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tv   Charlie Rose  Bloomberg  December 18, 2013 8:00pm-9:01pm EST

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from our studios in new york city, this is "charlie rose." george osborne is here. he has britain's chancellor of the exchequer. he and david cameron are the
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architects of britain's austerity policies. austerity received much criticism at the drive-in economic recovery and growth. recently the economy has started to grow. osborne says that his policies are the reason why. i am pleased to have him back at this table. looking at how fast the economy , more thanis growing any other g-seven country -- g-& country, why is that true? take as much credit as you want to. >> i'm not going to take credit myself. there was a lot of hard work by the british people. >> what are the ideas in play? >> you must live within your means as they country. planve a solid economic that has been reducing the deficit.
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you also have to repay your banking system. so that i can lend and support the economy. we have made difficult changes to our banking system, but that has been worked through. finally, you must have an environment where people feel comfortable investing. britain is making itself super competitive in the world. ,he big pool of investment which was the problem in the eurozone, is logistics. those things are coming together. here, you you come meet people you know, like mayor bloomberg? you also talk to leaders on wall street. what questions are they asking? what is their concern about the british economy? moment, they are all optimistic. we are attracting an awful lot of investment around the world. we have a very open economy and we're are getting investment from china as well as the united. the question everyone wants to know is with financial regulation, we reach a point where you can say don.
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-- done? what are you going to do about the fact that regulation can get tied up? i think it is incumbent on policy makers on both sides of the atlantic to work through these overlaps another lapse. we must have a global financial system. we need more of a global approach to regulating. that theu saying regulations that are in effect are discussed, whether it has to do with -- are they more because of differences in circumstances in europe versus the united states? or is there a different philosophy of regulation? >> we're all trying to solve the same problem. we want to have big financial services, but we do not want to bring down the economy when they fail. particularly if you are in a country like the united kingdom. eating a similar size system to the u.s., but a much better economy.
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not just a slogan, it is a central part of economic stability and management. we have taken a slightly different approach. we separate our retail banks from our investment banks. you basically have to within a bank group separate out the have a different governance structure with different capital attached to it. the reason being, when someone doing my job faces that impossible choice on a saturday andt as my predisaster did various u.s. treasury secretary state, do you let the big banks fail? you want to give the person doing my job some options. you want to be evil to bail in the creditors, not bail them out --h taxpayer money full taxpayer money. this is all about repairing what went wrong. it is not something you can do
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overnight. these repairs take several years. we're getting there as part of a platform of economic stability and progress. >> do you think. frank is right? frank was right? if they have a huge respect for paul volcker. that is the approach that he has recommended in the u.s. and the political system has pursued it. we have pursued a different approach, but it is all about the same thing, managing financial risk of the eye wants london to be the preeminent global center, but i want to make sure that we have the benefits of that, but we are not pulled down by it if it goes wrong. >> is that possible? x i think it is. london is great on finance and asset management. we are trying to make ourselves a big center for other markets
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in the west. it is also about banking. with those big banks, you have to have in place systems to protect taxpayers. >> some of the criticism that -- if you continue on the current path, national income will reach its lowest level since the 1940's. >> government is getting smaller and needed to get smaller. i am not apologetic about it. i am a conservative and i believe in government doing what it is good at and keeping out of things it is not that. we are reducing the size of government, and whether it reaches the size it was in 1948 -- that particular measure is about the size of the public services. i would like to great education in britain and i would like to invest in infrastructure. entitlements.ckle if you're not prepared to tackle entitlements, you cut back on
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discretionary programs, many of which can support your long-term economic future. that's when you attack entitlements, what do you do? >> you have to get the incentives right so that is -- so that it pays you when you get things right. we have these high tax rates in the u.s. and the uk. raises and people of low incomes can find themselves facing 100% tax rate in effect for the extra hour they work. if that was a tax rate imposed on wealthy people, there would be an uproar. but it is a silent part of our welfare system. i would say that reform needs to be based around the principles that it pays to work. you need to have a welfare system that is fair to those who pay for as well as those who use it. >> the institute for fiscal studies says that bending cuts
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the deficit- reduction is coming partially from spending cuts. >> the numbers move around a little bit. ultimately, the problem in britain and some other countries, but the problem in britain is not that we do not tax enough, our problem is that we spend too much. that is the root of the problem. i have not said, no tax increases as part of this consolidation. vat is why i increase the rate, the sales tax in the uk. going forward, it can now be done through spending reduction. our plans do not see tax increases. in the end, britain like the states, we are in a global race. there are some very competitive places out there. you do not make yourself competitive by creasing -- increasing taxes.
