Economist Andrew Smithers on Labor, Capital and Increased Tax Rates

Today we welcome once again our friend and monetary minstrel Jon Shayne, aka Merle Hazard, a Nashville investment manager. Shayne has written and sung such classics as "H-E-D-G-E," "In the Hamptons," "The Greek Debt Crisis" and "Inflation or Deflation?" He shared one of his latest hits, "Fiscal Cliff," with us on Making Sense. You can access his entire oeuvre here.

Today, he conducts an interview with Andrew Smithers, a British economist. We'll let him take it from here.