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Pieces of the puzzle. it can loan interest rates and help in other ways and somehow that's supposed to step through in five different steps to the consumer. in ordinary times thattic mas a big difference, but at a time when the federal government and the state and local governments are cutting jobs by hundred of thousand which is is what we've seen in the last few years and companies are basically hoarding cash. companies like microsoft, ibm, they're able to borrow for close to nothing, but what they're doing with that cash is returning it to shareholders, people who already had money in the f...

Japan's failure to get sustained growth was that it never engaged in reforms of agricultural, retail, and other protected industries. keep in mind that between 1991 and 2008, the japanese government spent $6.3 trillion on construction alone, larger than the total size of its economy. that's why prime minister abe has been very clear that for japan to sustain its current revival, it must enact the changes that the country was unwilling to make in the last decade. it is true that many of the people urging austerity programs were also urging countries to engage in reforms, but the two are not con...

There's a lot of lagging in a budget. and i do believe there's a lot of lag time here. we have some immediacy when it comes to the end of this month. some things we have to do. and we need to do that in order to keep the government running of the question is, do we need to pay all the debt in that time? i don't think so. i think that we'll see over in europe now what happens with these austerity programs when you don't do things in a way that is balanced, when you don't have investments versus cuts in such a way -- >> neil: you're not seriously thinking, congressman, anything we're doing hints...

Have you gotten any apologies from the people who were absolutely wrong? >> no. i wasn't alone but i was certainly the only person -- >> you were on the microphone. >> that's right. and -- no. look, i've been in this business now for quite a while and nobody ever admits that they were wrong about anything. that's just the way the world works. i it sure looks right. i wish i hadn't been right. this was a once in three generation crisis and we met it it with a program that was better than no program but way inadequate. that was obvious in january 2009. >> don't we have enough evidence now in thi...

Ahead. we have a little bit of space. >> paul krugman said, we have a little bit of breathing room than european countries. that runs out at some point. >> you do have more space and the interest rates are lower and the american public aren't feeling the pain of your debt than under george bush senior when interest rates were higher and markets can look at politicians and say we don't believe you have the capacity to deal with a long term problem. they can turn on america in a dime and send interest rates up and we would be talking about the deficit a lot faster. the route great britain has ta...