the tsunami in japan and implications for global supply chains and the like or defects of the arab strain on oil prices, a few things like that. but i think more generally it is fair to say that, you know, since the recession ended, that we have -- until recently at least, been too optimistic about the pace of recovery. and as i go back and look at the reasons for it, i think the two main areas i would point to, one is the housing sector which i talked about today which has not recovered the way we had hoped and expected. and continued pressure in financial markets, part chf is related to europe which, again, we didn't fully anticipate in 2010. >> but you believe those factors are primary reasons you were about 100% over the actual growth we achieved this last year which was an anemic 1.7%? again, these are your figures. 3.4% to 3.9% was the range. you projected that for 2012.

3.5% to 3.4%. now you're back and you're projecting 2% growth. pretty far off. and pretty rosey when we sat in this room and thought we had some difficulties am i'm just concerned with how comfortable and confident you are on how long we'll stand at the 2% growth? >> well, you know, macro economics forecasting is very difficult. we don't pretend that we're -- have a crystal ball. what we try to do is set our projections at a level where we think the chances of being too optimistic are roughly to the chances of being too pessimistic. >> i understand. that's the range. >> we could be better than we expect. >> i would hope it would be. and seeing those figures that then talked about earlier how we have such an anemic recovery. the worst one since the war. and from your estimates, i have

not seen that coming out as getting that flavor. one other thing i want to mention about the transcripts and others talked about, thank you for being a big supporter of the transparency. is there a reason why you have to wait five years to release transcripts of your meetings? >> that was the agreement made with congress. i think it was a reasonable compromise. no other central bank virtually releases transcripts ever. the bank of japan does after a ten-year lag. as far as we're aware, no other government agency releases the transcripts of confidential meetings. it has a real cost to our deliberation process. when the transcripts were begun to be released, the meetings became much more scripted, much less free interchange. so i think it would inhibit the discussion process and the free exchange of ideas. five years seems to be an appropriate compromise. it certainly satisfies the needs of history.

and, again, it's a more aggressive transparent policy than other agencies or other central banks. >> okay. i'd like 15 more seconds to close on that comment. >> go fast. >> thank you. doctor, i appreciate this. but this is america. and we are responsible for fiscal pofis policy and the impact you have made suggest a bigger role than other countries. the appreciate the transparency. i wish we would step that up. so thank you, mr. chairman. >> thank you. you have indulged us for 2 1/2 hours. i appreciate your patience. the hearing is adjourned. >> thank you.

republicans presidential candidates are in nevada today campaigning ahead of saturday's caucuses there. mitt romney began the day in las vegas and has a rally this afternoon in reno.

newt gingrich started the morning touring manufacturing facility in las vegas. he'll then take part in a hispanic leadership roundtable in las vegas. that will be about 1:00 p.m. eastern. rick santorum visited builders at a henderson omelette house this morning. he then heads to fallon for a news conference at 7:00. and ron paul is hosting a rally in elko in northeast nevada in the late afternoon before he appears at another rally this evening in reno. donald trump is making a political announcement this afternoon at his hotel in las vegas. reports earlier said he intends to endorse mitt romney for the presidential about it. we're planning live coverage of that event scheduled for 3:30 eastern this afternoon. and nevada's republican caucuses are this coming saturday. c-span will have live coverage of the results and reaction saturday is also the start of week-long caucuses in maine. tuesday, colorado and minnesota both caucuses.

and missouri has a primary. later in the month, arizona and michigan will go to the polls on the republican presidential primary tofollowed by washingto state in early march. you can follow action on our website. >> c-span's road to the white house political coverage takes you to the candidate events. >> my leadership cut taxes 19 times and cast over 800 vetoes. we balance the budget every single year. my leadership will end the obama area are a and begin a new era of american prosperity. >> there is a mess up in washington. they created the mess. they gave us a lousy foreign policy. they gave us a lousy budget and they gave us a lousy recession. but where the wonderful things are happening is grassroots. people are beginning to realize the problem is too much government. we need more personal liberty. >> if you are prepared to do

what it takes to make sure that we change direction, not just the presidency, but the congress, the bureaucracy, the judges, the policies so that the entire system gets on the right track so that america can give our children and grandchildren a more prosperous, a safer and better future, this is how big the gap is. >> and follow the candidates as they meet with voters. >> wonderful. nice to see you. thank you. thank you so much. all right. thank you. >> will you take a picture? >> sure. >> and use our website to view recent video from the campaign trail and to read the latest postings from the candidates, political reporters and other viewers at c-span.o c-span.org/campaign2012. >> we as explorers of literature, we as readers of literature, we have a responsibility. and for those of you discovering

the creation of literature, you have a responsibility, do you not? okay. can you create anything you want in the world that you create in literature reflecting history or not and feel comfortable in that creation? or must you presenter yourself to decide that i can't offend anybody so i can't write this thing? >> this weekend from lectures in history, professor william foster on the n word's place in american literature and culture saturday night. and also on american history tv, he changed the reading habits of americans, a look at the influence of time incorporated founder henry lukes, publisher of "time," "fortune" and "life" magazines. january 1901, the oil boom hits and the lucas gusher makes texas a leading oil producing state. visit the boom towns, wealthy homes and infamous streets of beaumont, texas. that is this weekend on c-span3. >> this morning president obama

attended the national prayer breakfast. he was joined by the first lady and co-chairs. it is hosted by the fellowship foundation. it is based in the washington, d.c. area. thank you so much. please, everybody have a seat. good morning, everybody. it is good to be with so many friends united in prayer. and i begin by giving all praise and honor to god for bringing us together here today. i want to thank our co-chairs.

