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Okay.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=20.914,21.747"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/5","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Okay, huh?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=21.747,23.064"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/6","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That okay?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=23.064,24.455"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/7","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(tapping microphone)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=24.455,27.288"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/8","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There we 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presentation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=34.77,36.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/11","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're invited to attend the reception","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=36.84,39.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/12","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the Camp and Neo room,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=39.15,41.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/13","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Camp and Neo room is off in this direction","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=41.26,43.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/14","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"On the North side of the 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lecture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=181.46,184.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/55","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the Johns Hopkins university.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=184.09,187.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/56","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are pleased that Mr. Cappiello can be with us tonight.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=187.39,191.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/57","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He will speak on the economic prospects","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=191.42,193.841"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/58","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the 1980s for investments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=193.841,197.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/59","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and he will conclude his presentation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=197.53,199.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/60","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with some observations on the crash of 1929.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=199.55,204.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/61","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Following his presentation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=204.16,205.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/62","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He will entertain questions from the audience.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=205.7,208.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/63","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=208.97,209.859"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/64","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mr. Cappiello.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=209.859,210.917"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/65","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd applauding)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=210.917,213.834"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/66","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e Thank you, thank you very much.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=217.54,219.796"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/67","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's really a pleasure to be on a campus","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=219.796,223.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/68","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a Midwestern campus at that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=223.03,225.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/69","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's nice to be at the place where","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=225.02,227.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/70","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the leaves are stripped to the trees","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=227.72,229.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/71","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and winter is about to begin.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=229.35,231.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/72","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We're just having our fall out in years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=231.2,233.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/73","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So I'm gonna hurry back","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=233.14,235.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/74","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and catch a little bit of the fall","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=235.01,236.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/75","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"before the snow catches me in here tomorrow morning.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=236.64,239.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/76","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's really a great relief to be here","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=241.35,245.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/77","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to be away from New York, where I spend a lot of time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=245.61,248.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/78","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and from Washington D.C.,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=248.69,250.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/79","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where I spend a balance of my time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=250.53,252.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/80","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because New York is not a happy place.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=252.89,255.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/81","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Most of you know, New York is going through some traumas.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=255.62,260.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/82","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You've heard about the Wall Street mergers,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=260.25,263.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/83","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"analysts out of work,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=263.0,264.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/84","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a good friend of mine a broker","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=264.63,266.899"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/85","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"tells me that this will be the 11th year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=266.899,270.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/86","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That Wall Street will not hold its Annual Christmas Pageant.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=270.6,274.563"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/87","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes, it is the 11th year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=275.51,278.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/88","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They still can't find three wise men on wall street.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=278.69,281.638"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/89","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=281.638,285.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/90","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, I think the most unkind cut","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=285.01,287.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/91","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that Wall Street took in 1979","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=287.25,290.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/92","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was not so much the stock market ups and downs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=290.76,294.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/93","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"nor the jobs it was through Kaiser.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=294.63,297.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/94","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the startling announcement that a William Arthur","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=297.13,301.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/95","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"had built a portfolio of stocks","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=301.11,304.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/96","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from a small amount of $2,000","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=304.03,306.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/97","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the not ungracious amount of $24,000 in 12 months.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=306.55,311.351"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/98","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this is amazing feat even in today's market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=311.351,315.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/99","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The amazing for human,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=315.44,317.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but William Arthur, is an English sheepdog.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=317.44,319.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/101","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"His master Robert Beckman,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=320.81,322.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/102","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would read the Wall Street journal quotations over coffee.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=322.45,326.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if Arthur, the sheep dog barked twice","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=326.48,328.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he would buy the stock.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=328.95,329.919"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/105","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=329.919,331.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/106","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That may sound like the kind of advice","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=331.71,333.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/107","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you're getting from brokers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=333.33,334.684"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/108","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=334.684,337.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But seriously, Wall Street has problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=337.16,340.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and its problems are compounded","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=340.56,343.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the fact that Wall Street is in New York","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=343.48,345.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because New York has massive problems, but here again","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=345.57,348.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I bring you good news and bad news.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=348.12,351.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The good news is,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=351.07,353.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that New Yorkers are beginning to see light","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=353.31,355.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the end of the tunnel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=355.63,357.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The bad news is the light's coming from Consolidated Edison.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=357.54,360.533"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=360.533,361.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"See there's some con ed stockholders out there","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=361.99,364.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but seriously, the other part of my time is spent","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=365.55,369.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Washington D.C. or in the immediate area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=369.88,372.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and which is near my home, which happens to be Baltimore.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=372.88,377.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And, you know, Washington is the center","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=377.4,379.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of almost everything today,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=379.27,381.095"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not only politics but money and society.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=381.095,385.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"My wife is a southerner, born and bred in the South.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=385.04,388.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Can't get much Southern than Richmond.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=388.17,390.656"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And she's in the click.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=390.656,393.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All of her college classmates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=393.87,395.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in one way or another are in the Washington swim.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=395.57,398.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And so we get the feel for what's going on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=398.98,402.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the big theme is economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=402.43,405.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Washington is in the throws of economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=405.41,409.164"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The other thing is entertainment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=409.164,411.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Washington is a great cocktail town.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=411.45,414.824"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"My wife and I we're at a cocktail party not too long ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=414.824,417.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Georgetown,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=417.85,418.683"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is one of the fancier sections of Washington.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=418.683,422.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And one of my wife's classmates came running up to me","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=422.0,425.406"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"very liberal lady in terms of politics of course.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=425.406,429.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And she came up complaining about the state of the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=429.42,433.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and she commented on a high rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=433.42,436.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"interest rates, unemployment, and a falling dollar.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=436.14,439.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And after about five minutes of this","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=439.96,441.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I stopped her and I said, \"Martha.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=441.52,443.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I said, \"Hold it.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=443.18,444.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I said, \"You're right.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=444.29,446.617"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"You're right today just as you were right three years ago.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=446.617,451.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And she looked at me in amazement","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=451.33,452.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and said, \"What do you mean?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=452.73,454.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I said, \"Well, you told me three years ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=454.52,456.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but almost the same kind of cocktail party","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=456.59,458.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that if I voted for Gerald Ford,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=458.77,460.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we'd have high inflation high unemployment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=460.31,463.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and high interest rates.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=463.43,464.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I voted for Gerald Ford and we got high inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=464.69,467.651"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"high unemployment, and high interest rates.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=467.651,470.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But basically the theme of Economy in Washington isn't bad.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=471.49,476.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/159","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you only have to look around","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=478.356,480.039"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/160","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and see how everyone's jumped on the economy bandwagon.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=480.039,483.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So austerity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=483.44,484.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"After all president Carter is producing a budget","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=485.41,488.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/163","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for this fiscal year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=488.17,490.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/164","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That we'll have $532 billion of expenditures.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=490.0,494.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/165","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's what's going out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=494.21,496.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/166","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Unfortunately only $500 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=496.1,498.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/167","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in collections is coming in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=498.43,500.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/168","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's a deficit of only $32 billion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=500.76,502.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/169","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's austerity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=503.71,504.977"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/170","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the best change of all is Ted Kennedy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=506.32,509.493"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/171","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You seen his new gate up lately.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=510.85,513.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/172","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's got these little narrow bifocal glasses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=513.83,517.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/173","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"silver on the temples.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=517.34,518.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/174","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now the grand old man of the liberal wing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=518.94,523.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/175","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he keeps on talking about health and his health program.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=523.02,526.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/176","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the only thing that he's accomplished","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=526.88,528.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/177","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and all this talk about his health program","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=528.58,530.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/178","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is he's made Jimmy Carter sick.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=530.34,532.482"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/179","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=532.482,534.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/180","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And incidentally, Teddy says, if he's elected","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=534.94,538.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/181","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he's going to eliminate financial wastefulness","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=538.47,541.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/182","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"no matter how much it costs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=541.99,544.485"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/183","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(chuckles)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=544.485,545.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/184","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But we all know now it's official","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=545.69,548.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/185","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that Kennedy is making a run for the presidency","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=548.43,551.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/186","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and in east, at least we think we know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=551.9,553.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/187","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what his campaign slogan is going to be.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=553.9,556.447"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/188","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Let he, who is without sin be a one-time president.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=556.447,561.274"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/189","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd murmuring)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=561.274,563.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/190","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I don't want to, are you...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=563.8,566.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/191","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You're so jaundice","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=566.8,567.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/192","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you probably heard about the new presidential limousine","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=567.76,570.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/193","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"being outfitted with pontoons","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=570.73,573.078"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/194","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(mumbles)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=573.078,573.911"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/195","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd applauding)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=573.911,576.828"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/196","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Oh, yeah boy Kennedy is not gonna make it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=578.28,579.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/197","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the hour primaries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=579.83,581.143"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/198","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All right, but seriously,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=583.13,584.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/199","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't wanna make too much fun out of Washington","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=584.45,587.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/200","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because Washington is our problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=587.37,589.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/201","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And hopefully before the end of the night","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=589.83,591.551"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/202","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you will realize that Washington","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=591.551,593.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/203","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is also a part of the solution.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=593.6,595.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/204","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because I really came here to talk about the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=595.48,598.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/205","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and particularly the future shape of the American economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=598.74,602.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/206","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, each year about this time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=602.23,604.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/207","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we all go forth to the four sectors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=604.77,608.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/208","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the compass and we go forth and were asked,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=608.89,613.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/209","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well what's the economy gonna be like next year?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=614.22,616.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/210","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what's it look like over the next two years?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=616.73,620.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/211","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what's GMP gonna be in the third quarter of 1980","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=620.13,623.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/212","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you know, really quite candidly, none of us really know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=623.76,628.493"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/213","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I'm always amazed at the impudence","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=628.493,631.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/214","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the the complete confidence of economists","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=631.58,635.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/215","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they seem to know,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=635.75,638.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/216","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we are constantly bombarded in New York,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=638.62,643.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/217","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"particularly at the bankers luncheons.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=643.09,645.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/218","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When they trot out the bank economists","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=645.12,647.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/219","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they get them out of that dark room","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=647.14,649.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/220","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"pull up the window shades and say, \"Go forth and speak.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=649.01,652.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/221","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he goes forth and he makes pronouncements.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=652.64,655.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/222","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And some of the things in print sound pretty good","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=655.18,658.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but when you hear them in the ear, they sound sort of funny","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=658.9,662.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"like this particular quote,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=662.42,664.547"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"This year we can tell you definitely","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=664.547,667.257"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"that there will be an easing up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=667.257,669.018"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"of the rate at which business has been easing off.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=669.018,672.543"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=672.543,674.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Put in other way,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=674.2,675.033"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there will be a slowing up of the slow down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=675.033,677.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"My way of explanation is slowing up with a slow down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=678.228,680.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not as good as an upturn in a down curve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=680.91,683.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it's a good deal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=683.8,684.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"better than the speeding up of the slow down","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=684.633,686.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the deepening of the down curve.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=686.52,688.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it does suggest that the climate's about right","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=688.67,691.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for an adjustment of the readjustment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=691.47,693.973"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughing)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=693.973,696.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or this little quick and final one.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=696.25,698.882"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this is from the most prestigious bank","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=698.882,701.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United 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decline.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=725.93,727.268"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=727.268,730.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As George Bernard Shaw once said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=730.44,732.527"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"If all economists were laid end in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=732.527,734.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"they wouldn't reach a 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war","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=739.0,741.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's too important to be left to generals.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=741.35,743.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So is the economy too important to be left to economists.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=743.84,748.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And actually, if you look up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=749.24,751.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the word economics in Webster's dictionary,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=751.51,754.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you'll find that it means relating to","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=754.23,756.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or based on the production, distribution,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=756.69,759.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"consumption of goods and services.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=759.62,762.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Economics concerns itself with money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=762.68,766.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because money is the lifeblood of the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=766.31,770.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It concerns itself with money creation, money 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1980s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=777.48,781.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"will determine how we will live","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=781.72,784.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"our standard of living our social mores.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=784.18,788.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So it's an important and very critical subject","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=788.08,791.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but here we have the rub","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=792.08,793.