thank you again chairman and chairman bachus for your leadership over the years. >> thank you very much. it's like to thank chairman spencer bachus for his leadership over the years and also my friend, subcommittee chairman, randy neugebauer or his work on this report and the sub committee. one of the things i came away with representing a district that has an enormous amount of agriculture from san antonio, texas all the way to el paso texas is the idea that farmers and ranchers, food producers, their funds to guarantee they can stay in business raising their crops and raising their livestock were not secure the way they should have been secured. yet what we had, as chairman neugebauer said his state agencies the power of the world to go out and regulate mf global and refuse to do so simply because of the aura of a previous politician that came into this business and really did not show any kind of knowledge or ability to guide a company like mf global that was sick once i utility -- quantify utility and ensure that funds of the guarantees that they could stay another season or another

yes, sir. >> chairman bachus -- [inaudible] -- farmers and ranchers and after completing the report, do you think these market users should be more confident or less confident going forward using these markets? >> well, what we are hearing is that two people in the industry that we had impact. people have moved businesses. i think they are taking a closer look at who they are doing business with in the counterparty and all of the structure of the. what we don't want to do though is how the government kind of moved the business around. we want to give farmers and ranchers and people use risk management tools that whoever they're doing business with is being overseen under its rules in place to protect their money. [inaudible] -- or should they be worried that there's others? [inaudible] >> i think that's a very good question and probably at the essence for one reason for this investigation and one of the findings was this farmer that i mentioned from texas, 74-year-old-year-old with parkinson said i could do for myself and informed mr. and he said i was looking -- mf global was ranked

the successful woman didn't have to be a spencer bachus actually in the context of a man that loves you -- there is a romantic overlay. they are so rarely seen as beautiful and lovable. but this symbolic dimension of what michele obama, she so clearly is adored in this lovely spontaneous way. i think there is a subtle difference in the way in which black women -- that she could give up her career and be a lady, but she is not someone who is working all the time. our history as has been we work all the time no matter what. and to be able to give that up and helping one's own children -- i think it's very powerful in terms of this function when we talk about marriage. >> okay, weird when ask you one last question before we open for a q&a. the question i want to pose is what is next. what's next? what is next for the obama administration. it can be a grassroots on the ground question. >> okay. we can talk about this. oh, goodness. what is next. i mean, i don't even know what to say what is next. there is some stuff that i alluded to before around the administration continuing to move very

. >> just to illustrate how hard this is going to be, reuters has a headline max bachus, chairman ofreserve the estate tax break because it's important to farmers and wants to preserve the tax credit for wind energy. >> can't do that. >> everybody puts their hand up this is mine. >> it's less difficult, and -- >> cap you get to keep what you want. >> it's going to affect the high end, at 50,000 it wouldn't affect -- >> steve, what do you think about the $50,000 cap proposal or another number? >> i think the cap proposal has some merit. in the real world you probably end up exempting charitable. apart from what the head of the red cross is, charities see this as potentially devastating. do you want it to apply to everybody or only with people with income above $250,000. >> if it's 50,000 or 28% cap of adjusted gross you end up exempting people with lower incomes because they don't use that much. >> there are people, there's actually two different things. the $50,000 cap there are not that many people but some people who would use it. >> how can you use more? >> state and local taxes,

barney frank got along pretty well with his ranking republicans spencer bachus but once they finished in committee even though many of his ideas were included i can't possibly support you on the floor because my party has a strategy. it is a political strategy that i can't do anything about but if mckee is right, there is a role dynamic at work here that affects both parties they are just no question about it, and we may not play that up enough in the book. we certainly believe that that there is so much now strategic partisan behavior. it's happening because the parties are operating at a level of parity so that each election there is a chance of a change of party control of the white house and the majority control of the house and the senate, so there's a kind of relentlessness to think in those strategic terms and both engage in that and so in that sense, i am with mickey completely. but right now there is a sort of fundamental difference between democrats and republicans. republicans partly because of the public and their constituencies believe the government has certainly gotten

i would like to thank the chairman spitzer bachus for his leadership of the committee and also my colleagues and friends auer.man randy neugeb one of the things i came away from my district that has an enormous amount of agriculture, from san antonio del pastoral, is the idea that farmers and ranchers, food producers, their funds guarantee that they can stay in business raising their crops and grazing their livestock, were not secure the way they should have been. that when we had currencies that had all the power in the world to regulate mf global and refused to do so simply because of the aura of previous politicians that came into this business. and really did not show any kind of knowledge or ability to guide the company like mf global that was a cause i- utility -- quaise utility for the farmers and ranchers and guaranteed their funds so they can stay at the planting season. they gave them a free pass and geave them more authority over customers' money. i am glad that this report points out to be fixed because we need to focus on what is really wrong and be not afraid of what it is that