Elizabeth Warren

  • Aired:  01/24/12
  •  | Views: 82,604

Elizabeth Warren explores the consequences of America's changing investment priorities and where the money goes. (6:11)

>> Jon: WELCOME BACK.

MY GUEST TONIGHT THE FORMER

CHAIR OF THE CONGRESSIONAL

OVERSIGHT PANEL FOR TARP.

SHE'S RUNNING FOR SENATE IN THE

GREAT STATE OF MASSACHUSETTS.

PLEASE WELCOME BACK TO THE

PROGRAM ELIZABETH WARREN.

[CHEERS AND APPLAUSE]

[CHEERS AND APPLAUSE]

NICE TO SIGH.

>> IT'S GOOD TO SEE YOU.

>> Jon: LISTEN, YOU KNOW YOUR

OPPONENT SCOTT BROWN IN THE

SENATE RACE HAS SAID THE MEDIA

DOESN'T GIVE YOU TOUGH QUESTIONS

SO I'M GOING TO START YOU OFF

WITH ONE THAT I THINK IS VERY

DIFFICULT AND SOMEWHAT COMPLEX.

YOU ARE RUNNING FOR SENATE IN

MASSACHUSETTS.

YOU ARE IN NEW YORK RIGHT NEW.

WHO SAY BETTER QUARTERBACK TOM

BRADY OR ALLY MANNING.

>> I HATE TO TELL YOU THIS BUT

TOM BRADY.

THE PATS ARE GOING TO SPANK THE

GIANTS.

>> Jon: NO!

>> WE'RE GOING TO GET YOU.

SORRY IT'S JUST REALITY.

>> Jon: IT'S JUST REALITY.

AREN'T YOU SUPPOSED TO WAFFLE

LIKE A LITTLE.

DON'T YOU KNOW ANYTHING ABOUT

BEING A PL TITION YET?

YOU ARE SUPPOSED TO GO I RESPECT

THE GIANTS GREATLY.

>> BUT I DON'T.

[ LAUGHTER ]

IT'S PATS ALL THE WAY.

>> Jon: ELI MANNING HAS

LEPROSY.

HOW ARE YOU DOING?

WE DID EARLY ON IN THE SHOW

ABOUT THE TAX ISSUE WITH MITT

ROMNEY.

THIS IS THE THING SO FRUSTRATING

TO ME.

MITT ROMNEY SAYS LOOK I'M

LEGALLY REQUIRED TO PAY THIS

AMOUNT.

I DON'T PAY A DOLLAR MORE.

IT IS WHAT IT IS.

IF YOU CHANGE THE SYSTEM.

THEY TRIED.

THAT'S THE PART HE DOESN'T

INCLUDE.

THEY TRIED TO CHANGE THE SYSTEM.

THEY TRIED TO REPEAL THAT

CARRIED INTEREST IS ONLY TAX AT

15%.

HE AND THE OTHER PRIVATE EQUITY

FUNDS FOUGHT IT TOOTH AND NAIL.

LE IS THAT -- HOW -- WHY IS

THAT -- HOW ARE THEY ALLOWED TO

MAKE THAT HAPPEN?

TNCHES A BIG AND SYSTEMIC

PROBLEM HERE.

I GREW UP IN AN AMERICA THAT WAS

STILL INVESTING IN THE MIDDLE

CLASS.

THAT WAS THE PRINCIPLE FUNCTION

OF WASHINGTON AND HOW IT SPENT

MONEY.

IT SAID WE'RE GOING TO INVEST IN

AMERICA'S MIDDLE CLASS.

THE DAUGHTER OF A GUY WHO SOLD

FENCING.

>> Jon: YOU DIDN'T KNOW HIS

NAME?

[ LAUGHTER ]

>> BUT WHAT HAPPENED IS THAT WE

CHANGED FROM THAT WORLD.

[ LAUGHTER ]

[ APPLAUSE ]

>> Jon: WE'RE BACK NOW.

>> ALL RIGHT WE'RE BACK.

>> Jon: ARE YOU SAYING THAT --

WHY ARE YOU SAYING WE DON'T

INVEST ANYMORE?

HAS THE GOVERNMENT ABDICATED

THAT RESPONSIBILITY?

DO WE NOT HAVE THE MONEY TO DO

IT?

DO WE NOT THINK IT'S A PRIORITY?

>> WHAT HAPPENED IS WASHINGTON

NOW WORKS FOR THOSE WHO CAN HIRE

AN ARMY OF LOBBYISTS AND

LAWYERS.

IF YOU ARE IN THE DRUG BUSINESS

AND YOU ARE SELLING

PRESCRIPTIONS TO SENIORS AND YOU

DON'T WANT TO HAVE TO NEGOTIATE

OVER THE PRICES, WASHINGTON

WORKS BEAUTIFULLY FOR YOU.

