they were aggregators in 1791. but we need to be very cautious about stepping forward on this, because we also do with the big unknown, the skeptical public. who will see any assist as they have with other industries as a hand of government somehow tilting the objectivity or pushing the objectivity, or lack thereof that already exists. so i tnk we need to be very, very cautious. i really don't have one foot in the tarpaper don't like is the innovation. i think subsidizing universities and other places is a good idea what i worry about that intrusion of the news product. >> barber, did you want to add something? >> yes, and i really does want to interject very briefly that we have been burying the newspaper industry. this quarter i think around the country you see the numbers improving. we still think we have a very viable and vital business. it was exciting last fall, gannett invited most of its editors to our headquarters and the first time we've been able to do that financially and a while. and there were three d

aggregate the impact it has to be an economic activity. not necessarily one of a profit motive, but an economic activity. and, again what he does, he reads out of existence "lopez" and "morrison" which is '95 5 and 2000 where the courts say there have to be meaningful limitations. >> woodruff: so clearly this comes down to case law, precedent, interpretation of the commerce clause. let me ask you both quickly about the other argument you make, david rifkin, and that is it's unconstitutional to require states to set up these insurance exchanges for people who don't have insurance. can you briefly explain to us why? >> there's a whole line of cases that is basically rooted in the 10th amendment that talks about states, again, retaining viable independent authority. it's called "new york v. united states." the case is called "prince" where you can not cooperate states. you can not commandeer-- which is a tomorrow of art-- state officials to perform tasks for the federal government. that's a very well established line of cases. aside from insu

it's all about aggregate.it doesn't matter what you score in this game, it's what you score in both legs. away goals count. it's complicated for the average american, but the bottom line is bordeaux needed another goal, and the top goalie for the frenchman with great save. so lyon advance 3-2 on aggregate despite losing the game 1-0. >> top stories coming up, including the latest from georgia on the ben roethlisberger sexual assault allegation. there is a new twist in the case. plus two big names in college hoops say sayonara to college basketball. where their stock is in the nba draft next. you hold this? "huh, that's weird. i'm marty." (announcer) calling all captains. drink responsibly. (announcer) calling all captains. would you like to make a commute that's a little more worthwile? then you belong at bass pro shops. right now redhead bass tournament shirts are only $14.94 and this humminbird piranhamax fishfinder is only $99.99. your adventure starts here. [ female announcer ] introducing something unexpe

they are looking at the information as an aggregate on the network.this depends on looking at a lot of different computers and looking at their behavior. it is not necessarily fighting that content with but finding good content. -- it is not necessarily fighting bad content. i look for good content and people that i trust. sometime in is a search engine. sometimes i will have a new idea. i will jump on a search engine and try to find the information. i cannot crawl on the entire network every day. the real question is not is there will be an intermediary but hoopewho. we turned to the first amendment space and we needed these people to make good speech useful. we had a very much for line of precedent from other forms of electronic communication that explains the value of having someone serving as intermediary. what is interesting is that, they start off by looking at newspapers. if you look at the newspapers, and they recognize the rule of absolute freedom. they said that newspaper editorial discretion is limited by their ability to attract enough rea

whenever the plan is providing, it has to pay an average debt -- aggregate of 60% of the cost of the claims for those covered benefits. if the plan fails to provide affordable coverage because it is not affordable to the employee because it cost more than 9.5% or does not deliver at least 60% value, then the employer is required to pay $3,000 for each employee to obtain health insurance coverage in the health insurance exchange and receives a subsidy in the exchange for the coverage they obtained their. that same trigger also applies in the case of not providing coverage at all. what triggers the penalty for employers in that case is if even one employee goes into the health insurance exchange and obtains a premium tax subsidy. there is also a unique affordability test in the legislation that would require employers to provide a voucher to employees if they do not provide affordable coverage through the work force. that comes in at a lower amount starting at 8%. if the coverage costs the employee more than 8% of their income, then the employee is required to provide a voucher that wo

