the long-term development of a lot. they had awarded a long-term development agreement to the site. this multi-year effort is currently ongoing, representing the level of uncertainty to would be parking operators. for these reasons, the port decided to negotiate a direct lease. the existing lease their by continued on a month-to-month agreement. port negotiating efforts on a new lease focused initially on determining market rent, quickly adjusting to current lease or rent to market as permitted. using projected annual revenue for the site, the port and cbc reached consensus in early 2010 on a new market rent, including a bifurcated structure that recognized the site. however, by the time the consensus was determined in reached, the giants' season- ticket holders have already purchased their tickets for the following baseball season, including parking for these season-ticket holders, limiting the ability of the giants to increase revenues to capture an increase in market rent. this resulted in the least, the existing lease, remaining on a month-to-month basis through the 2010 basebal

in terms of the u.s./pakistan partnership, i give this administration reasonably decent grades for keeping on trying when nothing was working. and on afghanistan i think their messaging and their teamwork was relatively mediocre. by contrast, towards pakistan i think the strategic dialogue and a lot of the outreach was pretty good. mistakes we made on messaging in afghanistan affected pakistan policy, i believe, so i don't want to completely establish a distinction between the two. but i think this administration's been extremely mature and disciplined and realist on pakistan. we don't have any choice but to keep working the relationship. there have been things that have gone up and down along the way. bruce riedel has some good ideas on where we should go next with pakistan. you've got to keep trying, and that's what they've been doing. >> on obama versus romney on china, the chinese clearly prefer obama. but that's for two reasons. one is they always prefer the person they know if they have a reasonably

in our situation in terms of long-term fiscal sustainability. at the same time, it is important that we keep in mind that the recovery is not yet complete. unemployment remains high. the rate of growth is modest. under current law as you know, on january 1 of 2013, there will be a major shift in the fiscal position of the united states, including the expiration of a number of tax cuts and other tax provisions, together with other provisions that, together, create a very sharp shift in the fiscal stance of the federal government. i think that we can achieve the very desirable, long run fiscal cop sol dags that we need, and we need to do soon. but we can do that in a way that doesn't provide such a major shock to the recovery in the near term. so i'm sure that congress will be debating the details of this o over the next year and taking into account protecting if recovery and assuring we achieve sustainability in the long-term. the second part of your question, mr. chairman, we are seeing manufacturing and industrial production in general that hav

money with the business of russia is business i'm peter all about being elected for a third six year term as russian president vladimir putin returns to power in a very different country than only four years ago the candidate who ran on a mostly populist platform can be elected politician deliver the goods and keep the economy growing as well as interest to foreign investors. to discuss the economic and financial environment in russia but what i mean putin will face those returns office i'm joined by you know slightly savant he is the chief economist at deutsche bank and given chicago he is the chief economist for russia and c.i.s. at renaissance capital we also have been heiress he is the editor in chief of business new europe as well as come monday he is the chief strategist and a critic but first let's have a look at how russia's new president may transform the country's economy. in four years time russia is expected to break into the ranks of the top five economies in the world with annual g.d.p. growth reaching up to seven percent however that's contingent on a thriving and innovativ

and the additional agency side, the work that has had to have been organized in terms of the response system and the issues that have been recovered. presses here to respond in more detail, but there is nothing with the actual scope. the second questioner mate -- relates to how much has been spent. this is about $530,000 or so. >> can we hear from the project manager on exactly what we need by the complexity. leading to this increase. market street is a one-of-a-kind corridor, in san francisco and in north america. we don't have a street with this kind of transit volume, and the public need we are attempting to address. as we enter into the project with what we consider is the traditional model, we realize that this is a very complex project. with the consulting team -- >> commissioner? >> why could we not anticipate this? and why would we approach this with the traditional model? >> we did this to some degree, but when we look at the size both on the city side and on the consultant side, and all of the studies that we needed to gather to move the project forward, we realized we neede

living next, the recommendations made for short-term recommendations in the long term recommendations, the question cannot as would be expected, 30 think we're going to end up at the end of the program in terms of cost and schedule. our focus is entirely on the construction management phase, so we want in a position to report on that. we did make recommendations on how that could be assessed. the project team is doing the value analysis, and i see that included in the current quarterly report. we have already reported on schedule reporting that we made a recommendation there to modify some of the contract to better reflect schedule performance. reassessing a system wide emergency procedures, they suggest a broader verification of emergency procedures in cases other incidents and public safety issues. finally, the question came up about earthquakes. one of the things is to bring up earthquake strength, better performance under a major earthquake. but what happens if an earthquake occurs during construction? we were not able to look into that with great depth, if there are ways and mean

