we have -- well be learning over time about how efficacious they are. what costs they may carry with them in terms of unintended consequences that they might create and we will see what else happens in the economy that can effect, you know, the level of unemployment for example that we hope to achieve. so for that reason, as i discussed in opening remarks, we decided to make the criteria for asset purchases qualitative at this time. because we have a number of different things that we need to look at as we go forward. rate increases, by contrast, are well understood and we understood the relationship between those and the rate increases and the state of the economy. so we have been able to give somewhat more quantitative were more specific guide nuns that respect. with respect to the date, and transition, today, we wanted to make clear that change in guidance did not -- happens to be the chase it doesn't change to mid 2015 kpexpectation. going forward we will drop the date and go forward on the conditionality and that has, i think, a very important adva

because we expect to learn more over time about the efficacy of potential costs of asset purchases inomic context, we believe qualitative guidance is more appropriate at this time. in today's statement, the committee also be tested the forward guidance for how it expects the target for the federal funds rate dependent future economic developments. specifically the committee anticipates exceptionally low levels for the federal funds rate likely to be warranted. at least as long as the ultimate rate remained up 6.5%, inflation over the time between one and two years ahead is projected to be no more than half a percentage point above the committee 2% longer run golf and longer-term inflation expectations continue to be well anchored. this formulation is a change from earlier statements in which forward guidance of the federal fund rate was expressed in terms of a date. for example, in statements the s following a september and october meetings the committee indicated it anticipated exceptionally low levels for the fund rate are likely to be warranted "at least through 2015". the modified

we'll be able to provide information to the committee about the efficacy of this position beginning in the spring 2013. if there aren't any questions about the current budget, i can move to the action items that are before you. i have put it up on the overhead. there are about four questions there. there is a committee support drafting 13-14 and 14-15 in your budget a approved in june 2012 as a baseline to start from. budget analyst the committee can authorize me to bring it in-house or to rfp the services. contemplate the third a position and annualizing the salary and fringe for those positions and the youth commission, third position. so, perhaps i can jump right into it. >> in terms of the budget analyst services, in terms of that one, can you tell me a little bit about what it would take? * this is a question that has been asked time and time again about whether or not we can actually bring this in-house or not. i think there is a fair amount of members on the board who are interested in exploring that idea. in terms of the logistics of it, would we be able to do that immediately

likewise, we will be looking at the efficacy and cost of our program. we expected to be efficacious, but if we find it is not working as well as we had hoped and there are various cost emerging that we did not anticipate, that would be taken to account. -- taking into account. we do not know precisely what would define a substantial improvement, but obviously, as long as costs and others -- other concerns do not emerge, will be looking for something that is substantial in terms of a better job market. >> peter cook with bloomberg television. to follow up on your last response there, given the fiscal cliff, is it possible that if policymakers were not to agree to some sort of deficit deal by the end of this year and we were to go over the fiscal ", that the size of these asset purchases could grow in response? you going to the phrase fiscal cliff. i wanted to get your take on whether it is the most appropriate language on what will be happening at the beginning of the year. some americans may be alarmed. some economists feel it is more of a slope. do you

likewise we need to get the efficacy and cost of our program and if we find, we expected to be efficacious but if we find it's not working as well as we hoped in various costs are emerging that we had not anticipated that would have to be taken into account. we ourselves don't know precisely what we will find and substantial improvement of obviously as long as the cost and other concerns do not emerge we are looking for something that is substantial in terms of a better job market. >> peter cook with bloomberg television. mr. chairman if i could follow up on your last response. given the fiscal cliff is a possible that a policymakers were not to agree to some sort of deficit deal with the -- by the end of year big over the fiscal cliff that the size of the asset purchases could indeed grow in response to that and more specifically you coined the phrase fiscal cliff and i wanted to get your take on whether you still feel it's the most appropriate language to describe what would happen at the beginning of the year of? there are some americans who may be alarmed by the language in some econom

