government was the problem never the solution and most prominent economists and that included alan greenspan chairman of the fed said that fraud could not exist in financial markets even though we victims a thousand people including his patrons the charles keating the most of tory it's fraud for the savings and loan industry who used alan greenspan to recruit the five senators who became known as the keating five even though lincoln savings became the most notorious fraud the most expensive failure in the entire industry alan greenspan after that experience said fraud could not exist the head of the s.c. c. first appointment by president bush was harvey pitt and harvey pitt was selected because he was the leading opponent of securities and accounting regulation in america but now we have brought obama you thing up we're on our way towards recovery and we have this financial reform in place and then make a difference. that it was a joke well what do you think well it is in effect it certainly it doesn't address the real crisis and of course if you don't investigate you don't find the crimes a

working for him so alan greenspan is the architect of the system that we currently well that it collapsed two years ago we have no system at the moment other than just these kleptocrats just taking so let's look at the consequences of this collapse of the system the twenty three percent of the wealth evaporated from the bottom ninety nine point nine percent of americans here's a response glenn beck exposed this economic terrorist plot on us by far left unions so he's blaming the use this guy steve lerner who is a former union leader was caught at a public forum and to the left forum at pace university on tape saying that a good idea for well average people would be to stop paying their mortgages and that is that way crash j.p. morgan because j.p. morgan one of the biggest mortgage holders in the us the most aggressive at foreclosing on american citizens and he's saying this is a way to use the leverage of their relative weakness against the banking system which owns the whole federal reserve and the whole government system steve lerner is the sister campaign to our campaign of buying silv

under alan greenspan they redesigned the c.p.i. the goal was to make the number lower they said the c.p.i. was overstating inflation so they fixed that and so now the way they fixed it it's never going to show any inflation because it's designed not to. appear i want to thank you very much for joining us and. ben bernanke he seems perhaps a little too confident in this case thanks. now before we go it's time for our tweeted a possible presidential candidate mike huckabee said that president obama's world view is most certainly how they're by where he grew up how could he then said that he grew up in kenya i mean how many times is this issue true also obama was born in the u.s. only lived overseas for a few years a child and he was in kenya so tonight we think that obama should flee to huckabee please run in two thousand and twelve to be easy to run against somebody that's cute and they're pretty night still make sure you come back tomorrow and in the meantime the news is the aftermath of the latest headlines for us around. download

alan greenspan was worried. it did not seem to be an urgent concern. if there is one thing they saw it, it was paying off the national debt to quickly. my party can claim no credit for that. it was the republican congress the solve that problem so dearly. the tax cuts did seem to skewed dramatically. 65.5% of the tax cuts went to the top that. 14.7% of the top 1/10 of 1%. it just the hint of $40,000. we saw in december how important it was that republicans protect the tax cut. the people with the riches will spend the least. to pay for that, we are setting funding for education. it allows middle-class kids to go to college. there are head start programs. he said he wanted to solve the deficit problem. this does seem to be the long- term framework. the question i wanted to ask about what about housing. he said the sector was weak. that seems to be a fair statement. overhang of existing homes on the market have 10 to 11 million units. the home values continue to go down. he has said the biggest problem sees demand more than anything else. businesses are

we are very fortunate to have as our guest alan greenspan. there are few people who need no introduction less than alan needs no introduction but i would like to say it is a privilege for me. we have been friends for a long time. i am a big admirer of his. i am particularly pleased to be here with you this morning. you all know his extraordinary record of public service both in the executive branch and the federal reserve. and the extraordinary record of intellectual contribution he has made to the country. and other contributions. let me remind you of the format this morning. first and foremost this discussion is on the record. eyewall also like to ask all of you to turn off your cellphones and blackberries and ipads and any other imaginable device you may be carrying. please turn them off not just on vibrate. we are going to begin with a discussion so to speak between allen and me and then we're going to open it up for questions from all of you. we will close this meeting promptly at 9:3. i am going to base my questions on a very provocative

