [inaudible conver...

Are importing co. Importing companies but why dont you start by telling us a little bit about why you wrote the book and why they are so important to the populace. Guest i started covering it in 2004 in the wake of this accounting scandals each company had a big scandal and at the time i was shocked to find out that Companies Like this existed. What is the governmentsponsored enterprise and what the governmentsponsored enterprise did was created in the wake of the depression by roosevelt in orde...

System that it will go bad for the same reason it went bad before. The companies will develop clout, they will push the right galatians and weakening of their oversight and slowly but surely we will end up right back where we were before. I think thats a risk. Its right there. Im just not sure i can come up with anything better. Theres risk of having a big bank be that major source of financing for american mortgage. Theres a risk without without having the government in the Mortgage Market at a...

Wholesome lives. But it had to do with the common good and whether we as individuals put the good of the country ahead of our own interests. It was very, to me its fascinating that this is a point that was made particularly by james madison. Because madison was a great legal realist. He was really the architect of our constitution. He understood that everybody had interests, groups had interests. We have to balance interests to have a country that would function, but he also said that no matter ...

Inspired the. Host its not very usual as we both kn host its not very usual as we both know for secular elite liberal east coast journalists to talk about their faith. You talk about it the way george bush and jimmy carter did and its kind of offputting to a lot of people that are atheist or agnostic and who are how have you found the reaction to talking so openly . Guest i wouldnt accept the liberal label that you gave me. I am talking about the journalist crowd. Guest i havent gotten that reac...

May be a different balance. At number it is far enough but there is a shift of for the College Graduates are going. Host we talked about my frustrations. But the governments job is to provide the foundation for something and its been really hard lately as im sure you appreciate to get bipartisan support for sensible programs and there is a lot that could be done to help the productivity gains in the last few years and the wages had grown as much as we would like so theres a lot of things that co...

So how hard was it to do this book, how long did it take . Guest it took three years of fulltime research and writing, obviously thats not counting my two decades plus as a reporter on military and National Security issues prior to that, you know, gaining a lot of that information of previous articles, previous books and its also not counting the time spent in the editing process after those three years were up. It was very difficult but, you know, obviously not impossible to find the people and...

But just thoughts generally on everything from id like to hear your assessment of what were doing right and wrong, everything from earned income tax credit to estate tax to Corporate Tax to the personal income tax guest you mentioned two areas. I mean, i think earned income tax credit and other credits that reward work, reward education, that those are constructive, and they avoid some of the tradeoffs that you wore toly about if you that you worry about if you, you know, essentially create a ta...