would have allowed the cftc to impose an aggregate position limits and most of for the north would have provided a much-needed transparency of that's been absent from the swaps market. this would have represented 180-degree shift from current law that was in place in 2008. noaa transparency mr. president is the key here. home and there are agreed upon discussion draft 100 percent of all trades and the swaps and derivatives market would have been out in the open and available to regulators to review and real time. unfortunately this language is not part of the a bill with and we're faced with derivatives for product crafted without input from republicans. derivatives product there reflects agreement between two democratic committee chairman and the administration. republicans are not even invited into the room to provide input. the product they developed will have many unfortunate consequences for main street businesses with that have nothing to do with creating this financial meltdown. i fear of unintended consequences resulting from applying complicated regulations too broadly and

the eu operation and the nato contribution, and what the americans do, you know, in aggregate will provide the ships to do -- first of all on sea battle. but there are still serious problems. and during there. and it looks as though the international community is beginning to get to grips with this with 100 pirates we have in kenya. and that's the promise of a possibility of a pirate prosecution centered in the shale. :

well, now wall street plays a very important role in aggregating and allocating capital. but we need to make sure that the rules are done such that i it -- the rule is done well, the conflicts of interest are removed, that transparency is provided, that tricks and traps and scams are taken out of financial products. these are the sorts of things this bill z. this is a bill that is all about fighting for fairness, for main street, which in the long-term will be a very good business model for wall street as well. so let us as a chamber recognize our responsibility is to build an economic system that strengthens the financial foundations of our families.

they're an aggregator with brains, and they want you to read less but know more. how do they accomplish that? well, through their grid, they can highlight the stories that are happening online and in newspapers right now. they take those stories and compress them into two-paragraph summaries. their founder, michael wolff, also writes a column on line in his "off the grid" section. he says that the newspaper industry is dying. let's give the consumer something new. one of those things that is new is customizable pages. use their great scroll bar to see the hard news and the soft news, and choose anything in between. let's go to the extreme for all soft and see what the grid gives us. that's pretty soft. celine dion and big bird. next up is jan's j-lab. they're transforming journalism today and reinventing it for tomorrow. in their cool stuff section they highlight some great things that other sites are doing: games, quizzes, as well as some maps. in their map section, they have this great thing called trends maps. this is where you can find out what's happening on

this is an online tool to make it clear for americans to search and sort aggregate medicare data with full protection for patient privacy. we are launching medicare's in patient hospital data where you will be able to sort by state, by condition and by hospital making price comparisons for the first time ever but it is just the first step of many. we will be giving purchasers and providers the health information they need to make smarter choices. we believe we have to make every dollar count. it is a principal we will applying to every step of implementation. we are depending heavily on people and systems that are already in place not starting with the assumption that we have to build a new bureaucracy. our department has incredible talent the personal great resources and expertise in the health care system. as we move forward we rely on our existing resources as much as possible to fulfill our new responsibilities under the law. third and most important, we don't ever want to lose sight of why we are pursuing this legislation in the first place. we fought so hard for it and are celeb

like it, so the left inorganics are completely locked inside that glass, and it can be used as an aggregate, as grit to go into asphalt or as gravel to go into asphalt and concrete, depending on how finally it's smashed up. the primary product is thin gas. thin gas is a mixture of carbon monoxide and hydrogen gas, ok? if you would take all the garbage that we today have in land fills and you would turn all that into thin gas and you would take all that thin gas and turn it into transportation we're talking about billions of gallons a year of transportation. >> today we have three different technologies. let's compare them. this can be used to make fuel. it's bad environmental policy and still has waste by burning it. then we have a little better by not burning waste, but it has methane gas in land fills and has other gases, which brings us to plasma, which the byproduct is thin gas which can be made into ethanol, hydrogen, and others and also glass and metals along with other things. the problem is it costs a lot to make a plasma-enhanced melter. there is no perfect solution. however, there

down, you can look at swap dealers and money managers or hedge funds are doing in the market in aggregate. we do not break out the individuals. >> i'm going to yield to senator column. >> thank you, mr. chairman. mr. gensler, i had a great interest in seeing the commission established position limits to apply to the energy markets. senator lieberman and i held hearings looking at the price spike in the energy markets a couple of years ago and position limits can potentially help prevent those kind of abrupt price movements were market disruptions. could you update us on what is being done by the commission to establish position limits for energy markets? >> i thank you, senator, for your leadership on this issue. we publish proposed rules in january and ask for public comments, and that period closed yesterday. to reestablish position limits, there were position limits in the energy market with the exchanges through 2001. we are looking to reestablish them. we have over 8000 comments and what we will do as an agency is review those, and we're just embarking on that, and then bring those r