with the alan greenspan was just insane and lower interest rates everything good old thing john thanks so much a concert last night like a talking with you president obama needs to take a page from ronald reagan through thousands of gangsters in jail during the us now crisis in the one nine hundred eighty s. let's lock these guys up. still out of the big picture what fundamental human right is america denying to many ever citizens i'll tell you this. sterling truth about just how many people in our nation don't have access to clean water. twenty four seven live streaming news towns that can tell you about the ongoing financial hardship unlimited free high quality videos for download. and stories you may never find on the street. a political. person more aren't just saying. you know are green or for our nation the richest nation in the world is denying many of its citizens a basic human right the right to have access to clean safe drinking water are you an expert on water and sanitation catarina de albuquerque completed an examination of the u.s. and found some really troubling realitie

try alan greenspan. >> economics is really the study of the allocation of scarce resources. more scarce in your marriage than time, energy, libido, love? >> reporter: the authors of "spousonomics" say the key to a married life of love is a life of economic analysis. take jack and jane and their chores. >> hey. >> hi! >> reporter: if jack has to do the laundry half of the time, jane should, too, right? >> right. 50/50 is fair. >> uh-huh. >> reporter: it might sound fair, but economics says fo s f. >> if you're doing half and i'm doing half of each task than the time we're spending on everything is actually greater than if we specialize. >> reporter: it's called "comparative advantage." say it takes jack 30 minutes to do the laundry and 20 minutes to walk the dog. jane can do the laundry in 45 minutes and walk the dog in 25. if they each do the tasks half the time, it takes them a total of 420 minutes a week. but if jack just does laundry and jane just walks the dog? they save 36 minutes a week extra time for tv, relaxation or sex. you are giving me permission not to clean the

alan greenspan filmed a series of videotapes calling for improvement of the economic data.thank you again for your efforts on that. i thought i would go through a little bit of where i see the state of the economy, where i see us going, talk a little bit about some of the deficit issues. i was surprised to find that there was that more and your summary discussion about the importance of growth in getting us onto a stronger growth path. the deficit reduction is one of the two most important things we have to confront. a little bit on what the areas of weakness are and see whether you agree with those or not. i start by saying when i look -- and my buzzing? >> it is something up there. >> i'm sorry. let's see if we can fix this. does it was if i do not say anything? i said nothing. she said "better." as i look out into the circumstance -- there it was again. we will live with it. it strikes me that we will go from phase 12 phase two. phase one was the rescue phase. if anybody believes we should not done anything, we were very close to being in a depression. it was a deep rece

in today's financial times, alan greenspan said, the financial system on which dodd-frank is thing imposed as far more complex than the lawmakers and even most regulators apparently contemplate. we will almost certainly end up with a number of regulatory inconsistencies whose consequences cannot readily be anticipated. do you agree? >> no. but i would say is the question is what are we saying would be the alternative? i do not think anyone who would say we would be better off without the tools that we have provided for through dodd-frank to regulate risk to impose higher provincial standards to be able to prevent any firm from threading our entire system. the question is, we have to implement those wisely. >> are we doing that? >> i think we are. >> to continue with the peace in -- the piece. we are preventing undesirable repercussions that might happen to a market when its conditions are altered. no one has such killed. do you agree or disagree? >> i think we have to try. i do not think any of us want to be in a situation that we were in in fall 2008 where because we had a regulatory syst

have you ever heard of alan greenspan? he's the maestro. the smartest man in the world and he has set interest rates at 1%. that's how we can lend to you at 2. and then you turn and you say honey, granite counter tops. cherry cabinets three car garage. the better neighborhood. we got it all now. the bank just said alan greenspan has set interest rates at 1%. so why wouldn't i borrow more? why wound i buy a bigger house? if i'm a financial institution, why wouldn't i lever up more? if we would have never had 1% interest rates we never would have had the overinvestment in housing. you're going to have to trust me on this. don't have my charts and models behind me but the bottom line is interest rates should have never been below 3 and a half to 4% at that time. never. i can tell you why if you want to ask me. by the way, there is no way i can talk about everything that's going on in economics these days so your questions are going to be really important to get to the stuff i don't get to. but what i'm getting to here is we had overinvestment

