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That's very challenging. >> so you talk about $650 billion spent in short-term stimulus spending. a lot of people out there would say that's reckless, irresponsible. it could never happen. but, explain how if that stimulus spending is coupled with a long-term debt plan, to take down the debt over a generation, how the markets not only would free up those $650 billion, but they couldn't write the check quickly enough for it? >> exactly. >> they would rejoice. >> the austerity folks are getting it wrong in the sense that they're imposing immediate deficit reduction and that's disastrous for econ...

Enthusiasm, towards obama is not there at the moment. and that's a big concern for the obama campaign. you know, the young people went away -- >> why not? why aren't they there? >> because basically what he promised was to go to washington and do things differently and achieve different results. remember, the great line in the denver speech, you know, basically saying that continue to do the same thing in the same way, bringing in the same players, is a definition of insanity. his version of that. >> did he do that? >> he did that. he brought in the same players, they did the same things. he b...

Favorite of immediate austerity are wrong. i would go further than that. the combo policy is the only thing that has any hope after the first stimulus package of getting an extra additional stimulus in place. >> right. but the combo policy, i mean, has that key element of stimulus now. which was being rejected by many people in the white house, including larry summers, who after he left the white house, started again writing pro growth op-eds. the point is that the president in the end made the decisions, and he made decisions which have meant for young people to go back to the cover of the ma...

Following financial crises, just period. because you wind up with this ugly combination of very slow growth and a very weak labor market and this massive increase in debt, both of which the population doesn't like and that's true in europe, it's true here if you look historically when you're hit with the financial crisis, the government suffers or the popularity of the government suffers. i mean that's not to say we shouldn't sit here passively but we should recognize it's not pleasant to live through the aftermath of a financial crisis. which is why we want to prevent them. >> when you wrote ...