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>> you do not become competitive if you're failing to meet standards of education, infrastructure, research and development, all of those things which make an economy competitive around the world. that is what you have to be. 100%.gree with you that is where you want to be focusing government resources that you have. your school system, higher education. those are the things i am protecting. i protected the british science budget. those many on the doorsteps with the science budget, but it is incredibly important to protect. i would make the same argument here. what are these advanced western economies going to be good at in the future? he have to be good at innovation, knowledge -- we have world of scientific
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endeavor. a british scientist won the nobel prize in physics this month. that is how we are going to earn our way in the world. we must have the infrastructure to do that. something else that is missing in the west is that we need to have the ambition. we need to believe that we can do this. >> do you think we have developed a type of complacency? >> i would say it is defeatism. people look at these incredible asian economies and they say, we cannot keep up. i reject that. i think that we have to safeguard ourselves. and we to be political have to have the freedom and the innovation and creativity. look at this incredible city edmund, new york. look at what has been created in the past -- we have to have more self-confidence. >> when you say the west, do you mean the united states? >> i think it is the united states, britain, western europe.
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some countries are not going to keep up in this global race. some of these western democracies are not going to be able to make the difficult decisions that are needed to make sure government lives within its means. >> there's also the argument about the debt and when the national debt become so detrimental to the economy, when is it manageable? when should the emphasis be on growth more hardly than that? one person who articulates that if larry summers. he said that financial debt is only one type of debt. a deficit in education is a greater impediment to growth. with interest rates so low, there is no better time to oral and invest. -- borrow and invest. must create we growth. you do not want to take your focus off of the growth.
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stimulus from the government or in other ways. >> i have a huge amount of respect for larry summers, but i would agree with him that we -- you cannot get rich as a nation by writing checks to yourself. >> you cannot stimulate an economy, can you not? >> they advocate fiscal stimulus in difficult times because the country needs it. then they advocate fiscal stimulus in better times because the country can afford it. they are always for more borrow wing and more stem -- more spending. i do not think this is the problem in the west. our problem is that we need more business investment and leaned to export things that the rest of the world wants to buy. these are our challenges. we need to go or private sector. -- grow our private sector.
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i want government to provide education, i want it welfare system that works. great infrastructure, whether it is broadband, roads, or high-speed railways. i am not someone who says that government should get out of the way. let government do what it is get out. government should not get to a point where it cost so much any debt of the country is growing so high that we have created real economic instability. next not know when the shutdown could come. what i do know is that the end of this financial crisis in the -- has left western countries a very high debt levels. they are unable to absorb the shocks the way they could 5-6 years ago. here andwant to come give lectures to u.s. policymakers. high andcan deficit is it will be coming down quite sharply. course, you know better than
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me that the american political system has made some difficult decisions. there was the sequester and so on. there's probably a more rational but the political system that had to face up to some tough choices i can the uk. the economist says that britain cost recovery starts to -- this is a return to britain's old crisis mode. >> they are being pessimistic. mark carney makes the incometion that this is supported consumption. i am absolutely clear. we need to see the handover now
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from consumption to business invention -- we have to have that balance model of growth. >> this is politics. there is not a parliament in living memory where we have had a falling living standards like this. >> i would not say there is a parliament in living memory where we had to recover from such a deep recession. bybritain, our gdp shrunk 7%. we had a bigger bank bailout even bigger than you had here in the states. we were very deeply affected by that. what is good about the british recovery now is that it is creating jobs. it is creating employment. job creation in the uk is running around 60,000 a month. it is a job rich recovery.