alan greenspan filmed a series of videotapes calling for improvement of the economic data.thank you again for your efforts on that. i thought i would go through a little bit of where i see the state of the economy, where i see us going, talk a little bit about some of the deficit issues. i was surprised to find that there was that more and your summary discussion about the importance of growth in getting us onto a stronger growth path. the deficit reduction is one of the two most important things we have to confront. a little bit on what the areas of weakness are and see whether you agree with those or not. i start by saying when i look -- and my buzzing? >> it is something up there. >> i'm sorry. let's see if we can fix this. does it was if i do not say anything? i said nothing. she said "better." as i look out into the circumstance -- there it was again. we will live with it. it strikes me that we will go from phase 12 phase two. phase one was the rescue phase. if anybody believes we should not done anything, we are very close to being in a depress. being in a depression.

former chairman alan greenspan told the "washington journal" our nation has a little better than a 50/50 chance. surely we can take the hint that something serious must be done. they are warning us that they could downgrade our debt in less than two years if we do not take action. so the nation and much of the world is in a serious financial fit. if you read the comments of wall street, the fear there is real anchor his real among the wall street people. their words combined concern for our nation's future and short- term self-interest. some of our best people are producing conadictory ideas for action. you help us cut to that confusion in my view. so the house proposes meaningful debt reduction, meanwhile the president advances his investment agenda. his budget cls for us to live within our means and pay down our debt. what world are they living in? are we now through the looking glass a post-modern world where words have lost all meaning? if so, our beloved nation are in greater danger than many think. i do not think so. american people get it. we can do this. this is not impossible

that is alan greenspan today writing in "the financial times." arofsky has a piece in "the wall street journal." guest: on the dodd/frank bill, unfortunately in the name of preventing too big to fail, it codifies too big to fail, but which is why the large institutions are borrowing at a much lower cost than it would if they did not have dodd/frank. that is another thing that has to be revisited. it is very destructive, especially for community banks and smaller banks. in terms of the housing markets, the government has gone in the way of a recovery of the housing market. we should be on the up turn now. the american people need 1.5 million new houses per year because of population increases, and because of wear and tear on old houses. we're building a fraction of that today, and most of them are rentals. i think by the government coming in and trying to force rewrites of the mortgages, the government has prevented the clearing. there are a lot of people who bought houses in the last decade that cannot afford to do so, and the best thing would be

that is alan greenspan today writing in "the financial times."rofsky has a piece in "the wall street journal." guest: on the dodd/frank bill, unfortunately in the name of preventing too big to fail, it codifies too big to fail, but which is why the large institutions are borrowing at a much lower cost than it would if they did not have dodd/frank. that is another thing that has to be revisited. it is very destructive, especially for community banks and smaller banks. in terms of the housing markets, the government has gone in the way of a recovery of the housing market. we should be on the up turn now. the american people need 1.5 million new houses per year because of population increases, and because of wear and tear on old houses. we're building a fraction of that today, and most of them are rentals. i think by the government coming in and trying to force rewrites of the mortgages, the government has prevented the clearing. there are a lot of people who bought houses in the last decade that cannot afford to do so, and the best thing would be t

alan greenspan said, how we're on an unsustainable course. he never acknowledged that we're on an unsustainable course. he never warned us that we're going to have to tighten our belts, like mayors are doing, like governors are doing all over america, like governor mansion had to do in west -- like governor manchin had to do in west virginia. if you don't have money, you have to change course. but i was really disappointed. and i think some of my democratic colleagues -- senator manchin has raised disappointment that we haven't had that kind of national dialogue as to why we have to ask the american people to receive somewhat less from the federal government than they've been receiving. why do we have to do? because we're facing a crisis and good leadership to me means that the leerpd has to tell the people -- that the leader has to tell the people what the threat is what the danger is and how we're going to get out of it. and i truly believe that one of the highest duties of any member of congress or any leader in america is to protect the a