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because for those of us who live in this lifeblood of money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=793.66,797.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that depends so much on psychology, on statistics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=797.69,802.153"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Economics, the study of economics is not a science.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=803.09,807.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They call it a social 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economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=828.94,831.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"under various permutations","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=831.44,834.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for the next 10, 15, 20 years out,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=834.09,837.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the answers are clean they're precise","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=837.95,840.791"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and are usually totally useless.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=840.791,844.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this has always bothered me.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=844.11,846.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And on one occasion,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=846.38,848.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I happened to have a few minutes alone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=848.28,849.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with Dr. Milton Friedman, the Nobel prize winning economist.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=849.79,853.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I posed the question to him in this fashion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=853.91,857.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I said, \"Dr. Friedman, you've suggested that the 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society.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=905.33,906.443"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A free society in which every individual","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=907.36,911.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is able to make 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which","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=916.62,919.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"people have the opportunity to run their lives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=919.18,922.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a difficult one to have economics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=922.26,925.273"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But it's easy to predict what the Russian economy will do","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=926.34,930.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 1980, 1981, 1985,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=930.35,934.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just as it's easy to predict","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=934.54,936.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what's going to happen in a cemetery.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=936.49,938.823"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So armed with this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=940.11,942.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I am not going to badger you","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=942.3,944.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with statistics about the shape of the recession in 1980,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=944.76,949.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we will have one.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=950.42,952.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I promise you a very nice one in 1980","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=952.12,955.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the recovery in 1981, and so on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=956.4,960.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what the GNP will be in the third quarter of 1980.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=960.27,965.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"None of that is going to help us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=966.24,967.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the shape of the economy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=967.74,970.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's important to us as investors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=970.68,972.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to all of us as citizens of the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=972.95,976.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is really locked into three major problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=976.65,981.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those problems will determine","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=981.24,983.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the kind of stock market we will have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=983.16,985.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the next several years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=985.16,987.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The kind of society we will have on 1980 or 1990 rather.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=987.07,991.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And really the kind of politics we will have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=991.72,996.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it's always been my 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problems","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1004.42,1006.777"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are first inflation which you will see shortly","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1006.777,1011.777"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"damages all of the other two problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1011.81,1015.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Second energy it's availability and use thereof.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1015.6,1020.333"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And finally, a problem which unlike the first two","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1021.48,1025.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we could solve.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1025.92,1027.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The third problem is insoluble.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1027.96,1030.803"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We will have to accommodate to it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1031.76,1034.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is probably in the long 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it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1040.81,1044.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The third problem is the graying of America.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1044.97,1048.363"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First inflation because it's by far the most immediate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1049.89,1053.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by far the most all pervasive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1053.88,1056.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mark Twain once said,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1057.45,1058.797"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"That everyone talks about the weather","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1058.797,1061.117"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"and no one does anything about it.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1061.117,1063.285"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the same could equally be said about inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1063.285,1067.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Currently, the nation is wracked","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1068.32,1070.126"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by one of the most deadly viruses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1070.126,1074.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of velocity of inflation we've ever known","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1074.03,1077.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but there are two things","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1078.57,1079.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"about the present state of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1079.67,1082.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or kind of inflation that's unusual.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1082.47,1085.423"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And these two things make inflation far more fearsome","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1086.26,1091.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than any other inflationary period","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1091.21,1093.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in history in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1093.83,1096.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first fact about inflation is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1096.38,1098.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the rate of inflation is much higher","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1098.97,1103.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than we're being told or than we're sensing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1103.23,1105.813"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The current standard for measuring inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1107.21,1109.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the consumer price index.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1109.77,1112.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's that market basket of four","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1112.34,1114.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"living for a family living in an urban area.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1114.76,1118.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's an existence inflation rate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1118.46,1122.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's a rate of survival","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1122.27,1123.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I need only point out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1124.8,1126.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that while the statistics tell us that since 1968","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1126.73,1130.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the consumer price index","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1130.94,1132.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the standard of inflation has increased by 110%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1132.89,1136.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The presumption is that all prices and are all overall","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1136.85,1141.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"requirements of living have gone up 110%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1141.884,1146.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But you and I know most of us in this room know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1146.33,1149.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the rate of inflation is much worse than that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1149.73,1153.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because Middle America has a higher rate of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1153.22,1157.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Airline tickets have gone up more than 110%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1157.98,1162.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A new house has gone up more than 110% in the past 10 years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1162.22,1167.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A new car has doubled since 1974 in cost.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1167.8,1172.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And my benchmarks are","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1172.91,1176.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for example, a Beefeater Martini in New York,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1176.21,1179.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that necessity of life since 1974,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1179.67,1182.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just since that brief period of less than five years ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1182.97,1187.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has gone up from a dollar of $75 to $375.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1187.34,1191.279"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's 114%, in just five years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1191.279,1195.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that doesn't include the olive.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1195.21,1196.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"My children tell me a pack of M \u0026amp; M's the ambiguous candy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1198.35,1202.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has gone from $0.12 cents to $0.43 cents","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1202.69,1205.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least where we live.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1205.09,1206.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's an increase of 258%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1206.68,1208.637"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And my 15 year old screams about the ravages of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1208.637,1213.143"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And theater tickets,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1214.19,1215.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"occasionally one needs this kind of enjoyment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1215.8,1218.727"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"$9 to $20 again in only five years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1218.727,1223.727"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, the first point that I want to bring home to you is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1224.13,1227.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for Middle America the inflation rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1227.43,1230.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they're telling us that we've had prices increase 110%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1230.61,1235.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the last 10 years, it's nonsense.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1236.0,1238.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The standard of living, your standard of living","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1238.91,1241.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has deteriorated much more than that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1241.67,1243.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's basically what we're talking about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1243.84,1246.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but if it was just the rate that we're told","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1247.38,1250.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would be one thing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1252.15,1254.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the more insidious thing about this inflation is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1254.02,1257.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the current inflation trend line is increasing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1257.22,1261.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, that's a fancy term","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1261.82,1263.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for saying that after each slowdown in the economy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1263.94,1268.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inflation arises a new with another and more vibrant life.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1269.16,1274.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And let me flesh that out with a few quick statistics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1275.41,1279.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you go back to 1947,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1279.73,1282.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"after the post war, World War II inflation surge","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1282.63,1286.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from 1947 to 1965, the consumer price index","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1286.68,1291.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and now I'm using the basic government standard","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1291.85,1294.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we don't have statistics","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1294.173,1296.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that carry us back that far that are reliable,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1296.41,1299.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but from 1947 to 1965, the consumer price index","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1299.48,1304.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"measure of inflation rose only 2.5% a year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1304.13,1307.673"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But from 1966 from really from the beginning of Vietnam","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1308.52,1312.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from 1966 to 1971, the consumer price index","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1312.57,1317.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"went up 4.5% a year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1317.23,1320.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And in the most recent period from 1972","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1320.35,1324.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to about mid year 1979, the rate has advanced 9% a 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say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1336.52,1339.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who deal with values in markets.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1339.82,1344.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Inflation is nearly on the break of going out of control.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1344.02,1349.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Each new price increase is passed on immediately","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1349.6,1352.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the manufacturer and its cost of goods to the consumer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1352.93,1357.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and ends up in various levels of the process","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1357.44,1361.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at the very grocery store level magnified, many four.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1362.04,1366.343"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The question that all of us have to ask ourselves is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1368.27,1371.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if this inflation is so unique,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1371.96,1375.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so insidious, so hard to kill,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1375.09,1378.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how did the United States, a great nation with resources","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1378.56,1382.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a productive labor force.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1383.61,1386.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How did we get into such a fix?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1386.22,1389.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I guess here we would spend hours","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1389.38,1392.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on a history lesson starting with 1966,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1392.24,1396.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when president Johnson decided to fight two Wars,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1396.11,1400.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"one in Vietnam and one on poverty.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1400.07,1403.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I submit that he lost both,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1403.32,1406.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but in fighting those two Wars, the president took 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taxing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1412.92,1414.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because of this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1416.18,1417.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the federal reserve was forced to create money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1417.12,1419.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"literally to fund the deficits created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1419.38,1422.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by our worst spending.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1422.81,1424.553"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And because of this, we put hundreds of billions of dollars","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1425.44,1429.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of money into 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outside,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1435.24,1437.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"outside the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1437.66,1439.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they call these particular dollars your dollars.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1439.23,1442.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the point is we created money to chase goods.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1442.1,1445.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Along about 1970, 1971.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1446.77,1450.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We began to have a couple of accidents","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1450.44,1452.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just as the Vietnamese War was slowing down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1452.12,1455.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'd put all that money supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1455.5,1457.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"into circulation to buy goods.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1457.53,1459.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now all of a sudden, some of those goods","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1459.96,1462.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were becoming very scarce,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1462.37,1464.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"grain, wheat, corn.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1464.61,1468.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Simply because nations were bidding up the prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1468.41,1472.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the historical accident of a couple of famines","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1472.6,1475.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or rather droughts in the Soviet Union","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1475.69,1478.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and China put pressure on the price level.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1478.53,1482.507"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But I guess the final historical 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quadrupling","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1489.77,1491.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the essential component of civilization oil by OPEC.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1491.43,1496.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The quadrupling of prices in 1973, 1974","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1496.23,1500.664"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"using the excuse of the Arab-Israeli War at that time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1500.664,1505.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"put the final death numb on inflation at that point in time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1505.13,1510.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inflation crested out at double digits","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1510.36,1512.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States and then fell.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1512.83,1515.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It fell because we had a recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1515.73,1518.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it fell to about 5% and then it started up again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1518.4,1523.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now it's at 13%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1524.44,1526.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So it's fair to ask that's a very nice historical lesson","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1527.73,1531.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but if what you say is true about the causes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1531.86,1535.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the historical causes of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1535.3,1538.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why is it then that we're still afflicted","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1538.14,1541.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a high rate of inflation when Vietnam War's over","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1541.23,1545.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when we're not about to have those accidents of drought","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1545.0,1549.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which will raise agricultural or raise agricultural prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1549.8,1554.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"why is it that inflation continues?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1554.43,1558.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the answer is that after a period of time,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1558.15,1562.463"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when, you know, year in and year out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1563.69,1566.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that prices are gonna be higher next year than this year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1566.37,1569.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inflation becomes not economic but psychological.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1570.43,1575.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Economists call a period we are now in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1576.09,1579.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a period of inflationary expectations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1579.1,1583.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But another way to put it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1583.84,1585.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is that we are locked in the deadly step","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1585.5,1589.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the disaster that economists call The wage-price spiral","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1589.21,1594.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because you know, after a while","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1594.46,1596.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"people begin to rise up about inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1596.72,1599.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And everyone knows that you buy the car this year","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1599.04,1601.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because next year it's going to cost 12% more.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1601.72,1604.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they know that you buy that house today","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1604.58,1606.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"no matter what it costs","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1606.44,1607.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because it's going to cost more tomorrow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1607.76,1610.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this has been going on now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1610.18,1612.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for so long that everyone takes it for granted.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1612.11,1616.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we build our speculations, our investments,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1616.02,1619.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"our whole way of life on the fact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1619.33,1621.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that things are gonna be higher next year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1621.33,1622.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"including our wages.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1622.9,1624.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And because of this, the housewife...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1624.37,1627.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Take the typical housewife","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1627.52,1629.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or United Auto Worker employee","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1629.56,1633.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who comes back from the Ford assembly plant.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1633.43,1635.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And his wife says to him,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1635.84,1637.597"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"The grocery prices are going up again.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1637.597,1640.107"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he says,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1641.01,1641.843"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"Well, we're going into a labor negotiation next week.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1641.843,1644.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And she says, \"You tell your leaders to get us an increase","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1644.14,1648.317"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"not just the 12 or 13%, but something higher","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1648.317,1652.927"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"so that we can offset the increases","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1652.927,1654.557"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"that are coming next year and a year after.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1654.557,1657.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So these three-year contracts contain escalations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1657.73,1661.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if the rate of inflation is 13%, the union gets 16%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1661.45,1665.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And after about two or three months","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1665.62,1667.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a decent interval, Ford, GM, Chrysler, and so on","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1667.85,1672.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"pass that increased cost right on to the cost of the car","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1672.75,1677.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the car prices go up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1677.03,1679.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And those car prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1679.3,1681.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the price of everything else goes up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1681.54,1683.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And about two or three years later","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1683.59,1685.415"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the United Auto Workers come back in for bargaining.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1685.415,1688.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And now they want 20% and so on, and so on, and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1688.56,1693.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The deadly lock step will continue forever","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1694.62,1697.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because inflation now has a life of its own.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1697.9,1702.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are solutions, but before we get to the solutions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1704.055,1709.055"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"let me just parenthetically describe that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1710.41,1713.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/544","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Inflation is the answer to the question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1713.45,1716.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/545","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that so many people ask, what happened to the stock market?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1716.71,1719.903"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you look back over the past 10, 12, or 14 years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1720.97,1725.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and if you measure the stock market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1725.18,1726.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the Dow Jones, industrial average that a 30 stock index","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1726.83,1731.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that gives us the Blue Chip averages","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1731.28,1734.017"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of companies in America.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1734.017,1736.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you measure the Dow 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else","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1753.08,1754.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of corn, of wheat, of automobiles, of housing,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1754.54,1758.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of shoes, everything is going 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1966.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1765.71,1770.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the reason is why are people mad?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1770.35,1773.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Are they insane?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1773.06,1774.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Don't they recognize values?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1774.17,1776.139"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the answer, at least to my mind 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desirability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1782.68,1785.