studies in the department of economics at harvard university he's also a senior fellow at the capitol institute and he's also the author of the book drug war crimes the consequences of prohibition and in san diego we cross the eight hundred seven he is a senior partner at the ayso hutchinson law group all right gentlemen this is cross talk about means crosstalk rules in effect but before it let's have a look at a short report about this forty year old war. a worldwide enterprise worth some four hundred billion dollars a year illegal drug trafficking has become one of the most ferocious lucrative businesses in the world alongside only the oil industry and the arms trade and single largest market the u.s. is also the world's biggest consumer of cocaine heroin and marijuana shipped from colombia and mexico although the u.s. government has been hard pressed to control and for tail democratic straight drug related violence has. like wildfire across latin america and especially mexico our insatiable demand for illegal drugs fuels the drug trade our inability to prevent weapons from being illegally sm

there will be strict limits in the capitol calculation on the aggregate contribution of investments in other financial institutions, mortgage servicing rights and deferred tax assets. moreover, increasing the capitol required for trading positions and counterparty credit exposures in derivatives and secured lending transactions. for the first time it will be introducing a new internationally applied leveraged that includes firms off-balance sheet commitments and exposures. furthermore it will be instituting liquidity requirements for the first time to ensure financial firms are better prepared. in my view this is enormous progress. the united states had an urgent obligation to fix the failures that threatened our financial system and that helped trigger the worst global economic crisis since the great depression. the crisis caused a recession that has hurt and cost american families and american business is quite dearly. in my view the dodd-frank act puts in place most of the key reforms necessary to establish a foundation for financial stability and economic growth in the months and years ahead. thank you very mu

there will be strict limits in the capitol calculation on the aggregate contribution of investments in other financial institutions, mortgage servicing rights and deferred tax assets. moreover, increasing the capitol required for trading positions and counterparty credit exposures in derivatives and secured lending transactions. for the first time it will be introducing a new internationally applied leveraged that includes firms off-balance sheet commitments and exposures. furthermore it will be instituting liquidity requirements for the first time to ensure financial firms are better prepared. in my view this is enormous progress. the united states had an urgent obligation to fix the failures that threatened our financial system and that helped trigger the worst global economic crisis since the great depression. the crisis caused a recession that has hurt and cost american families and american business is quite dearly. in my view the dodd-frank act puts in place most of the key reforms necessary to establish a foundation for financial stability and economic growth in the months and years ahead. thank you very mu

. >> keeping track of the biden institutions on capitol hill this week, john nick nicole lurieson. thank you for that update. >> thank you. [inaudible conversations] >> house and human services secretary and food and drug administration commissioner marg great hamberg announced new warning labels for cigarettes. they include images of the side effects of tobacco. they spoke with reporters at the white house briefing today for 25 minutes. >> good afternoon, ladies and gentlemen, thank you for being here. i have with me today two special guests. only meft, the secretary of the department of health and human services. on my right, the commissioner of food and drugs, margaret ham berg. they are going to talk to you this afternoon at the top of the briefing about a new ruling on labels for cigarettes and tobacco products. what i'd like to do as we have done in the past have them make remarks at the top, take questions from you, and all the questions you have for them ring we can do at the top. i'll excuse them after 10-15 minutes, and then we can start again and take your questions on o

-- [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> leon panetta testifying on capitol hill to be the next defense secretary replacing robert gates. if this committee approves him, his nomination will go to the full senate for a vote. watch this hearing on line at c- span.org/video library. a couple of and we are covering to tell you about. at two o'clock eastern, a discussion on the financial state of medicare and social security. the two public trustees for the social security and medicare programs are scheduled to speak. george mason university hosts discussion with live coverage on cspan 3. also this afternoon on c-span 2, the american arab anti- discrimination committee is holding its national convention. panels include political unrest in the arab world, relations between islam and other religions, and a forum on civil rights for its live coverage is at 1:30 p.m. eastern. >> this cspan networks, we provide coverage of politics, public affairs, nonfiction books, and american history available to you on television, radio, online and find our content any time through

we don't do anything to read during the crisis in this capital, large institutions that was easy to do, write a check, get the capitol in and it stabilized the system, but it didn't fix the longer-term problem. it's harder to go in and fix these mortgages and i think that is why we lack the political will if it is not right in scuffles and easy to do we are not going to get done. >> the new reference the greek crisis mr. bernanke was asked this week what is the risk to the banking system is indeed a sort of worst case scenario plays out and obviously this political process is yet to be resolved. what do you think the risk is to the banking system and then to the broader economy with respect to the greek situation? >> will begin, i think that is a problem that is solvable if europe has the political will to make the hard choices to stabilize the situation i think if it gets out of control there and here there's not a lot of terrific exposure, but certainly to the great debt to there's a lot of direct exposure to the banks obviously a lot of relationships in the banking system. this is another reason might say i'm so f