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>> it is more than we have. >> we have to support that. we are cutting taxes and making sure that those jobs are created. much biggere a challenge and recovery would be to have rising unemployment. >> at the same time, as you ,uggest, the economy is growing that weare suggesting ought to have a balanced budget by 2018. is that possible? to get is my ambition our budget in the balance. >> by 2018? our current forecast is that we can do it. originally a jfk expression. that --espun logic is
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when do you repair your public finances? there are those who say borrow in the good years as well as in the bad years. when the good years return, you uk will end upe at the end of this whole crisis and recovery with a public debt that is too high. you have to start reducing it now. it is an uncomfortable truth. thatis how you make sure we are prepared for whatever comes next. you look at the polls, are you surprised you are not doing better in the polls? you're behind by 8%. >> there was a poll today that had is only two points behind. you have to do good economics. if you are chasing the opinion
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poll, i think that becomes self- defeating. thatollster would tell you some opinions are not popular, but they are right. benefitd to cut welfare , and we felt that it might be unpopular. you chart your course by doing what you think is the right thing and what will help your economy. we still have 18 months in charge. we are what -- we are in what you would call the midterms. shine spotlight starts to on the people who got us into this mess, i think people will be convinced that we are the people to get us out. that's what about china? >> i was there last month and it is an incredible place. it seems bigger. i think there's a lot of interesting -- one of the things that i think we have to understand about china is that it is no longer just a sweatshop
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.hurning out cheap toys there is an incredible amount of sophistication in the chinese economy. the second ort third largest internet company in the world. knowing in the u.s. or britain would've heard of it. one in the u.s. or britain would have heard of it. it is such a big company. i think we have got to do business with china and we want .hinese investments we want british and american investments into china. china is connected with the global economic system. they're going to be national security issues. we know about that. but ultimately, the more we bring our economies together, the more it helps the security issues that arise. a big playero be
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in the future. it needs to be a positive player. we cannot ignore it. that's what you fear about the global economy? what do you fear about the global economy? do you fear a housing bubble that might develop? recently allocated a $60 billion lending program away from housing. housing, the challenge in britain, and obviously you have had your heads is -- challenges with housing in the u.s. as well, it is a small country, geographically small, and are planning rules are very restrictive. we need to build more houses. we need to find a way to deal with rapid house raise inflation. we should not be saying to families, you cannot own your
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own home. it might be for me, but it is not for you. that cap on his aspiration is not something i would ever sub or. -- support. we look at the debt bubbles and risks in a way that people are not doing. >> what about export? -- yourts are ultimately have to make things that people will want to buy. --tain >> germany figure that out. >> indeed. >> britain was tied to the european continent and the u.s.. to do more than trans atlantic. we should be exporting more to , and brazil'sdias of the world.
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>> why is that? is it because the market is not there? the government regulation and the rise of the middle class and those emerging markets? ambition not have the that germany frankly had to get into these new markets. >> the ambition? >> britain is more of a service advancement market. as china, to take that as an example, matures, they will want pensions and insurance. they will want to fly on airplanes. these are the things that britain is good at producing. >> will china to focus more on that thing is well with the rise of the middle class? will they need a safety net? x think they will develop a more of a safety net. they are going to need more
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sophisticated financial services. things like a pension, that is not a safety net. it is a form of providing for your future that does not involve just having a bunch of bills stuck under the mattress. the chinese metal last will want pensions. -- middle class will want pensions. they will want more specific pharmaceuticals. who is good at that? rish pharma. -- british pharma. as a threat,ina and i am not naïve about the national security issues, if you just see them as a threat, you will miss the big opportunities. when speaking about national security, what happened to your support all -- for the president on syria? x i was an advocate of taking action. >> were you stunned by that? i am in a leadership of the
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party and i spoke to a lot of members of my party -- first of all, there were several deserters on the boat. -- vote. then we saw a lot of fatigue about foreign intervention. the british military has been there alongside the americans in iraq and then for decades. people are skeptical. is ais going on in syria tragedy for our age. i would like the west to be more engaged. i have to accept that this is not what the british public wants and it is not with the british parliament wants. >> there was some real doubt that if the president had gone to congress he could have gotten it passed. if he understood with the british prime minister understood. these days, you have to take your policy to congress with you.
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there is a mistake with the american president. he said he was elected to get americans out of these wars, -- with the american president. he said he was elected to get americans out of these wars, not into them. >> there has been some question about whether america's commitment has been there. >> voa huge debt to the united states on a global security run. we have to make sure that we are negotiating. we have to make sure that people like myself can believe that the west -- there should not be strategic shrinkage. we have to make an argument about our people first. it is in our interest that we shape the world. it is in our national self- interest, as well as being for the greater good of the world. whether it is trying to prevent iran from developing a nuclear weapon, are bringing this civil war in syria to an end, whether
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it is a concern about what is ,oing on in asia and east china these are issues that concern our world. they should concern us. >> you think iran is prepared to on an agreement that will have them engaged in dismantling their nuclear facilities? >> i would say, let's see. let's find out. so the interim agreement is a good thing? >> yes. the british harlem it is party to it like the american government. let's test this iranian isernment -- government party to it like the american government. let's test this arena government. we have a plan for. it is a six-month program. the are expected to shrink development of their nuclear
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program and we will have limited ancients really. this could be easily -- sanctions relief. usually withdrawn. what is the alternative? if iran get a bomb? no. we have just been talking about the fact that our public is skeptical and needs persuading. should test this iranian government. i would begin with a healthy degree of skepticism about whether we can really land with this iranian government, a long- term thing. i mean healthy skepticism in this sense i am prepared to be convinced otherwise. i put it to the evidence and if they are serious about stopping and in some cases rolling back their program, let us take them up on it full >> thank you for coming. it is great to have you here.