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of owning a share of an enterprise","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1785.49,1788.272"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the face of burgeoning inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1788.272,1791.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the kind that we've had since 1966","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1791.93,1794.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's no accident that the Dow Jones industrial 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inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1808.68,1812.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/574","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that was no accident because in 1966,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1812.36,1816.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/575","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we began to pump out 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75,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1838.7,1843.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/582","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that expansion was a vigorous one.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1844.12,1846.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/583","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We employed more people than we've ever employed in 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spectacular,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1852.64,1855.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/586","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but capital spending overall capital spending","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1855.71,1859.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/587","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was well below trend 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are","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1888.62,1891.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/598","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"plant and equipment put on for 20, 25 years,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1891.07,1895.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/599","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where we're attempting to put in a new production line,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1895.86,1899.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/600","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"something that costs 10, 12 $15 million.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1899.22,1902.003"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/601","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Short lived investments that component is doing very 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device","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1914.47,1917.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/606","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that reduces expenses.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1917.48,1919.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/607","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but longer investments, a $10 million addition to 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years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1928.01,1932.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/610","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's got to figure out what his expenses are going to be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1932.68,1935.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/611","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and who can do that in the face of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1935.82,1938.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/612","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Does anyone care to hazard what costs...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1938.92,1941.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/613","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Labor costs will be in 1987 or 1988?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1941.97,1946.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/614","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And after he deducts the estimated expenses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1947.44,1951.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/615","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from his sales and pays an appropriate tax","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1951.34,1954.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/616","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he then has a profit, which he arrays against the investment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1954.3,1959.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/617","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which tells him what his return will be","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1959.75,1962.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/618","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"faced with all of the uncertainties","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1963.55,1965.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/619","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in developing that return","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1965.69,1967.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/620","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is any businessman going to invest $10 million","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1967.9,1971.058"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/621","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"over the next 25 years?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1971.058,1973.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/622","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the answer is no.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1973.053,1975.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/623","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Businessmen have done in the past four years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1975.44,1978.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/624","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what they do best in periods of uncertainty,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1978.81,1981.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/625","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they have done nothing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1981.6,1982.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/626","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, people ask, well what's so big about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1983.94,1987.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/627","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"capital spending business investment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1987.03,1989.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/628","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, there are two problems about business investment","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1989.55,1992.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/629","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"both of which ultimately impact","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1992.66,1995.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/630","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on our problem of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1995.07,1996.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/631","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The point number one is that, over the next 10 years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=1998.04,2001.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/632","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we're going to have to put out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2001.55,2003.102"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/633","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or produce some 2 million jobs each year,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2003.102,2007.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/634","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just to keep the unemployment rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2008.55,2011.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/635","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where it is not to improve it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2011.46,2013.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/636","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"2 million jobs each year for 10 years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2013.6,2017.244"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/637","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(silence)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2017.244,2019.411"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/638","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The second problem about the capital spending drawer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2038.47,2042.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/639","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"relates to efficiency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2042.32,2043.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/640","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you do not have that new production plan","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2044.694,2048.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/641","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to produce cars more efficiently,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2048.2,2050.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/642","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"tires, screws, rollers whatever","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2050.46,2054.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/643","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you do not have the ability to reduce costs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2055.77,2059.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/644","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you're using old decrepit plant","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2059.54,2061.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/645","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's very difficult to reduce prices","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2061.99,2065.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/646","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or to keep prices from rising further.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2065.11,2068.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/647","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So here inflation has kept us as businessmen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2068.03,2072.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/648","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from making long-term investments.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2072.38,2074.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/649","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the lack of those long-term investments","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2074.71,2077.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/650","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are going to produce ultimately more inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2077.15,2080.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/651","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we get this deadly spiral","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2080.79,2083.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/652","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"connected together of cause and effect.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2083.44,2086.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/653","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But finally, if we do not have the efficient production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2086.91,2091.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/654","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we are going to get killed in the 1980s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2092.34,2095.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/655","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the South Koreans, by the Japanese,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2095.85,2099.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/656","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by Singapore as well as West Germany, Great Britain at all.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2099.1,2104.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/657","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"All these countries, one way or another","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2105.18,2107.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/658","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are developing production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2107.69,2109.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/659","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that they hope to sell in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2109.47,2113.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/660","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Our only solution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2113.16,2114.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/661","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is really efficient production to combat them.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2114.66,2118.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/662","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without it our economy is going to be even further strain.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2118.2,2123.003"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/663","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the current rate of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2124.91,2127.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/664","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"affects not just prices, short term.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2127.29,2130.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/665","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It affects jobs, it affects business investment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2130.48,2133.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/666","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It poisons the entire atmosphere","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2133.7,2136.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/667","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of investing in terms of the future.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2136.84,2140.803"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/668","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And as I've indicated it's very difficult to conquer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2141.95,2146.813"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/669","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Consider that this current inflation surge","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2147.87,2151.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/670","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that really goes back to 1966,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2151.8,2155.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/671","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has not been cured by wage price controls.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2155.35,2158.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/672","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They fail in the early 1970s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2158.45,2161.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/673","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It hasn't been cured by Restrictive Monetary Policies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2161.09,2164.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/674","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it wasn't cured by the worst recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2164.32,2168.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/675","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since World War II.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2168.13,2169.133"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/676","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's fair to ask if anything will cure it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2171.07,2175.663"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/677","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the answer is yes,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2176.851,2178.603"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/678","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"all economists know how to cure inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2179.5,2183.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/679","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Every sensible Senator, every investor,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2183.41,2186.818"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/680","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"every person that spends more than a year or two","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2186.818,2189.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/681","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on Wall Street knows how to cure inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2189.98,2193.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/682","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and to show you how simple it is.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2194.58,2196.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/683","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let me just define inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2196.96,2199.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/684","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This is the distillation of three separate dictionaries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2200.25,2205.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/685","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Inflation is an increase in spendable money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2205.31,2208.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/686","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without a corresponding increase in goods and services.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2208.99,2213.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/687","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"With more dollars available","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2213.4,2215.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/688","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to chase each item prices are bid up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2215.52,2219.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/689","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Look at it another way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2219.11,2220.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/690","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Money is like any other commodity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2220.35,2222.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/691","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It derives its value from the degree of scarcity.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2222.77,2226.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/692","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you increase the supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2226.5,2228.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/693","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without any commensurate increase in value,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2228.99,2232.069"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/694","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you reduce the value per unit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2232.069,2234.893"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/695","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you bleed that standard definition of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2236.03,2239.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/696","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's a pretty standard one, then you ask yourself,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2239.37,2243.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/697","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well, how does the money supply increase?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2243.0,2246.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/698","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there are two ways, both from the same source","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2246.36,2250.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/699","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the federal government.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2250.3,2251.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/700","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"First, the federal government can print money,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2252.32,2254.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/701","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"literally run the printing presses","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2254.82,2257.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/702","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"otherwise known as selling federal reserve treasury bonds.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2257.66,2261.345"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/703","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Or it can literally borrow from the private sector","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2261.345,2265.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/704","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by selling treasury securities, to us as investors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2265.92,2269.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/705","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and taking our hard earned money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2269.84,2272.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/706","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The fruits of our labor one way or another","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2272.86,2275.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/707","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"either way the government is creating money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2275.64,2280.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/708","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in one, the second sector where it takes our savings,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2280.36,2284.193"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/709","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the affect is not inflationary","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2284.193,2287.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/710","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or at least short-term, it's not.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2287.1,2289.163"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/711","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The dimensions of what we're talking about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2290.7,2293.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/712","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of printing money or producing money,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2293.35,2295.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/713","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"creating money its dependence.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2295.96,2298.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/714","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm always amazed by my colleagues","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2298.67,2301.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/715","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who tell me M-1 and M-2 increased five, six, 10, 12%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2301.82,2306.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/716","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Just think M-1 and M-2 are not just numbers.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2309.08,2313.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/717","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's money stock that's money being created","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2313.53,2316.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/718","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by the treasury or by the federal reserve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2316.91,2321.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/719","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"through the agent of the treasury","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2321.05,2323.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/720","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"increasing money supply, no value behind it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2323.51,2326.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/721","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And why did they do this?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2326.99,2328.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/722","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because they have to fund the deficit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2328.96,2331.904"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/723","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Remember early on, when I started this,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2331.904,2335.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/724","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I said that president Carter has a budget","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2335.36,2337.924"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/725","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in which he is going to spend $532 billion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2337.924,2341.693"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/726","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"He's going to collect $500 billion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2342.83,2345.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/727","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now that gap of $32 billion, if you and I had that gap.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2346.57,2351.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/728","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We'd be bankrupt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2352.59,2354.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/729","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So would the state of Iowa, so would the city of Des Moines,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2354.15,2357.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/730","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but not the federal government","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2357.65,2359.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/731","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the federal government has the ability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2359.06,2361.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/732","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I don't have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2361.4,2362.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/733","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That De Moines doesn't have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2362.59,2363.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/734","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the state of Iowa doesn't have.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2363.713,2365.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/735","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It can create currency.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2365.91,2367.949"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/736","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the creation is by the federal reserve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2367.949,2371.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/737","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to fund the deficit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2371.43,2373.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/738","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's why the federal 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earned","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2391.88,2394.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/745","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as a nation and what we spent will have reached","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2394.48,2397.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/746","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the amazing unbelievable total of $875 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ago","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2410.82,2414.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/749","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Christ was still walking the face of the earth.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2414.56,2418.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/750","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"A billion hours ago, our ancestors were living in 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tomorrow.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2431.99,2433.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/755","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they work on weekends.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2433.9,2436.125"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/756","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd murmuring)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2436.125,2438.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/757","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are three ways to solve this problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2438.56,2442.112"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/758","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The first, is to cut government 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body","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2561.34,2564.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/799","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then the body goes into shock, deep depression","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2564.99,2568.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/800","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or deep recession or depression.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2568.48,2570.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/801","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think chairman Volcker is going to stop short of that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2570.7,2574.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/802","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we're going to have a very slow economy, a recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2574.31,2578.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/803","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it may continue well for four quarters.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2578.633,2582.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/804","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This will reduce the pressure on 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productivity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2589.68,2592.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/807","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because when people see their friends laid off","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2592.97,2595.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/808","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they begin to get worried, they don't spend","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2595.89,2598.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/809","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that very spending creates a slowdown in the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2598.86,2601.958"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/810","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that in turn slows the rate of inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2601.958,2604.813"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/811","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"drastic solution?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2606.26,2607.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/812","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Yes, but only implemented by an individual","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2607.27,2612.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/813","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who doesn't have to be elected.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2612.68,2614.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/814","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is the short term solution to inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2615.25,2618.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/815","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we may get it down to perhaps 7 or 8%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2618.81,2622.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/816","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on the consumer price index.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2622.12,2625.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/817","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Not really enough to solve our problem,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2625.31,2627.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/818","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but enough really to give us time to solve the problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2627.58,2630.863"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/819","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It works, it worked in Switzerland","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2632.24,2634.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/820","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because Switzerland had an inflation rate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2634.79,2636.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/821","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"such as we have today, almost 11%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2636.92,2640.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/822","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Swiss did the same thing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2640.89,2642.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/823","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that chairman Volcker did in the early 1970s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2642.45,2645.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/824","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They induced the recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2645.17,2646.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/825","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by reducing the rate of money in circulation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2646.14,2649.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/826","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They had a rate of inflation that went from 11% to 2%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2649.6,2654.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/827","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In four years, their unemployment rate went to 10%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2654.56,2659.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/828","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the Swiss didn't have a problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2659.28,2661.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/829","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because they told who are unemployed to go home.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2661.91,2664.