[Script Info]
Title: 
[Events]
Format: Layer, Start, End, Style, Name, MarginL, MarginR, MarginV, Effect, Text
Dialogue: 0,0:00:04.25,0:00:07.43,Default,,0000,0000,0000,,I’m watchin’ you.\N
Dialogue: 0,0:00:12.04,0:00:15.40,Default,,0000,0000,0000,,Lord, Keynes, wow! It’s, it, it’s such an honor.
Dialogue: 0,0:00:15.40,0:00:16.97,Default,,0000,0000,0000,,Indeed, sir.
Dialogue: 0,0:00:16.97,0:00:19.76,Default,,0000,0000,0000,,Please, just go, just go right on through.
Dialogue: 0,0:00:19.76,0:00:22.55,Default,,0000,0000,0000,,[beeping alarm]
Dialogue: 0,0:00:22.55,0:00:25.34,Default,,0000,0000,0000,,woo, woo
Dialogue: 0,0:00:25.66,0:00:29.63,Default,,0000,0000,0000,,Identification, please.
Dialogue: 0,0:00:32.86,0:00:34.74,Default,,0000,0000,0000,,Hayek?
Dialogue: 0,0:00:34.74,0:00:38.31,Default,,0000,0000,0000,,No. Hayek, like high explosives.
Dialogue: 0,0:00:39.45,0:00:41.36,Default,,0000,0000,0000,,High explosives?
Dialogue: 0,0:00:41.36,0:00:42.49,Default,,0000,0000,0000,,Yeah.
Dialogue: 0,0:00:42.49,0:00:45.86,Default,,0000,0000,0000,,We have a 10-66, HQ I repeat, we have a 10-66.
Dialogue: 0,0:00:45.86,0:00:49.42,Default,,0000,0000,0000,,[Copy that, Mike. Proceed.]
Dialogue: 0,0:00:49.42,0:00:54.28,Default,,0000,0000,0000,,What is a 10-66? That was just an example of how to pronounce my name.
Dialogue: 0,0:01:01.58,0:01:03.06,Default,,0000,0000,0000,,Ladies and gentlemen.
Dialogue: 0,0:01:03.06,0:01:05.40,Default,,0000,0000,0000,,Members of the committee.
Dialogue: 0,0:01:05.40,0:01:07.73,Default,,0000,0000,0000,,We are here today to consider the impact
Dialogue: 0,0:01:07.73,0:01:10.77,Default,,0000,0000,0000,,of government spending on our economy.
Dialogue: 0,0:01:10.77,0:01:13.40,Default,,0000,0000,0000,,We’re fortunate to have two world-reknowned
Dialogue: 0,0:01:13.40,0:01:17.69,Default,,0000,0000,0000,,economists to offer their testimony on the matter.
Dialogue: 0,0:01:18.46,0:01:20.58,Default,,0000,0000,0000,,I see you took a detour down the road to serfdom.\N
Dialogue: 0,0:01:20.58,0:01:22.24,Default,,0000,0000,0000,,Talk about the end of laissez-faire.
Dialogue: 0,0:01:22.24,0:01:24.50,Default,,0000,0000,0000,,Well, shake it off, Freddie,
Dialogue: 0,0:01:24.50,0:01:26.45,Default,,0000,0000,0000,,I’m not pullin’ any punches in there.
Dialogue: 0,0:01:26.45,0:01:28.39,Default,,0000,0000,0000,,I’m ready. Are you?
Dialogue: 0,0:01:29.36,0:01:32.76,Default,,0000,0000,0000,,Prepare for the return of the master.