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i look forward to seeing you in london. >> thank you very much. ♪
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>> jason furman is here. he is the chairman of the council of economic advisers.
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the economy is starting to show some signs of improvement. in november, more than 200,000 jobs were created. 7% of employment is at its lowest in everly years. long-term unemployed continue to struggle. the central bank will weigh both the economy's bright spots and shortcomings to decide whether to scale back the bond buying program. i am pleased to have jason furman here. let's start off with the budget deal. ss it for me. >> i think this budget deal is an important step for the economy. ingives us more certainty our fiscal position than we have had for a while. we should not have any shutdowns or the drama we have had. that is important. the money is also important. we've managed to buy back 60% of
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the sequester on the nondefense side. we will be able to spend more money on research, education, everything that is important for long-run growth. be contracting much in the short run, and that will help jobs. >> you think it is the beginning of a serious effort to deal with the crisis we have been having in terms of -- >> the president would have liked to have had business tax reform, more upfront investment in infrastructure. he would've liked it have had more medium and long-term deficit reduction. but we created an important precedent. when it comes to the most immediate thing, what was weighing down our economy, and what was taking away from the funding we needed for areas like research and education, we set an important precedent. we can undo some of that in the next year or so and paid for it
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over the next 10 years. we can do that without hitting those third rail entitlement issues. people ineard from the community about sequestration. how serious was the impact of sequestration on the u.s. economy? >> it was serious. if you look at what the congressional but -- budget office estimated, they said it took the way -- took away 750,000 jobs this year. that is a big impact to the economy. we are creating jobs, and they are opening at an increasing rate in the last couple of months. but we would love to get that rate of job creation. sequester was certainly moving us away from that. >> to you in the white house, in terms of continuing negotiations about budget and the debt ceiling and all of that, having your mind what is an appropriate root form of -- reform of
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entitlement? that's absolutely. the president put out his idea. it is the same philosophy that he brought with the affordable care act. if you can figure out how to save money with healthcare, then you can save money for the federal government and also strengthen medicare. you can have savings that translate onto seniors. what is your economic plan over the next few years for entitlement reform? that youimply saying look at the budget and that is where it is. important to understand that it is right there with the plan for taxes. these to travel together. it is something that we would tax reform,
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including cutting back some of the tax rates that high income households get. we would like to see entitlement root form together. if you cannot do that, focus on the immediate things that the economy needs, which is creating jobs, addressing inequality, increasing mobility, and all of the issues that he has been talking about. >> what is the effect on the economy after prolonged high levels of unemployment? >> it is important to note that unemployment is coming down. if you look again in ointment rate a little more carefully, you see that the short-term unemployment rate is close to where was before the crisis. the whole reason that our unemployment rate remains higher than normal is the long-term unemployment. it is high and that is the thing that is of the biggest concern to us. the good news there is that anything that helps our economy to create jobs is going to bring that long-term unemployment rate down. that is certainly one of the biggest challenges that we face.
