up there, intel is right up there, but our company files as many patents roughly as toyota, as general motors, as a ton of other enormous companies that -- invention is something that most companies don't support very much. most firms don't have an r&d department that really is funded the way they used to -- >> charlie: do universities? >> universities do some, but the trouble is universities have got two sets of barriers. the first barrier is universities are mostly about doing research, not invention. it's related, but it's actually subtly different, so you can get the nobel prize in any technical field you want without ever inventing something, but you discover something important about the world. that's a different thing. >> charlie: yet on the other hand universities are aware of places like -- it's where google started, at a university. >> google is a good example of an invention by two graduate students, larry and sergei, that occurred at stanford, but most universities don't have much of a budget for invention and they don't have a good way of taking those inventions forward. now, in

as you know regulators had no idea. industry participants didn't know. taking general motors as an example. general motors are outstanding and no one had any idea. credit devah swaps contracts were on general motors funds. >> or who held them or what the exposure was. >> absolutely. so to me, i think fortunately this is now understood by just about everyone. >> let me ask you about the political influence and the power of the financial-services sector industry leading up to the crisis. there are some reports that indicate that the financial sector may have spent as much as $5 billion in lobbying expenses, federal lobbying expenses and campaign contributions and the decade leading up to the crisis and that in 2007 there were almost 3,000 registered lobbyists and washington who had been hired by the financial sector. i wonder whether some of the regulatory gaps and weaknesses we saw a have been in part at least attributed to this effort to influence federal policy. >> it's interesting. i can't comment as to how it impacted congress. i do know that it is very, very difficult to get anything of

general motors. of course, general meters went through bankruptcy as did chrysler and were allowed to re-open with a lifeline from the government. one of the conditions was they had to basically shrink themselves to the capacity they had for making cars much better aligned with the demand for those cars that was out there and from general motors' management, we've heard some good signs that they're general rating cash, that they're seeing sales go up. i wouldn't expect those parking lots at the g.m. plant to start filling up again anytime soon. we're only now creeping back from extremely low levels. and the underlying level of demand in cars in this country is still a quarter to a third lower than it was before the recession set in. and so, yes, g.m. might be doing ok now, but that's in a much more shrunken version of itself. now, g.m. and chrysler was never the central part of the administration's job creation program. they're just too small. as i said, they end up with fewer jobs than they did when they started out. the main ideal is basically a combination of rescuing the financial system so that

and it -- as you know, the regulators had no idea. general motors is an example. everybody knew that the bonds were outstanding, but they did not know how many credit defaults contracts were coming out of general motors. >> or about the exposure. >> to me, i think, fortunately, this is now understood by everybody. >> let me ask you about the political influence and the power of the financial-services sector industry, leading up to the crisis. there is a report that indicates that the financial sector may have spent as much as $5 billion in lobbying expenses, federal lobbying expenses and -- expenses and campaign contributions leading up to the crisis. and in 2007, there were almost 3000 registered lobbyists, and they were in washington and they had been hired by the financial sector. i wonder if some of the regulatory issues and weaknesses that we saw may have been contributing to this effort to influence federal policy. >> i cannot comment about the impact of congress. but i do know that it is very difficult, to get anything that is fundamental or controversial t

generally positive trend from 2009 as compared to 2008. violent crime decreased by 5.5%, murders, rapes, robberies and aggravated assaults were all down. in the annual report property crimes like burglaries, larcenies and motor vehicles dipped as well by nearly 5%. baltimore city's murder numbers remained largely unchanged in 2009 as compared to 2008, ranking it in the top 10 cities for murders per capita. but the police department continues to say there was a downward trend in some types of crimes and that is continuing as a steeper clip this year. numbers gathered just today show a current 16.5% drop in homicides over last year, baltimore is also witnessing a 5% dip in all violent crime with a 19% decrease in gun crimes. at the current rate that would place baltimore at nearly 180 murders for 2010. a number bpd has not seen since 1977. a forecast the department hopes holds as the city's crime numbers start to slide in the right direction. in baltimore, brian kuebler, abc2 news. >>> the fbi says this latest report is preliminary. it exiles crime stats from thousands of law enforcement agencies around the country. >>> tonight police are awaiting word from the medical examiner's office on the exact cause of a

general motors and chrysler are emerging from bankruptcy only with taxpayer help, owning significant amounts of those companies as well. the finance financial sector was the epicenter. recession. between 2,000 and 2007, 27 banks failed. since then 215 have failed. the largest savings and loan failure in american history happened in july of 2008 when indy m.a.c. received. the largest bang failer happened two months later when washington mutual in existence for more than 100 years collapsed, threatening its customers, $3.7 billion in assets. the largest insurance company failure in history, a.i.g., also occurred in late 2008. only the troubled asset relief program initiated under president bush and it's more than $170 billion taxpayer funded bailout kept a.i.g. from actual collapse. it's important to ensure that taxpayer funds are never again used to bail out private companies. we must have a procedure in place that not only ends the concept of too big to fail but prevents the financial abuses from endangering the economy in the first place. the value of the derivatives market as of october, 2008, stood at $668 tri