we saw very good efficacy in the patients that haven't received it previously, 88% of them showed some level of partial response. some of it undoubtedly due to 901. more importantly, the more difficult patient population are those who had received revlomid, and now came into in particular combination study. here about 44% of that population showed some level of response, a very good pr, which is a strong response. and even those that didn't show a response, about 44% of them showed stable disease. what it said to us, looking at it now importantly in combination, it reconfirmed to us that we think we have an active agent here. this was an important study from that standpoint and it also reaffirmed we can dose in combination without aggravation from the underlying agent. so we picked up some very good information from this study. >> we no from the ceo of celgene, is it possible that this particular combination might produce for your company a billion dollars in sales? >> it's hard to say for this combination. what we have done is the multiple myeloma data is very important. what we have

the data that we have seen thus far in metastatic these is very strong for efficacy and provides themuch better tolerableability compound. you're giving us something that works better and is more tolerable. that just doesn't happen in this space. what we disclosed in our last conference call, is more detail around the royalty structure, it aligns with the guidance that we provided saying it's roughly a single digit royalty and we believe given the potential of tdm-1 as a compound has a range of developments because it's being developed in metastatic disease, and it will economically deliver a great reward to immunogen and it's share holders. these are wholly separate, there's no way that roche could say that they should own a part of img and 901, this is a pleatly different molecule, right? >> 901 is just one of three completely owned molecules, we have two other phase one compounds that we will have data on in 2013 as well as small lung canner in 2013. we have a fourth coming into the clinic next year, so they are entirely separate from tdm-1. >> dan, this is great news, you have don

i want to talk about the efficacy of this partnership. we hold a drill every year. and in two 000 at on california and 2009 at ferry building and vacated it in the morning and when bart was going to strike and we were ready and ten on mid-market and this year two fire drills and the chief's wife is here and her team was spectacular and the they had two drills and i will show you a video in a minute. why do we do that? why do we have our member dos that? because we want to test that response plan because it's no good on paper unless you test it and we do that. we run drills and it takes about a drill to do, to plan. we work with the public sector agency and it was the fire department and next year alsolet fire department and we had drills with the police department swat and a day long drill and you name the emergency we probably planned for it, and i am not here to brag. i am here to tell you these drills help and we can't do that without the city and our members get the lessons from that drill. anyway i won't take too much more of your time. again i am honored to be

the energy code says you have to have lighting that is high- efficacy, meaning lots of lumens per watt. you can't just screw bulbs in any longer. it may not be done. i want to mention, it's not just the front of your building, it's your yard, too. the preventative maintainence would say, get some hot nails or screws or something designed for exterior use and screw them on. fix it before it breaks is the goal. everybody has a shed. the code says you can have a shed as long as it's not over 100 square feet of projected roof area. >> california code says 120 square feet. san francisco says 100. fire escapes need lots of maintainence. this requires a fire escape person or contractor to test it, lube it, maintain it. you have to keep it painted and scrubbed. wire brush. this is one of those folding ladders, which we used to approve. we still approve other folding ladders. what do you have to do? >> if any of you have a ladder you are depending on for eggress, you don't want to wait until there is a fire. there is a lever to pull, and you should check it once a year to make sure it is still

current yearv, placing the full salary in the draft budget, for the board then to determine the efficacy of the position in june with some measurements and we will show you in advance to get your approval on. and then come june if the position does not hold as much value as you would expected it to, that salary could be removed from the department's budget. >> that is a problem i see. once you hire someone, it is very hard and very difficult to actually not -- to say that you're going to terminate that position. >> we can hire them with the expectation that this is a pilot program to be determined by the board. >> right. i guess the other question that it raises for me is what metrics are we using to say what the value of that extra employee would be for this purpose. and, so, not kind of understanding what those metrics would be would be hard. would it be the number of engagements that they have, the number of additional legislation that they put out? there is not really -- and i think people will value that in a very subjective way. so, i just don't think that you're going to get direc