my distinguished guests and members of my staff that traveled this way. i'm grateful to eric for sharing his message with us. michelle and i feel truly blessed to be here. this is my third year coming to this prayer breakfast as president. as jeff mentioned, before that i came as senator. i have to say it's easier coming as president. i don't have to get here quite as early. but it's always been an opportunity that i cherish. it's a chance to step back for a moment, for us to come together as brothers and sisters and see god's face together. as a time when it's easy to lose ourselves in the rush and clammer of our own lives or get caught up in the noise and ranker that too often passes as

politics today. these moments of prayer slow us down. they humble us. they remind us that no matter how much responsibility we have, how fancy our titles, how much power we think we hold, we are imperfect vessels. we can all benefit by turning to our creator, listening to him. avoiding phoney religionocity, listening to him. this is especially important right now when we're facing big challenges as a nation. our economy is making progress as we recover from the worst crisis in three generations but far too many families are still

struggling to find work or make the mortgage and pay for college or in some cases even buy food. our men and women in uniform have made us safer and more secure and we are eternally grateful to them. but war and suffering and hardships still remain in too many corners of the globe. and a lot of those men and women who we celebrate on veterans day an find that when it comes to finding a job or getting the kind of care that they need, we're not always there the way we need to be. it's absolutely true that meeting these challenges requires sound decision making, requires smart policies. we know the part of living in a pluralistic society means that our personal religious beliefs alone can't dictate our response to every challenge we face. but in my moments of prayer, i'm reminded that faith and values play an enormous role in motivating us to solve some of our most urgent problems.

and keeping us going when we suffer setbacks and opening our minds and our hearts to the needs of others. we can't leave our values at the door. if we leave our values at the door, we abandon much of the moral glue that has held our nation together for centuries and allowed us to become somewhat more perfect a union. frederick douglas, abraham lincoln, james adams, martin luther king jr., dorothy day, majority of great reformers in american history did their work not just because it was sound policy or they had done good

analysis or understood how to exercise good politics but because their faith and values dictated it. and called for bold action. sometimes in the face of indifference. sometimes in the face of resistance. this is no different today for millions of americans and certainly not for me. i wake up each morning and i say a brief prayer. i spend a little time in scripture and devotion. and from time to time friends of mine and some who are here today, friends like joel hunter or t.d. jakes will come by the oval office or call on the phone or they'll send me an e-mail and we'll pray together. they'll pray for me and my family and for our country.

but i don't stop there. i'd be remiss if i stopped there. if my values were limited to personal moments of prayer or private conversations with pastors or friends. so instead, i must try imperfectly, but i must try to make sure those values motivate me as one leader of this great nation. i talk about our financial institutions playing by the same rules as folks on main street. when i talk about making sure insurance companies aren't discriminating against those would are already sick or making sure that unscrupulous lenders are not taking advantage of the most vulnerable among us. i do so because i genuinely believe that it will make the economy stronger for everybody.

but i also do it because i know that far too many neighbors in our country have been hurt and treated unfairly over the last few years. and i believe in god's command to love thy neighbor as thyself. another version of that golden rule is found in every major religion and every set of beliefs from hinduism to islam to judaism to the writings of plate yoe. when i talked about shared responsibility, it's because i genuinely believe that in a time when many folks are struggling and at a time when we have enormous deficits, it's hard for me to ask seniors on fixed income or young people with student loans or middle class families who can barely pay the bills to shoulder the burden alone. i think to myself, if i'm

willing to give something up as somebody who's been extraordinarily blessed and give up some of the tax breaks that i enjoy, i actually think that's going to make economic sense. but for me as a christian, it also coincides with jesus' teaching that for unto whom much is given, much shall be required. it mirrors the islamic belief that those who have been blessed have an obligation to use those blessings to help others or the jewish doctrine of moderation and consideration for others. when i talk about giving every american a fair shot at opportunity, it's because i believe that when a young person can afford a college education or someone who's been unemployed has a chance to retrain for a job and regain that sense of dignity and pride and contributing to the community as well as supporting their

families, that helps us all prosper. it means maybe that research lab on the cusp of a life saving discovery or the company looking for skilled workers is going to do a little bit better and we'll all do better as a consequence. it makes economic sense. but part of that belief comes from my faith and the idea that i am my brother's keeper and i am my sister's keeper. as a country, we rise and fall together. i'm not an island. i'm not alone in my suck us is. i succeed because others succeed with me. and when i decide to stand up for foreign aid or prevent atrocities in places like uganda

