WEBVTT - Rush Interviews Dr. Arthur Laffer

0:00:00.080 --> 0:00:03.159
<v Speaker 1>We welcome to our program, Dr Arthur Laugher, ladies and gentlemen,

0:00:03.200 --> 0:00:06.880
<v Speaker 1>who has prepared a research paper on the Obama health

0:00:06.880 --> 0:00:10.400
<v Speaker 1>care plan. I've i've I've admired your work, Dr Laugher,

0:00:10.440 --> 0:00:11.960
<v Speaker 1>ever since I first heard of you back in the

0:00:12.000 --> 0:00:14.360
<v Speaker 1>late seventies early eighties. It's great to have you here. Well,

0:00:14.360 --> 0:00:16.840
<v Speaker 1>thank you very much. Right by the way, I want

0:00:16.840 --> 0:00:18.720
<v Speaker 1>to share something with you. You may not know this,

0:00:18.760 --> 0:00:25.000
<v Speaker 1>but you are partially responsible for Obama becoming a community organizer.

0:00:25.079 --> 0:00:27.640
<v Speaker 1>From chapter seven, page fifty four of his book Dreams

0:00:27.640 --> 0:00:31.160
<v Speaker 1>of My Father, there wasn't much detail to the idea

0:00:31.200 --> 0:00:33.720
<v Speaker 1>of community organizer. I didn't know anybody making a living

0:00:33.760 --> 0:00:36.519
<v Speaker 1>that way. When classmates in college asked me just what

0:00:36.560 --> 0:00:38.920
<v Speaker 1>it was that a community organizer did, I couldn't answer

0:00:38.960 --> 0:00:41.400
<v Speaker 1>them directly. Instead, I'd pronounced on the need for change.

0:00:41.880 --> 0:00:44.599
<v Speaker 1>Change in the White House where Reagan and his minions

0:00:44.640 --> 0:00:47.880
<v Speaker 1>were carrying on their dirty deeds, you were a minion

0:00:47.960 --> 0:00:52.400
<v Speaker 1>doing dirty deeds a million million. Oh my god. I

0:00:52.400 --> 0:00:54.080
<v Speaker 1>don't know if you remember, Rush, but I was on

0:00:54.120 --> 0:00:57.920
<v Speaker 1>your show in studio in Sacramento, California, many many years ago.

0:00:58.040 --> 0:01:01.360
<v Speaker 1>Oh that's right, that's that you know you're exactly right.

0:01:01.440 --> 0:01:04.600
<v Speaker 1>You impressed me enormously then as well as today. Well,

0:01:04.840 --> 0:01:07.320
<v Speaker 1>I thank you very much for that. It's mutual. Then

0:01:07.760 --> 0:01:11.039
<v Speaker 1>I have a summary here of your findings. Uh, let

0:01:11.120 --> 0:01:12.720
<v Speaker 1>me just run through a couple of bullet points and

0:01:12.720 --> 0:01:15.839
<v Speaker 1>then you can take it and expand on this. Uh.

0:01:16.000 --> 0:01:19.360
<v Speaker 1>The current proposals being discussed in Washington House and Senate

0:01:19.920 --> 0:01:23.800
<v Speaker 1>would raise the total federal government expenditures by five point

0:01:23.880 --> 0:01:27.479
<v Speaker 1>six percent more than otherwise, adding two out and five

0:01:27.520 --> 0:01:30.000
<v Speaker 1>point six billion dollars to the deficit in twenty nineteen

0:01:30.440 --> 0:01:34.880
<v Speaker 1>would increase national healthcare expenditures by an additional eight point

0:01:34.959 --> 0:01:38.760
<v Speaker 1>nine After all this, it would still leave thirty million

0:01:38.840 --> 0:01:44.280
<v Speaker 1>Americans uninsured. Uh fill in blanks here for us. Well,

0:01:44.280 --> 0:01:46.679
<v Speaker 1>you know it's a it's a fairly straightforward when without