restriction on exterior lighting, both how many watts you're allowed to have and what the ivica si is, -- efficacy. there is a dark sty provision, lots and lots of requirements. people are calling me saying, pete, there is too much light in the city. people are putting up security lights anywhere. those are highly regulated now. you can't just light up anything any more, is that right? >> you can't shine the lights up into the sky and the lights are required to be energy-efficient by code. i think if you use a daylight dense sores and motion sensor combination, you are allowed to use a conventional light with the combination of the sensors. this is a very national efficient light. it takes 70 watts but it probably puts out the equifflant of five times the light that an incandescent light bulb would. >> it lasts for a long time. this is $24,000 replacing a $2 bulb. >> 10 times as long. >> we're going to look at boxes and devices and rings. >> right around the corner. >> we're going to walk over to the devices. >> devices. >> on the way over to this location after talking about energy-efficient ligh

time we started it was the only program i could find with longitudinal research that demonstrated efficacy and we offer kids tactics they could use and one is who is the trusted adult? one is -- i'm not -- i'm preaching to the choir here. one is when the bullying is over and go up to the kids targetd and say "nice jacket". you don't have to say "sit with me at lunch" but do some gesture and if you can say "i'm sorry that happened to you" and if you are comfortable enough during the bullying and say "this is not what we do here and take the target and walk away with them and we crafted the program with those in schools and we were gratified. to a point that cape up earlier and research this spring and the thing that hit me and we launched in 2010 so we're going on the third school year with this material and i had this horrible feeling that we might start sounding the way i sound to my children when i ask them to take the laundry upstairs. i know they hear me and nothing happens. >> maybe they don't hear you. white noise. >> but what we heard from kids when we asked if they're hearing the m

. >> so you think the medication is more efficacious than the talk? >> for certain people, yes. >> for certain people? >> yes. >> what about averages? >> i still think in most depressions, they're biological and the medication is the most important component of it. >> do you think that we only have seen the tip of the iceberg of pharmocological farm so psychological -- farm mow psychological medicine? >> i do we are only dealing with four or five neurotransmitters and we have 40 or 50. >> you don't have the chemicals for those? >> no. >> but they're going to come? >> sure. >> and then there will be cocktails. >> yes. >> one cocktail and then try this dosage and that dosage? >> we would like to design what i call designer drug the publisher didn't like that name, but design a drug for the specific person so that everybody has a specific -- if you use a cocktail of combination of the various drugs. >> this sounds very mech canistic. >> well, we are biological creatures. it does not mean that we're also spiritual creatures and ethical creatures. we have

perception of reality about the efficacy of torture kind of elaborating on that what do you think is the danger of the moviegoers seeing this and kind of internalizing it as reality as fact we've already seen that happen during the bush administration the american red cross has a survey every few years looking at public attitudes and during the bush administration a majority the public was opposed to torture they did a survey a little over a year ago where a majority the public is in favor of torture and that number goes up the younger the person was so you've got a generation this grown up knowing nothing but the post nine eleven era and they see things like this it becomes their reality in that that number keeps going by public opinion on on torture you know the senators mention that in their letter that they sent to sony pictures saying that the public attitude has changed towards torture in this movie does is an opportunity to reinforce that false perception right of a very interesting kernel of really appreciate you coming on the show that was colonel morris davis a professor at

black people had the idea-- which was a not very efficacious idea, but they had an idea-- that they couldange the image of the race vis-à-vis white people who doubted our ancestor's intellectual integrity and intellectual capacities by creating great literature and art. so there was this big revolution of writing and it was called the harlem renaissance, but it led to renaissances throughout the caribbean and even in africa. you know, the négritude movement, which was started by a martinican, aimé césaire, and léopold senghor, who went on to become the first president of senegal, they were students at the sorbonne. they heard about the harlem renaissance and they created the négritude movement starting in 1934. and langstonughe probably the most googled and sited poet in the american cannon, translated works of these black american writers into spanish and french... >> hinojosa: that's so beautiful. >> ...because he was trilingual. so that there's been this interaction. it's sort... i presume... you're mexican, i know, of mexican descent, and i presume you were raised roman catholic. >> h