or take on issues like human trafficking, it's no the just about strengthening alliances or promoting democratic values or projecting american leadership poor, for those margins of our society. to answer the responsibility given in proverbs to speak up for those that can't speak for themselves, for the rights of all who are destitute. brothers may reflect the jewish belief the highest form of charity is to do our part to help others stand on their own. treating others as you want to be treated, requiring much from those who have been given so much. living by the principle that we are our brother's keeper, caring for the poor and those in need. these values are old and can be found in many faiths,

denominations, among believers and nonbelievers. they are values that have always made this country grade when we live up to them, when we don't just give lip service to them and we don't just talk about them one day a year. they are the ones that have defined my own faith journey. today with as many challenges as we face, these are the values i believe we're going to have to return to in the hopes that god will buttress our efforts. now we can earnestly seek to see these values lived out in our politics and our policies and we can earnestly disagree on the way to achieve these values. in the words of c.s. lewis, christianity is not and does not have a political program. it is meant for all men at all times. the particular program which

suited one place or time would not suit another. our goals should not be to declare our policies as biblical. it is god who is infallible, not us. michelle reminds me of this often. [ laughter ] so instead, it is our hope that people of goodwill can pursue their values and common ground and the common good as best they know how. with respect for each other. i have to say that sometimes we talk about respect but we don't act with respect towards each other during the course of these debates. but each and every day for many in this room, the biblical

injunctions are not just words, they are also deeds. every single day in different ways so many of you are living out your faith in service to others. just last month it was inspiring to see thousands of young christians filling the georgia dome at the passion conference to worship the god who set the captives free and worked to end modern slavery. since we've expanded and strengthened the white house faith-based initiative we partnered with catholic charities to help americans who are struggling with poverty. worked with organizations like world vision and american jewish world service and islamic relief to bring hope to those suffering around the world. colleges across the country have answered our interfaith campus challenge and students are joined together across religious lines and service to others. from promoting responsible fatherhood to strengthening

adoption, from helping people find jobs to serving our veterans, we're linking arms with faith-based groups all across the country. i think we all understand that these values cannot truly find voice in our politics and our policies unless they find a place in our hearts. the bible teaches us to be doers of the word and not merely hearers. we're required to have a living, breathing, active faith in our own lives. each of us is called on to give something of ourselves for the betterment of others and to live the truth of our faith not just with words but with deeds. even as we join the great debates of our age, how we best put people back to work, how we ensure opportunity for every child, the role of government in protecting this extraordinary planet god has made for us, how we lessen the occasions of war,

even as we debate these great issues, we must be reminded of the difference that we can make each day in our small interactions, in our personal lives, as a loving husband or supportive parent or good neighbor. or a helpful colleague. in each of these roles we help bring his kingdom to earth. as important as government policy may be in shaping our world, we're reminded it's the cumulative acts of kindness and courage and charity and love, it's the respect we show each other and the generosity that we share with each other that in our every day lives will somehow sustain us during these challenging times. john tells us that if anyone has

material possessions and sees his brother in need but has no pity on him, how can the love of god be in him? dear children, let us not love with words or tongue but with actions and in truth. mark read a letter from billy graham and it took me back to one of the great honors in my life, which was visiting reverend graham at his mountain top retreat in north carolina when i was on vacation with my family at a hotel not far away. and i can still remember winding up the path, up a mountain to his home. 91 years old at the time, facing various health challenges, he welcomed me as he would welcome a family member or a close friend. this man who had prayed great

prayers that inspired a nation. this man who seemed larger than life greeted me and was as kind and as gentle as could be. we had a wonderful conversation. before i left, reverend graham started praying for me, as he had prayed for so many presidents before me. when he finished praying, i felt the urge to pray for him. i didn't really know what to say. what do you pray for when it comes to the man who has prayed for so many. but like that verse in romans, the holy spirit interceded when i didn't know quite what to say. so i prayed briefly. but i prayed from the heart. i don't have the intellectual capacity or the lung capacity of

some of my great preacher friends to pray for a long time, but i prayed. we ended with an embrace and a warm good-bye, and i thought about that moment all the way down the mountain. and i've thought about it in the many days since, because i thought about my own spiritual journey. growing up in a household that wasn't particularly religious, going through my own period of doubt and confusion, finding christ when i wasn't even looking for him so many years ago. possessing so many shortcomings that have been overcome by the simple grace of god. the fact that i would ever be on top of a mountain saying a prayer for billy graham, a man whose faith had changed the world and sustained him through

triumphs and tragedies and movements and milestones, that simple fact humbled me to my core. i have fallen on my knees with great regularity since that moment asking god for guidance not just in my personal life and christian walk but in the life of this nation and the values that hold us together and keep us strong. i know that he will guide us. he always has, and he always will. i pray his richest blessings on each of you in the days ahead. thank you very much. [ applause ]