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Then you have major moral hazards. and the politicians do, too. >> are you referring to fanny and freddie? >> a lot of the europe european state-owned bank have a huge crisis. it's the tip of the iceberg is the european financial and political crisis but underneath that is a huge banking crisis that hasn't fully been resolved and that was driven a lot by the german and london banks that allowed them to do stupid things. they were more leveraged than a lot of the bank and that's argument one and argument two is fanny and freddie. i don't see them as the heart of darkness in the financial crisis...

Maybe you like to work in your bath robe, maybe you don't. you would think that's the natural way that an economy would work. instetd, instead, economies have built these large corporations which were command and control and we have a lot to explain about that. and i think the insecurity was -- >> a lot of that was probably insecurity. it's easier for people to contract out, easier for people to connect through online and things like that and that's pushing people towards the direction of working as freelance. and the other thing is that for workers at the lower end, wages are falling so fast ...

Competition with a threat of this lawsuit but also you're making it very difficult for anybody else to invent something new. everybody's afraid. and that's no good for innovation. >> it's providing the opposite of incentive. if the idea is to secure in limited turn and instead you're creating a situation in which if you invent something you're going to get your butt sued. >> right. >> it's like literally the opposite. so what do we do about it? >> start over. seriously. think very seriously about software patent. that's where a lot of the ridiculousness is coming from. each one of those phones...

Continue to happen is that much more quickly than people anticipated, when women get education, access to birth control and some autonomy over their lives and bodies, the birth rate really falls off the cliff. in mexico it's amazing how quickly it's happened. >> and hispanic-americans, right? >> yes, in the u.s. as well. and then there's the question of climate. can we, if we keep putting carbon in the atmosphere, and we can only put a fifth of the carbon and hope to make temperatures which i harp on all the time -- >> two degrees celsius, there's a lot that we have to leave in the ground. chr...

Need to be thinking about what are the nonmarket institutions that replace it because labor markets don't function like other markets and if they do they end up screwing a lot of people and we have to think about what kind of collective enterprises, be if they are not a big firm, what are the big enterprises? what nonmarket activity can secure relative equity? saket soni, thank you for joining us. >> thanks, chris. the economy is growing again. that is a good thing. karl smith wants to talk about it more when we come back. ies? let me put you on webcan... ...lean roasted chicken... and a cre...