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>> how do you measure people who have dropped out of the job market? and are not applying for jobs. there are a variety of ways to look at that. when you look at a broader itsure of unemployment, includes people who are working part-time and one a full-time job. those measures of unemployment have come down sharply. you see on across-the-board improvement. it has not improved as much as we would have liked. >> the current average hourly wages represent only eight 3% inflation of where they stood back in 1979. what does that say? >> we have had several decades of two trends that have made life harder for middle-class emily's. the first is the overall growth rate in the economy. it slowed after 1973. the second is income a quality. we start to see an increase
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starting in the late 1970s. what growth there was was less evenly distributed and not as much of it got to the middle. youou take all of that, have some very serious challenges over several decades. we are making progress. if you look at the last 12 months, real wages are up 1 percentage point. we see nominal wages strengthening. one year is not going to get you out of the problem that was 40 years in the making. >> you tell me that your mother watches this show and reported back to you what larry summers said to me. him the same question, what happened to people who no longer have unemployment insurance? they have no job, they have a family, -- >> congress can extend unemployment insurance. we should prevent these after 1.3 million people from being
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put in that situation that you are describing. >> there's also obama care. what impact will that have on healthcare expenses? what impact will it have on the deficit? what impact will it have on people who have been dependent on the insurance that they have had? that's where the real untold stories in this economy is that the last three years, we have had the slowest growth in per capita health spending in the last 60 years. that is just an extraordinary transformation. with helping our families their wages. it is helping to make health insurance more affordable. there are a lot of reasons that that is happening. one of them is definitely the affordable care act. that is the way in which it is affecting all americans. they may not understand it, and premiums are still rising, but not as quickly as before --
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>> what happens if the debt if our economy grows the way it is now for the next 10 years? >> we are seeing that the debt will come down. as an economist, that is what i want to see. i want to see that our fiscal situation is sustainable and whether our that the shrinking. -- debt is shrinking. the president has proposed several things to continue to bring that debt down. physical situation over the next 5-10 years that has greatly improved and where was just a couple years ago. it is what we have been able to do on revenues from high-income households and getting spending under control. want to dot do you that you are not able to do? up at night is extending unemployment benefits.
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it seems very common sense and congress passed the 12 times in the last few years. most of that was with strong bipartisan vote. it borders on a no-brainer and we should do it. that we live in a global world, a global economy, that is interdependent. clearly what happens in 2008 affected what happened in china and all around the world. we got a lot of lame for that. .- blame for that how do you see the global economy over the next few years? >> there are signs that it is strengthening. the euro zone appears to be coming out of its recession. it appears to have made a lot of progress in terms of its financial system. there is more strengthen its growth. you have seen other parts of the world with strengthening growth. you have seen that reflected in our export. her exports are growing more quickly.
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>> you go back to washington says, it the president is the holiday season. come by for a drink. and he says, tell me, what shape is our economy in? what are the problems and what are the opportunities? that we would enter a really terrible time. we are healing. we are making progress well, but there is a lot more we need to do. i also tell them, and these are things he knows very well, that even once we get out of trouble that we had in this economy, we still have those trends that predate this financial crisis. there is a really deep increase in inequality and a slowdown in our grocery. -- growth rate. education, that
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helps mobility, that helps growth, that helps inequality. there are a lot of steps we can take better win-win when it comes to our big challenges. >> how did you learn to become a juggler? >> a lot of practice. >> i was video. you are pretty good are you? >> i used to perform in washington square park is a kid. pulling balls, georges, knives, all of it. -- of bowling balls, torches, knives, all of it. you can see if you get invited to my children' parties. if what is the hardest thing? is there some notion of focus or concentration? >> you have to practice. there is a lot muscle memory involved too. >> thank you for coming. >> thank you for having me. >> the great ted williams once said that all he wanted of life is to walk down the street and
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folks will say, there goes the greatest hitter who ever lived. that he was. he played for the boston red sox. that mark had never been met. off the baseball diamond, his life was complicated. he had a quick number. -- temper. juniorist ben bradlee spent more than a decade researching be batting legend. his new book is called "the kid: the immortal life of ted williams" and i am pleased to have ben bradlee here. what makes ted williams so interesting? >> i was struck by how much interest there still was in his wife -- his life. a mean the figure to me. i grew up outside of boston. as a kid, i saw him fight the last 3-4 years of his career. the last 3-4 years of
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his career. when he died, the boston globe was filled with letters to the editor from grandfathers to fathers to sons -- he was the glue in the social fabric. he was a meaningful figure to me and in speed reading the earlier books on williams, they were done mostly by adoring sportswriters who focused mostly on his exploits on the field. i thought there was a lot of -- muchtell other parts less, chronicle other parts of his life. he grew up in san diego indie depression. thefact that he concealed fact that he was a mexican- american, and -- no one knew that until he , his service in two wars,
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his circles of anger, i thought it was a rich story. i dove in. him why he played baseball, and he said, because i was good at it early. -- he had ap playground right next to his house. it had floodlights, which was rare in those days. that was his salvation. his mother was a soldier in the salvation army and she was out in till all hours of the night saving souls. that was her priority. she was never home for ted or his younger brother. he played ball late into the night. go,here's so many places to but what makes ted williams an icon? >> he was a rich character. at some point, it takes something more than just talent
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to become an iconic figure. he made as much news off the field as on the field. he struggled with anger and he was able to channel it effectively on the ball field. he liked to say that he had better angry. -- hit better angry. it causing great problems in his personal life. he was a multidimensional figure. >> you did 600 interviews. when you get the assessment of his talent, what is that? >> is baseball town? coordination -- lexi would resent it when people would risk -- attributed his
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skills to being a natural. he would say that he would think about hitting and no one has taken more swings than i have. >> of all the people i have interviewed over 25 plus years, the great ones always say that. they say that if they miss a day of practice, the game is different. there is an obsession with almost perfection. >> he was a perfectionist. that is what he was. excellence and i think he undertook it. he was good at a lot of things. he was into fishing holes. he was in the military aviation hall of fame. butought in not one more, two. but two.