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/830","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the unemployed went back to Italy, to Turkey","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2664.72,2667.175"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/831","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to Yugoslavia, the Swiss a very smart.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2667.175,2670.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/832","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the United States we can't do that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2671.77,2674.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/833","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have to take the medium ground","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2674.5,2676.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/834","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"chairman Volcker will dare not","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2677.51,2678.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/835","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have an unemployment rate of 10%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2678.96,2681.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/836","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Maybe 8% can be tolerated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2681.57,2684.193"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/837","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's the short term solution.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2685.03,2688.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/838","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the long-term solution really rests on a comic strip.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2688.12,2693.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/839","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You all remember Pogo in the 1950s and 1960s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2695.96,2700.927"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/840","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was a great strip where Pogo","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2701.86,2705.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/841","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"leaps up in front of his friends","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2705.05,2706.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/842","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and says, \"I have met the enemy and they is us.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2706.75,2710.667"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/843","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are the solution to inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2712.49,2714.913"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/844","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is we who send the legislators to spend in Washington.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2715.97,2720.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/845","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are giving them the signal spend and be elected.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2721.07,2724.613"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/846","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've got to change the signal, be frugal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2725.96,2729.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/847","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The most important thing to us is inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2729.21,2732.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/848","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Reduce it, reduce spending and you say, \"That's ridiculous.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2732.62,2736.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/849","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How on the world can you teach a politician not to spend?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2736.61,2740.633"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/850","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The answer is like any answer.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2741.74,2744.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/851","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you want to know how to play a good game of golf","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2744.97,2747.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/852","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you find out who has the best record as a golf teacher.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2747.98,2752.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/853","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you want to learn how to play a good game of tennis","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2752.29,2755.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/854","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you search around for the best record tennis teacher.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2755.75,2760.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/855","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If you want to find out how to whip inflation long-term","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2760.25,2764.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/856","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you look around and ask,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2764.46,2765.347"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/857","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what nation has been most successful?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2765.347,2767.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/858","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the answer is West Germany.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2767.92,2769.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/859","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Germans send their legislators","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2770.45,2772.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/860","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"down to bond where they legislate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2772.87,2774.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/861","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they tell them you dare not inflate and they don't.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2774.98,2778.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/862","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Germany, since World War II,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2778.91,2781.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/863","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has had the best inflation record","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2781.01,2783.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/864","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the electorate knows","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2783.27,2787.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/865","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what the other side of the abyss is like.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2787.47,2790.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/866","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They have seen the end product of inflation,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2790.23,2793.823"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/867","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the end product of inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2794.8,2796.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/868","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the one we're now afflicted with is hyperinflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2796.45,2800.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/869","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When the prices don't change just every month,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2800.42,2803.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/870","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they change every week and after a while, every day,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2803.14,2807.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/871","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and people flee at Deutsche marks or dollars","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2807.89,2811.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/872","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to get on anything as soon as they get their pay","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2811.08,2813.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/873","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you increase the supply of the velocity of money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2813.78,2817.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/874","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it keeps on repeating itself","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2817.31,2818.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/875","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because as the value goes down,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2818.82,2821.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/876","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"people want to get out of it faster.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2821.27,2823.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/877","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the end result is a burst.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2823.14,2824.943"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/878","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the bust in Germany in 1923,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2825.993,2828.293"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/879","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"resulted in the demise of the middle class.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2828.293,2833.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/880","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They were wiped out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2833.29,2834.513"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/881","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That in itself is enough of a terror for all of us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2835.89,2840.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/882","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not to go through a 1923 in America, but that wasn't all","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2840.01,2845.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/883","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the worst part was,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2845.2,2846.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/884","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that when you go through something like that,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2846.73,2849.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/885","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you blame someone and the Germans","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2849.4,2852.869"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/886","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"began blaming certain things and certain people.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2852.869,2856.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/887","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there's always someone out there who will say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2856.78,2859.147"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/888","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"I will get you out of this.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2859.147,2861.457"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/889","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that happened to be Hitler,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2862.35,2864.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/890","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it could have been a German general.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2864.02,2865.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/891","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It could have been anyone.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2865.24,2866.383"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/892","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So hyperinflation in Germany and in any country","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2866.383,2870.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/893","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"leads not only to the loss of wealth","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2870.15,2873.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/894","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but ultimately to the loss of your soul","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2873.41,2877.318"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/895","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"pray God that we don't go through that.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2877.318,2880.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/896","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I think we are on the road,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2880.62,2882.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/897","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at least to a short term solution.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2882.3,2884.853"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/898","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The second problem energy is less imminent, less immediate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2886.9,2891.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/899","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I guess it really begins with the golden rule.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2892.91,2897.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/900","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And you've all heard of the golden rule.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2897.63,2900.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/901","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The one in economics that says,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2900.15,2902.127"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/902","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"He who has the gold makes the rules.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2902.127,2904.987"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/903","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in this case, OPEC (indistinct) the oil","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2906.41,2909.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/904","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they're making the rules.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2909.75,2911.393"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/905","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The energy problem really is simply stated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2913.9,2917.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/906","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's assured supply at reasonable cost","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2917.77,2922.77"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/907","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"right now we're at the mercy of OPEC","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2924.66,2928.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/908","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"simply because OPEC has the assured supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2928.31,2932.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/909","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they have the cheapest cost.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2932.29,2935.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/910","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't have to tell some of you that in Saudi Arabia","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2935.11,2938.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/911","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they can lift from those wells in the Southern section","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2938.59,2942.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/912","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"oil at $0.25 cents a barrel","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2943.29,2946.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/913","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"add $0.5 cents profit and transportation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2947.95,2951.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/914","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the dock, at (indistinct) Nora on a Persian Gulf,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2951.79,2955.057"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/915","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"$0.30 cents, total per barrel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2955.057,2957.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/916","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And right now they sell that oil for 22, 23, 40, $25.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2957.45,2962.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/917","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"North sea oil is $14 a barrel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2964.33,2967.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/918","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Same crude oil, maybe $35 a barrel.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2967.63,2971.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/919","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they have the supply and they have cheap cost.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2971.9,2976.093"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/920","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have a 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problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2982.13,2984.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/923","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of how to get cheap energy that will last us","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2984.22,2989.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/924","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for a long enough period of time","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2989.02,2990.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/925","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we don't have to worry year to year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2990.95,2994.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/926","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The one way not the solve the problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2994.26,2997.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/927","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is the way the government has solved it since 1974,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=2997.95,3002.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/928","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in this case, the response of Congress","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3002.5,3004.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/929","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the energy crisis of 1974, was to set up a department,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3004.96,3009.96"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/930","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the Department of Energy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3010.58,3011.843"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/931","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Department of Energy's sole purpose","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3013.22,3015.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/932","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is to regulate the exploration, production","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3015.27,3018.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/933","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and pricing of energy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3018.21,3020.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/934","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The department does not produce a single drop of oil","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3020.06,3023.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/935","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and yet that department cost us last year, over $10 billion.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3023.19,3028.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/936","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And incidentally that $10 billion is more than a net profit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3029.89,3034.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/937","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the 10 largest oil companies last year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3034.3,3036.823"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/938","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's the wrong way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3038.03,3040.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/939","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The right way though, is to approach OPEC initially","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3040.49,3045.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/940","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to stop this deadly increase year in and year out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3045.04,3049.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/941","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a way to do it is to increase domestic production.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3049.29,3053.213"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/942","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Phasing out controls is one 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off.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3065.92,3067.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/947","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the Gasoline, is literally a dollar of 75","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3067.75,3070.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/948","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or $2 a barrel or $2 a gallon.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3070.76,3073.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/949","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Forcing all of us to use less of it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3073.09,3076.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/950","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and using the taxes either as rebates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3076.45,3079.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/951","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"recycling it into the system in some fashion","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3079.35,3083.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/952","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Third, development is to use alternatives, Syncrude.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3085.01,3090.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/953","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, Syncrude making up Gasoline out of Coal","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3090.13,3094.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/954","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or something along these lines is an expensive proposition","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3094.68,3099.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/955","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we're not going to scare OPEC by talk","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3099.17,3102.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/956","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by saying we have the challenge of the century","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3102.24,3104.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/957","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or the moral equivalent of war.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3104.7,3107.281"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/958","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"OPEC is headed by Sheikh Yamani, he's the real armor","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3107.281,3111.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/959","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the real strong hand","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3113.13,3114.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/960","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Sheikh Yamani happens to be a graduate","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3114.59,3116.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/961","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of Harvard business school.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3116.92,3118.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/962","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he knows that as long as we keep talking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3118.69,3122.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/963","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he can keep raising prices.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3122.25,3124.207"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/964","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the minute we start putting up synthetic fuel 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relief,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3131.62,3134.25"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/967","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then he's got to watch his pricing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3134.25,3136.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/968","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the minute we start using less by 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OPEC","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3144.36,3148.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/971","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to stop this short-term deadly spiral of price increases.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3148.13,3152.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/972","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Is in addition to phasing out controls","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3152.33,3155.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/973","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and using less energy and developing alternatives","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3155.54,3159.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/974","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we've really got to take a shot","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3159.33,3161.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/975","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at making nuclear energy safer","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3161.89,3165.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/976","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because we literally cannot do without nuclear energy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3165.6,3168.91"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/977","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I don't know how it is in the Midwest, West of Chicago.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3168.91,3172.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/978","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I do know that Chicago Commonwealth Edison","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3172.82,3175.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/979","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"derives about half of its energy from nuclear power","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3175.94,3180.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/980","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the Baltimore Washington area","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3180.32,3182.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/981","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we're getting 60% of our power from nuclear plants","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3182.27,3186.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/982","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in Eastern Carolina it's equivalent percentage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3186.1,3190.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/983","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We simply could not shut down these nuclear energy plants","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3190.23,3194.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/984","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"without a tremendous economic loss.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3194.31,3197.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/985","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One way or another, we've got to cut through the rhetoric","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3197.88,3201.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/986","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and make them safe.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3201.1,3203.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/987","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, I think it's been overdone","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3203.27,3205.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/988","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in terms of their unsafe status.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3205.27,3208.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/989","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've had 50 plants they've been in operation a long time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3208.27,3212.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/990","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Three mile Island was a close disaster.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3212.35,3215.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/991","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We may have learned from it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3215.61,3217.424"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/992","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but hopefully we can get on with a job","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3217.424,3220.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/993","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and try to do something with a nuclear alternative","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3220.65,3224.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/994","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"just as using $88 billion (coughs) over the next 10 years.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3224.53,3229.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/995","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"God help us get a short term solution to this OPEC pricing","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3229.702,3234.702"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/996","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but longer term the solution to energy","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3237.29,3240.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/997","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"lies not in oil from the ground as we know it as such.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3240.61,3245.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/998","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It really lies in tapping","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3246.69,3248.707"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/999","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the intermediate sources of energy,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3248.707,3252.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1000","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"oil shale, tar sands, heavy crude.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3252.67,3256.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1001","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It may surprise you to know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3256.45,3257.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1002","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that in a 300 mile strip","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3257.93,3260.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1003","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"along the Orinoco river of Venezuela","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3260.22,3263.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1004","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there are locked in the sands off the Orinoco river","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3263.31,3268.301"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1005","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"700 billion barrels of oil.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3268.301,3273.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1006","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's more oil locked in this 300 miles strip","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3273.13,3276.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1007","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"than all of the known reserves in the world.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3276.63,3279.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1008","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Unfortunately, they're not included in reserves","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3279.71,3282.648"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1009","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the oil is so heavy that it can't even be processed","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3282.648,3287.648"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1010","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it is heavy bitumen crude.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3288.1,3291.433"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1011","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In the Athabaska tar sands in Canada,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3292.84,3295.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1012","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we have a similar situation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3295.22,3297.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1013","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have resources locked up in Coal,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3297.71,3300.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1014","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"et cetera, et cetera, et cetera.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3300.68,3302.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1015","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have several hundred years of fossil fuels","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3302.94,3306.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1016","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to get us the intermediate step","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3306.09,3308.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1017","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"short term fight OPEC with alternatives,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3308.64,3311.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1018","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"intermediate term use of fossil fuels","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3311.73,3314.287"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1019","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are now too expensive to use.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3314.287,3317.404"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1020","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Longer term, of course solar power","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3317.404,3320.933"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1021","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"unlocking the energy from the sun.