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Poverty. do they honestly expect us to believe that if we have $1 billion to the $45 billion we're spending, one more program to the 30-add we have, and remember this new program doesn't replace any, it just duplicates existing programs, do they believe that poverty is suddenly going to disappear by magic? >> your thoughts on that, nick. >> it's a strong point. the point he's making is relevant today. what does one more program do? in this case, he's talking about the redundancy of programs, but i think we spent $15 to $20 trillion since 1964 and a trillion a year. and his point is, what is on...

Nick rangune is with us this morning. welcome to the show. >> good morning, clayton. >> how relevant are those comments today? very relevant. it is refreshing to see that speech, that was 50 years ago, there's a symmetry with war on poverty. we are celebrating the 50th year of that, but in many ways we have sound bites from the speech. reagan warning about big government and in some ways there's a safety net aspect to it, but there's also a spider net to it, meaning it traps as many people as it creates a safety net for. so i think it is very relevant today. >> it's so striking to watch early ...