busy day for lobbyists on capitol hill in tonight's dealy take i'll tell you why one expensive fight in senate they highlight just how dysfunctional our political institutions of the. you go through. and get. into it and we're nutritionism doodle to bring justice and accountability. i have the right to know what my government's doing you want to know why i pay taxes. but i would characterize the boma as the charismatic version of american exceptionalism. is the good the bad of the very very odd nations lay ugly their good move on bad or be progressive organization the talents over five million members announced a new campaign set to begin on june twenty third called rebuild the dream purpose of the campaign is to shift the political debate from austerity measures to actual job creation measures as move on as executive director justin ruben said the goal here is to really change the debate and refocus it on stuff that is necessary to create jobs and make the economy work for regular people is an real it was widespread misery across the country washington is focused on closing the deficit and giving tax breaks to millionaires well said move on joins tons of o

[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> also from capitol hill today, defense secretary nominee leon panetta's confirmation hearing where he said losing in afghanistan would create another safe haven for quade. he also said osama bin laden's death has weakened the terrorist network. you can watch his testimony before the senate armed services committee tonight at 8:00 p.m. eastern here on c-span. on c-span2 a meeting on technology's impact on local journalism. julius genach hofment wski chairs a meeting where he discusses how journalists provide a check against corruption. that's on c-span2. >> on -- the nomination is confirmed. >> the senate confirmed white house deputy counsel donald verili to succeed justice elena kagan as u.s. solicitor general. listen to him argue before the supreme court from 2008 or discussing the rehnquist court in 1994. he's one of the more than 100,000 people you can search and watch for free anytime online at our c-span video library. it's washington your way. earlier today, customs and border protection agency co

institutions? the so-called sifi that frames the subsequent debate including the capitol surcharge debate you had this morning and in practice what action should be taken with respect to such. most of us think we know the firm's preordained connect the list, but at this moment, no such public list exists. we do know there's a long list of firms to do what we want to be in the call. there are related questions that need to be asked on this topic. one, who decides whether a firm should be on the list? number two, is this a domestic decision or a global decision? number three, should countries without a sifi has a say in the process? number four, what will be secretary of factors used to make these determinations? five, will this process be transparent, fair and subject to review and appeal? none of the questions have been answered. a second major question we would like to pose to me and you talked about this all morning. regulators into the time focusing on the need in this special additional capital surcharge. the systemic risk like the first question this one has several related questions associated w

capitol margin requirements. obviously should they consider whether an institution systemically is important and i think that is probably a given. should they consider the economic cost of tying up capital margin requirements? >> well, i think there should be some cost-benefit analysis done, but i think in terms of assessing the benefits of having margins and collateral requirements, we need to focus on what happened in 2008, when the lack of such requirement played a significant role in bringing the financial system to a standstill. >> do you think they ought to consider the benefit of price discovery that comes from having many investors in a liquid market? >> absolutely and that is why transparency is necessary, and price discovery is best, effectuated through exchange trading. so i think the higher the percentage of transactions that actually exchange for everybody, all market participants, all commercial entities, can see what the prices are, the better. >> should and users who are hedging financial risks be given an exemption? >> and exemption from clearing? >> yes. they have been given the exemption. if it had be

[captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] host: talks are heating up on capitol hill and the white house over the federal debt. what is your message to congress and the president, is the subject of our discussion for the next 45 minutes of this edition of the "washington journal." it is thursday, june 30. a debt limit election is the title of an op-ed piece in the "watch it -- "washington journal." he says -- republicans say they will not raise the debt limit unless the get reductions in public sector spending without raising taxes. shall we put this to a vote? our question to you, your thoughts on a message to the president and congress on the debt talks. the numbers -- if you want to get in touch with us electronically, the addresses -- more from this morning's op-ed piece, or one of the pieces in "the wall street journal." he writes that the debt limit fight is being depicted as mostly funding technicalities'. we want to also show you a little bit about what the president had to say about meeting with various members of congress. he made this statement yesterd

capitol today in support of a proposal to legalize same- sex marriage. they're marching and carrying banners. right now the measure is called at the state senate because republicans want to make sure their religious institutionsorm those marriages. the republican race for the white house got a little more crowded, the former governor of utah in the u.s. ambassador to china announced his candidacy in the front of the statue of liberty. >> i have lived overseas for *, where the view of america from 10,000 mi. away is a picture of liberty, opportunity, and justice. people secure in their rights and in love with their liberty. people will have done good for more people than any other nation on earth. today i am a candidate for the office of president of the united states of america. [cheering] >> he took aim at the economy and the national debt, he warned that the nation is about to pass down to the next generation a country that is less powerful, less come-- compassionate, less than the one we have. >> you will not see the triple digits tomorrow i will tell you all about it after the break. >> california legislators will not receive their pay checks any time soon, today the state comptroller announced that the b