0:01:46.760 --> 0:01:48.960
<v Speaker 1>going through the specific numbers, although I'd be more than

0:01:49.000 --> 0:01:52.080
<v Speaker 1>happy to do that. You know, whenever you separate people

0:01:52.120 --> 0:01:55.120
<v Speaker 1>from their purchases, they make If you walked into a

0:01:55.160 --> 0:01:57.200
<v Speaker 1>store and weren't told what anything would cost and you

0:01:57.200 --> 0:01:59.720
<v Speaker 1>can pick out whatever you wanted free, you know you're

0:01:59.720 --> 0:02:01.880
<v Speaker 1>going to be squandrous. You're going to buy things that

0:02:01.920 --> 0:02:04.280
<v Speaker 1>are way too expensive that you don't want. I mean,

0:02:04.320 --> 0:02:06.800
<v Speaker 1>one of the ways you control costs is making people

0:02:06.840 --> 0:02:09.960
<v Speaker 1>responsible for their own money, for their own expenditures. And

0:02:10.040 --> 0:02:13.200
<v Speaker 1>that is exactly what this program does not do. It

0:02:13.600 --> 0:02:16.239
<v Speaker 1>makes a separation between the patient and the doctor and

0:02:16.320 --> 0:02:20.119
<v Speaker 1>health services further and further removed and takes away all

0:02:20.240 --> 0:02:24.359
<v Speaker 1>control of costs. And frankly, if if I p J.

0:02:24.520 --> 0:02:27.560
<v Speaker 1>O'Rourke put it, he said, if you think healthcare is expensive,

0:02:27.600 --> 0:02:29.919
<v Speaker 1>now just way do you see how much it costs

0:02:29.919 --> 0:02:33.200
<v Speaker 1>when it's free? And that's exactly what we're doing here.

0:02:33.600 --> 0:02:36.679
<v Speaker 1>You know, you're you're a you're an economist, accomplished economist,

0:02:36.760 --> 0:02:40.600
<v Speaker 1>and you obviously need a lot of research here. Uh.

0:02:40.840 --> 0:02:44.520
<v Speaker 1>One of my bugaboos is in a in a political

0:02:44.560 --> 0:02:47.880
<v Speaker 1>sense that when somebody like it Obama or any Democrat

0:02:47.919 --> 0:02:52.160
<v Speaker 1>proposes something massive like this, the premise, which is we

0:02:52.200 --> 0:02:54.920
<v Speaker 1>have to have healthcare reform, is automatically accepted and we

0:02:54.960 --> 0:02:57.360
<v Speaker 1>start analyzing the numbers and we said, well, that's too

0:02:57.440 --> 0:02:59.840
<v Speaker 1>much hair is too much in there? Do you do

0:03:00.000 --> 0:03:03.960
<v Speaker 1>you get into the motivation for people who are behind this? Uh?

0:03:04.040 --> 0:03:06.480
<v Speaker 1>This monster? Did that interest you at all? Why? It

0:03:06.600 --> 0:03:08.240
<v Speaker 1>interests me? But it's not in this paper. I mean

0:03:08.280 --> 0:03:10.959
<v Speaker 1>that's not our purpose. As you say, I'm an economist.

0:03:11.040 --> 0:03:13.200
<v Speaker 1>I worry about the cost of the program, which are

0:03:13.200 --> 0:03:15.280
<v Speaker 1>going to be a lot more than anyone else suggests.

