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We put money in those pockets of people out of work. they spend it immediately. it goes into the economy. corporations have $1 trillion of cash waiting for a smoke signal that there's going to be aggregate demand. they know the government will provide people out of work with money that there's going to be a commitment to growth and job growth. those corporations are going to release those resources and create more jobs. >> it can't be said enough. the market is worried about uncertainty now. austerity is spooking the people i talk to as a reporter, we have hedge funds and wall street, it's the...

Depends on, turning medicare into a voucher system, all of these things actually may depress consumer confidence, reduce aggregate demand, and actually slow the economy down. >> i wish you wouldn't rely on facts, sir. we learned today that jobless claims were down last week and that chrysler has achieved its best sales in five years. home sales and median home prices look to be rebounding. consumer confidence is slowly going up. perhaps mr. romney would like to take credit for all of those as well? is that right? >> i'm sure he would. the problem for mitt romney is the economy is getting bette...

Get paid more than $8 an hour? remember this is not about artificially raising the wage. congress sets the standard and small businesses and large businesses, particularly workers that have no negotiating power with a small business owner, or no negotiating power with a large business owner, only congress can provide them the aggregate demand and purchasing hower they need. >> there are obviously 18 states that are actually leading at this moment. you talk about congress setting the standard. at the moment, many western states, a few in the northeast and upper midwest, including illinois, wher...

Talk to me about why now? why at this moment would be need to, as you call it, catch up to 1968? >> well, it should be clear that conservative economists and liberal economists have suggested that the number one problem with the american economy is aggregate demand. the american people are not spending, they are not buying with the moneys this they do have, enough items that keep our economy and begin to turn the wheels of our economy in a positive direction. and the only group since 2007 that has not experienced some form of pay increase have been those americans that are locked in the minimu...

In an anti-democratic direction by the vacancies basically. >> it's absolutely right. >> it's local bank presidents essentially helping drive the policy. when ben bernanke goes to the fomc, open market committee, they're the ones who with bernanke say, basically, to oversimplify it, we're going to put more money into the economy. we're going to keep thing where they are, take things out of the economy. there's been a battle in this committee brewing over what's the best path forward? >> there's definitely been a battle over thinking about, first of all, i think there's two issues. one is how m...