president obama as senator and later as president supported the takeover of the banks, the insurance company, fannie and freddie, general motors, chrysler. by the way, the student loan program. not to mention obamacare. and now we have the financial world that is -- our effort to take that over. i'll stand and oppose these changes. i'll stand and oppose them for a lot of reasons, perhaps an opportunity i can get into a little bit later in this hour, mr. speaker. the federal government should not be making arbitrary decisions on which businesses succeed and which ones fail. it should not be in position evaluating, and if there is credible evidence of an entity, a corporate entity, financial credit entity, credible evidence as to whether or not they might be in trouble, that would give the secretary of the treasury the authority to pull the plug on the company, take it over by the federal government, bring regulators in to intimidate them before or after the fact. this is -- it gives this bill, this chris dodd bill or barningy frank bill, it gives -- barney frank bill, it gives the federal government the authority to take over a

as we started this out. i analogize it in my discussion, if you want the future to look like general motors in the 1970s, one-size-fits-allbureaucracies with cost structures that are locked in, lacking in dynamic quality or do you want the future to look more like apple, and ipad or iphone? in other words small organizations, more and nimble, quicker information at your fingertips. which model do you like better? i don't think the future is general motors from 30 years ago. i think the future looks a lot more like an ipad, whether it is education, weathers health care or economic development and frankly big standardized command-and-control systems that look like 1940 industrial models are not the future. i worry about that being the washington d.c. mindset as opposed to more nimble dynamic approach is coming to the state and so that is why i think the theme of this conference, where we started which is different states with different backgrounds, histories agendas, strengths, weaknesses are babil and quickly able to address those changing needs. for minnesota last player to strengths, we have got a reproductive, highly in

general motors. it seems that if they made quality merchandise they would not have to go through these problems. to change as part of the public, they will not do anything. we are not going to do anything to help the little people in america. host: perhaps touching on something broader in terms of regulation, here is an article from "the christian science monitor." "the ethical weakness on wall street led to ripping the heart out of economic security of millions of no class americans. that is according to elizabeth warren, "with the financial crisis and financial recession millions of homeowners have lost their houses. -- millions of homeowners have lost their houses. i am stunned that there has been such little discussion in the media about the moral failing a paul st.." chattanooga, tennessee. -- moral failing of wall street pier " chattanooga, tennessee. co-head. -- moral failing of wall street." chattanooga, tennessee. go ahead. caller: the poor should have free advertising for the wall street in washington, d.c. folks in need to take and put people in congress, then take their credit cards away. go ahea

some rovers that have been developed as a part of the program that now i don't need to put permanent habitats on them and, robots that we worked with general motors and a space agreement that we call a dexterous robot that can throw a baseball. >> my time is limited so i want to get back to the rocket issue. if we a party invested billions of dollars in this heavy lift technology? >> no, sir. >> how much have we invested in the aries rocket? >> the only rocket that we have invested insofar has been aries one because the investment and aries one, it reduces the amount of money you have to pay for the aries five rocket. >> how much is involved in that? >> let me, i will have to bring it back to you for the record because i can break out the 9 billion among the different components of the constellation program. >> say that again. >> i can't for you right now at this table break out the different components, the amount we have spent on the different components of the constellation program. >> is that something you it's a bit for us? >> yes, sir. we will get that for the record. >> let me quickly because my time is short ask you about termination. are

and, e-mail, as you well know, regulators said the idea industry participants didn't know it was taking general motorsample. everyone knew how many general motors bonds outstanding. nobody had any idea how many credit default swap contracts out there and general motors. >> or who held them or what the exposure was. >> absolutely. and so, to me, i think fortunately this is now understood by just about everyone. >> let me ask you about the political influence and power of the financial services fact your industry leading up to the crisis. there some report that indicate that the financial sector may have spent as much as $5 billion in lobbying expenses, federal lobbying at answers and campaign contributions in the decade leading up to the crisis. and that in 2007, there were almost 3000 registered lobbyist in washington who had been hired by the financial sector. i wonder whether some of the regulatory gaps and weaknesses we saw may have been in part at least attributed to this effort to influence federal policy. >> you know, it's interesting, i can't comment as to how it impacted congress. i do know th