>> it's kind of a short-term, long-term thing, bob. if you have leverage increasing a little bit, that can support stocks doing well, the economy doing a little bit better. longer term, when you talk about the big reports we've seen, we know what happens after financial crises. we have to work through this process. if that process is taking a pause, it's just going to prolong ultimately what we have to go through here. worries that perhaps the pause in the de-leveraging process is coming a little bit early. maybe short-term good news, but i think it's reason we might be stuck in this choppy vulnerable trading period a little longer. >> more austerity talk. >> kelly, bob, thank you. we're in the final stretch of trading for the day. the dow jones industrial average is higher by about 99 points with just about 40 minutes to go before the closing bell sounds. >> hedge fund machiner bill ackman says home prices look very cheap. how can you cash in on housing. the "talking numbers" trade is next. >>> meanwhile, less than 40 minutes to go in

stay close to home in terms of 2014 and avoid that longer-term sector that is inflation sensitive. >>hat about you, david? >> i would agree with avoiding the long end of the fixed income market. but i think the key thing is look at your asset allocation. this isn't a question of which bonds to buy. do you have enough exposure in risk assets and equities? overweight equities, underweight fixed income. we've seen a very good rally in the stock market. so being overweight equities relative to fixed income has worked over the last two years. i think it will work going forward. >> to all of you, it's been a great debate. thank you for joining us today. >>> just ahead on "street signs," a trip to the trading floors, the market reaction to the fed's decision tick by tick. >>> and a double dose of five-star advice on what to do with your money now that the fed's made their latest move. or i guess in this case, no move. "street signs" is back right after the break. w [ male announcer ] if you believe the mayan calendar, on december 21st, polar shifts will reverse the earth's gravitational pul

reappoint peter tannen to the citizens advisory committee for a two-year term. this is an action item. commissioner campos: this is items 12 through 14 considered by the plans and programs committee. on items fall, commissioner wiener. commisioner wiener: i want to thank the plans and programs committee for reappointing peter to the cac. he is a district 8 resident. he worked at the mta before his retirement, working on the bike program. he is a tremendous advocate for progressive transportation policies, so i want to thank colleagues in advance for supporting his appointment. commissioner campos: is there anyone from the public that would like to comment on this item? seeing none, public comment is closed. colleagues, can we take this item same house, same call. the item passes. item 13. >> item 13. allocate $209,514 in prop k funds, with conditions, to the san francisco municipal transportation agency for two requests, subject to the attached fiscal year cash flow distribution schedules, and amend the traffic calming 5-year prioritization program. this is an a

improvement in our situation in terms of long-term sustainability. at the same time it is important we keep in mind that the recovery is not yet complete. unemployment remains high. under current law, on january 1, 2013, there will be a major shift in the fiscal position of united states, including the expiration of a number of tax cuts and other tax provisions, together with the sequestration and other provisions that together will create a very sharp shift in the fiscal stance of the federal government. i think that we could achieve the very desirable long run fiscal consolidation and we definitely need and we need to do soon, but we can do that in a way that does not provide such a major shock to the recovery in the near term. i am sure congress will debate the details of this over the next year, and try to take into account both the need for protecting the recovery at the same time ensuring that we do achieve fiscal sustainability in the long term. the second part of your question, mr. chairman, we are seeing manufacturing and industrial producti

in terms of the improvements?does that mean that we may have to make improvements sooner? >> i do not believe -- you know, we may have to do in a few years away relatively inexpensive -- inexpensive miller and fill procedure if we go with an asphalt to design, but the street itself will have the same useful life, and it is possible that we would do other treatments and balding pate or that kind of -- involving paint or that kind of thing, but they would need to be done. supervisor kim: i saw the public row, the largest one, and then i saw a arcades and entertainment. i am wondering what that was. >> i am going to let neal speaks does agree to that. >> right now, what we are proposing is for reducing the right of way that is dedicated to the automobile, basically taking away the parking lanes and allocating it to the north side of the street, so what we get on the north side of the street now instead of a 3 ft. to 7-foot sidewalk, sometimes absent in some places, we would have a new 16-foot sidewalk, and depending