that is feeding aggregate demand into the economy. i strongly support the employment tax credit for small businesses. i think we should consider doing more, keep looking at the credit constraints on small and medium-sized businesses, see if there's more we can do. finally i know the administration is working hard on the issue of thinking about how to improve the export prospects of small and medium sized businesses. this is very important, because the employment is so heavily attached to small and medium-sized businesses. we have to depending move on experts for growth. there are ways to make the system work better and there's new money at the xm bank targeted at those businesses. >> what about the fed? i know you've been focused on this as well. there's been a lot of focus about ending the mbs program, how it may impact mortgage rates, any thoughts on the foe's exit strategy? >> i think the fed has been extremely good indicating what it's strategy is and actually signaling when it is going to take movement. there's nothing surprising

within the risk management function we build out a team that was focus on counterparty risk and aggregate exposure with limits each of those counterparties. and we actually come in the case of fannie mae, had to look at it across the book. does it would have been possible for us to have an exposure on the derivatives i'd come on the debt side, and as well as the institution could have been a customer of ours on the credit side of business. so that function was created to enable us to look across and or, 2007 or 2008? on the derivatives. >> i don't know. i don't have access to them. >> "the wall street journal" on tuesday, april 6, reported that they may and freddie mac currently have more than $2 trillion in notional amount of interest rates swaps on their books, and they are thereby among the largest participant in that market. and evidently the federal housing finance agency is considering requiring that all those instruments be essentially cleared through a clearinghouse. in order to diminish counterparty risk and also to obtain improved pricing information. would you have considered t

one was an aggregation and distribution business, where we aggregated assets, loans, securities or synthetics, and distributed them in new issue type situation. in those situations u. disclosure with respect to the asset and the deals -- and that's very specific disclosure with years and years of input from regulators, counsel and other investors, that's that business. >> and those disclosure rules work well? >> um, well, those disclosure rules are meant to provide an investor with what they need to make their decision in investing in that particular product. the second part of the business is a market-making business, which is a trading business. now, there are risks in both those businesses, but i thought it might be helpful for you to understand how we approach -- >> but the marketing -- or the market-making business doesn't have the same disclosure rules as the other does. >> because it's not creating new securities. there's disclosure on new securities that is -- if it's registered, it's dictated by the s.e.c., if it's not, it's not. but usually they follow guidance for similar types of

can you aggregate it? >> well, we're estimating that at this point in time, it's for the world's airlines something on the order of $200 million a day. we're in the fifth day. it's well over the billion dollars, quite frankly, because you've just been talking about, today we've just been talking about passenger airlines, but there's the whole freight segment to consider, world trade in a lot of markets has come close to a stop. and that's probably another $500 million in the aggregate. so, we're looking at well over $1.5 billion so far in the last five days. >> helane, what happens? i mean, i know a lot of people are thinking about this, they all want to fly again and maybe it is safe, but then we see reports that some f-16s flew up to test it, landed safely, but they do have engine damage that will require quite a bit of work. all it takes is one horrible thing to happen here for this whole little experiment of opening up air space to be a tragic disaster. >> well, that's right. i mean, safety first. ever

why should they have that aggregations of they don't vote against the bottle it up in the committee.en if it were acceptable the problem now is is a second-class status in this house we had a thing called transracial union and we said you can have that you just can't ha

. >> well, there's a great deal of information available in aggregate data and then as senator bonnet as about derivatives reform, if it were to move for their ribby information about that market as well. real-time reporting. i think that answers your questions. >> i am just wondering if there's more of this information being made available to the public. >> we've had success in the last. actually been more information available about investment in the market and broken down for years, barack reports every friday about the markets, broken that down to the people and see what swap dealers and money managers or hedge funds are doing in the markets in aggregate, we don't break out the individual. >> and going to yield to senator colin. >> thank you mr. chairman. chairman gensler, as you know i've had a great interest in seeing the commission established the position limits hamas applied to the energy markets. senator lieberman and i held hearings looking at the price spikes in the energy markets a couple of years ago and position limits can potentially help prevent those kinds of an abru