0:03:15.560 --> 0:03:18.120
<v Speaker 1>I'm worried about the access and the availability of the

0:03:18.160 --> 0:03:20.480
<v Speaker 1>services of the health care and I'm worried about the

0:03:20.520 --> 0:03:22.760
<v Speaker 1>quality of it. I mean, that's what economists really worry

0:03:22.760 --> 0:03:26.560
<v Speaker 1>about in this program. It's it's a real problem. Well,

0:03:26.880 --> 0:03:29.480
<v Speaker 1>your first point about separating people from the cost of

0:03:29.520 --> 0:03:32.080
<v Speaker 1>things is right on the money. It's uh, you know,

0:03:32.680 --> 0:03:35.680
<v Speaker 1>it started fifty years ago with Medicaid Medicare, and it's

0:03:35.720 --> 0:03:40.280
<v Speaker 1>just expanded and now people consider it a right that

0:03:40.360 --> 0:03:44.120
<v Speaker 1>their employer has to provide for them. But Dr Laugher,

0:03:44.560 --> 0:03:48.120
<v Speaker 1>your research is going to add to what people have

0:03:48.200 --> 0:03:51.400
<v Speaker 1>already learned on their own by reading what's in the

0:03:51.440 --> 0:03:55.680
<v Speaker 1>House bill. Uh, and they're they're outraged by it. Um.

0:03:55.920 --> 0:03:58.560
<v Speaker 1>Do you think that your research paper has an opportunity

0:03:58.600 --> 0:04:01.280
<v Speaker 1>to stop this? Well, I I hope it provides the

0:04:01.320 --> 0:04:04.400
<v Speaker 1>information in the fodder basically to really make it a

0:04:04.400 --> 0:04:06.720
<v Speaker 1>lot better. If not stopping it, I mean, I'd love

0:04:06.760 --> 0:04:09.480
<v Speaker 1>to see it stopped. You know, our healthcare system has

0:04:09.520 --> 0:04:12.120
<v Speaker 1>things that can improve it a lot, But it's not broken.

0:04:12.160 --> 0:04:15.320
<v Speaker 1>It provides great health care for many people. And frankly,

0:04:15.360 --> 0:04:18.120
<v Speaker 1>I think this type of reform, and especially in the

0:04:18.160 --> 0:04:20.640
<v Speaker 1>direction I think these people are going for having a

0:04:20.640 --> 0:04:23.320
<v Speaker 1>single pair, I think it's it's really the wrong direction

0:04:23.360 --> 0:04:25.240
<v Speaker 1>for America to go. I think it will really add

0:04:25.240 --> 0:04:28.320
<v Speaker 1>costs and up provide a lower quality product. Now you

0:04:28.360 --> 0:04:31.800
<v Speaker 1>have in your paper a lot of solutions, uh that

0:04:33.120 --> 0:04:36.160
<v Speaker 1>make health care more available, make it better without destroying

0:04:36.160 --> 0:04:38.360
<v Speaker 1>what's already good in the system. What are some of those, Well,

0:04:38.400 --> 0:04:40.600
<v Speaker 1>you know, some of the obvious ones that I think

0:04:40.600 --> 0:04:43.800
<v Speaker 1>are really big. I mean, I think healthcare providers who

0:04:43.839 --> 0:04:48.239
<v Speaker 1>aren't doctors, allowing them to do things they're competent to do, uh,

0:04:48.960 --> 0:04:51.240
<v Speaker 1>and not prohibiting them from doing it. The nurses and

0:04:51.320 --> 0:04:55.000
<v Speaker 1>other healthcare technicians shots and other things, and prescribing low

0:04:55.080 --> 0:04:57.520
<v Speaker 1>level medicines and that type of stuff. I think port

0:04:57.600 --> 0:05:00.000
<v Speaker 1>reform is another one rush that really is a huge

0:05:00.400 --> 0:05:03.440
<v Speaker 1>increase in costs. I mean, the insurance costs the doctor

0:05:03.520 --> 0:05:06.560
<v Speaker 1>has just for practicing medicine and how that feeds through

0:05:06.560 --> 0:05:10.560
<v Speaker 1>and expenses. Uh, it's amazing all of these things. There

0:05:10.600 --> 0:05:12.320
<v Speaker 1>are lots of things we can do to make our

0:05:12.360 --> 0:05:16.400
<v Speaker 1>system better. H s A is Health savings accounts is

0:05:16.400 --> 0:05:20.320
<v Speaker 1>another good example there vstly struck. However, from this from

0:05:20.360 --> 0:05:22.640
<v Speaker 1>both both houses of the House and the Senate, the

0:05:22.920 --> 0:05:24.720
<v Speaker 1>h s a s are going to be gone precisely

0:05:25.520 --> 0:05:28.960
<v Speaker 1>because they do give power and control of the patients. Sure,

0:05:29.000 --> 0:05:31.359
<v Speaker 1>and it gives you the power of your own money.