alan greenspan in january told the "wall street journal" there was a little better but not much more than a 50/50 chance that we would have a debt crisis in less -- in two to three years. these are ominous warnings. you can't -- you can't spend $3.8 trillion and bring in $2.2 trillion and think you can continue that any time soon. it's the largest deficit in the history of the american republ republic. and the president's budget he just submitted to us projects no budget in ten years, less than $600 billion. and the last three years of his ten-year budget, those deficits are going up to $900 billion. it's the wrong trends. this is not a course we can sustain. we have to get off of it. we could be reaching the precipice sooner than we think, one year, two years, three years, if we don't get off this path. we need to take action now. there's one opportunity. that's this continuing resolution which allows us to make some reductions, enough to send a message that there is a sufficient votes in this congress to reverse the path we're on. is there sufficient votes? i believe there is. part

it's so bad that former chairman -- fed chairman alan greenspan said recently that he views the probability or the possibility of a debt crisis occuring in the next two to three years to be 50%. debt crisis. now, if that's not enough, the chairman of the joint chiefs of staff, the highest ranking military official in this country, admirable mike mullen said a few months back said the greatest threat to america's national security is our national debt. now, how much more do we have to hear? it's not just a threat to our future and to future generation, it's a threat to our national security an as it threat to our economy, mr. president. you have all kinds of evidence out there that this level of spending and this amount of debt costs job in our economy. now, everybody says the most important thing that we want to focus on is the economy and job creation. i agree with that. one of the best ways to do that is start getting spending and debt under control. there's a great body of research out there that studied the last eight centuries of governments and concluded that when your gross debt reac

try alan greenspan. >> economics is the study of the allocation of scarce resources.f "spousonomics" say the key to a life of love is economic analysis. take jack and jane in their chores. if jack has to do the laundry half the time, jane should, too, right? >> right, 50/50's fair. >> uh-huh. >> reporter: it might sound fair but economics says folly. >> if you're doing half and i'm doing half of each task, then the time we're spending on everything is actually greater than if we specialized in tasks. >> reporter: it's called comparative advantage. say it takes jack 30 minutes to do the laundry and 20 minutes to walk the dog. jane can do the laundry in 45 minutes and walk the dog in 25. if they each do the tasks half the time it takes them a total of 420 minutes a week. but if jack just does laundry and jane just walks the dog, they save 36 minutes a week. extra time for tv, relaxation or sex. you are giving me permission not to clean the bathroom? >> i see where we're going with this. >> reporter: what about fighting? >> we never fight. >> what do you mean never fight

alan greenspan was worried. it did not seem to be an urgent concern. if there is one thing they saw it, it was paying off the national debt to quickly. my party can claim no credit for that. it was the republican congress the solve that problem so dearly. the tax cuts did seem to skewed dramatically. 65.5% of the tax cuts went to the top that. 14.7% of the top 1/10 of 1%. it just the hint of $40,000. we saw in december how important it was that republicans protect the tax cut. the people with the riches will spend the least. to pay for that, we are setting funding for education. it allows middle-class kids to go to college. there are head start programs. he said he wanted to solve the deficit problem. this does seem to be the long- term framework. the question i wanted to ask about what about housing. he said the sector was weak. that seems to be a fair statement. overhang of existing homes on the market have 10 to 11 million units. the home values continue to go down. he has said the biggest problem sees demand more than anything else. businesses are