Dialogue: 0,0:01:34.51,0:01:36.80,Default,,0000,0000,0000,,John Maynard Keynes
Dialogue: 0,0:01:36.80,0:01:38.71,Default,,0000,0000,0000,,F. A. Hayek
Dialogue: 0,0:01:38.71,0:01:40.65,Default,,0000,0000,0000,,Round Two
Dialogue: 0,0:01:40.98,0:01:42.94,Default,,0000,0000,0000,,Round 2.0
Dialogue: 0,0:01:43.71,0:01:45.39,Default,,0000,0000,0000,,Same economists,
Dialogue: 0,0:01:45.39,0:01:46.92,Default,,0000,0000,0000,,same beliefs,
Dialogue: 0,0:01:48.31,0:01:50.36,Default,,0000,0000,0000,,new microphones,
Dialogue: 0,0:01:50.36,0:01:52.21,Default,,0000,0000,0000,,new mustaches.
Dialogue: 0,0:01:54.10,0:01:56.36,Default,,0000,0000,0000,,Here we are… Peace out! Great recession.
Dialogue: 0,0:01:56.36,0:01:59.07,Default,,0000,0000,0000,,Thanks to me, as you see, we’re not in a depression.
Dialogue: 0,0:01:59.07,0:02:01.42,Default,,0000,0000,0000,,Recovery, destiny, if you follow my lesson,
Dialogue: 0,0:02:01.42,0:02:04.07,Default,,0000,0000,0000,,Lord Keynes, here I come, line up for the procession.
Dialogue: 0,0:02:04.07,0:02:06.64,Default,,0000,0000,0000,,We brought out the shovels but we’re still in a ditch
Dialogue: 0,0:02:06.64,0:02:09.38,Default,,0000,0000,0000,,and still digging, don’t you think that it’s time for a switch
Dialogue: 0,0:02:09.38,0:02:12.08,Default,,0000,0000,0000,,from that hair of the dog? Friend, the party is over,
Dialogue: 0,0:02:12.20,0:02:14.52,Default,,0000,0000,0000,,the long run is here, it’s time to get sober!
Dialogue: 0,0:02:14.52,0:02:16.96,Default,,0000,0000,0000,,Are you kidding? My cure works perfectly fine.
Dialogue: 0,0:02:16.96,0:02:20.22,Default,,0000,0000,0000,,Have a look, the great recession ended back in ’09.
Dialogue: 0,0:02:20.22,0:02:22.69,Default,,0000,0000,0000,,I deserve credit. Things would have been worse.
Dialogue: 0,0:02:22.69,0:02:25.08,Default,,0000,0000,0000,,All the estimates prove it, I’ll quote chapter and verse.
Dialogue: 0,0:02:25.08,0:02:28.04,Default,,0000,0000,0000,,Econometricians, they’re ever so pious.
Dialogue: 0,0:02:28.04,0:02:30.77,Default,,0000,0000,0000,,Are they doing real science or confirming their bias?
Dialogue: 0,0:02:30.77,0:02:33.39,Default,,0000,0000,0000,,Their “Keynesian” models are tidy and neat,
Dialogue: 0,0:02:33.39,0:02:36.49,Default,,0000,0000,0000,,but that top down approach is a fatal conceit.
Dialogue: 0,0:02:36.49,0:02:39.64,Default,,0000,0000,0000,,Which way should we choose?
Dialogue: 0,0:02:39.64,0:02:42.11,Default,,0000,0000,0000,,More bottom up or more top down?
Dialogue: 0,0:02:42.11,0:02:44.41,Default,,0000,0000,0000,,The fight continues,
Dialogue: 0,0:02:44.41,0:02:47.57,Default,,0000,0000,0000,,Keynes and Hayek’s second round.
Dialogue: 0,0:02:47.57,0:02:50.11,Default,,0000,0000,0000,,It’s time to weigh in
Dialogue: 0,0:02:50.11,0:02:52.80,Default,,0000,0000,0000,,more from the top or from the ground.
Dialogue: 0,0:02:52.80,0:02:55.57,Default,,0000,0000,0000,,Let’s listen to the greats,
Dialogue: 0,0:02:55.57,0:02:57.52,Default,,0000,0000,0000,,Keynes and Hayek throwing down.
Dialogue: 0,0:02:57.52,0:02:59.90,Default,,0000,0000,0000,,We could have done better, had we only spent more,
Dialogue: 0,0:02:59.90,0:03:02.04,Default,,0000,0000,0000,,too bad that only happens when there’s a World War.