in terms of the u.s.pakistan partnership they get this administration reasonably decent grade and nothing is working. on afghanistan and they are messaging and team records supposedly mediocre. by contrast was pakistan's strategic dialogue in our reach is pretty good in the two issues are nearly so mistakes on messaging in afghanistan affected pakistan policy so i don't want to completely establish a distinction between the two. the administration is extremely mature and disciplined and realists on pakistan. we don't have any choice in the relationship. there have been things up and down along the way. bruce rydell has some great ideas i'm working on the future. they've got to keep trying and that's what they're doing. >> well, on obama versus romney and china, chinese clearly prefer obama. that is for two reasons. that is because they always prefer the person they know if they have a reasonably good relationship in obama has worked very hard on that relationship. second, romney has moved in his position

in >>> we would want to see it n we negotiate a lease terms. take a that was part of our due diligence that we see his pro forma. we have a lot of that information that helped us make our decision to come and ask you to go forward. >> he could have been bought out and told 202until 2023? we get not only the base rent but a percentage -- >> it is based rand vs percentage. -- base rent vs percentage. we could consider that. >> i thought it looked pretty good. [laughter] >> it is currently 11 years. he is asking for an extra 10 years? >> correct. >> if he would assume the current lease as is, that is what he is requesting, an extension of the lease? >> correct. usually in the other percentage of rent transactions it is based grant verses percentage. its 7% of the gross revenue is 50,000 a month, then that would exceed the base rent of 20,000 that would be set at the beginning of the lease. >> take the terms that are proposed as both. >> these are all proposals. >> what i am getting at is this is a unique situation where that if the properties impr

we have a long-term problem. that's my view. we need a long-term solution. we're not going to solve our problems by printing a little more money today or having a bigger deficit tomorrow. what we're -- what we need to do and what i would want to do is to say, we have a long-term problem. in fact, a number of them. so let's find some long-term solutions. let's say h, how -- the central question is, how do we get back to a long-term growth path for the american people that has low inflation? that's what we want to do. and we want to develop systematic stabilizing policies over a long period of time. does the federal reserve do that? no. does the congress do it? no. does a t administration do it? no. do they even think about it? no. that's the worth part. just to finish this i read more federal reserve minutes than any human being ever ought to read. >> right. >> you never see a sentence which says if we do this today, where will we be a year from now? never. the exception was the volcker years. volcker knew he couldn't end inflation in a month so he had a long

in terms of will it will actually succeed in doing that, i don't know. but in terms of the likely people who are going to resist an att, i don't think it's going to be the exporters. they want to have an att because it provides a way for regulating the playing field, if you will, leveling the playing field and having a consistent set of requirements that they are able to understand and sort of deal with in and compete in because what they don't like is to have an unlevel playing field. this will be about leveling the playing field. what the att should do is level the playing field up to a higher standard rather than leveling it down but it will be i think about leveling the playing field. i think actually that the resistance to an att is going to come from some of the importers in terms of they're going to not be enthusiastic about having the criteria we're likely to have in the treaty in terms of human rights and other things be applied to some of them. they're going to be afraid this can interfere with their ability to import the weapons. and we're goi

they come in with a late term event or the hospitalization prior to their late term event, but you know, we're getting towards the end of life, and they have an event that's happening and i'm wanting to follow their advanced directive, and a grandchild or a niece comes in and says, you're going to do everything, and i say, you know, and this happened to me, i said "no i'm not. i've had a great conversation with your aunt. i've known her for 20 years. i'm not about to do harm to your aunt." "well i'm going to sue you." i said what you need to do is just fire me as her doctor. i don't care whether you're going to sue me or not. i'm going to do what she wanted. the fact is, most doctors won't stand up to that. they hear the word "lawsuit" and start running. the other thing i would tell you is why is it if in fact that in advanced case there's no connection at end of life with the cost? the key thing i would tell you that's different about our proposal is that medicare has to stay competitive, so we're mandating that whatever this average cost is over here, that's where medicare has to be.