saw the four interest -- for an interests were getting a larger share of our debt, i went to alan greenspansked him to work with me. even children could buy portions of our debt so we could buy down the debt we were selling to other countries. it has grown so exponentially now that our ability to move this economy forward is dependent on foreign borrowing. i do not support that. i have fought against that and not succeeded my entire career. you have your finger on the proper button. america should be self- sufficient financially at home. we should not be dependent. it causes too many other problems in our global relationships. host: we have a few more minutes with the congresswoman. we will try to get in with another student. next is a senior. you are on the air. go ahead. caller: good morning. my question is, how will this affect the ongoing struggle we have to secure our mexican- american borders? guest: funding for the department of homeland security is not on the table. it is off the table in terms of these budget negotiations. in terms of the fbi, those dollars are on the table. for th

[applause] that the september 11th, september 11, 2001, the nabe meeting was in new york, and alan greenspan at that meeting filmed a series of videotapes calling for improvement of the economic data and that -- they were destroyed in the september 11th attack. [laughter] but thank you, again, for your efforts on that. i thought what i would do is go through a little bit of where i see the state of the economy, where i see us going, talk a little bit about some of the deficit issues. i was somewhat surprised to find that there wasn't more many your executive summary -- more in your executive summary discussion about growth and the importance of growth and getting us onto a stronger growth path, but clearly the deficit reduction is one of the two most important things we've got to confront. and a little bit on what the areas of weakness are and see whether you guys agree with those or not. i start by saying when i look -- am i buzzing, or is it the -- >> t something up there. not you. >> okay. see if we can fix this. if does it buzz if i don't say anything? [laughter] i said nothing. she said

in today's financial times, alan greenspan said, the financial system on which dodd-frank is thing imposed as far more complex than the lawmakers and even most regulators apparently contemplate. we will almost certainly end up with a number of regulatory inconsistencies whose consequences cannot readily be anticipated. do you agree? >> no. but i would say is the question is what are we saying would be the alternative? i do not think anyone who would say we would be better off without the tools that we have provided for through dodd-frank to regulate risk to impose higher provincial standards to be able to prevent any firm from threading our entire system. the question is, we have to implement those wisely. >> are we doing that? >> i think we are. >> to continue with the peace in -- the piece. we are preventing undesirable repercussions that might happen to a market when its conditions are altered. no one has such killed. do you agree or disagree? >> i think we have to try. i do not think any of us want to be in a situation that we were in in fall 2008 where because we had a regulatory syst

we are very fortunate to have as our guest alan greenspan. there are a few people who need no introduction but i would like to say allan and i have been friends quite a long time. i'm a big admirer of his, and so i'm particularly pleased to be here with you this morning. i think you all know he has an extraordinary record of public service both in the executive branch and of course of the federal reserve system and the extraordinary record of intellectual contribution he's made to this country and other contributions. let me remind you of the format this morning. present and for most this discussion is on the record and i would like to ask all of you, please, to turn off sell phones and blackberrys and ipad and every other imaginable device you may be carrying and please, turn them off, not just on library. -- on vibrate. we are going to begin with a discussion so to speak between alan and me and then open up to questions from all of you. and we will quote this meeting probably at 9:30. i'm going to base my question is upon i would say a very

alan greenspan filmed a series of videotapes calling for improvement of the economic da. thank you again for your efforts on that. i thought i would go through a little bit of where i see the state of the economy, where i see us going, talk a little bit about some of the deficit issues. i was surprised to find that there was that more and your summary discussion about the importance of growth in getting us onto a stronger growth path. the deficit reduction is one of the two most important things we have to confront. a little bit on what the areas of weakness are and see whether you agree with those or not. i start by sayg when i look -- and my buzzing >> it is something up there. >> i'm sorry. let's see if we can fix this. does it was if i do not say anything? i said nothing. she said "better." as i look out into the circumstance -- there it was again. we will live with it. it strikes me that we will go from phase 12 phase two. phase one was the rescue phase. i would suggest respectfully that you were not paying attention. we were very close to being in a depression. the