Dialogue: 0,0:03:02.07,0:03:04.88,Default,,0000,0000,0000,,You can carp all you want about stats and regression,
Dialogue: 0,0:03:04.88,0:03:07.78,Default,,0000,0000,0000,,do you deny World War II cut short the Depression?
Dialogue: 0,0:03:07.78,0:03:10.60,Default,,0000,0000,0000,,Wow. One data point and you’re jumping for joy,
Dialogue: 0,0:03:10.60,0:03:13.23,Default,,0000,0000,0000,,the last time I checked, wars only destroy.
Dialogue: 0,0:03:13.23,0:03:15.81,Default,,0000,0000,0000,,There was no multiplier, consumption just shrank
Dialogue: 0,0:03:15.81,0:03:18.13,Default,,0000,0000,0000,,as we used scarce resources for every new tank.
Dialogue: 0,0:03:18.13,0:03:21.06,Default,,0000,0000,0000,,Pretty perverse to call that prosperity,
Dialogue: 0,0:03:21.06,0:03:23.87,Default,,0000,0000,0000,,rationed meat, rationed butter, a life of austerity.
Dialogue: 0,0:03:23.87,0:03:27.05,Default,,0000,0000,0000,,When that war spending ended, your friends cried disaster,
Dialogue: 0,0:03:27.05,0:03:31.78,Default,,0000,0000,0000,,yet the economy thrived and grew faster.
Dialogue: 0,0:03:34.46,0:03:36.70,Default,,0000,0000,0000,,You too only see what you want to see,
Dialogue: 0,0:03:36.70,0:03:39.64,Default,,0000,0000,0000,,the spending on war clearly goosed GDP.
Dialogue: 0,0:03:39.64,0:03:42.27,Default,,0000,0000,0000,,Unemployment was over, almost down to zero,
Dialogue: 0,0:03:42.27,0:03:44.98,Default,,0000,0000,0000,,that’s why I’m the master, that’s why I’m the hero.
Dialogue: 0,0:03:44.98,0:03:47.76,Default,,0000,0000,0000,,Creating employment’s a straigtforward craft,
Dialogue: 0,0:03:47.76,0:03:50.47,Default,,0000,0000,0000,,when the nation’s at war, and there’s a draft.
Dialogue: 0,0:03:50.47,0:03:53.09,Default,,0000,0000,0000,,If every worker was staffed in the army and fleet
Dialogue: 0,0:03:53.09,0:03:57.50,Default,,0000,0000,0000,,we’d have full employment and nothing to eat.
Dialogue: 0,0:04:01.94,0:04:04.69,Default,,0000,0000,0000,,Which way should we choose?
Dialogue: 0,0:04:04.69,0:04:07.24,Default,,0000,0000,0000,,More bottom up or more top down?
Dialogue: 0,0:04:07.24,0:04:09.74,Default,,0000,0000,0000,,The fight continues,
Dialogue: 0,0:04:09.74,0:04:12.70,Default,,0000,0000,0000,,Keynes and Hayek’s second round.
Dialogue: 0,0:04:12.70,0:04:15.25,Default,,0000,0000,0000,,It’s time to weigh in
Dialogue: 0,0:04:15.25,0:04:18.04,Default,,0000,0000,0000,,more from the top or from the ground.
Dialogue: 0,0:04:18.04,0:04:20.79,Default,,0000,0000,0000,,Let’s listen to the greats,
Dialogue: 0,0:04:20.79,0:04:22.85,Default,,0000,0000,0000,,Keynes and Hayek throwing down.
Dialogue: 0,0:04:22.85,0:04:25.33,Default,,0000,0000,0000,,Jobs are the means, not the ends in themselves,
Dialogue: 0,0:04:25.33,0:04:27.97,Default,,0000,0000,0000,,people work to live better, to put food on the shelves.
Dialogue: 0,0:04:27.97,0:04:30.31,Default,,0000,0000,0000,,Real growth means production of what people demand,
Dialogue: 0,0:04:30.31,0:04:32.93,Default,,0000,0000,0000,,that’s entrepreneurship not your central plan.