rossi builders for the intended improvements for the authority work space at market street, and the terms and conditions, an action item. >> this item came before the finance committee. and is there any member of the public who wishes to speak on this? public comment has closed. >> commissioner? >commissioner avalos: aye. commissioner elsbern: aye. commissioner kim: aye. commissioner mar -- abscent. the item passes. >> can you call item six, to execute a memorandom for the office of work force development, in an amount not to exceed -- for phase two of the persidio project for the terms and conditions. >> does anyone wish to speak? the hosue hause aged. commissioner chu: aye. commissioner farrel: aye. commissioner olague: aye. the item passes. >> item seven, the amount of the professional service projects. this is not to exceed -- [unintelligible] for the better market stret planning, authorizing the terms and conditions. this is an action item. >> commissioner kim? >commissioner kim: had a couple of questions about the better market street plan, and the overall goals of better market str

captioning performed by vitac which has liquid assets like long term loans but liquid short term liabilities like deposits. in a classic bank panic, if bank depositors lose faith in the quality of the assets held by the bank they run, pull out their money, the bank can't pay off everybody because they can't change their loans into cash fast enough. and so the run on the bank is self-fulfill, the bank will either fail or dump all of its long term assets quickly in the market and take big losses. that's what a panic basically is in the context of a banking system. the priccrisis of 2008-2009 was financial panic. but in a broader financial market setting. in particular as house prices fell in 2006 and 2007 for the reasons i described when house prices falling people who borrowed on a subprime mortgage were not able to make payments, more and more of them would be delinquent or default and impose losses on the financial firms, the investment vehicles they created and also on credit insurers like aig. unfortunately, the securities were so complex and the monitoring of the financial firms of their

it's a common term in tort law. the reasonable man is the test that courts have used for centuries to try to define behavior. and it becomes more carefully defined over time. i think that if banks are in a position where they fear they may be deemed to be taking unreasonable advantage of their customers, we had the example earlier of peddling an exotic mortgage product to an elderly widow, it's probably something where the bank should take a slightly different approach than if they're peddling it to a more sophisticated consumer. >> and so you would agree, though, that it's a subjective standard? there is no bright line standard on how this can be implemented for the phrase abusive. it is subjective to the director or to your staff on what that means. >> i don't think that's -- i wouldn't agree with that characterization. i think it's a facts and circumstances test. i think that most good businesses know it when they see it. they know when they're walking the line, and they know when they're far beyond the line. the

and lower long-term rates have in my view and i think in terms of the analysis we do at the fed have promoted growth and although, as i'll talk about the effect on housing was probably weaker than we had hoped. we've got mortgage rates down very low. you would think that would stimulate housing. as you probably know, the housing market is not yet -- has not yet recovered. now, of course, always we have a dual mandate. we always have two objectives. one of them is maximum we inters to mean keeping the economy growing and using its full capacity. low interest rates are a way of stimulating growth in trying to get people back to work.her rt mandate is price stability, inflation. we've been quite successful in keeping inflation low. it's helped, volcker and greenspan has persuaded markets that the fed was committed to low inflation. there's a lot of credibility the fed has built up over the last 30 years or so. as a result markets have been confident that the inflation low and inflation expectations have stayed low. and except for some swings up and down related to oil prices, overall in

popular one in terms of the forward p/e ratio, and you can see it is below the long-term average. many stocks are relatively cheap. this looks at the earnings yield and compares it to treasuries. it is at record highs going back 50 years. some people like to compare it against corporates -- record high for the last 30 years. this is my favorite one of all -- the yield you would receive on a stock relative to a 10-year note on almost at the s&p 500, the dividend yield on the stock is much higher. think about it -- over 10 years, the bonds will mature, no capital appreciation. over 10 years, you will probably find some capital appreciation in that stock. just to end with a couple of conclusions here, that we continue to expect market volatility, but it probably will not be as severe as last year. that there are opportunities in the bond market, and you still need an allocation to bonds, but you need a portion of your portfolio safe. it will probably be a very good year for equities in the united states, not so much in europe. the important thing with your portfolio is that you need