0:05:31.360 --> 0:05:34.160
<v Speaker 1>It's it's money that you put in there. I mean,

0:05:34.240 --> 0:05:37.320
<v Speaker 1>you know, individual ownership of masurance policies, that's an obvious one.

0:05:37.360 --> 0:05:39.120
<v Speaker 1>I mean the h s a s as you say,

0:05:39.160 --> 0:05:43.039
<v Speaker 1>are clear. Uh. You know, interstate purchasing of insurance that

0:05:43.120 --> 0:05:45.600
<v Speaker 1>that's another one that can easily be done. There are

0:05:45.640 --> 0:05:47.800
<v Speaker 1>lots of other ones that are in there that really

0:05:47.839 --> 0:05:50.560
<v Speaker 1>will make the system a lot better. But making it

0:05:50.680 --> 0:05:53.680
<v Speaker 1>the post office of the Department of Motor Vehicles or

0:05:53.800 --> 0:05:57.919
<v Speaker 1>making a doctor's employees of government really doesn't make it better. Honest,

0:05:58.400 --> 0:06:00.279
<v Speaker 1>let me move to the general economy if I can't.

0:06:00.279 --> 0:06:03.159
<v Speaker 1>For just I love it. We saw the news yesterday

0:06:03.279 --> 0:06:09.640
<v Speaker 1>tax receipts, corporate and personal near record laws since the nineties. Surprise, surprise,

0:06:10.000 --> 0:06:13.480
<v Speaker 1>Well it does it the personal question. Uh. The author

0:06:13.520 --> 0:06:17.080
<v Speaker 1>of the Laugher curve the principle that uh, to a

0:06:17.120 --> 0:06:21.280
<v Speaker 1>certain point lowering marginal tax rates stimulates economic activity and

0:06:21.360 --> 0:06:25.400
<v Speaker 1>generates more revenue to the treasury has been proven twice

0:06:25.680 --> 0:06:29.039
<v Speaker 1>Kennedy and Reagan. It has been and well Bush bush

0:06:29.080 --> 0:06:33.159
<v Speaker 1>Bush has been proven three times. Does it frustrate you personally?

0:06:33.200 --> 0:06:35.719
<v Speaker 1>That's something you know works that has been demonstrated to

0:06:35.760 --> 0:06:41.000
<v Speaker 1>work to the world constantly attacked and tried to be overthrown. Yeah,

0:06:41.040 --> 0:06:44.160
<v Speaker 1>but it's it's silly because, I mean, everyone knows that

0:06:44.320 --> 0:06:47.200
<v Speaker 1>you can overcharge for something and collect less money, and

0:06:47.240 --> 0:06:50.080
<v Speaker 1>everyone knows you can undercharge for it and collect less money.

0:06:50.320 --> 0:06:53.080
<v Speaker 1>You know, there's a pricing mechanism there and taxes are

0:06:53.080 --> 0:06:56.559
<v Speaker 1>no different. And it just let's take the healthcare one here, Rush.

0:06:57.040 --> 0:06:59.159
<v Speaker 1>You know, the President wanted to put a five point

0:06:59.200 --> 0:07:03.039
<v Speaker 1>four sir a charge on millionaires thinking he'd collect more money.