institution. that was not -- at that point that was not a viable alternative, and i think the capitol injections in the capital purchase program was instrumental in avoiding a collapse. i do think, where i think there was a material was that promise t.a.r.p. would be used not just of rescued of wall street banks. absolutely a benefit for main street. i don't mean to minimize that, but the second part of the legislative process with got the votes to pass was meaningfully addressing the foreclosure crisis through mortgage modification. that promise was shelled in october. understandably show. a ultimately it was abandoned until the administration in s bn,ary o09 anned andexecut .. in my view, an abject failure. could they have done a better mortgage modification program? i think they could have from the beginning. throughout the process, and take it today. i think if you want to up -- don't take my word for it, take the secretary's work for it. talking about the home affordable modification program that was announced in february and nine with the intent to help up to 4 million american families stay

capitol hill now. you can see some of the protesters in the foreground. leon panetta is up for defense secretary. [captioning performed by national captioning institute] [captions copyright national cable satellite corp. 2011] >> good morning, everybody. -- overmittee meets to so the course of this long and distinguished career in public- service, we welcome you to the committee today and we thank you, mr. panetta for your decades of dedicated service to our nation and your willingness to enter the call once again. we know your wife is not able to be here with you today. she has made her own sacrifices over the last 50 years, supported your efforts in the public and private sectors. i know that i speak for the committee when i say that we love to think her in person for the sacrifices that she has made. please let your wife know of the committees gratitude for her support and your sacrifice. if confirmed, director panetta will replace secretary robert gates at the helm of the department of defense. he was asked to stay on. it provided a welcome continuity in our defense leadership. director panetta's nomination represent change and brings an impressi

institution to discuss political uprisings in the arab world. that's at 5 p.m. eastern live on c-span3. >> here's a look at the u.s. capitol today where the house will be out this week, but the senate is in at 2 p.m. eastern for general speeches. at 4:30 lawmakers will turn to the confirmation of a new solicitor general, a test vote on the nomination is scheduled for 5:30 eastern. you can watch the senate live right here on c-span2. >> blair levin, who led efforts in the development of the national broadband plan, assesses the status of broadband today as well as other pending issues before the fcc tonight on "the communicators." on c-span2. >> the head of regulatory affairs for the obama administration says that a recent small business administration estimate of the cost of federal regulations is depply flawed. in testimony to a house energy and commerce subcommittee, cass sunstein also said that environmental or safety rules often benefit the economy. many republicans raised concerns that the regulations were hampering job growth. the subcommittee also heard from several advocacy groups during this hearing. >> good morni

capitol flight and discourage lending and financial intermediation. this seems to me exactly the wrong to debate to be having. the expertise of our capital markets and the quality and the stability of our institutions are of the greatest assets. the only thing that is tarnished right now is our reputation for safety and soundness, and the best way to recoup that is by strengthening the reputation for the transparency and nondiscretionary rule with the game. thank you. [applause] >> there's a lot of their for michael to respond to and i will give you an opportunity to do it. i will note before hand that i see some contradiction in the critiques we got to be on the one hand, martin talks about a dodd-frank bill but merely constrains the ability of the authority to respond to a crisis, particularly as said in the treasury and tom says there is too much discretion in the hands of authority commesso questions also raised about how the orderly liquidation process will work. i will let you decide which of these issues we want to hit on and then we will open up for more conversation. >> thanks. christa i want to thank martin and, for the gracious comments and i think quite helpful in sight about the act. s

institutions in washington are actually capable of working. that's what the people in my state wonder. they have a fairly simple test here. colorado is the third republican, third democratic, and a third independent. : capitol markets as the fed chairman was discussing would be satisfied that the paper that they bought is worth what they paid for it. if i could go home to my town hall and say we met those tests, i think it would be willing to talk about all the other things we need to tune in this country like create an energy policy and for the 21st century and on and on and on but as long as this is on the table, what they are going to be saying to us is what i used to say when i was in business and i didn't like the point on the table which is i can't hear you, i can't hear you on all this other stuff. in my humble opinion, the work that the debt and deficit commission did was an excellent start to what we ought to do and we ought to find a way for democrats and republicans in both houses to come together around something that meets the tests i could then share with the people in my state who are desperate for us to fix this problem. >> thank you for all of your work pulling this together. >> thank you,

institutions in washington are actually capable of working. that's what the people in my state wonder. they have a fairly simple test here. colorado is the third republican, third democratic, and a third independent. : capitol markets as the fed chairman was discussing would be satisfied that the paper that they bought is worth what they paid for it. if i could go home to my town hall and say we met those tests, i think it would be willing to talk about all the other things we need to tune in this country like create an energy policy and for the 21st century and on and on and on but as long as this is on the table, what they are going to be saying to us is what i used to say when i was in business and i didn't like the point on the table which is i can't hear you, i can't hear you on all this other stuff. in my humble opinion, the work that the debt and deficit commission did was an excellent start to what we ought to do and we ought to find a way for democrats and republicans in both houses to come together around something that meets the tests i could then share with the people in my state who are desperate for us to fix this problem. >> thank you for all of your work pulling this together. >> thank you,