just a little bit of context in terms of we embarked on the transit system's ability project. when they have the last long- range plan, what we basically were forecasting was significant operating deficits, as well as capital deficits to maintain the infrastructure for transit. all told, this was $25 billion so this is a significant challenge for transit. in addition to what we were saying in the long-range plan, we were also confronted with the daily near-term issues, that the transit agencies were having to dress in terms of the budget deficit, cutting service, and coming here to look for finding solutions which i love cases resulted in us having to borrow capital money to try to address the near-term operating deficit. this is the reason we embarked on the transit project. just as important, and this can be seen as an opportunity or a challenge for transit, this long-term plan -- we have new requirements -- in terms of that lay out the aggressive greenhouse gas reduction targets for the region as well as goals for being able to house all of the population. we will be puttin

we are seeing significant growth in terms of the youth sports teams. we have seen a 25% increase in sports teams and sports a hours since 2009. we have had a dramatic increase in popularity and girls' sports that is a great thing. while a lot of them were dominated by mostly other schools, we are seeing that through the schools themselves, they form their own teams getting more involved. some have partners. in 2006, after this study, we embarked upon a partnership with the feiel -- field foundation. you hear it all the time, my kid can't get a feel the practice. we're going to the peninsula or the east bay. it coincided with the beginning of little league season. seventh of families moved to the suburbs because they could not get their kids on a ball team. i am hopeful that with the shipyard development project that it will include some oilfields over time, but we know is a long way away. we have no more land. through the partnership with the city feels that includes a synthetic turf and permit any reservation efficiencies, we can increase -- which was

so short term i'd be a little worried because i think it's going to slow down now but longer term if you can stomach about thirty i think it should be pretty well because. as countries move to more of. just roll move more into cities you tend to see my consumption right. along ok and i want to know how government intervention affects kind of all of these things both in developed and developing economies you see western central banks printing even just a story out today showed that maybe the fed has been monetizing some of europe's debt has some european sovereign debt on its balance sheet and on the flip side you have brics countries that are getting together talking about lending in their own currencies trading in their renminbi making their own development banks how does that factor into these investments yeah i think that's important you want to get a feel for where the trend is and a lot of these markets overseas are going more towards open markets more towards free. currencies and things like that so the trend is good whereas i think in the u.s. you make your image going the oth

i have a progressive outlook in terms of how i see things.ogressive i mean the sense that we have to make government and the city work for everyone, and that means that not just those who are doing well. it is also those who are not doing so well. it also means making sure the city works for the middle class and to think of innovative ways of addressing issues and to not be afraid to think outside the box. that is what i see as being "progressive," in that sense. ultimately, there is a guiding principle. that is how i approach government. i believe in good government, transparency, accountability. i believe in making sure that we follow best practices. i think that is something that often times transcends the left, the middle, the right. it goes beyond that. and that is why, you know, as a supervisor i focus so much on contracts and how the city spends money, which is not traditionally a progressive issue. but i believe we have an obligation to make every penny count and to make sure that we are making the most for the very limited resources

just in terms of a question for me, in terms of the rfp that you said went out in the spring, you said there would be no alcohol or tobacco. is that in the current contracts? >> the expired contract? no, that was not the case. chair chu: that could explain some of the differential. >> it could, it could, but i am not sure. chair chu: and the first bidder use that went into negotiations with the city but are not in the contract that you brought before us. can you explain that a bit more? >> sure. the concept of the minimum annual guarantee, we did not see eye to eye on what that meant, and when we analyzed the terms and conditions of what they put before us, it created so many potentials for a reduction as the landlord, we did not feel edmund minimum. it meant a potential, and when we looked at the actual minimum numbers that would be reasonable return, their ranking fell frankly to the bottom of those that submitted proposals. chair chu: thank you for the explanation. why do we not go to the budget analyst's report? >> madam chair, members of the committee, on page 5 of the report, we

some of that is longer term in the short term -- in the short term, to send a clear message to the speculators. my personal favorite is for two reasons. first of all, you do not put the oil in the spro, and if you replace it when oil is at a lower cost, you can do the right thing by the cost of the taxpayer. also, every time oil has been diverted or taken from it, one or the other or both, price at the pump has gone down. even if you do not subscribe to that, if it least it's a question to the speculators that you might do this. that is something that i think should be prominently on the table that we would be willing to use so that the price can come down and speculator can be put off. >> [unintelligible] >> ok, ok. you know how i am about the people who are always here all the time. >> you get back to the lunch yesterday, republicans came out of that with encouragement. speaker boehner said he was encouraged. what is your take away? >> i agree with that characterization that you described. i do not know about the rest of the characterizations. the president came with a spirit of bipartisansh

