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Going to set off what? some kind of reciprocal trade war with china? are we trying to honor their desire not to disrupt their economy given their own challenges? >> i believe that politicians feel that taking a strong -- in w china would disrupt the world trade organization and the world trading system. they view that as one of the pillars of global prosperity. what's happening right now is it is -- it is a support for chinese prosperity without support for the rest of us. they view it as protectionism when it is not. what china is doing is protectionism. what i'm propose sing self-defense. i ...

Classic wheel spinning with nothing happening. because the house of representatives is not going to support what the democrats and the senate are talking about doing. we will have this -- nice media event for c-span and other networks about the wheels spinning but it won't create a single job and won't create another crude oil barrel and it will not reduce prices to the consumers by one cent. so -- >> but, john, you can't be saying that -- the oil industry doesn't have to contribute anything to the kind of huge deficit situation we have. this is a week we are seeing the "wall street journal" t...

He val eighted tax one for one basis, a swap. for the corporate tax and personal income tax would improve the price competitive of american products against imports coming in and when we export to other countries. >> that's another idea. we just have a second left where it is a common sense idea and you have had economists on both sides talking about this for some time. what's the short reason this does not get traction? >> well, it would have redistribution effects. i mean, after all, the -- the -- corporate tax right now and the -- personal income tax have all kinds of, you know, loopholes a...

Even when they are on both sides. tell me, john, when you look at the oil situation, i know have you talked about much more aggressive production that we immediate to do at home, at the same time, congress this week is already prepared to take up some measures to try to get deficit reduction by getting rid of some of the oil industries current subsidies. should the oil companies be willing to give up some of these subsidies even as we are trying to boost domestic production for reasons you suggest n. >> it would change the economics of how they do their business. and that could have a negative...