your recommendations, i think -- when the chairman of the federal reserve, alan greenspan called the wall street journal a few weeks ago and said our nation has a little better than a 50/50 chance to avoid a debt crisis, certainly we would have taken the hint. and moody's said indeed we could downgrade our debt in less than two years if we don't take action. so much of the world is in a serious financial if it fit. if you read the comments on wall street, the real fear there the is anger. the words to combine concerns for our nation's future and sell short shst. >> some are producing contradictory ideas for action. and it's causing some confusing. you've helped us cut through that confusing in my view. so the house proposes reductions meanwhile, the president declares against plain fact that his budget calls for us to live within our means and to begin paying down our debt. what world are they living in? are we now through the looking glass, a post modern world where words have lost all meaning? i don't think so. american people get it. we can do this. this is not impossible leadersh

in fact, we paid off $400 billion of the debt and alan greenspan worried that we were going to pay off the national debt too quickly and it might be unsettling to the economy. mr. chairman, if there is one problem that got solved in the last decade it is that problem, the problem of paying off the national debt too quickly. my party can claim none of the credit for that. it was a republican president and a republican congress. i must admit, i don't like what they did of paying off the national debt too quickly. they gave tax cuts to america's top .1%. americans making more than $2 million, $340,000. and we saw just a couple months ago that was one thing that was absolutely nonnegotiable to them. they would give up everything to let those americans have to pay any more in taxes. when -- when there was a proposal to expand medicare to take care of prescription drugs, something i supported generally, republicans in congress passed a bill that was not paid for as other programs like that had been paid for and was a giveaway to the insurance industry and to the prescription drug industry. m

president, the fact is that alan greenspan was warning america and the senate that we were paying down our debt too fast, and that that could have implications on the marketplace. we know how to do this in a responsible way. how we got off track from that is a story i'm not going to go back into right now. it's pretty well known. but the truth of how we generated the 1990's economic boom is a story that has to be retold again and again. so let me just point out the difference here, we're not going to do this process in two weeks, we know that. so we ought to have a responsible c.r. that doesn't come back with another hatchet job that allows us to go forward and give ourselves a proper amount of time and agree we're going to tackle these larger issues and put something serious on the table with tax reform, spending, entitlements, all of those things on the table. but what we have in this house budget -- let me just point out, rather than just say it takes us backwards, i -- i want to talk about that for a minute, if i can. i believe there are reckless cuts in this budget that would do g

then former reserve charm alan greenspan discusses the economy. later, federal officials discuss plans to build high speed rail. >> a house subcommittee today looked at u.s. military capability in the pacific region. among the topics, china's rapid modernization and the moving the u.s. marine corp. facilities and operations from the japanese island to guam. witnesses including officials from the pentagon, u.s. officials, and the navy. this is just over an hour and a half. >> good afternoon, and we're calling this meeting of the readiness subcommittee to order. several of my members will be coming in in a few minutes, so just to let the witnesses know, they are in other meetings right now in subcommittees that are overlapping, and also, we expect to have a vote probably at about 2:30, so we may break briefly and go to that vote. we want to welcome our witnesses here. we think this is going to be a crucial hearing for us on our readiness in the pacific region. we have three witnesses that bring a great deal of experience and expertise to this issue,

in fact, we paid off $400 billion of the debt and alan greenspan worried that we were going to pay off the national debt too quickly and it might be unsettling to the economy. mr. chairman, if there is one problem that got solved in the last decade it is that problem, the problem of paying off the national debt too quickly. my party can claim none of the credit for that. it was a republican president and a republican congress. i must admit, i don't like what they did of paying off the national debt too quickly. they gave tax cuts to america's top .1%. americans making more than $2 million, $340,000. and we saw just a couple months ago that was one thing that was absolutely nonnegotiable to them. they would give up everything to let those americans have to pay any more in taxes. when -- when there was a proposal to expand medicare to take care of prescription drugs, something i supported generally, republicans in congress passed a bill that was not paid for as other programs like that had been paid for and was a giveaway to the insurance industry and to the prescription drug industry. m

