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Create for the first time, a meaningful life in this society. i partly wrote the book you alluded to. it is a much closer connection between those who have thrive and those who have not. >> you are write about that well in the book. i appreciate that. sheila, thank you for joining us again and zachary, the author of "inside money" and "the american way of power." coming up, i will talk to katie hobbs, and she's running for a new job that could help her squash all of this nonsense,

That is a number hanging below expectations but signaling that hiring is picking up. to put thing news perspective there is still 7.6 million fewer jobs than there were before the pandemic hit the united states. and as we look at economic forecast, as states continue to reopen, president biden is now $1.7 trillion infrastructure plan remains in question. the president just rejected the latest republican counter offer suggesting it didn't meet his objectives of creating jobs and growing the economy. to help us understand where our economy is heading is staff righter at the new yorker sheila kol...

Debt. so if interest rates are 10% and you take on a billion dollars of debt, you're paying $100 million in interest a year if the cost of capital is 1.2% it is $12 million. and that sort of means the amount of money you borrow is entirely related to the amount of interest that you pay on it. but the cost of that debt. same thing when you buy a house, right. people yes they think about the cost of their house. but almost nobody buys a house. they get a mortgage that allows them to live if the house and the cost of that house for them is how much money they have to spend monthly to service that...

Taxes. zachary karabell described an older financial partnership model that came from the brothers bound and hairyman in which banks bet with their old money and emphasized not more and more and more, but enough. it is all in his new book "inside money, brown brothers hairyman and the american way of power." so we're in the midst of a big debate about the future of capitalism and there are people in washington who want to change it by regulating and taxing it. the message of your book it seems to me is there is something much deeper that needs to change which is the fundmental attitude of capi...

So if interest rates are 10% and you take on a billion dollars of debt, you're paying $100 million in interest a year. if the cost of capital is 1.2% it is $12 million. and that sort of means the amount of money you borrow is entirely related to the amount of interest that you pay on it. the cost of that debt. same thing when you buy a house, right. people yes they think about the cost of their house. but almost nobody buys a house. they get a mortgage that allows them to live if the house and the cost of that house for them is how much money they have to spend monthly to service that mortgage...