Dialogue: 0,0:04:32.93,0:04:35.85,Default,,0000,0000,0000,,My solution is simple and easy to handle,
Dialogue: 0,0:04:35.85,0:04:38.56,Default,,0000,0000,0000,,it’s spending that matters, why’s that such a scandal?
Dialogue: 0,0:04:38.56,0:04:41.08,Default,,0000,0000,0000,,Money sloshes through the pipes and the sluices
Dialogue: 0,0:04:41.08,0:04:43.31,Default,,0000,0000,0000,,revitalizing the economy’s juices.
Dialogue: 0,0:04:43.31,0:04:45.85,Default,,0000,0000,0000,,It’s just like an engine that’s stalled and gone dark,
Dialogue: 0,0:04:45.85,0:04:48.53,Default,,0000,0000,0000,,to bring it to life, we need a quick spark.
Dialogue: 0,0:04:48.53,0:04:51.20,Default,,0000,0000,0000,,Spending’s the life blood that gets the flow going,
Dialogue: 0,0:04:51.20,0:04:54.11,Default,,0000,0000,0000,,where it goes doesn’t matter, just get spending flowing.
Dialogue: 0,0:04:54.11,0:04:57.12,Default,,0000,0000,0000,,You see slack in some sectors as a “general glut”,
Dialogue: 0,0:04:57.12,0:04:59.52,Default,,0000,0000,0000,,but some sectors are healthy, only some in a rut.
Dialogue: 0,0:04:59.52,0:05:02.30,Default,,0000,0000,0000,,So spending’s not free, that’s the heart of the matter,
Dialogue: 0,0:05:02.30,0:05:05.32,Default,,0000,0000,0000,,too much is wasted as cronies get fatter.
Dialogue: 0,0:05:05.32,0:05:08.06,Default,,0000,0000,0000,,The economy’s not a car, there’s no engine to stall,
Dialogue: 0,0:05:08.06,0:05:10.59,Default,,0000,0000,0000,,no expert can fix it, there’s no “it” at all.
Dialogue: 0,0:05:10.59,0:05:13.02,Default,,0000,0000,0000,,The economy’s us, we don’t need a mechanic,
Dialogue: 0,0:05:13.02,0:05:16.06,Default,,0000,0000,0000,,put away the wrenches, the economy’s organic.
Dialogue: 0,0:05:16.06,0:05:19.15,Default,,0000,0000,0000,,Which way should we choose?
Dialogue: 0,0:05:19.15,0:05:21.90,Default,,0000,0000,0000,,More bottom up or more top down?
Dialogue: 0,0:05:21.90,0:05:24.36,Default,,0000,0000,0000,,The fight continues,
Dialogue: 0,0:05:24.36,0:05:27.02,Default,,0000,0000,0000,,Keynes and Hayek’s second round.
Dialogue: 0,0:05:27.02,0:05:29.37,Default,,0000,0000,0000,,It’s time to weigh in
Dialogue: 0,0:05:29.37,0:05:32.24,Default,,0000,0000,0000,,more from the top or from the ground.
Dialogue: 0,0:05:32.24,0:05:34.87,Default,,0000,0000,0000,,Let’s listen to the greats,
Dialogue: 0,0:05:34.87,0:05:37.02,Default,,0000,0000,0000,,Keynes and Hayek throwing down.
Dialogue: 0,0:05:37.02,0:05:39.50,Default,,0000,0000,0000,,So what would you do to help those unemployed?
Dialogue: 0,0:05:39.50,0:05:42.05,Default,,0000,0000,0000,,This is the question you seem to avoid.
Dialogue: 0,0:05:42.05,0:05:44.65,Default,,0000,0000,0000,,When we’re in a mess, would you have us just wait,
Dialogue: 0,0:05:44.65,0:05:47.43,Default,,0000,0000,0000,,doing nothing until markets equilibrate?