chris, your thoughts on what the aggregate behavior of the arizona state legislature the past couplef weeks here. >> well some like the bill on presidential birth certificates, probably falls into the category of stupid things that state legislatures do. it's obviously -- >> go to youtube. carry on. >> arizona gets more attention because people were shocked by the immigration legislation that the state, that the legislature did approve. governor jan burris is thinking about signing. i think they fall into two very different categories. one is probably intended to with the birth certificate, is probably intended to mollify a small subset. the other one addresses something that arizona residents are very concerned about. when they talk about immigration, with the murder of the rancher and all of these other stories that have been out there. people are freaking out about illegal immigration in the state and i'm not surprised that the legislature acted. >> chris cofinas, how much of this is something you would see on chat roulette and how much of it is the sense of the feeling of vulnera

. >> my recollection that in the aggregate that alt a was less rich than the goals, but there would be portions that would contribute to the goals. >> to the extent that you financing those that did not contribute to the mission, then they would reduce your ability to meet the mission because they would increase the total number of loans you had to compare your mission-related loans to. is that correct? >> [inaudible] >> you did, nonetheless, increase your financing of alt a loan is about 1% every year from 2004 at 8%, 20059%, 200611%, is that right? these are figures -- 2006, 11%. these are from our staff report. which you may not have seen. >> i am not familiar with this. - also in a summary we have of the interview that was conducted with you by our staff, it says that in response to the question about fannie mae's increased acquisition of private labels securities, that you said something like pls was considered a money-making activity. it was very conscious that subprime pls was housing goals rich. subprime was also one of the initiatives that filled the house in gold gap. there w

whether it be scholarly literature, intellectual property, regulatory information, this is aggregatedordinarily opaque, very well articulated from data into knowledge. we lack the cartography of the innovation space. most players cannot compete. but costs are high. when the costs are high, only a few of us get to play. identify this as being the big province that will take us all down. we have to engage in the democratization in that process. >> disclose information. i want to say that they all grew very quickly. we are basically all of the same place. this is to interact to solve the problems. >> there was arbitrage. the second of that was producing, as always. all they have to do now is to mass produce it. >> i would challenge this. this may be true in some areas where publishing and transparency are part of the academic culture or sort of collaborative culture, but there are other areas which a thing some societies maintained some capabilities. we have got tim brown here who wrote a book on the design thinking, so you look at countries like finland, who are becoming a user-centered

. >> it certainly would cost the american taxpayers a lot less money if we aggregated the infrastructurethat underpins these agencies that oversee the financial soundness of our economy. >> one could argue that. on the other hand, i think actually our ability to work on just a few agencies has actually helped in some areas. i mean, you know, a big bank regulator may have a thousand different entities that have to regulate and i can be cumbersome as well. >> it's all about organization. i yield my time. >> thank you, mr. thompson. just one observation. i was going to ask a question, i am going to ask a question related to mr. thompson's questioning about the need for this regular. and it really does go to 2008. just in all candor, did the federal reserve in the occ when they came in, i believe in what, july, august? >> yes. >> did they find things that you have not found, or where they offer me what you had already found? >> some of both. they found some things that we hadn't bought. >> and you had counted because of their capability, the depth of their bench? or why is that? >> well, one

two-thirds of aggregate demand in the united states is consumption and think about the household. even this report actually had, it had an increase in hours which is great news. it actually had a small and unemployment-- unexpected decline in average hourly wages. average hourly wages are growing over the whole quarter but at a very slow rate. now you have a consumer that's lost money, substantial amount of wealth in their house. you have 20% of households around that number with underwater mortgages. you have a lot of household debt and you're going to have slow income growth. two-thirds of demand comes from consumption. that engine for the u.s. economy is not going to be the robust engine it was before. now the second half of the year, the things that worry me, housing. the fact that the stimulus is now pulling back. and basically the issue of consumer confidence is income-- if unemployment doesn't fall and house hold income doesn't rise. >> woodruff: glenn hubbard so, what are the other factors out there that you are looking at for clues of where this economy is headed. >> well