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3320.933,3323.857"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1022","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"This intermediate term","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3324.72,3325.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1023","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is pretty important to us and our children.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3325.66,3328.58"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1024","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is our...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3328.58,3329.762"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1025","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The children that come after in the third generation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3329.762,3332.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1026","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and will probably enjoy the benefits,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3332.86,3334.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1027","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the real benefits of solar power","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3334.8,3337.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1028","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but intermediate stages require technology.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3337.4,3341.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1029","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is technology that's going to solve the energy problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3341.71,3345.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1030","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is technology that's going to give us the solution","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3345.71,3348.731"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1031","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to unlocking oil shale, to unlocking Coal for fuel","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3348.731,3353.731"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1032","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that we can have reasonable access","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3354.63,3357.432"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1033","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"at relatively inexpensive cost","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3357.432,3362.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1034","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and sad to say the technology is lacking","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3362.1,3364.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1035","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3365.48,3366.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1036","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I only have to point out the patent 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ever,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3372.16,3376.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1039","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the United States saw 40%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3377.67,3381.92"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1040","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the patents granted to foreigners,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3381.92,3385.467"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1041","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"10 years ago, that figure was 25% and it's climbing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3385.467,3390.467"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1042","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"In plain point of fact, we are being 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everyone.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3398.107,3400.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1045","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the reason for this, isn't hard to find","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3400.71,3404.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1046","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you look around and think of 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innovations.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3414.16,3418.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1051","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those are where you add a widget to the product","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3418.87,3421.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1052","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"do little something with a 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breakthrough,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3430.26,3432.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1057","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but you may spend a lot of money for 10 years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3432.16,3435.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1058","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and not get 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life","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3487.01,3490.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1077","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"have normally been made by large companies","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3490.83,3495.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1078","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"defined as companies employing 10,000 or more people.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3495.03,3498.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1079","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And strangely enough, 70% of the most productive research","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3500.35,3504.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1080","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is spent by the top 10% of the 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step","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3567.645,3570.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1099","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the main problem of inflation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3570.94,3573.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1100","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we also know that technology can be 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things.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3580.433,3582.863"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1103","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, if someone could tell me the future of technology","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3583.87,3587.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1104","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United 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problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3597.22,3598.653"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1109","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The third and final problem, as I indicated earlier","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3600.97,3605.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1110","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is one that we just can't do anything about it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3605.27,3609.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1111","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have to accommodate it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3609.21,3610.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1112","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and it's probably the most serious of the three problems.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3610.7,3613.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1113","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And this is what I call the graying of America.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3613.55,3617.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1114","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it really started at least from my standpoint,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3617.69,3621.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1115","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"although as investors,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3621.0,3622.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1116","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think we've known this for some time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3622.04,3624.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1117","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It really started, I guess, last April","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3624.63,3627.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1118","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when my daughter went through the normal routine","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3627.86,3631.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1119","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of applying to seven or eight schools","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3631.21,3633.553"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1120","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that she wanted to go to.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3633.553,3637.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1121","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that week in April, when the returns come in","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3637.46,3642.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1122","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was a period of high pitched expectancy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3642.39,3645.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1123","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it really demonstrated the last glimmerings","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3645.84,3650.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1124","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of a period that is now about to end","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3651.22,3654.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1125","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because my daughter is probably the trailing edge","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3654.39,3657.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1126","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the population explosion that began in 1947","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3657.88,3662.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1127","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and is beginning to dwindle now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3662.34,3664.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1128","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm happy to say that my daughter got into all seven schools","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3664.6,3668.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1129","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and she selected one and she's happily in Wisconsin","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3668.57,3671.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1130","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Wesleyan in Middletown, Connecticut.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3671.86,3674.073"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1131","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But my wife asked me, \"Will listen insanity continue?\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3675.14,3679.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1132","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For example, will our 15 year old have to go through it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3679.07,3682.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1133","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the answer is no.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3682.94,3684.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1134","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because by 1985 there'll be 20% fewer high school graduates","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3685.74,3690.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1135","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and the curve will continue down for years to come.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3692.48,3697.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1136","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Nothing will stop it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3697.47,3699.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1137","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We will have in the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3699.87,3701.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1138","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"enormous educational plants, universities high schools","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3701.75,3706.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1139","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that are going to be as empty as our elementary schools are.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3708.46,3713.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1140","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are shifting from an era of tight supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3713.1,3716.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1141","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to a decreasing demand for that tight supply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3716.99,3721.323"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1142","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When the first census in the United States was taken","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3723.55,3726.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1143","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in 1790, almost 150 years ago, the half the people","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3726.39,3731.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1144","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the United States were 16 years old or younger.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3732.808,3737.263"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1145","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have never as young since.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3738.3,3741.697"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1146","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Right now that age is 32 and is climbing.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3741.697,3746.697"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1147","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We are getting older every year.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3748.66,3751.423"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1148","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The reason is really too full.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3752.54,3754.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1149","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We have fewer people being born","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3754.84,3757.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1150","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we also have more older people staying around","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3758.15,3762.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1151","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for a number of reasons, good health,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3763.65,3766.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1152","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"money allows good health.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3767.33,3770.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1153","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There are more alternatives and so on,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3770.41,3773.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1154","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but we have less coming in one side,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3773.03,3775.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1155","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"fewer going out the other side.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3775.7,3777.943"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1156","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What will change?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3779.11,3780.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1157","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, nothing really for the next 10 or 15 years","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3780.68,3783.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1158","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but I submit nothing's going to change for quite some 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rate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3789.772,3793.453"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1161","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the raw birth rate doesn't seem susceptible to change","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=3794.46,3799.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1162","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because in point of fact, it's not the pill that's done 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40","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4011.84,4014.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1223","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"arthritis becomes a problem.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4014.67,4017.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1224","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Aspirin is a specific for arthritis.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4017.9,4021.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1225","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why has Bayer changed their advertising?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4021.18,4023.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1226","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because that's where the action is.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4023.88,4025.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1227","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The big affluent market is going to be or now is over 40.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4025.45,4030.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1228","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Campbell's soup produces food for one in a container","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4031.84,4036.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1229","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"aimed directly at one of the fastest growing groups","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4037.2,4040.13"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1230","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in our economy the over 55 age group.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4040.13,4043.914"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1231","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(silence)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4043.914,4046.081"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1232","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4069.41,4070.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1233","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because again the over 55 is not only a fast-growing group","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4070.5,4074.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1234","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the most affluent group that we have","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4074.93,4078.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1235","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and they have money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4078.34,4079.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1236","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's not going to be spent on furniture's","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4079.173,4081.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1237","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's not going to be spent on cars or homes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4081.76,4084.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1238","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it's going to be spent on self-indulgence","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4084.84,4087.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1239","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the trip to Egypt, the trip to the (indistinct) and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4087.1,4090.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1240","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I have commented on the economic changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4092.43,4096.85"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1241","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and we can go on for hours","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4096.85,4098.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1242","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but let me just cite an NLN on a social changes","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4098.76,4103.42"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1243","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because these are probably the most important.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4103.42,4106.063"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1244","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"If it were just Economics, I think we could swallow it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4107.35,4110.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1245","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But an older nation and as we get older in the next decade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4110.89,4115.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1246","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"could be a nation that typifies a resistance to ideas,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4116.33,4121.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1247","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"stagnation, a very conservative attitude","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4122.29,4126.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1248","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a desire not to take chances,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4126.03,4128.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1249","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a culture which emphasizes stability","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4128.46,4131.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1250","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is not a culture that can fight inflation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4131.45,4134.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1251","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and not a culture that can fight the ongoing inroads","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4135.49,4139.389"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1252","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from aggressive traders, such as Korea and Japan.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4139.389,4143.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1253","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We also may be setting up this confrontation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4145.15,4148.544"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1254","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"between the most motivated generation we have ever seen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4148.544,4152.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1255","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the post-war (indistinct) baby World War II","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4152.81,4155.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1256","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"baby generation and the older more affluent generation.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4155.48,4160.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1257","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there could be some political ramifications from this.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4160.63,4165.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1258","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But in reality, I'm not sure","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4166.75,4169.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1259","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"how all of this is going to turn out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4169.54,4171.973"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1260","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We've taken advantage in the investment world","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4171.973,4175.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1261","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of some of these changes the cruise ship, for example,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4175.15,4178.79"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1262","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and airlines are another case in point","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4178.79,4181.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1263","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"where if you play it right,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4181.56,4184.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1264","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you can make a lot of money in this next cycle","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4184.21,4186.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1265","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because as a nation grows older and more affluent,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4186.76,4190.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1266","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they do more traveling.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4190.22,4191.763"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1267","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But really do we know","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4192.84,4195.56"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1268","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what the United States is going to be like","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4195.56,4197.883"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1269","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"under these new conditions,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4197.883,4200.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1270","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"under conditions in which older people will abound","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4200.45,4205.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1271","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in which new ideas may well be rejected out of hand.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4206.19,4211.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1272","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We could ask ourselves,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4212.672,4215.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1273","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"are we going to have a society of stagnation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4215.2,4217.66"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1274","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of decadence of indulgence?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4218.5,4221.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1275","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Will there be fierce rivalry between generations?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4222.82,4226.053"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1276","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We can look at one example, Sweden.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4227.39,4230.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1277","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Sweden is a nation growing old.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4230.64,4233.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1278","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It is one of the oldest nations in Western Europe.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4233.55,4236.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1279","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Inward-looking hedonistic, socialistic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4236.74,4241.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1280","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and alcoholic problem a very high suicide rate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4241.62,4245.663"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1281","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Mexico is a young nation fermenting with ideas,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4246.59,4251.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1282","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"explosive birth rate, very tight family ties.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4251.54,4256.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1283","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now has the resources bursting with art interesting culture","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4257.3,4262.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1284","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"what will we be like in 1990","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4264.27,4267.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1285","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"As we approach the end of this century,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4267.62,4271.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1286","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"we will be like Sweden","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4271.98,4273.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1287","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"looking for self-indulgence rejecting new ideas","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4274.57,4278.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1288","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or will we have wrinkles","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4278.89,4280.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1289","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and be old and yet still be young in spirit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4280.49,4284.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1290","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"maintain our men or youth and vigor to face the challenges.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4284.23,4289.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1291","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't know, but all I can say is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4289.83,4293.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1292","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"tune in during the next 10 years to find out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4293.32,4295.61"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1293","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4295.61,4296.502"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1294","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd applauding)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4296.502,4299.419"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1295","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Okay, I promised that I would...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4313.2,4316.929"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1296","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because of this anniversary, I would comment on 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4316.929,4321.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1297","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and you've all been exposed to so much of this via TV","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4321.82,4326.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1298","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that I'd like to hit some of the highlights","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4327.73,4330.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1299","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then probe a little bit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4330.0,4331.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1300","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as to the real $64 million or billion dollar question.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4331.89,4336.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1301","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Can it happen again?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4336.17,4338.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1302","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I guess there are three parts to this very brief essay.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4338.69,4343.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1303","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What happened?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4343.74,4344.573"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1304","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What really happened in 1929?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4344.573,4347.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1305","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Why did it happen the way it did and will it happen again?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4347.67,4352.613"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1306","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And what we need to do is to strip away","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4353.85,4356.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1307","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"all of the histrionic judgments","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4356.59,4359.76"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1308","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and really look at the cold light of figures,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4359.76,4364.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1309","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because surprisingly because it's so long ago,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4364.2,4367.609"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1310","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"1929 is clothed in a certain amount of dim tissue","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4367.609,4372.609"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1311","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and things are not what they were in 1929.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4376.16,4380.853"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1312","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Dow Jones industrial average in 1921 was 63.9","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4382.29,4386.727"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1313","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on September 3, 1929.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4391.0,4393.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1314","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Dow Jones industrial average was 381","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4394.92,4398.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1315","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"sub from 1921 and 1929.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4399.84,4403.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1316","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Dow, that index of 30 stocks increased six fold.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4403.01,4408.