Dialogue: 0,0:05:47.43,0:05:50.23,Default,,0000,0000,0000,,I don’t want to do nothing, there’s plenty to do,
Dialogue: 0,0:05:50.23,0:05:52.83,Default,,0000,0000,0000,,the question I ponder is who plans for whom?
Dialogue: 0,0:05:52.83,0:05:55.55,Default,,0000,0000,0000,,Do I plan for myself or leave it to you?
Dialogue: 0,0:05:55.55,0:05:58.42,Default,,0000,0000,0000,,I want plans by the many, not by the few.
Dialogue: 0,0:05:58.42,0:06:01.03,Default,,0000,0000,0000,,Let’s not repeat what created our troubles,
Dialogue: 0,0:06:01.03,0:06:03.69,Default,,0000,0000,0000,,I want real growth not a series of bubbles.
Dialogue: 0,0:06:03.69,0:06:06.03,Default,,0000,0000,0000,,Stop bailing out losers, let prices work,
Dialogue: 0,0:06:06.03,0:06:09.07,Default,,0000,0000,0000,,if we don’t try to steer them they won’t go berserk.
Dialogue: 0,0:06:09.07,0:06:11.65,Default,,0000,0000,0000,,Come on, are you kidding? Don’t Wall Street’s gyrations
Dialogue: 0,0:06:11.65,0:06:14.36,Default,,0000,0000,0000,,challenge your world view of self-regulation?
Dialogue: 0,0:06:14.36,0:06:16.83,Default,,0000,0000,0000,,Even you must admit that the lesson we’ve learned
Dialogue: 0,0:06:16.83,0:06:19.81,Default,,0000,0000,0000,,is more oversight’s needed or else we’ll get burned.
Dialogue: 0,0:06:19.81,0:06:22.04,Default,,0000,0000,0000,,Oversight? The government’s long been in bed
Dialogue: 0,0:06:22.04,0:06:25.06,Default,,0000,0000,0000,,with those Wall Street execs and the firms that they’ve led.
Dialogue: 0,0:06:25.06,0:06:27.42,Default,,0000,0000,0000,,Capitalism’s about profit and loss,
Dialogue: 0,0:06:27.42,0:06:30.29,Default,,0000,0000,0000,,you bail out the losers, there’s no end to the cost.
Dialogue: 0,0:06:30.29,0:06:32.97,Default,,0000,0000,0000,,The lesson I’ve learned? It’s how little we know,
Dialogue: 0,0:06:32.97,0:06:35.60,Default,,0000,0000,0000,,the world is complex, not some circular flow.
Dialogue: 0,0:06:35.60,0:06:38.38,Default,,0000,0000,0000,,The economy’s not a class you can master in college,
Dialogue: 0,0:06:38.38,0:06:41.50,Default,,0000,0000,0000,,to think otherwise is the pretense of knowledge.
Dialogue: 0,0:06:41.50,0:06:44.56,Default,,0000,0000,0000,,Which way should we choose?
Dialogue: 0,0:06:44.56,0:06:47.02,Default,,0000,0000,0000,,More bottom up or more top down?
Dialogue: 0,0:06:47.02,0:06:49.45,Default,,0000,0000,0000,,The fight continues,
Dialogue: 0,0:06:49.45,0:06:52.36,Default,,0000,0000,0000,,Keynes and Hayek’s second round.
Dialogue: 0,0:06:52.36,0:06:54.45,Default,,0000,0000,0000,,It’s time to weigh in
Dialogue: 0,0:06:54.45,0:06:57.62,Default,,0000,0000,0000,,more from the top or from the ground.
Dialogue: 0,0:06:57.62,0:07:00.28,Default,,0000,0000,0000,,Let’s listen to the greats,
Dialogue: 0,0:07:00.28,0:07:01.76,Default,,0000,0000,0000,,Keynes and Hayek throwing down.
Dialogue: 0,0:07:01.76,0:07:04.90,Default,,0000,0000,0000,,You get on your high horse and you’re off to the races,
Dialogue: 0,0:07:04.90,0:07:07.59,Default,,0000,0000,0000,,I look at the world on a case by case basis.