why should they have that aggregations of they don't vote against the bottle it up in the committee. but even if it were acceptable the problem now is is a second-class status in this house we had a thing called transracial union ande said you can have that you just can't have marriage you can see what would be wrong with that and i think the same thing is wrong here. >> thank you very much for coming and speaking to us. it's been a pleasure to listen to you, and about thank you for writing this book. it reminds me of a book from about ten years ago which was a popular book by michael warner, the trouble with normal and he is coming out of the theory and i'd like you to go into the issue of that you said you treated the end of the book about the public private question because his whole issue in that book, maybe not his whole issue but a big part of the book is that marriage is about putting a veil over sex, but americans just can't deal with it and we are ashamed if it and he had a big problem with the whole push toward syntex marriage as a gay man because he felt that it was essent

so in the aggregate we have debt to gdp in this country of 348%. it's down only slightly through a recession. tip think include a recession it should be down a lot more. so when you see a rise in interest rates with a very still highly levered economy it's a very dangerous combination. >> you just said it. it's relative to where rates have been. and that's exactly my point. i mean, rates are low for a reason, and that's the reason why a small -- >> in a highly leveraged economy you don't -- >> peter, let me ask you. if your thesis is correct, what are the stocks specifically that people should be wary of? >> well, we've seen a 30 basis-point increase in mortgage rates in just two weeks. so we've already seen an immediate impact to the rise in interest rates. >> but it's housing, it's banks, it's retailers i see from -- >> mortgage rates head higher combined with the end of the home buying tax credit and the end of quantitative easing and you have the perfect scenario for a double dip in the housing market. >> peter, it's great to see you. thank you

moves up sharply, and let's remind ourselves too that the target price on this thing if you take an aggregatesiew what the street's view on this thing is 35 bucks or maybe a little lower than that. that's one of the reasons we can feel comfortable selling the 34 call. but obviously if the stock does move up sharply you could take profits on this trade. >> pete, just to switch gears, you were watching corning but corning callings were very active. >> they've got earnings next week and last week we flagged the fact they were coming after the may up side calls. they continue to come after the may up side calls but today they started to go out to the new month. they're going after the 23s. last week it was the may 21, 22s. now it's these june 123s. so expectations are very high. when you look at pc dwroeth and you're talking about glass and glw, corning is involved with just about everything about displays. this is a very interesting play. if the growth is there, these are the guys that should be profiting and i think there's still more up side. >> mike khouw, thank you very much for that strategy

whenever the plan is providing, it has to pay an average debt -- aggregate of 60% of the cost of the claims for those covered benefits. if the plan fails to provide affordable coverage because it is not affordable to the employee because it cost more than 9.5% or does not deliver at least 60% value, then the employer is required to pay $3,000 for each employee to obtain health insurance coverage in the health insurance exchange and receives a subsidy in the exchange for the coverage they obtained their. that same trigger also applies in the case of not providing coverage at all. what triggers the penalty for employers in that case is if even one employee goes into the health insurance exchange and obtains a premium tax subsidy. there is also a unique affordability test in the legislation that would require employers to provide a voucher to employees if they do not provide affordable coverage through the work force. that comes in at a lower amount starting at 8%. if the coverage costs the employee more than 8% of their income, then the employee is required to provide a voucher that wo

it will require speculative position limits to be set in the aggregate for each commodity instead of contract by contract. position limits provide an important restriction on market manipulation and amount of risk that can build up in any one market participant. for the first time the cftc will be able to prevent speculators from assembling massive positions in a particular commodity such as oil by assembling large positions in multiple contracts. see how they do that. traders can now simply buy positions on brent crude oil when they exceeded limits in west texas immediate crude oil. and that makes no sense. see, it's a way to be hidden in the size of your trade. aggregate position limits will prevent manipulative practices such as though deployed by the defuncted hedge fund amaranth in 2007 which assembled massive positions on two separate natural gas contracts and manipulated one in order to profit on the other. and let there be no doubt about this, amaranth settled, paid a huge fine in substantial millions of dollars. further, the fund will close the london loophole so they can't