0:07:03.320 --> 0:07:05.880
<v Speaker 1>That's about the dumbest idea I've ever heard. If you

0:07:06.000 --> 0:07:08.280
<v Speaker 1>raise taxes on those people, you're gonna get a lot

0:07:08.360 --> 0:07:10.400
<v Speaker 1>less people, and they're gonna fig your ways around it,

0:07:10.400 --> 0:07:12.800
<v Speaker 1>and you're going to collect a lot less money. Dr Laugher,

0:07:12.920 --> 0:07:15.840
<v Speaker 1>This gets to a question that the point that really

0:07:15.880 --> 0:07:20.080
<v Speaker 1>really bugs me. You just said it's stupid. Anybody with

0:07:20.240 --> 0:07:24.480
<v Speaker 1>any economic literacy has to conclude by now, and many

0:07:24.560 --> 0:07:28.320
<v Speaker 1>knew before it was implemented that the whole stimulus theory

0:07:28.800 --> 0:07:32.400
<v Speaker 1>was bound to fail. It had no chance. It's never

0:07:32.480 --> 0:07:37.600
<v Speaker 1>worked whenever you get something for nothing, because you're probably so,

0:07:38.000 --> 0:07:40.520
<v Speaker 1>I'm back to motivation. I'm back in. This may be

0:07:40.640 --> 0:07:42.560
<v Speaker 1>an area you might not want to get into, but

0:07:42.560 --> 0:07:45.560
<v Speaker 1>I'm gonna chance to question. I don't believe they're stupid.

0:07:45.720 --> 0:07:48.760
<v Speaker 1>I think it's being done purposely for a reason. Nobody

0:07:48.920 --> 0:07:51.200
<v Speaker 1>is this stupid, not with the history of the world,

0:07:51.200 --> 0:07:54.440
<v Speaker 1>in the history of this country. Within twenty years as

0:07:54.480 --> 0:07:57.120
<v Speaker 1>a guide, there's a blueprint how to get an economy

0:07:57.160 --> 0:07:59.040
<v Speaker 1>going again. It's called get out of the way of

0:07:59.080 --> 0:08:03.280
<v Speaker 1>the American people, and saddvised them this is the exact opposite.

0:08:03.280 --> 0:08:06.679
<v Speaker 1>We're losing five or six hundred thousand jobs every month.

0:08:07.280 --> 0:08:10.320
<v Speaker 1>Consumers spending was up point four percent, but the incomes

0:08:10.320 --> 0:08:13.240
<v Speaker 1>are down one point three percent. Nothing is working. There

0:08:13.360 --> 0:08:16.080
<v Speaker 1>is no rescue, there is no recovery. And they're talking

0:08:16.080 --> 0:08:19.480
<v Speaker 1>about doubling down on this. And I, for one, as

0:08:19.560 --> 0:08:22.680
<v Speaker 1>someone who understands how wrong this is dangerous, don't understand

0:08:22.720 --> 0:08:25.480
<v Speaker 1>why it is being continued. Well, I'm not really sure

0:08:25.520 --> 0:08:28.520
<v Speaker 1>but if you've ever been at the university with fellow professors,

0:08:28.760 --> 0:08:31.240
<v Speaker 1>I mean, they may be able to manipulate a Fineman

0:08:31.360 --> 0:08:34.520
<v Speaker 1>diagram or inverted matrix over a Banach space, but they

0:08:34.559 --> 0:08:36.120
<v Speaker 1>don't know how to pay their lunch bill, and they

0:08:36.120 --> 0:08:39.040
<v Speaker 1>can't tie their shoes. And what you see here are

0:08:39.080 --> 0:08:43.880
<v Speaker 1>these types of mistakes are classic professorial mistakes, lawyer mistakes.

0:08:44.200 --> 0:08:46.800
<v Speaker 1>They think that I could change a lot rush all

0:08:46.800 --> 0:08:49.560
<v Speaker 1>of a sudden things are working in that direction. It's

0:08:49.600 --> 0:08:52.960
<v Speaker 1>not true. And they have no idea of the real world.

