YouSaid · the spoken record

Austan Goolsbee

lines on the record: 91
first: 2018-09-03
most recent: 2018-09-03
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“So I think that part is not a disputed legacy. And it will be looked back as a major accomplishment. The second part that is still disputed is this argument that Having higher income people pay more in taxes. Having stronger regulations, rules of the road, protecting consumers, invest in the middle class, not high-income people and big corporations, that that's the driver of the economy. Obama tried to put that in place, tried to put in place a more closer to universal health care, partly with the hope that people could leave they could start their own companies, they could do various things. We'd have potentially more economic dynamism. He's kind of staked out a position. Trump's position is very different from that position. So that's why I say it's still kind of a disputed legacy, but I think they will remember it as that.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“It was absolute borderline panic. And it was one of those where, I don't know if you remember when they first turned on the big particle accelerator in Europe, there were these people who are out there protesting because they said they thought it was going to start a black hole that would swallow the Earth. This in the financial crisis, it would be like it was the scientists saying, don't turn it on. We're about to have a black hole. You would be more nerfed. The more informed you were about the financial system and the economy, the more scared you were at that moment.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Which is a contested legacy. That one is not contested. Everybody wanted us to avoid that and we avoided it. And we'll look back.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, I view it as kind of two things. The first, which right now nobody talks about, but I think in the end, they're going to look back and it was, there was no depression. The shock of 2008, the financial crisis, the hit on household wealth was bigger than the shock in 1929 that created the first depression. And the financial system financial sector as a whole is bigger as a share of the US economy than it was in 1929. By most... Attributes we should have had a depression and we didn't, and that we did not is partly due to good actions by the Fed in the crisis, partly due to some of the things they set up in the Bush administration, but in another heavy measure from actions taken by President Obama, I think they're going to look back and say that they avoided depression was a major, major accomplishment. And then the second legacy.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“I totally agree. And that was one of many times When I remember thinking, thank God you're not in this guy's shoes and having to make these decisions. Everybody's got opinions, whatever, but he's the guy on there. He's going to be on the hook. If this goes wrong.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“They had to find a partner, they had 30 days to do it. They had to find a partner. They had 30 days. We're not going what had we been on this dynamic. Think about where we're.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Years later, you know, they're still around. 10 years later, they're still around. And so we go to that meeting, and that, like the decision about Osama bin Laden. Was a case where there were a large number of advisors telling the president, I don't think you should do this. I don't think it will work. And the other saying, no, no, it will work, but we're back and forth. And it was greatly to the president's credit that he heard all the arguments and he said, okay, I understand. And he summarized the position of everybody that was saying it's too risky to try to save them. He said, I don't, we can't afford not to. And so we're going to try it.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And Larry put to the group How many people think if we do this, Chrysler will still be alive in five years and three years or something? And it was 50 50.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Was about Chrysler. That's what I was going to say. As we had kind of come to the view that if GM went under, it would, the spillovers were going to be so negative you couldn't. So they're going to do a bailout of GM. And now the question is, can we also bail out Chrysler? Or do you endanger the whole thing that if the runway can take two landings per minute and you try to land three, you're going to have Going to have a And before that meeting with the president. We had a meeting in Larry Summer's office.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Was bad. There's the guy who was delivering that message. Everybody remembers, oh, well, you know, anybody would have done that. No, the big majority said, even in Michigan, why should they get special treatment?”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, as opposed to a trade war. If this makes Donald Trump feel good and he can get up and brag and say, I got this thing, great, let him have it. That's great.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“18,000 different tariffs being cut, including pushing $100 billion on autos and $40 billion on IT, a bunch on agriculture. In this, look, it's fine. It's great if they're going to change the local content rules and they're going to put in a rule that says 40% of the content of the cars has to be made by people who made $16 an hour. Or more. Okay, that's only just the auto sector. I really think that if Mexico and probably the Canadians are kind of bewildered and like, wait, this is all we had to offer you? They're like, fine, give me the pen. Let's sign it. We'll be done with this. And in a way, that's fine. Like I say, if”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Of And you get, you know, in that case, 12 huge economies to agree to lower tariffs on hundreds of billions of dollars of U.S. products. I think it was”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Not going to blow other stuff up. Then fine, fine. Let's do that, but if you compare this. For example, to the concessions that Mexico and Canada both made to join the TPP.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“You know what struck me is that makes President Trump happy enough to say, oh, well, I got some Minor thing on one sector in Mexico, and therefore I'm happy with them.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Look, every day we don't have a trade war is a good day for the economy, is my starting point. And you couldn't have, if we get in a shooting trade war with China, the number one and two biggest economies of the world in an outright trade war or with the European Union or within North America, I think that will put us both on a path for recession in both places. We can go through the details on this purported agreement with Mexico if you want. No. I just want your general assessment of it. Look, my general assessment.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“What the reality was. A few days after that, the news agency in Canada that broke that story actually issued a retraction. And I got a personal apology from the consulate and from the Prime Minister's office saying, oh, we got the story wrong. We're sorry that that happened, but it didn't make any difference.