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shopping sprees, but are still out there spending and that's good. the dow fell to the lowest level in 30 years, but we are not seeing the wild swings we saw all week. the dow closed down 600 on monday and up 400 on tuesday and down 500 points on wednesday and up 400 yesterday, and it was the first time in the dow's history we have seen closing numbers like this. drew? >> you could probably measure the heartbeat of traders the same way, up and down. tell us what happened in europe? they are trying to prevent the wild up and down swings. >> what they are doing is they are putting a te...
Way radical right, especially on medicare, wouldn't it? >> the medicare i think is of course the biggest gamble, first of all, to be clear, think slight gradations in the views. what ryan did, no one has really done before was eliminate conventional medicare as an option. tim pawlenty, for example, has suggested he would leave it as an option. newt gingrich harkened back to '95 when they did something like this. the core issue is taking the divide of transforming it from a defined benefit program to a defined contribution program. that is a huge roll of the dice. seniors, particularly white se...
The opinion shifts. medicare is one of those. this idea of diverting it from a benefit program where you go to the doctor and you're guaranteed certain benefits into a defined contribution program where the government would only guarantee you a check every year to buy private insurance goes back to 1998 first hatched by a commission chair by john breaux. there was not another democrat who endorsed the idea until alice rivlin endorsed a similar plan with ryan. even she has renounced her support given the specifics of the ryan proposal. so this is a big roll of the dice for house republicans. th...
Which is that in the long run, he's trying to phase medicare out and change it from what it is now, which is a defined benefit program and turning it into a defined contribution program. it would not be the medicare as we know it and as a lot of people love it in the future. that is correct. on the other hand, you know, he can honestly and legitimately argue, as a lot of deficit hawks do, that the main problem we face looking down the road, 10, 20, 30 years is with the growth of health care spending, and that is the thing, not social security, not any of these other things. this is the main pr...