we have to understand that in order to maximize the efficiency and efficacious of that resource. this year we did a command of control exercise and we did a communications drill and we did them simultaneously. they were sort of related, sort of not. one was, we brought out the coms people and said, play, we set up 3 points around the city

we have to understand that in order to maximize the efficiency and efficacious of that resource. this year we did a command of control exercise and we did a communications drill and we did them simultaneously. they were sort of related, sort of not. one was, we brought out the coms people and said, play, we set up 3 points around the city and said play, make this stuff connect. see if we can talk to each other. we had the national guard above us in a helicopter, even though it was really foggy, they didn't see much, but they demonstrated proof of concept that they can connect the video feed. we learned there are limitations in things of band width and video feed that i'm not qualified to talk about, i'm strictly a push to talk guy. we know as a city when the earth moves, things fall, we get a lot of rubble. that's going to be one of our critical, critical things we have to do. we have to be able to move material and personnel and one of the ways we're going to be doing that is how do we actually get the debris off the road so we can put things back to work. so that was the comman

we have to understand that in order to maximize the efficiency and efficacious of that resource. this year we did a command of control exercise and we did a communications drill and we did them simultaneously. they were sort of related, sort of not. one was, we brought out the coms people and said, play, we set up 3 points around the city and said play, make this stuff connect. see if we can talk to each other. we had the national guard above us in a helicopter, even though it was really foggy, they didn't see much, but they demonstrated proof of concept that they can connect the video fee

it might be more i efficacious f they brought in bush, who is still missing a legacy in his life, and have that bipartisan cast to it, might be an interesting way to approach it, but hard to go against benjamin netanyahu, if he comes out of the election with a lant -- landslide mandate and tougher, harder cabinet, but that's what makes me think it'll be pushed back to this -- to the end of the second term. >> tat trick, -- patrick, any sense of israel if they hit obama too much, that this is his second tab? >> doesn't seem to be any penalty for jamming the president. his popularity keeps going up. you know, he may be into a re-election cycle, but the economy is good in israel, always an important fark tore. the state of security, although they had missiles coming in from gaza, is pretty strong. tel-aviv is a great mediterranean city that lives in isolation to the squaller and oppression that exists within 50 miles of it in occupied territories. young israelis, startled by the fact that young israelis are ignorant of what goes on over the hills and long cease to care what goes on in pa

the development of something called h.p.r., a very gentle retinoid that has managed to separate efficacy, so you can have a potent, yet gentle product. >> women absolutely love philosophy's anti-aging skin care system and they love to talk about how it's changed their lives. let's eavesdrop. >> i started using miracle worker pads when my skin just wasn't as bright as it used to be. >> after spending money on so many other products and it not doing what they said it would do, finally this is something that worked. >> a minute or so in the morning, a minute at night and the difference in your skin is just unbelievable. >> in fact, my husband even says i am better looking. >> you just kind of walk around with this little inner smile. you sit there and maybe sometimes you walk by a window and you catch your reflection and you're like, "wow, i look pretty good." >> what is ithe box of miracles exactly? >> well, this is really an exciting collection. what you're getting is you're getting a cleanser, you're getting targeted treatment and you're getting a moisturizer. >> and they're formulated t

largely my understanding is in part built upon a delivery system that looks towards quality and efficacy are worefully behind this in mental health and needs to be development for these well-studied, effective interventions if -- >> doctor? >> if mental health is a piece of this reform going forward. >> let's talk about one potential specific reform looking back across history of how we have handled people with mental illness and initially did nothing and then a reform movement in the late 19th century to create a vast system of state and mental hospitals and then a backlash against that and now some are arguing we have gone too far in terms of deinstitutionalizing, that even people crying out for help for their loved ones and know that they're a danger to themselves and to others can't get them the long-term care treatment that they need. and one stat that blew my mind is in 1955 we had 1 public psychiatric bed for every 300 americans now 1 for every 7,000 americans. do we need more long-term mental health institutions? >> you know, i've been through -- i've been around far long time an