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1317","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That was one tremendous bull market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4410.32,4414.043"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1318","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, we did have a great climb in equity values.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4414.98,4419.503"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1319","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were 1.5 million broker customers in 1929 that's all,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4420.6,4425.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1320","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but it was a stock market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4428.39,4429.644"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1321","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that was almost totally dominated by individuals.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4429.644,4433.423"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1322","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There were best we can recollect 4 million owners of stock","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4434.37,4439.37"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1323","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"so that a lot of the stock owners were not active.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4440.16,4444.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1324","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That 4 million owners of stock","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4444.53,4447.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1325","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"can be compared with 25 million today.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4448.614,4452.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1326","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But, the difference today is","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4452.84,4455.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1327","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that this is a market that 70% dominated by institutions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4455.08,4460.08"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1328","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Whereas 1929 was dominated completely by the individual","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4460.21,4464.73"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1329","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"second point, 90% of all of the transactions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4466.04,4470.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1330","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"during the 1920s when the stock market","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4470.55,4473.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1331","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was increasing six fold","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4473.3,4475.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1332","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"90% of the transactions were on credit.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4475.64,4478.373"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1333","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That literally meant you could buy $1000 worth of stock","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4480.14,4483.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1334","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for $100 down and finance the rest.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4483.52,4487.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1335","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Today, that particular margin or credit requirement is 50%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4487.9,4492.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1336","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And not only that, but the last time I checked 10 to 15%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4494.27,4499.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1337","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"only 10 to 15% of our transactions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4499.07,4501.536"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1338","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"were margin accounts today.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4501.536,4504.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1339","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So, the 1929 market was characterized by high leverage,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4504.69,4509.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1340","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a lot of credit by a tremendous increase in equity values","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4511.03,4516.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1341","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and by very few people who were speculate.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4516.55,4519.483"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1342","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But the stock market interest was high.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4521.02,4523.473"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1343","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Volume in 1925 was only 1.7 million shares a day","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4524.38,4529.38"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1344","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by 1929 that had gone over 4 million shares a day.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4529.5,4533.873"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1345","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But one of the strange things about the 1920s","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4536.02,4539.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1346","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was the fact that the inflation was in the stock market,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4539.01,4543.453"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1347","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"six building grits.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4544.72,4546.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1348","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was no inflation in the economy.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4546.49,4548.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1349","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The price level in the economy had been pretty stable","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4548.98,4552.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1350","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"since 1922, 1923.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4552.87,4556.36"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1351","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The situation is entirely reversed today.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4556.36,4559.64"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1352","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Today, inflation is everywhere except the stock market.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4559.64,4563.003"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1353","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The stock market in 1929,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4564.21,4566.19"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1354","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was selling at 20 times earnings on average.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4566.19,4570.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1355","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Today the Dow Jones industrial average","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4570.35,4572.468"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1356","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is selling at seven times earnings.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4572.468,4574.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1357","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So the...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4575.67,4577.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1358","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Again, the situation isn't comparable.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4577.07,4580.203"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1359","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The market break in 1929, it really began in March.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4581.89,4586.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1360","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You had a sudden sharp break in stocks","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4587.41,4591.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1361","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then stocks recovered and then went on to new highs.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4591.6,4595.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1362","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The new high was reached in September of 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4595.97,4600.457"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1363","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then the market hovered at that level.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4601.67,4604.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1364","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And then we began the deadly week of 50 years ago.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4604.59,4609.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1365","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"On Monday, October 28th, 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4609.83,4612.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1366","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the Dow Jones industrial average","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4612.93,4615.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1367","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"on that Monday broke 38 points","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4615.34,4618.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1368","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and remember the Dow was only 360 or so","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4618.41,4622.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1369","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a 9.2 million shares","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4622.17,4623.839"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1370","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which was a tremendous amount of volume.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4623.839,4626.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1371","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That was a 12% decline, roughly a 12% decline","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4626.33,4629.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1372","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a very short period of time in one trading day.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4629.62,4633.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1373","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But on Tuesday, Black Tuesday","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4633.06,4636.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1374","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the market not only declined but broke disastrous event.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4636.04,4641.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1375","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"On that day while a Dow was only down 30 points","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4641.5,4645.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1376","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"another roughly 12% decline,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4645.8,4649.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1377","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the volume was 16 million shares.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4649.1,4653.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1378","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was so much volume that even to this day","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4653.04,4656.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1379","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"they never finished recording all of the transactions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4656.24,4659.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1380","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They were simply swamp,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4659.72,4661.778"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1381","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"16 million shares on that day October 29,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4661.778,4666.778"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1382","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was not exceeded again in a stock market until 1968.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4667.41,4672.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1383","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So that's the kind of volume","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4673.24,4675.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1384","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you had on that deadly October 29.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4675.01,4678.86"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1385","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those two breaks in the market were cataclysmic","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4678.86,4682.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1386","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because as you know, if you have leveraged stock","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4682.65,4685.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1387","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"if you've borrowed 90%,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4685.41,4687.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1388","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"it doesn't take much to wipe out your 10% equity","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4687.27,4691.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1389","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and get a margin gap.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4691.0,4692.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1390","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The market went down for most of 1929 rallied in 1930,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4694.35,4699.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1391","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"then you add another killer wave of selling","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4700.36,4702.887"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1392","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that carried the Dow down from 381","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4702.887,4707.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1393","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the record in September 3, 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4707.67,4711.53"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1394","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"to the incredibly low 41 in 1932.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4711.53,4714.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1395","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"By 1932, $9 out of every $10 of market value","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4718.43,4723.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1396","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that existed in 1929,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4724.6,4727.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1397","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by 1932 nine at every $10 was wiped out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4727.27,4730.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1398","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"When the market hit its bottom in 1932","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4732.4,4735.22"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1399","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there was nothing left.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4735.22,4736.713"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1400","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Stock values were absolutely massacred.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4737.61,4740.444"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1401","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the great depression really began.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4740.444,4744.123"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1402","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"How bad was the depression?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4745.51,4747.6"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1403","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Pretty bad.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4747.6,4749.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1404","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Gross national product fell 30%, 30%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4749.5,4754.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1405","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We think we've had depression","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4757.31,4759.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1406","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"when gross national product falls 5 or 6%","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4759.16,4762.703"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1407","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in negative ground 30%.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4762.703,4765.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1408","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Unemployment rose to 25% of the workforce,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4765.9,4770.9"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1409","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"25% of everyone willing to work.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4771.009,4775.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1410","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It was catastrophic.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4775.1,4776.463"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1411","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Those were the dimensions.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4777.3,4779.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1412","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That's what happened?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4779.07,4780.493"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1413","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What caused it?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4781.82,4783.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1414","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, if you got four economists in the room right now","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4783.7,4788.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1415","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"you'd have five different opinions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4788.75,4790.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1416","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because one of them would change.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4790.78,4792.456"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1417","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd laughs)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4792.456,4793.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1418","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"No one really knows, I've read the literature of the time.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4793.67,4798.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1419","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm fascinated by it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4799.19,4801.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1420","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Milton Friedman believes that an ordinary recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4801.26,4804.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1421","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and that's what we had going in 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4805.46,4808.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1422","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with a stock market drop was of no importance","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4808.55,4813.223"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1423","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in and of itself.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4813.223,4814.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1424","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What turned the crash of 29 and to the great depression","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4814.78,4817.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1425","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"he maintains was money supply.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4817.87,4820.23"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1426","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Federal Reserve just kept tight the money supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4820.23,4824.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1427","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"actually reduced the rate of money supply","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4824.74,4827.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1428","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"instead of doing it the other way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4827.24,4828.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1429","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Paul Samuelson says it was all an accident","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4829.88,4832.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1430","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there we had a common coincident of commodity price drops,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4833.7,4837.82"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1431","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"inventory cycle, long-term construction,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4837.82,4841.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1432","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"demographic trends were picking up and so on.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4841.01,4844.153"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1433","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The more...","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4846.181,4847.014"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1434","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The most recent view says that what caused it","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4847.014,4850.7"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1435","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was a withdrawal of funds from the United States","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4850.7,4854.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1436","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"spreading collapse from country to country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4854.49,4857.253"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1437","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I happen to share that view.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4858.66,4861.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1438","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I think the reason that we had the crash of 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4861.14,4866.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1439","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was the glimmerings by investors","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4866.02,4869.62"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1440","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the Smoot-Hawley Tariff,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4869.62,4871.407"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1441","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which is a very high tariff barrier,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4874.201,4876.16"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1442","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was about to be inaugurated.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4876.16,4878.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1443","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that perceptive investors, the first to get out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4878.29,4882.46"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1444","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"began to again sense that this meant the end of world trade","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4882.46,4886.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1445","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"meant trade barriers, and that meant that money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4886.94,4890.35"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1446","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"would start to be yanked out of various countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4890.35,4893.983"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1447","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it's a very persuasive argument.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4895.55,4898.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1448","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the best argument is set forth in a book","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4898.15,4901.29"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1449","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"by economist by the name of Jude Wanniski","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4901.29,4904.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1450","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"used to write for the Wall Street Journal.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4904.88,4907.1"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1451","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And the title of the book is, \"The Way the World Works.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4907.1,4910.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1452","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And he has a chapter in era 1929","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4910.5,4912.75"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1453","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which to my mind is the best reason for it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4912.75,4915.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1454","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Now, when money started to be pulled out","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4915.52,4917.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1455","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of the United States,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4917.87,4918.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1456","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"as it was pulled out of other countries,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4918.71,4920.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1457","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there was no way to stop it.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4920.59,4922.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1458","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"There was no nation","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4922.69,4924.434"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1459","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that performed the function of Great Britain in the 1800.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4924.434,4928.233"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1460","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The United States didn't even try","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4929.65,4932.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1461","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because I guess we didn't know that much about","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4932.05,4934.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1462","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"international economics.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4934.18,4935.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1463","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"At any rate world trade began to seize up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4935.87,4939.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1464","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and a recession became a depression, but that's all history.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4939.12,4944.12"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1465","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The real question the gut question","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4946.49,4948.57"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1466","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that we lie awake nights sometimes in our heart of hearts,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4948.57,4952.97"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1467","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"can it happen again?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4952.97,4955.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1468","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And most of the people would stand up before you and say,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4955.07,4957.497"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1469","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"No way, we've got too many protective device","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4957.497,4960.817"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1470","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"we've got social security, we've got the federal reserve.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4960.817,4964.437"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1471","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\"We have insurance bank deposits and so on.\"","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4964.437,4967.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1472","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And all of those people remind me very much of the general,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4967.89,4971.32"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1473","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the French generals,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4971.32,4972.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1474","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"who learned the lessons of world War I,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4972.71,4975.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1475","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"well and erected trench barricades","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4975.2,4979.24"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1476","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and imagine O-line.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4979.24,4981.07"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1477","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"For a war that would be fought like World War I.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4981.07,4984.153"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1478","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And they didn't tell the Germans that","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4985.08,4986.51"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1479","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that's the kind of war they should fight","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4986.51,4988.89"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1480","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because the Germans decided to fight World War II","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4988.89,4992.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1481","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"which meant going around, imagine O-line.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4992.48,4995.83"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1482","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that's what I think all these people are telling you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4995.83,4998.63"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1483","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It won't happen again because we have those safeguards.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=4998.63,5001.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1484","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And I say, sure, it won't happen again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5001.59,5003.78"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1485","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's not gonna happen the same way.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5003.78,5005.773"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1486","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"But if it happens?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5006.778,5008.707"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1487","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And it can happen.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5008.707,5010.49"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1488","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It's going to happen in one of three areas","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5010.49,5012.59"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1489","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in housing Visa mortgage lending in consumer credit","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5013.71,5018.71"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1490","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"or more likely in loans to lesser developed countries.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5019.8,5024.173"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1491","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Each one of these three major credit components","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5025.57,5030.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1492","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has the capacity for disaster.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5030.2,5032.783"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1493","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Consider what has been","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5034.14,5035.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1494","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the most speculative boom of the 1970s.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5035.74,5038.987"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1495","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Has it been gold no, copper no, silver no,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5038.987,5043.55"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1496","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"stock market no, housing, yes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5043.55,5047.023"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1497","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And how have prudent homeowners taken advantage","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5047.88,5051.81"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1498","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"of this enormous increase in the assets of their estate?