and there are many complications that the babies can have, both short-term and long-term.y 28 weeks, that risk does drop significantly, but it's still a serious concern. the babies have to stay in the hospital a long time. and there are still babies that do not survive or have major complications which impair long-term function. >> mm-hmm. >> now, mom? >> yeah, go ahead. >> mcfarland: chicago resident jori krischke is a mother of two healthy children with another one on the way. but jori's first child, her daughter avery, was born very early. the family's ordeal began with what jori thought was just a backache. >> i had a very normal pregnancy up until about 26 weeks. at 26 weeks-- it was a friday. i was at work. my back started to hurt. the back pain started to hurt more and more. then on the way home, it moved to the front, so it was kind of in my lower abdomen. we decided that we would go to the e.r. because it didn't seem like a normal backache at that point. >> mcfarland: doctors told jori she was fine and sent her home. but the pains continued throughout the weekend,

the ecb had its second long-term refinancing operation today lending to the banks. they're still working on getting the greek deal done. a number of the countries in fiscal trouble have been taking strong steps to try to improve their budget balances. there has been some progress on a physical contact whereby there will be more coordination among countries, but there's still a lot to be done in the short term. there will be more effort on providing so-called firewalls that would be financial backstops in case there is a default or potential contagion. and in the long run, the real problem or a very serious problem that has not been solved is that many of these countries are not only being fiscally challenged, but they are not competitive. they are large current account deficits and their costs are too high, and that's a process that could take a long time to fix. >> thank you, mr. chairman. i yield back. >> thank you. let me point out one thing about energy that we all need to look at, and that's natural gas. i think it was 1985 we estimated we had 200 tcfs of reser

we could further define the term. but are we going to define it differently from what congress defined? i don't think so. we could perhaps clarify how it applies in particular effects and circumstances. but i think we ought to take some time with it rather than up and just pontificating about it at the beginning. so that's what we're going to try to do. we're trying to be careful here, measured and thoughtful. sometimes that means you don't have all the answers in the first instance. and i think that's where we are. >> all right, thank you. ms. waters? >> thank you, very much, mr. chairman. mr. cordray, the state and federal mortgage servicing settlement unveiled in february set forth new mortgage servicing standards and addressed issues such as pre-foreclosure referral notices to borrowers, third-party provider oversight, loss mitigation requirements, single point of contact standards and other measures. however, the settlement only covers five of our major mortgage servicers, and the servicing standards will only be

yes it's a lot and you know kind of these short term things you can see but long term with the same trend which is that the developing world continue to catch up big picture with the western world right and that's true for a lot of these markets i mean i expect they'll be big ups and downs in all these different markets but the one. across them all is this one going to turn longer term trends it's closing the gap with the western countries as your rogers would say you know china is the largest creditor nation in the world u.s. is the largest debtor nation in the world yes china is going to have ups and downs but so did the u.s. and i'd rather be with the biggest creditor thinking of china you talk about commodities and how commodities have been going up in recent years everything from our protocol and it's getting harder to find their deposits of this stuff and you talk about how china kind of on to this and we've covered that before how they are acquiring resources and commodities from from different countries different places what should i take away from that what should our viewe

there has been quite a bit of progress in terms of the bicycle

>> both short-term and long-term interest rates are quite low. our current expectation, as we said in our statement, is that the short run rate will stay low for a good bit more time. eventually at some point the economy will strengthen, inflation may begin to rise and the fed will have to begin to raise short-term interest rates. at the same time, stronger economic conditions here and globally will cause longer term rates to begin to rise. that's a good thing. that's a normal, healthy thing as the economy returns to normal. but if you have this, you know, of course depending on how your portfolio is structured, you could have the risk of losing money on holdings of bonds. we want to make sure that banks understand their risks and are well-protected and hedged against whatever course interest rates might take in the future. eventually they will begin to rise. we just don't know when. >> the senator made the point earlier that we have seen economic growth and it hasn't hit home in many ways. this chart is not useful for this, but it's so small. th