0:08:53.040 --> 0:08:55.959
<v Speaker 1>They've never made a bad trade, They've never suffered the

0:08:56.080 --> 0:09:00.000
<v Speaker 1>humility of their own ideas being wrong, because in their classroom,

0:09:00.080 --> 0:09:03.080
<v Speaker 1>their ideas are always right. And that's the trouble with

0:09:03.120 --> 0:09:07.719
<v Speaker 1>this administration. They really don't have a clue. Well, you're

0:09:07.720 --> 0:09:11.040
<v Speaker 1>being generous. I am. I like I like the people

0:09:11.240 --> 0:09:13.080
<v Speaker 1>very much. I know a number of them very well.

0:09:13.120 --> 0:09:16.360
<v Speaker 1>They're good friends. Does Laurens have a clue? I don't

0:09:16.360 --> 0:09:17.880
<v Speaker 1>think he has a clue. He may be the one

0:09:17.960 --> 0:09:20.320
<v Speaker 1>that you're right on, by the way, if the other ones.

0:09:20.440 --> 0:09:22.760
<v Speaker 1>Jared Bernstein, I know him very well. He's a great guy,

0:09:22.960 --> 0:09:25.240
<v Speaker 1>an honest man. I think he's wrong but he's a

0:09:25.240 --> 0:09:29.079
<v Speaker 1>great guy. Christina's Romer, She's terrific. Her research before has

0:09:29.120 --> 0:09:33.160
<v Speaker 1>been great. Christina Romer is an acolyte of you. Yeah,

0:09:33.200 --> 0:09:36.200
<v Speaker 1>but she's great on that stuff. And she's just sitting

0:09:36.240 --> 0:09:38.400
<v Speaker 1>there now in a position where she has to mouth

0:09:38.520 --> 0:09:41.480
<v Speaker 1>the the the the party line, which is very sad.

0:09:41.800 --> 0:09:46.000
<v Speaker 1>I watched Austin Gouldsby defend Obama's firing of the chairman

0:09:46.040 --> 0:09:49.400
<v Speaker 1>of the board of GM. Hello, that's not what a

0:09:49.440 --> 0:09:51.560
<v Speaker 1>president the United States is supposed to do. Rush, but

0:09:51.640 --> 0:09:55.400
<v Speaker 1>that's what they were doing. And and the economist was justifying, well,

0:09:55.440 --> 0:09:59.120
<v Speaker 1>we're a big shareholder now and we Oh my goodness,

0:09:59.400 --> 0:10:01.800
<v Speaker 1>it's crazy, isn't it. It is, Well, it's crazy and

0:10:01.880 --> 0:10:04.760
<v Speaker 1>dangerous because you know when you start attaching motive to

0:10:04.800 --> 0:10:13.280
<v Speaker 1>this um. I granted you that their prophetsorial and academically stupid, ignorant,

0:10:13.840 --> 0:10:16.400
<v Speaker 1>but something about this is so bad and so wrong.

0:10:16.800 --> 0:10:18.920
<v Speaker 1>And there when you look at something that this bad,

0:10:18.960 --> 0:10:20.840
<v Speaker 1>there there are people going to benefit from it. And

0:10:20.840 --> 0:10:22.720
<v Speaker 1>when you look at who, then you say, okay, how

0:10:23.760 --> 0:10:26.280
<v Speaker 1>and but who benefits from this? I see? I don't

0:10:26.280 --> 0:10:30.000
<v Speaker 1>see the who benefits from these types of classic mistakes

0:10:30.040 --> 0:10:33.360
<v Speaker 1>unless you're just a power hungry dictating Well, I mean,

0:10:33.480 --> 0:10:36.160
<v Speaker 1>would Kim Jung Ill do this? I mean, seriously, he

0:10:36.240 --> 0:10:38.640
<v Speaker 1>has done it. His people are eating dogs, they're starving

0:10:38.640 --> 0:10:41.040
<v Speaker 1>to death. They're doing it in Venezuela. It's the history

