This is CBS Iron the World. I'm John Batchel. I welcome Richard Epstein. The new Richard Epstein, professor teaching law at NYU in the University of Chicago, now the senior research fellow for the Kivitas Institute at the University of Texas at Austin.

Richard, congratulations.

Your column, which we've looked for at defining ideas in Hoover these last decades, is now

moving to Kivitas Institute each week.

It will launch officially all completely Kivitas at the first

of the year. Now it's in both. So I begin with your new column, which is about expropriation. Yes,

what a surprise. Richard concerned about the power of the state to take property without adequately

compensating the owners. At the same time, the growth of the administrative state that makes

this possible. That's the new essay. Sounds like golden oldies, except for Richard in the essay,

has included a revelation to me that the Inflation Reduction Act,

sharp elbows, charged right into the drug negotiation program.

I thought, what? What is that going to do with inflation reduction? Well, that's part of the

fund here. As I understand it, the Inflation Reduction Act,

and right now the White House is said to be spending that money as fast as possible before Mr.

Trump is president, and the Trump campaign has said, well, it might be necessary to claw back

as much as possible because that Inflation Red reduction act is damaging the American economy as we

speak, I'm told. In any event, there are multiple lawsuits challenging the Inflation Reduction

Act's drug negotiation program. This is Richard's reporting because it's permitted the Center for

Medicare and Medicaid services to cap prices. Richard, a very good evening

to you. Who knew that the Inflation Reduction Act was going to find its way into doctors' lives

and big pharma's ability to protect itself from the marketplace? What is to be done, Richard? Good

evening to you. Well, I mean, it needs an

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