Dialogue: 0,0:07:07.59,0:07:10.15,Default,,0000,0000,0000,,When people are suffering I roll up my sleeves
Dialogue: 0,0:07:10.15,0:07:12.80,Default,,0000,0000,0000,,and do what I can to cure our disease.
Dialogue: 0,0:07:12.80,0:07:15.30,Default,,0000,0000,0000,,The future’s uncertain, our outlooks are frail,
Dialogue: 0,0:07:15.30,0:07:18.09,Default,,0000,0000,0000,,that’s why free markets are so prone to fail.
Dialogue: 0,0:07:18.09,0:07:20.73,Default,,0000,0000,0000,,In a volatile world we need more discretion,
Dialogue: 0,0:07:20.73,0:07:23.77,Default,,0000,0000,0000,,so state intervention can counter depression.
Dialogue: 0,0:07:23.77,0:07:26.15,Default,,0000,0000,0000,,People aren’t chessmen you move on a board
Dialogue: 0,0:07:26.15,0:07:28.90,Default,,0000,0000,0000,,at your whim – their dreams and desires ignored.
Dialogue: 0,0:07:28.90,0:07:31.52,Default,,0000,0000,0000,,With political incentives, discretion’s a joke,
Dialogue: 0,0:07:31.52,0:07:33.100,Default,,0000,0000,0000,,those dials you’re twisting, just mirrors and smoke.
Dialogue: 0,0:07:33.100,0:07:36.62,Default,,0000,0000,0000,,We need stable rules and real market prices
Dialogue: 0,0:07:36.62,0:07:39.58,Default,,0000,0000,0000,,so prosperity emerges and cuts short the crisis.
Dialogue: 0,0:07:39.58,0:07:42.04,Default,,0000,0000,0000,,Give us a chance so we can discover
Dialogue: 0,0:07:42.04,0:07:45.04,Default,,0000,0000,0000,,the most valuable ways to serve one another.
Dialogue: 0,0:07:48.16,0:07:50.72,Default,,0000,0000,0000,,Which way should we choose?
Dialogue: 0,0:07:50.72,0:07:53.55,Default,,0000,0000,0000,,More bottom up or more top down?
Dialogue: 0,0:07:53.55,0:07:55.97,Default,,0000,0000,0000,,The fight continues,
Dialogue: 0,0:07:55.97,0:07:58.76,Default,,0000,0000,0000,,Keynes and Hayek’s second round.
Dialogue: 0,0:07:58.76,0:08:01.47,Default,,0000,0000,0000,,It’s time to weigh in
Dialogue: 0,0:08:01.47,0:08:04.47,Default,,0000,0000,0000,,more from the top or from ground.
Dialogue: 0,0:08:04.47,0:08:06.64,Default,,0000,0000,0000,,Let’s listen to the greats,
Dialogue: 0,0:08:06.64,0:08:11.27,Default,,0000,0000,0000,,Keynes and Hayek throwing down.
Dialogue: 0,0:08:20.51,0:08:23.38,Default,,0000,0000,0000,,Which way should we choose?
Dialogue: 0,0:08:23.38,0:08:25.99,Default,,0000,0000,0000,,More bottom up or more top down?
Dialogue: 0,0:08:25.99,0:08:28.42,Default,,0000,0000,0000,,The fight continues,
Dialogue: 0,0:08:29.00,0:08:30.87,Default,,0000,0000,0000,,Keynes and Hayek’s second round.
Dialogue: 0,0:08:30.87,0:08:34.21,Default,,0000,0000,0000,,It’s time to weigh in
Dialogue: 0,0:08:34.21,0:08:37.22,Default,,0000,0000,0000,,more from the top or from ground.
Dialogue: 0,0:08:37.22,0:08:39.47,Default,,0000,0000,0000,,Let’s listen to the greats,
Dialogue: 0,0:08:39.47,0:08:43.02,Default,,0000,0000,0000,,Keynes and Hayek throwing down.