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Is the Democratic Party protectionist? And I said it's not, look, the Democratic Party is not protectionist. Everybody's fighting. They're in a kind of a populist food fight. But fundamentally, Obama's position was what it was that we shouldn't throw out NAFTA, but we should put labor and environmental standards in the core of the agreement. The whole thing broke. It was my first introduction to your world where it doesn't matter what.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“The meeting in question was a meeting that took place months before the Ohio primary, which is when that story was damaging. It wasn't about Obama. If you go look at the memo, it was a question about the Democratic Party in which they asked me.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Give me the short version because I got some other. I know it burnt you up. It wasn't when you get burned up. That wasn't what happened. You talked for a long time. It didn't happen at all. That's not the...”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“If people can't make their mortgage payments, that is going to come back on you. And that is what happened. And then the second point. Ironically, not ironically, interestingly, was the same thing we were talking about before. He said It doesn't make you anti-market to be for rules of the road, that if you rip up the rules of the road, So nobody can trust the information. You're setting yourselves up for a catastrophe. And you shouldn't be against sensible regulations. You should be for it. It's good for the market If you go back and look at that speech, yeah, there's some stuff that's outdated, but those two ideas are actually, those are important ideas.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Because we're all in the same economy. Yeah, the sort of saving capital was said that now. And he said in that speech it was about, look, look.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“I remember that very well. And actually most things from before the financial crisis about the financial markets. If you go back and read them now, they seem like old black and white movies or something. It's just like totally foreign. That speech really wasn't. Because it had two lessons. If the speech was basically about two things. The first was, if you remember, he went and he said Wall Street may be on an island, but it's not an island. And you can't think that the middle class is going to struggle the way it has for the last eight years or however many years, that that's not going to have an impact on you on Wall Street. It is. And he said, so tomorrow, I'm going to come out with a tax plan that's for tax relief for the middle class. And you shouldn't be against my program. You should be for it.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And what is with Ghoulsby? And I said, look, you're telling everybody you're the skinny guy with the funny name. You stole my bit. That's my thing. And he never called me Professor Gould's being a kid”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And so at the debate, he said, and Keys kept saying, you should walk across the street and ask a university of Chicago economist. They'll tell you, you know, you don't know. And he said, well, I got one right here. And he says your thing is 70%. Keys like, I'm not for that. That was my minor cameo. And I came up after, you remember to the green room, and he opened the door and he said, who are you? And I said, I'm Professor Goulsby. And he was baffled. And he said, well, What you don't look anything like a professor. I thought I had a seven-year-old guy with a tweed jacket and a pipe.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“The debate when you showed up for the first time? Nobody knew he used to loved your name. Because he had this image of a... Bring me my tax cuts so yeah so so you were there on that one keys had proposed replacing the incomes tax with the sales tax but exempting housing food clothing transportation senior citizens and poor people so it wouldn't So they ask me, well, what would the rate have to be if you did that? And the answer was like 70%, something like that.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And I was like, I can't even begin to tell you that this is crazy. But I was like, well, I'll get the current population survey. I can find income. I go at this. So I came back and I asked, look, do you want a net present value on this or you want me to just add up 40 years of numbers? The view was whatever's the biggest. I said, okay, well, the answer is 8 trillion. And they were like, ah, that's perfect. So I'd write these memos.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“So bringing Alan King. So they bring in Alan Keys, who's not even from the state And he starts proposing things. And so the first thing I prepared you guys a memo Alan Keyes said that he wanted to follow, he was asked about slavery reparations and he said we should follow the model of the ancient Romans and wave all the descendants of slaves from all federal taxation for two generations. And he said, and my opponent would not qualify because he's not a real African American. He's not the descendant of a slave. So my challenge was, can you figure out how much that would cost?”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“There was an argument among the Republicans nobody wanted another reputable Illinois Republican to have a leg up for the next race. Well, it's also.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And so I started sending you guys memos, and they were on some of the craziest topics. So by the Republican candidate dropped out.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“In between those two. So I kind of knew of him from birthday parties and stuff like that And so his people called me and said, Oh, you know, he's running for the US Senate. Would you be willing to help? And I was like, you're talking about Michelle Obama's husband? Yeah, of course I'll help. Some people still say that.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Campaign looking for. Michelle was more famous than him. Absolutely. Michelle was more famous. And we had a bunch of common friends. I knew Valerie. I knew Martin Nin. Valerie.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“I agree with that a hundred percent. And look, we've had episodes where regardless of party Massive increases in wealth. Amongst small groups, they translate into massive political power and influence. And in a world like that, in a way, it's not stable. I think this is a long-standing trend, and we can debate why inequality has risen. But if you don't think that high-income groups have gotten more and more powerful, have a disproportionate influence on the debate as they've gotten richer and richer. I think you haven't really been paying attention.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Workforce in the world at age 25, you know, in 20 years, you're going to be the 25th richest. And we better not forget that.