IF YOU WANT SUBSIDIES TO DRILL

FOR OIL, WASHINGTON IS WORKING

FOR YOU.

IF YOU RUN A HEDGE FUND AND WANT

TO PAY THE LOWEST POSSIBLE

TAXES, WASHINGTON IS WORKING FOR

YOU.

THERE WAS A RECENT WILL YOU A

STUDY IN THE LAST COUPLE OF

WEEKS.

THERE WAS A STUDY IN WHICH IT

COMES OUT THAT 30 OF THE LARGEST

COMPANIES IN THE UNITED STATES

ARE NOW SPENDING MORE ON

LOBBYING THAN THEY PAY IN

FEDERAL TAXES.

[AUDIENCE REACTS]

THINK ABOUT THAT.

THAT IS THE INVESTMENT AND

THAT'S WHAT THEY SEE AS THE

FUTURE.

>> Jon: THEY ARE THE ONES

WRITING THE COMPLEX TAX CODE.

THEY WOULD PRETEND SEE THIS IS

SO ONEROUS FOR US.

WE HAVE TO HIRE THOSE PEOPLE.

THEY HIRE THOSE PEOPLE TO MAKE

IT ONEROUS SO THEY CAN WORM

THEIR WAY THROUGH, YES?

>> THAT'S RIGHT BUT HERE IS THE

OTHER PART TO THE STORY.

WHO REALLY PAYS FOR THAT?

THE ANSWER IS AMERICA'S MIDDLE

CLASS.

THEY ARE THE ONES LEFT TO PICK

UP ALL THE PIECES TO PAY THE

TAXES TO KEEP THE COUNTRY

RUNNING.

AND MORE TO THE POINT, THEY ARE

THE ONES WHO ARE NOW PAYING FOR

THE FACT THAT THERE'S NOT ENOUGH

MONEY LEFT TO INVEST IN OUR

KIDS' FUTURE.

LISTEN TO THIS --

>> Jon: YOU ARE NOT MAD AT ME

ABOUT THIS?

IT SEEMS LIKE -- FOR A SECOND IT

SEEMS LIKE YOU ARE A LITTLE MAD

AT ME.

[ LAUGHTER ]

>> THINK ABOUT HOW THIS WORKS.

RIGHT NOW CHINA INVESTS 9% OF

THE ITS G.D.P. IN

INFRASTRUCTURE, ROADS, BRIDGES

THINGS THAT BUILD THE FUTURE.

EUROPE INVESTING 5% OF ITS

G.D.P. IN INFRASTRUCTURE.

HERE IN THE UNITED STATES 2 HAD

THE 4% AND TRYING TO -- 2.4% AND

TRYING TO FIGURE OUT HOW TO CUT.

RESEARCH -- WAIT RESEARCH!

>> Jon: I'M IN THE LEAVING.

THIS IS MY SHOW.

>> GOOD.

>> Jon: I'M NOT GOING TO GO

ANYWHERE.

>> RESEARCH, A KEY PART, RIGHT,

OF WHAT GIVES YOU THE PIPELINE

FOR GREAT IDEAS OF THE FUTURE.

AS A PROPORTION OF G.D.P. WE CUT

IT IN HALF FROM WHAT WE WERE

SPENDING IN THE 60s.

IN EDUCATION WE'RE SLASHING WHAT

WE SPEND ON PUBLIC UNIVERSITIES,

COMMUNITY COLLEGES, THE THINGS

THAT GIVE BOOT STRAPPER KIDS A

CHANCE TO MAKE IT.

>> Jon: WHY ARE WE CHASING

CORPORATION CONDITIONS TO

COMPETE WITH CHINA?

WE'RE NEVER GOING TO.

WE SAW IT ON FOX THEY LIVE IN

DORMS AND THEY GET PEOPLE TO

WORK 12 HOUR SHIFTS FOR A

BISCUIT AND CUP OF TEA.

WE CAN'T CUT THE CORPORATE RATE.

IT AIN'T COMING BACK.

WE HAVE TO SOMETHING OUT, RIGHT?

NOW I'M MAD AT YOU.

[ LAUGHTER ]

>> WE ONLY FIGURE SOMETHING OUT

IF WE INVEST IN THE MIDDLE

CLASS, INVEST IN OURSELVES AND

OUR FUTURE.

WE LIVE IN A WORLD --

>> Jon: YES.

>> YOU WATCH IT.

>> Jon: LET ME GO TO

COMMERCIAL.

CAN YOU STAY FOR TWO SECONDS AND

IT WILL GO ON THE WEB.

IT'S A GREAT TEASER IT'S LIKE

ONE OF SOAP OPERAS LIKE OH, MY

GOD DID THEY DIE?

WE'LL DO IT LIKE THAT.

WILL YOU STAY?

>> I'LL STAY.

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