and i remember that -- [applause] the september 11, 2001, the meeting was in new york and alan greenspanat that meeting filmed a series of videotapes calling for improvement of the economic data and that it needed to be -- they were destroyed in the september 11 attack. but thank you again for your efforts on that. i thought what i would do is go through a little bit of where i see the state of the economy, where i see us going, talk a little bit about some of the deficit issues, i was somewhat surprised to find that there wasn't more in your executive summary discussion about growth and the importance of growth in getting us onto a stronger growth path. but clearly the deficit reduction is one of the two most important things we've got to confront. and a little bit on what the areas of weakness are and see whether you guys agree with those or not. i start by saying, when i look at the -- am i buzzing or is it the -- ok. see if we can fix this. does it buzz if i don't say anything? i said nothing, she said, better. look, as i look out in the circumstance -- there it was again. well, we'r

alan greenspan was worried. it did not seem to be an urge concern. if there is one thing they saw it, it was paying off the national debt to quickly. my party can claim no credit for that. it was the republican congress the solve that problem so dearly. the tax cuts did seem to skewed dramatically. 65.5% of the tax cuts went to the top that. 14.7% of the top 10 of 1%. it just the hint of $40,000. we saw in december how important it was that republicans protect the tax cut. the people with the riches will spend the least. to pay for that, we are setting funding for ucation. it allows middle-class kids to go to college. there are head start programs. he said he wanted to solve the deficit problem. this does seem to be the long- term framework. the question i wanted to ask about what about housing. he said the sector was weak. that seems to be a fair statement. overhang of existing homes on the market have 10 to 11 million units. the home values continue to go down. he has said the biggest problem sees demand more than anything else. businesses are sitt

i sat down with alan greenspan in his office in downtown d.c. he said, it is not an economic equation. you will not find economists who disagree. this is a political question, not an economics question. i said, i want you to challenge me economically. i will tell you all the things i think the fear tax does and i want you to stop me if it cannot be sustained in an argument with the smartest economist you know, including yourself. i said, take the personal income tax. it takes the tax off of our earnings and investment and dividends and capital gains and the debath tax. he said, you left out two things. add those to it and keep saying you are right on every point. the fear tax is everything good that everybody else's tax proposal does. it does them all and it does them all better. i have not had anybody crack that argument. it is time to talk about this unfair tax reform. i will bring that up afterwards and we will go deeper into immigration. jim demint's message is his message. i am looking forward to this enough speech to capture -- to cap this

that is alan greenspan today writing in "the financial times."arofsky has a piece in "the wall street journal." guest: on the dodd/frank bill, unfortunately in the name of preventing too big to fail, it codifies too big to fail, but which is why the large institutions are borrowing at a much lower cost than it would if they did not have dodd/frank. that is another thing that has to be revisited. it is very destructive, especially for community banks and smaller banks. in terms of the housing markets, the government has gone in the way of a recovery of the housing market. we should be on the up turn now. the american people need 1.5 million new houses per year because of population increases, and because of wear and tear on old houses. we're building a fraction of that today, and most of them are rentals. i think by the government coming in and trying to force rewrites of the mortgages, the government has prevented the clearing. there are a lot of people who bought houses in the last decade that cannot afford to do so, and the best thing would be

[applause] a want to thank alan greenspan. i would like to remind the members that the next meeting here on march 17, is a president of richard trumka. thanks for coming. have a good day. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] 1 [unintelligible] [unintelligible] [unintelligible] >> next, q&a and live at 7:00 p.m. your comments on "washington journal." tonight on c-span, marking the eighth anniversary of the department of homeland security. the current secretary will be there janet of peloton of. -- napalitano. >> people ask if i miss being secretary. in a certain respect, i say yes. in a couple of years, -- i