. >> rose: otherwise they are aggregating... they are causing the problem. >> yes and without a sled of evidence and yet every banker went down to washington in april of '08 and went on to lehman collapsed and we joked the two things they asked congress and the s.e.c. was not to accept their apologies for screwing up or to get capital for bearing, the two things they asked for was liberalize the accounting again on mark-to-market and stop short selling. so that ought to tell you something. now, what i have pointed out to people in the government and i'm hoping somebody asks somebody under oath is that our view was that the largest short sellers in purchasers of credit default swaps in the banking industry in '08 were the other banks. and for a good fiduciary sound reason. they were counterparties with each other. they were all interrelated and the only two ways to hedge your exposure on anything that you can't sell... i have a promise from charlie rose, inc., to make good on some payments down the road is to short charlie rose i

. >> but there are a number of people -- i would say obviously the numbers are up in the aggregate because there's been a proliferation of libraries. but what happens, and this happens at any biographical site, as the generation passes away that had a vivid emotional connection with someone, it's not surprising that the number should decline. and that's the case with the presidential libraries. >> schools go to them. i mean you get bus -- it's wonderful to see busloads of young people that live in an area of a presidential library going. it's almost a mandatory field trip and it helps them think about what the presidency is. and the films they use in these libraries are fantastic, too. >> you both are teaching. you both are writing books. let's catch up on all that. what are you teaching and where? >> i'm a professor of history at rice university. i also work with the baker institute at rice. i'm teaching -- >> that's james a. baker, iii? >> yes. and i do three classes. i do history of the cold war, history of the presidency and conservation history. rice is one of the best schools in amer

we ended up aggregating this treaty. the statement was that we use this for missile defense. we did not. >> is this going to undermine the treaty? they understand that missile defense is somehow frozen -- >> nothing that we have said shows that this would be constrained or frozen. >> given this focus on the zero- option, and given the fact that they have significant cuts -- the question is rising is whether the united states is actually able or willing to defend them the way that they expect to be defended. and that will lead them to believe that they also need nuclear weapons. this will be an increasing argument. >> no one is questioning the resolve, that we have extended to our allies and others. i do not believe that anyone thinks that the quality has degraded, and the quantity has decreased. it is important to remember that we have the strongest deterrent in the world. obama has made it clear that this is important. if you look at his budget, this is about $5 billion. this is an increase to maintain the quality of the program. i think that what is important right now is t

once we aggregate ad pool of loans of sufficient size we would then securitize those loans.as a part of this process we submitted loan level information to credit rating agencies. to determine the dollar amount of bonds in each rating category for the rmbs we would market the rmbs bonds to investors, solicit feedback from those investors regarding the transaction and finalize the structure and pricing. our offering documents described underwriting standards of originator or originators of the loans in the pool and also provided extensive nate tiff strattifications concerning the loans themselves. i understand that the commission is particularly interested in our efforts to monitor the mortgage market and detect fraud. our diligence review served as primariliry and i believe highly effect testify means we evaluated loans we purchased and securitized if we identify issues in loans of pool of mortgages we agreed to purchase including concerns about potential fraud we would perform additional diligence until we were satisfied that our level of diligence was appropriate. we would

we wanted to help bring the size of the aggregate business down.losed a number of sites and reduced employment levels of home loans by probably 50% at that time. >> i would like to add to washington mutual that is part of our fannie mae and freddie mac proposal. i'm sorry you did not have this in front of you, but it says the key to the freddie proposal is it provides significant liquidity for our option arms originations. with more advantageous credit and for access to the balance sheet with our current agreement to fannie mae. between 2000 and 2008, washington mutual sold more than $500 billion in loans to fannie mae and freddie mac. how did that affect the bottom line? >> i can only speak to the time i was there. >> how important'm was the decision to option arms? would you have been auctioning arms if freddie mac had not been there? >> washington mutual had originated option arms for years. i think it provided another source of liquidity for the company to sell its option arms by having freddie mac buy them. >> so they were sold for years to f