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Yes, and the saddest thing is that at the very moment when if you look at the data, it screams out at you that getting some extra skills or education or certifications, et cetera, that the benefit of that has never been bigger. And the community colleges offer that at a very reasonable price, accessible to people all around the country. At the same time, both those things are true. They're being starved for resources. They're in retrenchment. They're shrinking, they're cutting. Programs because they don't have the money. And to me, this is where we are in danger. As a nation and in our states of being so short-sighted that it really undermines our program, that if we're going to starve ourselves for the revenues that we would use to do that, if you're the 25th most educated”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“If they're in college, the community college system, in my view, is the absolute unsung hero of building up the skill base of the U.S. workforce.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“It has to be education and training. For sure, education and training. Now, one of the things you got going in your favor is everybody themselves wants to build a career and support their family. So you don't have to just have some central planner in the government deciding what will be the jobs of the future. And we got to make sure that we have the right train. Everybody's out when they're going to college trying to figure out what do they want to major in and what job do they want to get and they're actively looking what skills do I need to be able to build a career.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“To do the jobs that are being created, I don't dispute that. And that's what I say. I'm not trying to make this out to be overly rosy. Of what disruptive. But it does speak to the fact”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“I think we have, or at least what the economic historians say, they grow somewhat impatient with the tech people saying that because they trot out the data and they say by many measures this is a slower period of change than the period first of the industrial revolution, then when they bring in electricity and televisions and phones and... And stuff like that. I don't know. I do think there's...”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Is going to destroy us all. Yeah. Look, I think that I'm not the. I'm probably just a median economist to say, look back over 150 years, we've had a massive amount of mechanization, replacement of low-skilled jobs by technology. We do have it on the”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Mostly it's been great for consumers. I think that's true. But with the rise of AI and machine learning and predictive analytics, you're now starting to see much more of the personalized pricing. All of this fights within about Google, about Facebook, privacy, and what information they have on you and what they're going to use it for. All of that is still to be resolved ultimately. Is this enhancing the market power of the buyers or is it enhancing the market power of the sellers?”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Mostly, although now, you know, with moving back into the French Revolution, what's been the impact? It's too early to tell. So the first round of the internet was kind of the question of should these tech companies be worth these. Massive valuations in the late 90s. And one group essentially said, well, they'll be able to price, discriminate, and charge higher prices, and they will be more profitable. And the other group, which I was kind of of that group, said, look, you're going to be able to comparison shop and drive the margins down to nothing. We're going to become more and more competitive. So if anything, that suggests that there are going to be a lot of companies ripe for disruption.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, so yes, Fanny and Freddie are partly at fault and banks that engage in fraudulent loans are at fault and people who took out mortgages that they had no business taking out are at fault. And there are a whole bunch of players that contributed to making that a horrible financial crisis. But the argument that if we would just”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“You know, everybody wants there to be accountability for somebody else. And look, with Fanny and Freddie, I'm an economist. You're never going to find economists who put value onto Fannie and Freddie business model. And if we reinvent them the way they were before, shame on us. They should never socialize losses while keeping all profits for yourself. That's a terrible idea and it ends exactly the way this one ended. That said There was a year that the Cleveland Browns went 0-60 I guess maybe they had the worst kicker in the NFL. And yeah, look, they got a bad kicker, and he might have cost him a few games. This is like blaming their own 16 season all on the kick.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And so if you cut the taxes by so much that you can't afford to invest in your people, you're actually killing yourself. And the same is true on regulation. Look, when we were there sweating bullets, thinking through the financial crisis, I thought at that time the one silver lining here is that the argument that always and everywhere deregulating and ripping up the rules of the road is good for the economy. That'll be dead. The events of the financial crisis prove that wrong. And it wasn't, what, two years after the financial crisis, they're back. They're saying the same thing. Ah, we need to deregulate. You've seen the administration say, well, let's get rid of Don France.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“But my worldview is Silicon Valleys in California, not because it's cheap, but because they can't afford to be somewhere else That's where the fatality”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Lovely. Sometimes I'll say that. And then the audience is. There would be people come up. Where is this island of Manuattu?”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“And I have colleagues who would argue that. And there's some element of truth. But I think a major puzzle to people espoused that worldview is how to explain why Silicon Valley, for example, is in California, where they've always had eye taxes. They've always had high regulations, and it's not on the island of Vanawatu, where I think they don't have any taxes of any kind on corporation capital.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“Instead, they did what was basically, as I say, big windfall. And the logic of that windfall was, well, if we would increase corporate profit, That will have a bunch of benefits to the economy. And I guess my two questions of that are, number one, corporate profit was already at the highest level that it's really ever been. And that wasn't leading to big wage increases and that wasn't leading to very high investment of the form that they promised. So why would you think that cutting the corporate tax rate a bit more? Would do it. And then two, if you're of the view, they're kind of two world views on where growth comes from. And one worldview says it's about the absence of government. And if you would just get rid of every regulation and get rid of all taxes, then the private sector will just generate some college.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source
“What we had is a narrow base and a high rate because we were trying to incentivize investment. And you can reduce the rate. You broaden the base, but you got to do more than just loopholes. You got to go after some stuff that people like, whether it's the healthcare exclusion or the R&D tax credit or accelerated depreciation or a whole bunch of things like that.”
2018-09-03 · The Axe Files with David Axelrod · Ep. 266 — Austan Goolsbee · IDENTIFIED FROM THE TRANSCRIPT · source