we asked kevin li, in hong kong, for his assessment. >> to understand the chinese currency cycle, we have to look at the u.s. dollar, it is linked to the dollar. when the dollar was weak, during 2010 and '11, that jgenerated a lot of inflation for china. so, at that time, it had to rise in order to cope with the import inflation pressures. >> the chinese government eased controls on the currency in june, 2010. that led to a period of renewed appreciation against the u.s. dollar. but that trend of a stronger currency was reversed this year. the currency depreciated by 1.4% as of last friday. compared to final trading day last year. the weak domestic economy is not the only cause of the currency's depreciati depreciation. the economic situation beyond china's borders another reason. >> prices have come down. so import inflation is not that serious anymore. so that can allow policymakers to be more relaxed. and allow them to -- to weaken the currency, in order to protect exports and growth. so, in any time we think the -- the currency will be soft, before getting stronger again, later t

lies. i'm joined now by david gergen. but i want to start with kevin hasset. he's one of the authors of the 12 million jobs in four years pledge. kevin, good to see you back here. you authored this claim. please give me a solid economic basis for creating 12 million jobs in four years, three million a year. on average starting in january 2013. >> right. if you've looked at the study and it sounds like you have a strong opinion about it, the fact is that there are lots of countries around the world that have been tinkering with their economic policies and then we have lots of data what happens when they do that. so for example, governor romney proposed we cut the corporate tax rate from 35 to 25. now we're about the highest on earth. two countries have higher. but other than that, everybody has a lower rate. clinton increased it by 1% in the '90s, we were in the middle of the countries around the world. so we have had 50 countries changing every two or three years and we watch what happens when they do that and seen a lot of job creation. if you look at our stu

lies ahead if this gang is going to sound the way they want to. sound the way they did when they were teenagers. >> the band was great. the band was great. >> kevin's class of 1978 was a proud member of the sunnyvale high school marching band. at one time, one of the best bands around. if there was a big new year's day parade, they played it. if there was a band competition, they won it. at home, it is said that people came to the football games just for the halftime show. until, that is, the district closed the school and the band went quiet. >> when your school closes out from under you, you lose your home, essentially. it was a very sad time for the students as well as the teacher. >> this man was the band director at the time of the closure and is thrilled to find himself 31 years later in front of his kids once more. ♪ you see, in honor of the city's 100th birthday, the band alumni decided to get the band together for one more time and march in perhaps one last parade. >> this may never happen again. this is sunnyvale's 100th birthday. i don't think i'll be around for the next one. >> elaine helped rally the alumni, be some of whom have travel