once we aggregate ad pool of loans of sufficient size we would then securitize those loans. as a part of this process we submitted loan level information to credit rating agencies. to determine the dollar amount of bonds in each rating category for the rmbs we would market the rmbs bonds to investors, solicit feedback from those investors regarding the transaction and finalize the structure and pricing. our offering documents described underwriting standards of originator or originators of the loans in the pool and also provided extensive nate tiff strattifications concerning the loans themselves. i understand that the commission is particularly interested in our efforts to monitor the mortgage market and detect fraud. our diligence review served as primariliry and i believe highly effect testify means we evaluated loans we purchased and securitized if we identify issues in loans of pool of mortgages we agreed to purchase including concerns about potential fraud we would perform additional diligence until we were satisfied that our level of diligence was appropriate. we woul

this chart shows the aggregate assets of the top six commercial and investment banks and what has happened in ten years. now, it doesn't take a genius and it doesn't take somebody with higher mathematics or having taken an advance course in statistics to understand what this picture shows. we have seen a dramatic amount of concentration, some of it, by the way, aided and abetted by the federal government. because as we ran into this problem, this very deep recession, the deepest since the great depression, our government arranged the marriages of some of the biggest companies. and so the big became much, much, much bigger. now, i've said all of that simply to say that's where we've been. and now the question is: where are we going? what kind of legislation are we going to take up here on the floor of the senate? already there's been a big dust-up. the minority leader came to the floor of the senate and said what was done in the banking committee would be a big bailout of banks. of course that wasn't the case at all. but, you know, this is a fact-free zone at least with respect to some deba

other side that model is even keynes would cringe which is the keynesian model is very easy win aggregate consumption goes down you can inflate g. even though you talk to bright democrats and republicans it all understand that does not describe the world that we live and we are still stuck with that that is the fall back mentality if the stimulus bill that was pushed by -- passed by bush is not big enough if that does not work then let's double the size and try again why do we have a competing growth model? here's the question here are the three payables you would include? i was disappointed with the results i got back the three things our highest was human capital which was fantastic, innovation, a great to see that included and economic freedom and as the former editor i thought that was all right to but i plucked in the word scale and i think if i could get every congressmen to understand if we could increase the scale of our economy that is rarely get innovation and is that the right model or approach we should have a very simplified model? but it does fall in line with what they came

you have content and payment aggregates. -- aggregators. i give examples of others that provide facilities for -- if you're into online gaming as my kids are to purchase a whole panoply of online gaming. products from various merchants through their sites. you've got internet marketplaces, google, amazon, ebay, some names you may have heard of. cell phone carriers are now providing facility for you to charge things, not your phone bill. your telephone services but to charge things to your phone bill. verizon, at&t, for example. many, many others. all sorts of new types of payments and related services are being facilitated by this new technology. person-to-person payments. small dollar micropayment merchant purchases. itunes, prepaid transactions, bill payments. there was a question earlier about bill payments which we could come back to. social network, online gaming, digital currencies. okay. no banks. banks we know that are regulated. congress is working on redoing that. but clearly they will be regulated. what about these new entrants,

they were aggregators in 1791. but we need to be very cautious about stepping forward because remember we also deal with the big unknown, the skeptical public. who will see any assist as they have with other industries as the hand of government somehow tilting the objectivity or pushing the objectivity or lack of that arty axis so i think we need to be very cautious and i really don't have 1 foot in the tar pit. i think subsidizing universities and other places for innovation is a good idea but i worry about the intrusion. >> barbara did you want to add something? >> i really just wanted to interject very briefly that we have been bearing the newspaper industry but it is premature. it is not dead. in fact this quarter i think around the country uc the numbers improving. we still think we have a very viable and vital business. it was exciting last fall. gannett invited most of its-- to our headquarters and there were three days of meetings. the message was really watchdog journalism is our future. local watchdog jou

business was too large relative to the size of the bank we wanted to help bring of that size of the aggregatebusiness down. we closed a number of sites, actually reduced the employment level by probably 50% during that time. >> mr. chairman, i would like to add washington mutual executive summary that was put forth and we will have it available as part of our fannie mae alliance and freddie mac business relationship proposal. and by sorry you don't have this in front of you but one of the things it said is the key to the proposal was it provides significant liquidity for the option on originations. with more advantageous credit parameters competitive fees' and preferred access to the balance sheet relative to the current agreement with fannie between 2000 to 2008 washington mutual sold more than 500 billion-dollar in loans to fannie mae and freddie mac. how did that affect washington mutual's bottomline? >> mr. senator, i can only speak to the time i was there in 2005, 2008. we were going through some very difficult challenges. i think that the business was losing money for most of the time p