0:10:41.040 --> 0:10:43.559
<v Speaker 1>of the world is a pretty bad guy. They're they're

0:10:43.679 --> 0:10:45.920
<v Speaker 1>they're not many worse than it. The history of the

0:10:45.960 --> 0:10:48.760
<v Speaker 1>world is this. That's why the United States is such

0:10:48.800 --> 0:10:51.640
<v Speaker 1>an exception. If you have a guy who's, for whatever reason,

0:10:51.640 --> 0:10:54.080
<v Speaker 1>as a chip on his shoulder about how the immoral

0:10:54.160 --> 0:10:56.360
<v Speaker 1>and unjust this country was. I tell you what I think.

0:10:56.360 --> 0:10:59.360
<v Speaker 1>Put in economic terms, I think that the objective Barack

0:10:59.360 --> 0:11:03.480
<v Speaker 1>Obama is via redistribution, to return the nation's wealth to

0:11:03.520 --> 0:11:07.080
<v Speaker 1>its quote unquote rightful owners. But you know he's destroying

0:11:07.080 --> 0:11:09.880
<v Speaker 1>it for the poor, for the minorities, for the disenfranchise. Yeah,

0:11:09.920 --> 0:11:12.240
<v Speaker 1>but he's no. No one's doing better with nine and

0:11:12.240 --> 0:11:15.440
<v Speaker 1>they have tem percent unemployment rate and the participation rates,

0:11:15.480 --> 0:11:18.600
<v Speaker 1>the average hours, the average wages, the quality of jobs.

0:11:18.640 --> 0:11:22.480
<v Speaker 1>It's declining like a like a submarine. Well, well, positive

0:11:22.520 --> 0:11:25.439
<v Speaker 1>positive theory. If your number one signature issue is healthcare

0:11:25.440 --> 0:11:27.120
<v Speaker 1>and you want it because with it you'll be able

0:11:27.160 --> 0:11:30.240
<v Speaker 1>to regulate every aspect of every American's life. That's true.

0:11:30.320 --> 0:11:33.520
<v Speaker 1>What better event could you have the massive unemployment and

0:11:33.600 --> 0:11:37.040
<v Speaker 1>people losing their health insurance, clamoring for more, clamoring for

0:11:37.120 --> 0:11:38.640
<v Speaker 1>their health because they're scared to death, they're going to

0:11:38.720 --> 0:11:42.079
<v Speaker 1>get sick. I think there's a lot of fraud and

0:11:42.120 --> 0:11:46.160
<v Speaker 1>deceit that accompanies the professorial stupidity. But there is a

0:11:46.200 --> 0:11:48.520
<v Speaker 1>lot of that. It's hubris, I mean, is what it

0:11:48.600 --> 0:11:51.560
<v Speaker 1>really is. And their inability to admit they're wrong, because frankly,

0:11:51.600 --> 0:11:54.040
<v Speaker 1>they don't have to bear the consequences of their own

0:11:54.080 --> 0:11:56.439
<v Speaker 1>hubris and their own mistakes. That that's the problem. That's

0:11:56.440 --> 0:11:58.880
<v Speaker 1>a good points. Dr Laugher. This is a great talk

0:11:58.920 --> 0:12:00.920
<v Speaker 1>to you against It's wonder we're talking with you. You're

0:12:00.920 --> 0:12:03.160
<v Speaker 1>doing a great job. Thank you very much. You bet haven.

0:12:03.360 --> 0:12:05.480
<v Speaker 1>You're going to present this paper a two o'clock this afternoon, right,

0:12:06.040 --> 0:12:08.640
<v Speaker 1>all right, well we'll have were you doing that in

0:12:08.679 --> 0:12:11.360
<v Speaker 1>New York? I'm in New York? Okay, good well, good luck,

0:12:11.400 --> 0:12:13.360
<v Speaker 1>and thanks very much for your time. Thank you very much,

0:12:13.800 --> 0:12:14.959
<v Speaker 1>Dr Arthur Laugher.