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he was an elite marine fighter pilot. he flew with john glenn. i spoke to john gant -- john glenn and he said he was one of the best pilots he had ever seen. there is this aspect of his death and the freezing stuff. what is that about? coda to thea sad ted williams sale. ,hat happened is that his son who he reconnected too late in life, i got interested in something called cryonics. it is not a science as such, but it is a belief system held by maybe a few thousand people who believe that at some point medical science will progress to the point where it will be possible to cure you of whatever it is you died from.
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you will somehow be able to be brought back to life. there are a lot of holes in the theory. i have not worked out whether ted would come back as an 83- year-old man or a young stud who could hit. claudia williams, who was the ,ole surviving child of ted told me for the first time the back story of how it came to pass that ted was frozen. of 2000, in november 1.5 years before ted died, john henry and claudia went to him before he was going to have a pacemaker installed. a surgery for a man that age is routine. i thought this was the time to dad, we them and say, would like to do cryonics and would you do this with us?
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will you do this for us? framed it that way, will you do it for us? he agreed. but my conclusion was that if he did, he was probably not of sound mind. i was able to interview at least a dozen more people who said that ted told them after this day that he wanted to be cremated and have his ashes thrown into the florida keys where he lived and finished. -- finished. -- fished. >> only one world series. >> yes. only one world series when the red sox lost to the cardinals. he had a bad series. that was one of his bigger grants. rugrats -- for heads --
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big regrets. >> bush 41 was delayed so they spent time hanging out and talking. what did they talk about? he said, you would be amazed. they talked about small points of baseball. it was all about the game. gave you trouble? did you ever experiment with different backs? >> i have a separate chapter in the book about the relationship train -- between williams and dimaggio. they had a lifelong rivalry. even after they played. was fierce. rivalry for ted, it was friendly. they were opposites in every respect. joe was quiet and stoic. ted was emotional and voluble. incessantly,ke
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even on the dugout. ted never smoked. they age differently. williams mellowed late in life and came out, even started talking to reporters and joe became more reclusive. ted was more generous to joe privately and joe was to ted. joe disparaged ted privately. rings did he get? how many championships? joe of course had been there. >> was there a serious disagreement about who is the greatest hitter of all time? >> of course. these are parlor games and debate for pubs and bars. everybody has their candidate. oneuld assert that no theines power and average
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way williams dead. -- did. one at it the base every two times. >> for a statistician, that is good. as his term as a manager in washington, was he a good manager? >> not really. he came back, and he was bored with fishing and it was too early to retire. he was such a personality in the game. it was good for baseball that he came back. but he was a one-dimensional manager. the only part of the game that interest him was hitting. sox, hewas with the red thought pitchers were stupid. he would go to the pictures and say, you are down.
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he continued that his manager, and that is not the way to build relationship. there were parts of the game where they see -- they send a runner and they do not interest him much. the book is called "the kid: the immortal life of ted williams". about the way you look. >> not only did he want to be good, he wanted to look good. as a kid, he always carried a bat with him. when he passed a storefront, he would take a swing in the reflection of the store run. the merchant since i were wondering, who is this being glorious kid outside? >> "the kid: the immortal life of ted williams" by ben junior, thank you. >> thank you. ♪
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>> this is "taking stock" for wednesday, december 18, 2013. i am pimm fox. we will focus on stimulus for the economy, your mind, and your relationships. ben bernanke begins to tap the brakes on economic stimulus. we will tell you how this might affect your portfolio and finances. move over candy crush. the app quizup takes the casual gaming word by storm.

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