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5051.81,5055.98"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1499","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Well, they've gotten a second mortgage","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5055.98,5057.47"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1500","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"from their friendly banker.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5057.47,5059.516"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1501","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They've taken 10 or $15,000 out of the value.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5059.516,5063.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1502","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thereby raise their carrying costs on the assumption","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5063.52,5067.99"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1503","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that housing prices have the one place to go right up.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5067.99,5072.8"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1504","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"We know that every year housing prices go up","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5072.8,5076.17"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1505","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but suppose they started to go down and they can go down.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5077.17,5080.953"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1506","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They're going down in one area right now.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5082.06,5084.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1507","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Suppose they went down all around the country.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5084.98,5087.28"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1508","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You'd have a big problem","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5088.25,5089.45"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1509","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"consumer credit, same way, same linkage.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5090.82,5093.65"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1510","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And we've got a lot of plastic cards out there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5093.65,5096.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1511","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And there's a lot of capacity for fraud, big scandals","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5096.69,5099.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1512","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the most likely event would be a LDC","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5100.42,5104.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1513","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"a country like Zaire, Peru, Upper Volta.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5104.0,5109.0"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1514","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Some of these countries you can't even pronounce,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5109.29,5112.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1515","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but they're there.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5112.2,5113.48"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1516","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Chase Manhattan has loaned them money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5113.48,5115.93"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1517","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The bank of England has loaned them money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5115.93,5118.52"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1518","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"They've all loaned the money.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5118.52,5120.43"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1519","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And if they can't repay the loan, the loan them more money","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5120.43,5123.33"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1520","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the last thing they want,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5124.74,5126.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1521","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"the president of Zaire or Peru to tell them","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5126.88,5130.18"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1522","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"is not only am I not going to make the payment,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5130.18,5134.01"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1523","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I'm going to repudiate the damn debt.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5134.01,5136.273"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1524","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That would be catastrophic, why?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5137.27,5139.4"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1525","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Because then they have to write it off,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5139.4,5141.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1526","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"write it down reduce their assets","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5141.26,5145.03"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1527","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"there in lies the capacity for disaster","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5145.03,5148.402"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1528","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because if one bank goes, others will start to go.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5148.402,5153.013"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1529","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I don't know of any country in Africa save Nigeria.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5154.94,5159.94"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1530","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"That is not a potential for disaster.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5161.15,5165.11"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1531","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And that includes South Africa","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5165.11,5166.67"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1532","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and Nigeria excluded only because of oil.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5167.65,5170.95"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1533","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"I could say the same thing for South America","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5170.95,5174.06"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1534","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"with the exception of Chile,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5174.06,5175.72"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1535","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"because a bunch of generals run it and Brazil","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5175.72,5179.14"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1536","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and central America everything's fair game.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5180.38,5183.09"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1537","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What I'm saying is that our banking system","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5183.09,5186.26"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1538","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"has a lot of loans out.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5186.26,5188.04"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1539","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"And these loans, if they're repudiated could result","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5188.04,5191.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1540","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in a psychological run on the banks,","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5191.69,5193.68"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1541","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"not by depositors, but by businessmen","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5193.68,5197.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1542","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and businessmen are not protected by the FDIC.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5197.41,5200.15"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1543","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"You know, the deposits are only insured","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5200.15,5202.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1544","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"for an amount that to a businessman would be small potatoes.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5202.3,5207.3"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1545","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So they'd be the first to run and there's no federal reserve","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5207.34,5211.27"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1546","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in the international affairs, not at all.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5211.27,5214.69"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1547","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So there in lies, the capacity for disaster","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5214.69,5218.02"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1548","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that would be the stock market crash of 1982, 1983.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5218.02,5222.88"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1549","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"It wouldn't happen in the same way","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5222.88,5225.21"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1550","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"but the results could be as deadly as a crash of 29.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5225.21,5229.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1551","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"One final comment.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5230.0,5231.113"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1552","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"What made the great depression?","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5232.42,5235.44"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1553","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Worse turned a severe international recession","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5235.44,5239.84"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1554","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"in every country into a depression","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5239.84,5242.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1555","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"was the failure of an obscure Land Credit Bank in Austria.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5242.87,5247.87"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1556","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Creditanstalt, the failure of that bank","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5249.02,5252.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1557","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"precipitated failures in banks throughout Europe","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5252.41,5257.34"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1558","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and almost had the bank of England trembling itself","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5258.31,5262.74"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1559","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that made everyone so frightened","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5262.74,5265.5"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1560","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"that the great depression really didn't end","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5265.5,5270.31"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1561","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"until sad to say all nations began to arm themselves.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5270.31,5275.05"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1562","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So reality, it took Hitler, Mussolini","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5275.05,5279.41"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1563","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and at all to bring us out of the great depression.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5279.41,5284.013"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1564","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"The Creditanstalt Bank could well be out there somewhere.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5286.2,5291.2"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1565","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"So let's not say it can't happen again.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5291.31,5294.39"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1566","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Let's watch and be careful.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5294.39,5296.396"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1567","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"Thank you.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5296.396,5297.697"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1568","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"(crowd applauding)","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5297.697,5300.614"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1569","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"\u003cstrong\u003e -:\u003c/strong\u003e I will take about 10 minutes for questions","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5310.116,5312.54"},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1570","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"and then we'll go to the reception.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=5312.54,5315.423"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726","type":"AnnotationPage","label":{"en":["English [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29726/annotation/1571","type":"Annotation","motivation":"subtitling","body":{"type":"TextualBody","value":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/029/726/original/AV168082_a.vtt?1624893567","format":"text/vtt","language":"en"},"target":"https://d9jk7wjtjpu5g.cloudfront.net/file_transcripts/associated_files/000/029/726/original/AV168082_a.vtt?1624893567"}]},{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29727","type":"AnnotationPage","label":{"en":["AV168082_a.txt [Transcript]"]},"items":[{"id":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420/transcript/29727/annotation/1572","type":"Annotation","motivation":"transcribing","body":{"type":"TextualBody","value":"- Wow. Better not turn it down too much, huh?\r\n\r\n- Okay.\r\n\r\n- Okay, huh? That okay? There we go. Good evening. Immediately after the presentation you're invited to attend the reception and the Camp and Neo room, Camp and Neo room is off in this direction On the North side of the Union. Hosts for this reception will be representatives of RG, Dickinson and company and faculty members of industrial administration which is the business administration unit at Iowa state university. Tonight in Ames and other communities our youngsters are enjoying tricks or treats, and one of their favorite observances Halloween. Earlier this month, not only were our pumpkins frosted, that our fortunes as well as investors had the hair raising experience of seeing the stock market decline sharply there were haunting visions of another crash of 29. Now that we've experienced the trick it is time for a treat, the university lecture committee with professor James Lowery, chairman has again brought us a well-known personality from the Public Broadcasting Networks Wall Street Week. Mr. Frank Cappiello, has been a continuing panel member since that program originated in 1970. He is financial vice-president of Monumental Corporation an insurance holding company and chief executive officer of its affiliates. He is president of Monumental Capital Management, Inc. And chairman of the board of Fiduciary Council, Inc. These two companies provide investment management services to a wide range of clients to manage total assets in excess of $1 billion. Mr. Cappiello a graduate of the University of Notre Dame and the Harvard graduate school of business administration also serves on boards and committees of several other organizations, Equitable Bank Corporation, the Maryland State Retirement Systems, the Bryn Mawr School the Clergy Retirement Board of the Archdiocese of Baltimore and Mercy Hospital. He is a contributing economic columnist for The Chicago Tribune and The Baltimore Sun and a faculty member and lecture of the Johns Hopkins university. We are pleased that Mr. Cappiello can be with us tonight. He will speak on the economic prospects in the 1980s for investments, and he will conclude his presentation with some observations on the crash of 1929. Following his presentation. He will entertain questions from the audience. Thank you. Mr. Cappiello.\r\n\r\n- Thank you, thank you very much. It's really a pleasure to be on a campus in a Midwestern campus at that. And it's nice to be at the place where the leaves are stripped to the trees and winter is about to begin. We're just having our fall out in years. So I'm gonna hurry back and catch a little bit of the fall before the snow catches me in here tomorrow morning. And it's really a great relief to be here to be away from New York, where I spend a lot of time and from Washington D.C., where I spend a balance of my time because New York is not a happy place. Most of you know, New York is going through some traumas. You've heard about the Wall Street mergers, analysts out of work, and a good friend of mine a broker tells me that this will be the 11th year. That Wall Street will not hold its Annual Christmas Pageant. Yes, it is the 11th year. They still can't find three wise men on wall street. You know, I think the most unkind cut that Wall Street took in 1979 was not so much the stock market ups and downs nor the jobs it was through Kaiser. But the startling announcement that a William Arthur had built a portfolio of stocks from a small amount of $2,000 to the not ungracious amount of $24,000 in 12 months. And this is amazing feat even in today's market. The amazing for human, but William Arthur, is an English sheepdog. His master Robert Beckman, would read the Wall Street journal quotations over coffee. And if Arthur, the sheep dog barked twice he would buy the stock. That may sound like the kind of advice you're getting from brokers. But seriously, Wall Street has problems and its problems are compounded by the fact that Wall Street is in New York because New York has massive problems, but here again I bring you good news and bad news. The good news is, that New Yorkers are beginning to see light at the end of the tunnel. The bad news is the light's coming from Consolidated Edison. See there's some con ed stockholders out there but seriously, the other part of my time is spent in Washington D.C. or in the immediate area and which is near my home, which happens to be Baltimore. And, you know, Washington is the center of almost everything today, not only politics but money and society. My wife is a southerner, born and bred in the South. Can't get much Southern than Richmond. And she's in the click. All of her college classmates in one way or another are in the Washington swim. And so we get the feel for what's going on. And the big theme is economy. Washington is in the throws of economy. The other thing is entertainment and Washington is a great cocktail town. My wife and I we're at a cocktail party not too long ago in Georgetown, which is one of the fancier sections of Washington. And one of my wife's classmates came running up to me very liberal lady in terms of politics of course. And she came up complaining about the state of the economy and she commented on a high rate of inflation interest rates, unemployment, and a falling dollar. And after about five minutes of this I stopped her and I said, \"Martha.\" I said, \"Hold it.\" I said, \"You're right. \"You're right today just as you were right three years ago.\" And she looked at me in amazement and said, \"What do you mean?\" I said, \"Well, you told me three years ago but almost the same kind of cocktail party that if I voted for Gerald Ford, we'd have high inflation high unemployment, and high interest rates.\" I voted for Gerald Ford and we got high inflation, high unemployment, and high interest rates. But basically the theme of Economy in Washington isn't bad. And you only have to look around and see how everyone's jumped on the economy bandwagon. So austerity. After all president Carter is producing a budget for this fiscal year. That we'll have $532 billion of expenditures. That's what's going out. Unfortunately only $500 billion in collections is coming in and that's a deficit of only $32 billion and that's austerity. But the best change of all is Ted Kennedy. You seen his new gate up lately. It's got these little narrow bifocal glasses silver on the temples. Now the grand old man of the liberal wing. And he keeps on talking about health and his health program. And the only thing that he's accomplished and all this talk about his health program is he's made Jimmy Carter sick. And incidentally, Teddy says, if he's elected he's going to eliminate financial wastefulness no matter how much it costs. But we all know now it's official that Kennedy is making a run for the presidency and in east, at least we think we know what his campaign slogan is going to be. \"Let he, who is without sin be a one-time president.\" But I don't want to, are you... You're so jaundice you probably heard about the new presidential limousine being outfitted with pontoons Oh, yeah boy Kennedy is not gonna make it in the hour primaries. All right, but seriously, I don't wanna make too much fun out of Washington because Washington is our problem. And hopefully before the end of the night you will realize that Washington is also a part of the solution. Because I really came here to talk about the economy and particularly the future shape of the American economy. You know, each year about this time we all go forth to the four sectors of the compass and we go forth and were asked, well what's the economy gonna be like next year? And what's it look like over the next two years? And what's GMP gonna be in the third quarter of 1980 and you know, really quite candidly, none of us really know but I'm always amazed at the impudence and the the complete confidence of economists because they seem to know, and we are constantly bombarded in New York, particularly at the bankers luncheons. When they trot out the bank economists they get them out of that dark room pull up the window shades and say, \"Go forth and speak.\" And he goes forth and he makes pronouncements. And some of the things in print sound pretty good but when you hear them in the ear, they sound sort of funny like this particular quote, \"This year we can tell you definitely \"that there will be an easing up \"of the rate at which business has been easing off.\" Put in other way, there will be a slowing up of the slow down. My way of explanation is slowing up with a slow down. It's not as good as an upturn in a down curve but it's a good deal better than the speeding up of the slow down or the deepening of the down curve. And it does suggest that the climate's about right for an adjustment of the readjustment Or this little quick and final one. And this is from the most prestigious bank in the United States. Right clipped right out of their recent economic forecast. The indicators suggest a leveling off commonly referred to as bumping along rock bottom. This will be followed by a general pickup than a faster pickup than a slow down on the pickup. And finally, a leveling off again. At any rate, the climate is right for a pickup sometime this year, if we don't have a decline. As George Bernard Shaw once said, \"If all economists were laid end in \"they wouldn't reach a conclusion.\" But you know, just like war it's too important to be left to generals. So is the economy too important to be left to economists. And actually, if you look up the word economics in Webster's dictionary, you'll find that it means relating to or based on the production, distribution, consumption of goods and services. Economics concerns itself with money because money is the lifeblood of the economy. It concerns itself with money creation, money flow, the worth of money, the future of money. Economics, the kind of economics we will have in the 1980s will determine how we will live our standard of living our social mores. So it's an important and very critical subject but here we have the rub because for those of us who live in this lifeblood of money that depends so much on psychology, on statistics. Economics, the study of economics is not a science. They call it a social science but that's stretching it in terms of an art form. We have universities such as Wharton at the University of Pennsylvania. That have computerized economics to a the nth degree. And going in as a tremendous array of figures coming out are the cleanly printed sheets that indicate the model of the economy under various permutations for the next 10, 15, 20 years out, the answers are clean they're precise and are usually totally useless. And this has always bothered me. And on one occasion, I happened to have a few minutes alone with Dr. Milton Friedman, the Nobel prize winning economist. And I posed the question to him in this fashion. I said, \"Dr. Friedman, you've suggested that the test \"of any real economic thinking \"or school of economic thinking is its ability to predict. \"And you've confessed that you and your associates \"don't do a very good job but predicting \"question, why can't you do better? And Dr. Friedman's answer was appropriate to Dr. Friedman's personality. He said, \"We haven't learned enough about the economy \"really to enable us to predict accurately. \"The reason is the economy is a complex set \"of 220 plus million decision-makers.\" These 220 million individuals are all making decisions, pursuing their own life their own society. A free society in which every individual is able to make decisions. And those decisions normally can't be predicted. A free society is one in which people have the opportunity to run their lives and a difficult one to have economics. But it's easy to predict what the Russian economy will do in 1980, 1981, 1985, just as it's easy to predict what's going to happen in a cemetery. So armed with this, I am not going to badger you with statistics about the shape of the recession in 1980, because we will have one. And I promise you a very nice one in 1980 the recovery in 1981, and so on what the GNP will be in the third quarter of 1980. None of that is going to help us because the shape of the economy, that's important to us as investors and to all of us as citizens of the United States is really locked into three major problems. Those problems will determine the kind of stock market we will have over the next several years. The kind of society we will have on 1980 or 1990 rather. And really the kind of politics we will have because it's always been my contention that economics dictates the politics and not the reverse. These problems, these three problems are first inflation which you will see shortly damages all of the other two problems. Second energy it's availability and use thereof. And finally, a problem which unlike the first two we could solve. The third problem is insoluble. We will have to accommodate to it. It is probably in the long run the most deadly and insidious problem we have. And there's nothing, absolutely nothing we can do about it. The third problem is the graying of America. First inflation because it's by far the most immediate and by far the most all pervasive. Mark Twain once said, \"That everyone talks about the weather \"and no one does anything about it.\" But the same could equally be said about inflation. Currently, the nation is wracked by one of the most deadly viruses in terms of velocity of inflation we've ever known but there are two things about the present state of inflation or kind of inflation that's unusual. And these two things make inflation far more fearsome than any other inflationary period in history in the United States. The first fact about inflation is that the rate of inflation is much higher than we're being told or than we're sensing. The current standard for measuring inflation is the consumer price index. That's that market basket of four living for a family living in an urban area. That's an existence inflation rate. That's a rate of survival But I need only point out that while the statistics tell us that since 1968 the consumer price index the standard of inflation has increased by 110%. The presumption is that all prices and are all overall requirements of living have gone up 110%. But you and I know most of us in this room know that the rate of inflation is much worse than that because Middle America has a higher rate of inflation. Airline tickets have gone up more than 110%. A new house has gone up more than 110% in the past 10 years. A new car has doubled since 1974 in cost. And my benchmarks are for example, a Beefeater Martini in New York, that necessity of life since 1974, just since that brief period of less than five years ago has gone up from a dollar of $75 to $375. That's 114%, in just five years. And that doesn't include the olive. My children tell me a pack of M \u0026 M's the ambiguous candy has gone from $0.12 cents to $0.43 cents at least where we live. That's an increase of 258%. And my 15 year old screams about the ravages of inflation. And theater tickets, occasionally one needs this kind of enjoyment $9 to $20 again in only five years. So, the first point that I want to bring home to you is for Middle America the inflation rate that they're telling us that we've had prices increase 110% in the last 10 years, it's nonsense. The standard of living, your standard of living has deteriorated much more than that. And that's basically what we're talking about but if it was just the rate that we're told that would be one thing. But the more insidious thing about this inflation is that the current inflation trend line is increasing. Now, that's a fancy term for saying that after each slowdown in the economy inflation arises a new with another and more vibrant life. And let me flesh that out with a few quick statistics. If you go back to 1947, after the post war, World War II inflation surge from 1947 to 1965, the consumer price index and now I'm using the basic government standard because we don't have statistics that carry us back that far that are reliable, but from 1947 to 1965, the consumer price index measure of inflation rose only 2.5% a year. But from 1966 from really from the beginning of Vietnam from 1966 to 1971, the consumer price index went up 4.5% a year. And in the most recent period from 1972 to about mid year 1979, the rate has advanced 9% a year. Now the rate is 13%. Inflation, I think most of us would say, who deal with values in markets. Inflation is nearly on the break of going out of control. Each new price increase is passed on immediately by the manufacturer and its cost of goods to the consumer and ends up in various levels of the process at the very grocery store level magnified, many four. The question that all of us have to ask ourselves is if this inflation is so unique, so insidious, so hard to kill, how did the United States, a great nation with resources with a productive labor force. How did we get into such a fix? And I guess here we would spend hours on a history lesson starting with 1966, when president Johnson decided to fight two Wars, one in Vietnam and one on poverty. And I submit that he lost both, but in fighting those two Wars, the president took attack that no other president has ever taken. He fought the Wars without taxing Because of this, the federal reserve was forced to create money literally to fund the deficits created by our worst spending. And because of this, we put hundreds of billions of dollars of money into circulation. Money which is still sloshing around in the United States and outside, outside the United States they call these particular dollars your dollars. But the point is we created money to chase goods. Along about 1970, 1971. We began to have a couple of accidents just as the Vietnamese War was slowing down. We'd put all that money supply into circulation to buy goods. And now all of a sudden, some of those goods were becoming very scarce, grain, wheat, corn. Simply because nations were bidding up the prices and the historical accident of a couple of famines or rather droughts in the Soviet Union and China put pressure on the price level. But I guess the final historical blow when this inflation really began to rage about 1973 was the quadrupling of the essential component of civilization oil by OPEC. The quadrupling of prices in 1973, 1974 using the excuse of the Arab-Israeli War at that time put the final death numb on inflation at that point in time inflation crested out at double digits in the United States and then fell. It fell because we had a recession and it fell to about 5% and then it started up again. And now it's at 13%. So it's fair to ask that's a very nice historical lesson but if what you say is true about the causes the historical causes of inflation. Why is it then that we're still afflicted with a high rate of inflation when Vietnam War's over when we're not about to have those accidents of drought which will raise agricultural or raise agricultural prices why is it that inflation continues? And the answer is that after a period of time, when, you know, year in and year out that prices are gonna be higher next year than this year inflation becomes not economic but psychological. Economists call a period we are now in a period of inflationary expectations. But another way to put it is that we are locked in the deadly step the disaster that economists call The wage-price spiral because you know, after a while people begin to rise up about inflation. And everyone knows that you buy the car this year because next year it's going to cost 12% more. And they know that you buy that house today no matter what it costs because it's going to cost more tomorrow. And this has been going on now for so long that everyone takes it for granted. And we build our speculations, our investments, our whole way of life on the fact that things are gonna be higher next year, including our wages. And because of this, the housewife... Take the typical housewife or United Auto Worker employee who comes back from the Ford assembly plant. And his wife says to him, \"The grocery prices are going up again.\" And he says, \"Well, we're going into a labor negotiation next week.\" And she says, \"You tell your leaders to get us an increase \"not just the 12 or 13%, but something higher \"so that we can offset the increases \"that are coming next year and a year after.