and there were workers doing, classifying of sand and gravel and aggregate, who had been laid off twonths earlier, who now were back on the job. as ms. fisk. and the staff reminded me, i misstated the number of road miles. i've been using six -week-old figure. we are now at 34,438 miles of highway improvements. we will come back to each of the witnesses in due course, but our next witness is mr. florentino esparza on the. carpenter. my grandfather came from naples italy as a carpenter in a 1896. settled in providence, rhode island. and then when i had or was discovered in northern minnesota, district that i now represent, he and many others were george west to build homes in the iron ore mining country. so we come from a family of carpenters. it's very touching for me. and one of my treasured pictures is a picture of my grandfather and the i've years old, hammer in hand pounding nails in a home that i still live in. mr. luna. >> thank you, chairman over star, ranking member. members of the transportation community. it is an honor to join you today. my name is florentino esparza luna t

you have to aggregate categories a little bit. if you compare a person a gets a four year degree in sociology compared to a person a gets his masters in electricians, you compare there and come by over 10 years down the road i think you'll find electrician does pretty well. >> what are your thoughts about higher education in the states today? worthwhile? >> i am a huge fan of learning. there is occasionally confusion that they be the book is an anti-intellectual statement. it is not at all. there are great reasons to go to college i think. if you can spare for years and the money to do it. it is great but it is also true the life of the minds doesn't take place only on college campuses. both because in fact you can read challenging books outside of college but more importantly work itself can be, and i mean working in the trade, can be intellectually very demanding and stimulating, so i am really trying to defend the life of the mind by pointing out that it can be connected to real things. so i see this book is really continuous w

ins a aggregate, i bet the three of us, madam speaker, spent 75 or 80 years practicing medicine. we're very passionate about that, the government taking over not just the fact that it's 1/6 of the economy but coming between us and our patients, the doctor-patient relationship, but it's much bigger issue than that, madam speaker. the gentleman from tennessee referred to it, i know the gentleman from georgia, my colleague from the great district that he represents in georgia, including the university of georgia in athens and my hometown of augusta, they're going to talk about that. but we're concerned about much more than this egregious health care reform bill. we're concerned about the federal government taking over every aspect of our lives. madam speaker, i would just make this comment before i yield to dr. rowe, the bigger the nan -- to dr. roe, the bigger the nanny get the smaller we get. the bigger the federal government becomes, the smaller each individual becomes and our rights are eroded inevitably. i yield back to the gentleman from tennessee. mr. roe: i thank the gentlem

we look for behavior that does not fit the patterns created by the aggregate data from a 400 million users. let me tell you suspicious behavior does stand out which initiates a facebook inquiry and immediate remedial action. .. advances when reviewing privacy and security policy and technology at companies like ours that are trying to do the right thing. thank you. >> thank you. >> chairman rockefeller, chairman pryor, ranking member wicker, thank you for the opportunity to share views on the children's homeland privacy act. microsoft is a deep longstanding community including children who use our software and services. i want to begin by discussing microsoft comprehensive approach to protecting children's privacy online. i will then identify those areas where we've made progress over the last decade and highlight a couple of key challenges to remain. this hearing is timely. ten years ago this month the federal communications role was in effect. the data goal is to preserve the inactivity of children's experience on the internet while protecting the privacy. that goal remains the ess

it's worth noting that that's the aggregate of congress, the republicans, the democrats and the verynts who are actually members of the 535 or so, and so republicans take a bit of a hit for that, too, but it's the legislative agenda that has made those numbers so unsavory and health care is the singular achievement for democrats in the obama administration at this point, the crown jewel thus far. take a look at how now that it's passed the latest poll shows that there is still a large number of people opposed to it. half of the country is opposed to what's now the law of the land, and only 40 percent are in favor of it. so you can see that democrats are exceedingly vulnerable on this, and there's other ways to look at it as well, shannon. you can take a look at how party registration has been affected in the first one four-months of the bin laden administration. republican voter registration has actually ticked up a little bit in the last couple of weeks. democrats with voter registration has been dropping significantly. both political parties, frankly, with anemic, and the only plac