general motors had. had they not done that, they might have kept it and it might not have gone bankrupt. it goes beyond the housing market as well. while there have been many criticisms of what the credit rating agencies have done are talking about their rating of subprime mortgages which is an esoteric business they shouldn't have gotten in to begin with. senator levin's hearings pointed that out, but even in their main line of work, which is rating bonds of companies, five days before enron failed, they still were rating enron bonds as investment grade quality. the morning that lehman brothers failed, the rating agencies were still rating lehman bonds as having investment grade quality, so there is a lot of concern about this. the legislation that is pending now tries to deal with it. the s.e.c. has tried to deal with it, and in fairness, the credit rating agencies themselves have adopted reforms, but many people believe there is a funds amountal problem here, and it's the teacher paying the professor for the grade. the people who need high grades for their investments pay the credit rating agency for that investment, and

as we started this out. and i analogized it in my discussion is do you want the future to look like general motors in the 1970sndardized one size fits all bureaucracies with cost structures that are locked in, lacking in dynamic quality or do you want the future to look more like apple and an ipad or an iphone. in other words, individuals in charge, smaller organizations, more nimble, quicker information. you know, which model do you like better? i don't think the future is general motors from 30 years ago. i think the future looks a lot more like an ipad, whether it's education, whether it's health care, whether it's economic development. and frankly big standardized command and control systems that look like 1940 industrial models are not the future. and i worry about that being the washington, d.c. mindset as opposed to more nimble dynamic approaches coming to the states. and that's why i think the theme of this conference where we started which is different states with different backgrounds, histories, agendas, weakness are able to more quickly to address those changing needs. our two strengths we got a hi

general motors had. had they not done that, they might have kept it and it might not have gone bankrupt. it goes beyond the housing market asll. while there have been many criticisms of what the credit rating agencies have done are talking about their rating of subprime mortgages which is an esoteric business they shouldn't have gotten in to begin with. senator levin's hearings pointed that out, but even in their main line of work, which is rating bonds of companies, five days before enron failed, they still were rating enron bonds as investment grade quality. the morning that lehman brothers failed, the rating agencies were still rating lehman bonds as having investment grade quality, so there is a lot of concern about this. the legislation that is pending now tries to deal with it. the s.e.c. has tried to deal with it, and in fairness, the credit rating agencies themselves have adopted reforms, but many people believe there is a funds amountal problem here, and it's the teacher paying the professor for the grade. the people who need high grades for their investments pay the credit rating agency for that investment, and a

as a result of that, some quick thank yous are in order. on behalf of our 10 million citizens, mr. president, thank you for supporting our auto industry. general motorsht futures now, we're of one year ago, much darker clouds than these loomed overhead. thank you, mr. president, for supporting our economy. last august, a vice president joe biden came to michigan to announce 1.3 $5 billion in federal grants to spur our advanced battery and electric vehicles sector, insuring that the electric car would be researched, designed, and built in america, in michigan -- no other state. [applause] >> no other state received a larger number of grants, and as a result, mr. president, in just the past nine months, 17 advanced battery companies and projects have located in michigan, including one your with in the rose garden yesterday, and with the possibility here of creating 60,000 jobs over the next few years. we hope many for wolverines. because we know that our wolverines want to contribute to making america independent of foreign oil. we could not transform michigan from being the rust belt to the greenbelt without your support, mr. president. while i am at

as well. if you look at the yields, the financial will trade at a larger spread, reflecting its opacity. it is difficult to get sufficiently granular exposure to these firms. general motors made cars. they will make cars from a year from now. financial intermediaries can make that kind of change. happees very quickly. capital markets recognize that and discount their debt because of it. it is very hard to get periodic disclosure to reflect that. >> do you think that maybe the disclosure forms ought to contain something similar to what we require now on a package of cigarettes? that this is dangerous to your help and do not depend on what you are about to read for any salvation? you have any comments about that? >> one thing we did look that in our audits was there was an issue discussed previously about what was the information for? there were certain situations within the sec were other divisions could have had access to some information from the trading market about what they were finding, what they were burning and through their supervision. that might have been banned use and disclosure process. -- that might have been then it used in the disclosure process. the inve

executive officer of general motors, it is a lot more important for you to watch and listen than it is for you to talk. i have enjoyed sharing some thoughts with you this morning. as i said earlier i have a great consideration for the honor imposed upon me. i have a great respect for those that work in a way where they will enjoy the next years. thank you very much. [applause] [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2010] >> dr. david walton teaches medicine at harvard medical school. he addresses graduates from augustranana college. this runs about 25 minutes. >> thank you for having me. it is one of the greatest honors of my life to have you -- to be here with you today. i must admit that it was a bit of a shock to find out that i had been asked to speak. like most of you i have multiple e-mail accounts. the e-mail from the college is the one where all of the spam goes. last november i was perusing that account, which i checked once every month, where i found an e-mail shortly after reading one that offered me $6 million from a nigerian prince. [laughter] i read the invitation and did what any go