\" So these three-year contracts contain escalations. And if the rate of inflation is 13%, the union gets 16%. And after about two or three months a decent interval, Ford, GM, Chrysler, and so on pass that increased cost right on to the cost of the car and the car prices go up. And those car prices and the price of everything else goes up. And about two or three years later the United Auto Workers come back in for bargaining. And now they want 20% and so on, and so on, and so on. The deadly lock step will continue forever because inflation now has a life of its own. There are solutions, but before we get to the solutions let me just parenthetically describe that. Inflation is the answer to the question that so many people ask, what happened to the stock market? If you look back over the past 10, 12, or 14 years and if you measure the stock market by the Dow Jones, industrial average that a 30 stock index that gives us the Blue Chip averages of companies in America. If you measure the Dow 30 you've gotten nowhere investing in those 30 stocks the Dow Jones industrial average first hit 1000 in 1966. Today it closed at about 820 far from 1000, the price of everything else of corn, of wheat, of automobiles, of housing, of shoes, everything is going up. The price of those 30 average stocks is actually down since 1966. And the reason is why are people mad? Are they insane? Don't they recognize values? And the answer, at least to my mind is that these investors are looking at inflation and they're saying, that the desirability of owning a share of an enterprise in the face of burgeoning inflation, the kind that we've had since 1966 and it's no accident that the Dow Jones industrial average hit a high of in 1966. A high that it hasn't been able to sustain ever since. Because if you recall, in 1966, we crossed over a threshold in inflation, and that was no accident because in 1966, we began to pump out dollars. Also, inflation is the answer to the second problem that investors and economists for that matter puzzle over and that's capital spending or the lack thereof. If you look at this last expansion which just ended or is about to end that began in 1974, 70, 74 or 75, that expansion was a vigorous one. We employed more people than we've ever employed in history profits were up and so on. Housing was spectacular, but capital spending overall capital spending was well below trend line. This is what businessmen invest in plant and equipment. But if you strip capital spending into its two component parts you see that this business investment consists of short lived investments, investments in equipment and trucks, labor saving devices things that can be paid off in about five years. And then there's another component that we call long lived investments and long lived investments are those investments which are plant and equipment put on for 20, 25 years, where we're attempting to put in a new production line, something that costs 10, 12 $15 million. Short lived investments that component is doing very well. It was way above trend line. And why not? Businessmen in the face of inflation can see the merit of a labor saving device that reduces expenses. but longer investments, a $10 million addition to plan. Think of what the businessman has to go through. He has to estimate his sales over the next 10 or 15 years. He's got to figure out what his expenses are going to be and who can do that in the face of inflation. Does anyone care to hazard what costs... Labor costs will be in 1987 or 1988? And after he deducts the estimated expenses from his sales and pays an appropriate tax he then has a profit, which he arrays against the investment which tells him what his return will be faced with all of the uncertainties in developing that return is any businessman going to invest $10 million over the next 25 years? And the answer is no. Businessmen have done in the past four years what they do best in periods of uncertainty, they have done nothing. Now, people ask, well what's so big about capital spending business investment. Well, there are two problems about business investment both of which ultimately impact on our problem of inflation. The point number one is that, over the next 10 years we're going to have to put out or produce some 2 million jobs each year, just to keep the unemployment rate where it is not to improve it. 2 million jobs each year for 10 years. The second problem about the capital spending drawer relates to efficiency. If you do not have that new production plan to produce cars more efficiently, tires, screws, rollers whatever you do not have the ability to reduce costs. If you're using old decrepit plant it's very difficult to reduce prices or to keep prices from rising further. So here inflation has kept us as businessmen from making long-term investments. And the lack of those long-term investments are going to produce ultimately more inflation. And we get this deadly spiral connected together of cause and effect. But finally, if we do not have the efficient production we are going to get killed in the 1980s by the South Koreans, by the Japanese, by Singapore as well as West Germany, Great Britain at all. All these countries, one way or another are developing production that they hope to sell in the United States. Our only solution is really efficient production to combat them. without it our economy is going to be even further strain. So the current rate of inflation affects not just prices, short term. It affects jobs, it affects business investment. It poisons the entire atmosphere in terms of investing in terms of the future. And as I've indicated it's very difficult to conquer. Consider that this current inflation surge that really goes back to 1966, has not been cured by wage price controls. They fail in the early 1970s. It hasn't been cured by Restrictive Monetary Policies and it wasn't cured by the worst recession since World War II. And it's fair to ask if anything will cure it? And the answer is yes, all economists know how to cure inflation. Every sensible Senator, every investor, every person that spends more than a year or two on Wall Street knows how to cure inflation and to show you how simple it is. Let me just define inflation. This is the distillation of three separate dictionaries. Inflation is an increase in spendable money without a corresponding increase in goods and services. With more dollars available to chase each item prices are bid up. Look at it another way. Money is like any other commodity. It derives its value from the degree of scarcity. If you increase the supply without any commensurate increase in value, you reduce the value per unit. If you bleed that standard definition of inflation and it's a pretty standard one, then you ask yourself, well, how does the money supply increase? And there are two ways, both from the same source the federal government. First, the federal government can print money, literally run the printing presses otherwise known as selling federal reserve treasury bonds. Or it can literally borrow from the private sector by selling treasury securities, to us as investors and taking our hard earned money. The fruits of our labor one way or another either way the government is creating money in one, the second sector where it takes our savings, the affect is not inflationary or at least short-term, it's not. The dimensions of what we're talking about in terms of printing money or producing money, creating money its dependence. I'm always amazed by my colleagues who tell me M-1 and M-2 increased five, six, 10, 12%. Just think M-1 and M-2 are not just numbers. That's money stock that's money being created by the treasury or by the federal reserve through the agent of the treasury increasing money supply, no value behind it. And why did they do this? Because they have to fund the deficit. Remember early on, when I started this, I said that president Carter has a budget in which he is going to spend $532 billion. He's going to collect $500 billion. Now that gap of $32 billion, if you and I had that gap. We'd be bankrupt. So would the state of Iowa, so would the city of Des Moines, but not the federal government because the federal government has the ability that I don't have. That De Moines doesn't have that the state of Iowa doesn't have. It can create currency. And the creation is by the federal reserve to fund the deficit. That's why the federal reserve is creating all of this M-1 and M-2 to fund that $32 billion. But that's only one year by the end of this fiscal year the creation or the culmination of all of these funding gaps. The difference between what we earned as a nation and what we spent will have reached the amazing unbelievable total of $875 billion. Now $875 billion is hard to grasp but a billion minutes ago, a billion minutes ago Christ was still walking the face of the earth. A billion hours ago, our ancestors were living in caves but a billion dollars ago was yesterday in Washington because that's what Congress spent. And it's a billion dollars today and a billion dollars tomorrow. And they work on weekends. There are three ways to solve this problem. The first, is to cut government spending to reduce this deficit so the treasury under the federal reserve doesn't have to create so much money to gap the difference between what we spend and what we earn. The second is to raise taxes to gap the difference and the third is to gradually reduce the creation of money and slow down the economy So that we don't have to gap that distance. Don't have to gap the $32 billion. It may only be $5 billion. Three solutions, cut government spending, raise taxes, reduce the creation of money supply. And two of those, as a matter of like all three of them are unpalatable. No politician likes to cut government spending. No one wants to raise taxes. And we all know that reducing the rate of money supply induces a recession. So the remedy has to be a political. It has to be instituted by an individual who does not have to be elected, who does not have to respond to the electorate who can give us the medicine despite the fact that it's going to hurt us. And I believe that, that's the course that we're now embarked on. I believe that chairman Volcker of the federal reserve Is reducing the rate of money supply. We've already seen evidence of this. He's going to slow down the economy. We're going to be put into a recession and we're going to respond very much like the body responds when the blood level is reduced in the body. If you look at money as blood and you reduce the rate of blood supply to the body, the body begins to get calmer trods. The body functions slow down. Our economic functions are going to slow down. If you continue to reduce the flow of blood to the body then the body goes into shock, deep depression or deep recession or depression. I think chairman Volcker is going to stop short of that but we're going to have a very slow economy, a recession and it may continue well for four quarters. This will reduce the pressure on prices. It will induce unemployment, which will in turn increase productivity because when people see their friends laid off they begin to get worried, they don't spend that very spending creates a slowdown in the economy. And that in turn slows the rate of inflation, drastic solution? Yes, but only implemented by an individual who doesn't have to be elected. That is the short term solution to inflation. And we may get it down to perhaps 7 or 8% on the consumer price index. Not really enough to solve our problem, but enough really to give us time to solve the problem. It works, it worked in Switzerland because Switzerland had an inflation rate such as we have today, almost 11%. The Swiss did the same thing that chairman Volcker did in the early 1970s. They induced the recession by reducing the rate of money in circulation. They had a rate of inflation that went from 11% to 2%. In four years, their unemployment rate went to 10% but the Swiss didn't have a problem because they told who are unemployed to go home. And the unemployed went back to Italy, to Turkey to Yugoslavia, the Swiss a very smart. In the United States we can't do that. We have to take the medium ground chairman Volcker will dare not have an unemployment rate of 10%. Maybe 8% can be tolerated. That's the short term solution. But the long-term solution really rests on a comic strip. You all remember Pogo in the 1950s and 1960s. There was a great strip where Pogo leaps up in front of his friends and says, \"I have met the enemy and they is us.\" We are the solution to inflation. It is we who send the legislators to spend in Washington. We are giving them the signal spend and be elected. We've got to change the signal, be frugal. The most important thing to us is inflation. Reduce it, reduce spending and you say, \"That's ridiculous.\" How on the world can you teach a politician not to spend? The answer is like any answer. If you want to know how to play a good game of golf you find out who has the best record as a golf teacher. If you want to learn how to play a good game of tennis you search around for the best record tennis teacher. If you want to find out how to whip inflation long-term you look around and ask, what nation has been most successful? And the answer is West Germany. The Germans send their legislators down to bond where they legislate and they tell them you dare not inflate and they don't. Germany, since World War II, has had the best inflation record because the electorate knows what the other side of the abyss is like. They have seen the end product of inflation, the end product of inflation the one we're now afflicted with is hyperinflation. When the prices don't change just every month, they change every week and after a while, every day, and people flee at Deutsche marks or dollars to get on anything as soon as they get their pay and you increase the supply of the velocity of money. And it keeps on repeating itself because as the value goes down, people want to get out of it faster. And the end result is a burst. And the bust in Germany in 1923, resulted in the demise of the middle class. They were wiped out. That in itself is enough of a terror for all of us not to go through a 1923 in America, but that wasn't all the worst part was, that when you go through something like that, you blame someone and the Germans began blaming certain things and certain people. And there's always someone out there who will say, \"I will get you out of this.\" And that happened to be Hitler, but it could have been a German general. It could have been anyone. So hyperinflation in Germany and in any country leads not only to the loss of wealth but ultimately to the loss of your soul pray God that we don't go through that. And I think we are on the road, at least to a short term solution. The second problem energy is less imminent, less immediate but I guess it really begins with the golden rule. And you've all heard of the golden rule. The one in economics that says, \"He who has the gold makes the rules.\" in this case, OPEC the oil and they're making the rules. The energy problem really is simply stated. It's assured supply at reasonable cost right now we're at the mercy of OPEC simply because OPEC has the assured supply and they have the cheapest cost. I don't have to tell some of you that in Saudi Arabia they can lift from those wells in the Southern section oil at $0.25 cents a barrel add $0.5 cents profit and transportation to the dock, at Nora on a Persian Gulf, $0.30 cents, total per barrel. And right now they sell that oil for 22, 23, 40, $25. North sea oil is $14 a barrel. Same crude oil, maybe $35 a barrel. So they have the supply and they have cheap cost. We have a problem. We have an initial problem of OPEC and we have a longer term problem of how to get cheap energy that will last us for a long enough period of time that we don't have to worry year to year. The one way not the solve the problem is the way the government has solved it since 1974, in this case, the response of Congress to the energy crisis of 1974, was to set up a department, the Department of Energy. The Department of Energy's sole purpose is to regulate the exploration, production and pricing of energy. The department does not produce a single drop of oil and yet that department cost us last year, over $10 billion. And incidentally that $10 billion is more than a net profit of the 10 largest oil companies last year. So that's the wrong way. The right way though, is to approach OPEC initially to stop this deadly increase year in and year out and a way to do it is to increase domestic production. Phasing out controls is one answer to increase domestic production. Using less energy is another answer. Conservation, taxing Gasoline at the source and putting a high tax off. So the Gasoline, is literally a dollar of 75 or $2 a barrel or $2 a gallon. Forcing all of us to use less of it and using the taxes either as rebates recycling it into the system in some fashion Third, development is to use alternatives, Syncrude. Now, Syncrude making up Gasoline out of Coal or something along these lines is an expensive proposition but we're not going to scare OPEC by talk by saying we have the challenge of the century or the moral equivalent of war. OPEC is headed by Sheikh Yamani, he's the real armor the real strong hand and Sheikh Yamani happens to be a graduate of Harvard business school. And he knows that as long as we keep talking he can keep raising prices. But the minute we start putting up synthetic fuel plants and begin to develop an alternate process that will get us some short term relief, then he's got to watch his pricing. And the minute we start using less by conserving he's got the watch his pricing. Also as part of this alternative to OPEC to stop this short-term deadly spiral of price increases. Is in addition to phasing out controls and using less energy and developing alternatives we've really got to take a shot at making nuclear energy safer because we literally cannot do without nuclear energy. Now, I don't know how it is in the Midwest, West of Chicago. I do know that Chicago Commonwealth Edison derives about half of its energy from nuclear power in the Baltimore Washington area we're getting 60% of our power from nuclear plants in Eastern Carolina it's equivalent percentage. We simply could not shut down these nuclear energy plants without a tremendous economic loss. One way or another, we've got to cut through the rhetoric and make them safe. Now, I think it's been overdone in terms of their unsafe status. We've had 50 plants they've been in operation a long time. Three mile Island was a close disaster. We may have learned from it but hopefully we can get on with a job and try to do something with a nuclear alternative just as using $88 billion over the next 10 years. God help us get a short term solution to this OPEC pricing but longer term the solution to energy lies not in oil from the ground as we know it as such. It really lies in tapping the intermediate sources of energy, oil shale, tar sands, heavy crude. It may surprise you to know that in a 300 mile strip along the Orinoco river of Venezuela there are locked in the sands off the Orinoco river 700 billion barrels of oil. That's more oil locked in this 300 miles strip than all of the known reserves in the world. Unfortunately, they're not included in reserves because the oil is so heavy that it can't even be processed it is heavy bitumen crude. In the Athabaska tar sands in Canada, we have a similar situation. We have resources locked up in Coal, et cetera, et cetera, et cetera. We have several hundred years of fossil fuels to get us the intermediate step short term fight OPEC with alternatives, intermediate term use of fossil fuels that are now too expensive to use. Longer term, of course solar power unlocking the energy from the sun. This intermediate term is pretty important to us and our children. It is our... The children that come after in the third generation and will probably enjoy the benefits, the real benefits of solar power but intermediate stages require technology. It is technology that's going to solve the energy problem. It is technology that's going to give us the solution to unlocking oil shale, to unlocking Coal for fuel so that we can have reasonable access at relatively inexpensive cost and sad to say the technology is lacking in the United States. I only have to point out the patent position of the United States today, last year for one of the first times ever, the United States saw 40% of the patents granted to foreigners, 10 years ago, that figure was 25% and it's climbing. In plain point of fact, we are being out-scienced by the Japanese, by the West Germans, by practically everyone. And the reason for this, isn't hard to find if you look around and think of technology and think of it in terms of business investment that I described earlier. You have short-term technology what we call productive changes, innovations. Those are where you add a widget to the product do little something with a product. Then you have a longterm technology investment that we call pure science. And that's where you spend money trying to get a breakthrough, but you may spend a lot of money for 10 years and not get anything. Short term innovation just like short capital investment is doing very well. Spending is coming along fine. That's because again, businessman can see if they can get a return. But long-term investing in technology, pure science. The science that will give us quantum jumps to unlock oil shale, to liquefy coal at cheap cost that Kind of pure science investing is lagging very badly. And it's lagging because again businessmen simply won't invest the kind of money over 10 years in pure science in an inflationary environment. The risks are too great. Another thing about technology is the fact that the great breakthroughs, the ones that shaped our way of life have normally been made by large companies defined as companies employing 10,000 or more people. And strangely enough, 70% of the most productive research is spent by the top 10% of the corporations in the United States. And among these top 10% are the three leaders AT\u0026T, which has bell labs, which gave us lasers, transistors and so on, general motors and IBM all three of these heavy spenders on pure research that have the top industrial research teams. Interestingly enough are being assaulted by the antitrust division of the Federal Justice Department. The federal government literally wants to break up the most successful research teams in the world. The Japanese wouldn't do it. The West Germans wouldn't do it. We're about to do it. None of us really know what the answer to technology is but we think the technology could be productive, more productive in the United States. If we had less inflation again we come and lock step to the main problem of inflation. And we also know that technology can be improved by tax incentives by less government regulation by a number of other things. So, if someone could tell me the future of technology in the United States, which depends upon the future of inflation in the United States. We would have the permanent long-term answer to our energy problem. The third and final problem, as I indicated earlier is one that we just can't do anything about it. We have to accommodate it and it's probably the most serious of the three problems. And this is what I call the graying of America. And it really started at least from my standpoint, although as investors, I think we've known this for some time. It really started, I guess, last April when my daughter went through the normal routine of applying to seven or eight schools that she wanted to go to. And that week in April, when the returns come in was a period of high pitched expectancy. And it really demonstrated the last glimmerings of a period that is now about to end because my daughter is probably the trailing edge of the population explosion that began in 1947 and is beginning to dwindle now. I'm happy to say that my daughter got into all seven schools and she selected one and she's happily in Wisconsin Wesleyan in Middletown, Connecticut. But my wife asked me, \"Will listen insanity continue?\" For example, will our 15 year old have to go through it? And the answer is no. Because by 1985 there'll be 20% fewer high school graduates and the curve will continue down for years to come. Nothing will stop it. We will have in the United States enormous educational plants, universities high schools that are going to be as empty as our elementary schools are. We are shifting from an era of tight supply to a decreasing demand for that tight supply. When the first census in the United States was taken in 1790, almost 150 years ago, the half the people in the United States were 16 years old or younger. We have never as young since. Right now that age is 32 and is climbing. We are getting older every year. The reason is really too full. We have fewer people being born and we also have more older people staying around for a number of reasons, good health, money allows good health. There are more alternatives and so on, but we have less coming in one side, fewer going out the other side. What will change? Well, nothing really for the next 10 or 15 years but I submit nothing's going to change for quite some time. Because the only thing that will change this end The birth end, will be a change in a raw birth rate. And the raw birth rate doesn't seem susceptible to change because in point of fact, it's not the pill that's done it. It's the fact that children, a lot of them more than two really are damn inconvenient. They're not only inconvenient, they're expensive. And in a society dedicated to the good life a minimum of sacrifice families get in the way of enjoyment. Large families are a losing proposition in America and in another number of other Western countries both emotionally and financially. So at one end fewer births at the other end longer lives. The first effect we're seeing now universities but it will become traumatic by the end of the next decade as we approach 1990. There's also another problem. Remember that this end of the business in our population is working longer. There are now working beyond 65. Some will work up until the 70. They passed a law indicating that, that can be allowed. People are working longer because they can work longer. Older people today are more alive more vibrant for a number of reasons. But also they have to work longer because of inflation. You do not dare to retire these days not when you don't know what the inflation rate will be three or four years from now. And many people can't live on their pensions. So they're going to be working longer at this end. And we have this baby boom which the tail end of which is my daughter. That's now cresting into their 30s. The children that were born in 1947, 48 and 49 are now in their 30s are entering the 30s and they are achievement minded. They're smart and they want it and they want it now. These are the flower children of the early 60s and there was no way you're going to deny them advancement up the ladder. At the same time, the ladder is going to be pulled out from under because the older people in America are going to stay longer denying motivation and possible opportunities to this cresting baby boom. Finally and more deadly is the fact that as I indicated the economy has to grow slower, to wash out inflation. A slower economy means fewer jobs and much more fewer because older people will be working longer moral, there's not going to be as much room at the top. As there has been in the 1970s, the period of the 1980s, is going to be a period of confrontation, growing confrontation as we get to the latter end of the next decade, politically and economically and it's going to make for some interesting fireworks but there are other signs of the graying of America. Wrinkles are in youth is beginning to go out first sign, aspirin which used to be advertised exclusively as a headache remedy now is advertised as an arthritic remedy. We all know, as you cross over 40 arthritis becomes a problem. Aspirin is a specific for arthritis. Why has Bayer changed their advertising? Because that's where the action is. The big affluent market is going to be or now is over 40. Campbell's soup produces food for one in a container aimed directly at one of the fastest growing groups in our economy the over 55 age group. Why? Because again the over 55 is not only a fast-growing group but the most affluent group that we have and they have money that's not going to be spent on furniture's it's not going to be spent on cars or homes it's going to be spent on self-indulgence the trip to Egypt, the trip to the and so on. I have commented on the economic changes and we can go on for hours but let me just cite an NLN on a social changes because these are probably the most important. If it were just Economics, I think we could swallow it. But an older nation and as we get older in the next decade could be a nation that typifies a resistance to ideas, stagnation, a very conservative attitude a desire not to take chances, a culture which emphasizes stability is not a culture that can fight inflation and not a culture that can fight the ongoing inroads from aggressive traders, such as Korea and Japan. We also may be setting up this confrontation between the most motivated generation we have ever seen the post-war baby World War II baby generation and the older more affluent generation. And there could be some political ramifications from this. But in reality, I'm not sure how all of this is going to turn out. We've taken advantage in the investment world of some of these changes the cruise ship, for example, and airlines are another case in point where if you play it right, you can make a lot of money in this next cycle because as a nation grows older and more affluent, they do more traveling. But really do we know what the United States is going to be like under these new conditions, under conditions in which older people will abound in which new ideas may well be rejected out of hand. We could ask ourselves, are we going to have a society of stagnation of decadence of indulgence? Will there be fierce rivalry between generations? We can look at one example, Sweden. Sweden is a nation growing old. It is one of the oldest nations in Western Europe. Inward-looking hedonistic, socialistic and alcoholic problem a very high suicide rate. Mexico is a young nation fermenting with ideas, explosive birth rate, very tight family ties. Now has the resources bursting with art interesting culture what will we be like in 1990 As we approach the end of this century, we will be like Sweden looking for self-indulgence rejecting new ideas or will we have wrinkles and be old and yet still be young in spirit maintain our men or youth and vigor to face the challenges. I don't know, but all I can say is tune in during the next 10 years to find out. Thank you. Okay, I promised that I would... Because of this anniversary, I would comment on 1929 and you've all been exposed to so much of this via TV that I'd like to hit some of the highlights and then probe a little bit as to the real $64 million or billion dollar question. Can it happen again? And I guess there are three parts to this very brief essay. What happened? What really happened in 1929? Why did it happen the way it did and will it happen again? And what we need to do is to strip away all of the histrionic judgments and really look at the cold light of figures, because surprisingly because it's so long ago, 1929 is clothed in a certain amount of dim tissue and things are not what they were in 1929. The Dow Jones industrial average in 1921 was 63.9 on September 3, 1929. The Dow Jones industrial average was 381 sub from 1921 and 1929. The Dow, that index of 30 stocks increased six fold. That was one tremendous bull market. So, we did have a great climb in equity values. There were 1.5 million broker customers in 1929 that's all, but it was a stock market that was almost totally dominated by individuals. There were best we can recollect 4 million owners of stock so that a lot of the stock owners were not active. That 4 million owners of stock can be compared with 25 million today. But, the difference today is that this is a market that 70% dominated by institutions. Whereas 1929 was dominated completely by the individual second point, 90% of all of the transactions during the 1920s when the stock market was increasing six fold 90% of the transactions were on credit. That literally meant you could buy $1000 worth of stock for $100 down and finance the rest. Today, that particular margin or credit requirement is 50%. And not only that, but the last time I checked 10 to 15% only 10 to 15% of our transactions were margin accounts today. So, the 1929 market was characterized by high leverage, a lot of credit by a tremendous increase in equity values and by very few people who were speculate. But the stock market interest was high. Volume in 1925 was only 1.7 million shares a day by 1929 that had gone over 4 million shares a day. But one of the strange things about the 1920s was the fact that the inflation was in the stock market, six building grits. There was no inflation in the economy. The price level in the economy had been pretty stable since 1922, 1923. The situation is entirely reversed today. Today, inflation is everywhere except the stock market. The stock market in 1929, was selling at 20 times earnings on average. Today the Dow Jones industrial average is selling at seven times earnings. So the... Again, the situation isn't comparable. The market break in 1929, it really began in March. You had a sudden sharp break in stocks and then stocks recovered and then went on to new highs. The new high was reached in September of 1929 and then the market hovered at that level. And then we began the deadly week of 50 years ago. On Monday, October 28th, 1929 the Dow Jones industrial average on that Monday broke 38 points and remember the Dow was only 360 or so a 9.2 million shares which was a tremendous amount of volume. That was a 12% decline, roughly a 12% decline in a very short period of time in one trading day. But on Tuesday, Black Tuesday the market not only declined but broke disastrous event. On that day while a Dow was only down 30 points another roughly 12% decline, the volume was 16 million shares. There was so much volume that even to this day they never finished recording all of the transactions. They were simply swamp, 16 million shares on that day October 29, was not exceeded again in a stock market until 1968. So that's the kind of volume you had on that deadly October 29. Those two breaks in the market were cataclysmic because as you know, if you have leveraged stock if you've borrowed 90%, it doesn't take much to wipe out your 10% equity and get a margin gap. The market went down for most of 1929 rallied in 1930, then you add another killer wave of selling that carried the Dow down from 381 the record in September 3, 1929 to the incredibly low 41 in 1932. By 1932, $9 out of every $10 of market value that existed in 1929, by 1932 nine at every $10 was wiped out. When the market hit its bottom in 1932 there was nothing left. Stock values were absolutely massacred. And the great depression really began. How bad was the depression? Pretty bad. Gross national product fell 30%, 30%. We think we've had depression when gross national product falls 5 or 6% in negative ground 30%. Unemployment rose to 25% of the workforce, 25% of everyone willing to work. It was catastrophic. Those were the dimensions. That's what happened? What caused it? Well, if you got four economists in the room right now you'd have five different opinions because one of them would change. No one really knows, I've read the literature of the time. I'm fascinated by it. Milton Friedman believes that an ordinary recession and that's what we had going in 1929 with a stock market drop was of no importance in and of itself. What turned the crash of 29 and to the great depression he maintains was money supply. The Federal Reserve just kept tight the money supply actually reduced the rate of money supply instead of doing it the other way. Paul Samuelson says it was all an accident there we had a common coincident of commodity price drops, inventory cycle, long-term construction, demographic trends were picking up and so on. The more... The most recent view says that what caused it was a withdrawal of funds from the United States spreading collapse from country to country. And I happen to share that view. I think the reason that we had the crash of 1929 was the glimmerings by investors that the Smoot-Hawley Tariff, which is a very high tariff barrier, was about to be inaugurated. And that perceptive investors, the first to get out began to again sense that this meant the end of world trade meant trade barriers, and that meant that money would start to be yanked out of various countries. And it's a very persuasive argument. And the best argument is set forth in a book by economist by the name of Jude Wanniski used to write for the Wall Street Journal. And the title of the book is, \"The Way the World Works.\" And he has a chapter in era 1929 which to my mind is the best reason for it. Now, when money started to be pulled out of the United States, as it was pulled out of other countries, there was no way to stop it. There was no nation that performed the function of Great Britain in the 1800. The United States didn't even try because I guess we didn't know that much about international economics. At any rate world trade began to seize up and a recession became a depression, but that's all history. The real question the gut question that we lie awake nights sometimes in our heart of hearts, can it happen again? And most of the people would stand up before you and say, \"No way, we've got too many protective device \"we've got social security, we've got the federal reserve. \"We have insurance bank deposits and so on.\" And all of those people remind me very much of the general, the French generals, who learned the lessons of world War I, well and erected trench barricades and imagine O-line. For a war that would be fought like World War I. And they didn't tell the Germans that that's the kind of war they should fight because the Germans decided to fight World War II which meant going around, imagine O-line. And that's what I think all these people are telling you. It won't happen again because we have those safeguards. And I say, sure, it won't happen again. It's not gonna happen the same way. But if it happens? And it can happen. It's going to happen in one of three areas in housing Visa mortgage lending in consumer credit or more likely in loans to lesser developed countries. Each one of these three major credit components has the capacity for disaster. Consider what has been the most speculative boom of the 1970s. Has it been gold no, copper no, silver no, stock market no, housing, yes. And how have prudent homeowners taken advantage of this enormous increase in the assets of their estate? Well, they've gotten a second mortgage from their friendly banker. They've taken 10 or $15,000 out of the value. Thereby raise their carrying costs on the assumption that housing prices have the one place to go right up. We know that every year housing prices go up but suppose they started to go down and they can go down. They're going down in one area right now. Suppose they went down all around the country. You'd have a big problem consumer credit, same way, same linkage. And we've got a lot of plastic cards out there. And there's a lot of capacity for fraud, big scandals but the most likely event would be a LDC a country like Zaire, Peru, Upper Volta. Some of these countries you can't even pronounce, but they're there. Chase Manhattan has loaned them money. The bank of England has loaned them money. They've all loaned the money. And if they can't repay the loan, the loan them more money the last thing they want, the president of Zaire or Peru to tell them is not only am I not going to make the payment, I'm going to repudiate the damn debt. That would be catastrophic, why? Because then they have to write it off, write it down reduce their assets there in lies the capacity for disaster because if one bank goes, others will start to go. I don't know of any country in Africa save Nigeria. That is not a potential for disaster. And that includes South Africa and Nigeria excluded only because of oil. I could say the same thing for South America with the exception of Chile, because a bunch of generals run it and Brazil and central America everything's fair game. What I'm saying is that our banking system has a lot of loans out. And these loans, if they're repudiated could result in a psychological run on the banks, not by depositors, but by businessmen and businessmen are not protected by the FDIC. You know, the deposits are only insured for an amount that to a businessman would be small potatoes. So they'd be the first to run and there's no federal reserve in the international affairs, not at all. So there in lies, the capacity for disaster that would be the stock market crash of 1982, 1983. It wouldn't happen in the same way but the results could be as deadly as a crash of 29. One final comment. What made the great depression? Worse turned a severe international recession in every country into a depression was the failure of an obscure Land Credit Bank in Austria. The Creditanstalt, the failure of that bank precipitated failures in banks throughout Europe and almost had the bank of England trembling itself that made everyone so frightened that the great depression really didn't end until sad to say all nations began to arm themselves. So reality, it took Hitler, Mussolini and at all to bring us out of the great depression. The Creditanstalt Bank could well be out there somewhere. So let's not say it can't happen again. Let's watch and be careful. Thank you.\r\n\r\n- I will take about 10 minutes for questions and then we'll go to the reception.","format":"text/plain"},"target":"https://iastate.aviaryplatform.com/collections/1150/collection_resources/45462/file/118420#t=0.0,5322.096"}]}]}]}