as john deere, caterpillar come at aay of those firms, ford, ibm, you name it. every company hedges of their expossre. the airlines had that on a lot of your international's have currency hedges. i do not see why you need to have a gatekeeper. that is what we have done in this bill. we fix things that were not problems. we have had company after company after company that as come to us. this has led the lobbbing people to come to us and say these will cost us jobs. they said it will cost us 400 jobs in omaha alone. we do not know why. we have been doing this safely. now, there needs to be disclosure. there needs to be transparency. a lot of the need to be traded. your ther question was about banks. should they be able to do this? they should nottbe with to speculate on their own accounts. they should not be able to use the people's monee. they hould not go to the discount window. if you have a federally insured bank with deposits are being guaranteed by the insurance fund, it is a valid thing to say, maybe there ought to be restrictions on that. in fact, the fed

john deere, caterpillar, ford, i.b.m., you name it, every large company, they hedged on their exposure. the airlines hedge it on aviation fuel. a lot of your international companies that do business overseas, they have currency hedges. i don't see why you have to have a gatekeeper at one of the four largest financial firms. that is what we have done in this bill. we fixed things that weren't a problem. we have had company after company after company that has come to us -- and this is a lot of the lobbying. but they have cooe to us and said this is going to cost us jobs. car guile -- cargyle said it is going to cost us 400 jobs in omaha alone. we have been doing this and doing it safely. now there needs to be disclosure and transparency, and with a lot of them, they need to be traded now. your other question was with banks. should she be able to do this? they should be able to speculate on their own account. they shouldn't be able to use the people's money or go to the discount window. if you have a federally insured bank where the deposits are being guaranteed by really the insurance f

the cost of capital, the money that they need to borrow in order to buy the equipment, the caterpillarce of equipment that you wanted with an american sitting on doing it road project has become more expensive. what happens with profits after you have done all that and taken risk and created a job at created economic activity is that the profit you take some that are being taxed, you have limited the incentive for that individual to go out and create that economic activity. all of us sit here in washington and wonder why the private sector is not creating jobs. i believe that we do need to have very rational regulation of our economy. we need to have a rational tax system that is fair. i even believe in a progressive tax system. that might offend some of my republican friends out there. i think we will test the limits. it looks like we will test the limits of where -- of what is too high a tax policy to extract and what is too restrictive of regulatory policy. that is something we will be looking at for the next couple of years. host: you were talking about the year to year deficit whi

i applaud on caterpillar's efforts and ask every company should follow its lead. i believe that every american company has a moral obligation to try to create jobs in america. american companies with overseas factories take ample advantage of american law enforcement, the american justice system and countless other resources provided by the american taxpayer. in doing so they have an obligation, a burden to contribute to support american job creation. when american company operating factories overseas needs law enforcement help, they turn to the f.b.i., not the chinese secret police. when american companies are victims of cyberattacks or intellectual property theft, they turn to the american government for support and assistance, not to the chinese government. who is spying and stealing on them and arresting catholic bishops and protestant pastors. that's why i hope companies will support american jobs. much of this manufacturing is shifted overseas over the last two decades. this trend is fueled primarily by the opening of international markets, cheap labor and a

caterpillar makes a huge amount of heavy construction equipment in china. they can not make it in the united states and successfully ship it to china. the cost of shipping giving the size and weight is prohibitive. so, when you have a big market like china companieslike carter perform and others are going to prefer and are to make product in china to be able to sell it successfully there. there are many american countries like that. host: we have a call from east like, ohio, tom on the democrat line. caller: good morning. my question is primarily what does the chinese need that we can produce? host: flipping it around. what do the chinese want from the u.s.? guest: there is fairly broad range of things. we start with the obvious ones like aircraft. they are one of the biggest purchasers of aircraft. they purchase a lot of computer chips, integrated circuits. huge on intel and other companies like that are selling billions. they are the big he gest importf toes things and a large portion of them are made in the the united states. they also are the biggest ma

was among the companies, caterpillar. i can name several ores that would be recognized i guess by everybody in the chamber as fortune 500 companies, companies that employ a lot of people, companies who have a lot of retirees who were promised that they would have a health care benefit if they retired at age 50, they could rely on that company providing them health care until they became eligible for medicare, and then i guess it would become secondary to medicare. but what a great benefit. but after all, when you work for a company, i guess a lot of people don't do that today, madam speaker, but if you spend 25 to 30 years, five days a week, 365 days a year being loyal to that company, you've earned it. it's not a gift. it's something you've earned. and when medicare part d was passed, a lot of concern on the part of the federal government that these companies would just say, well, ok, we'll just drop the coverage for our retirees and, you know, they can -- when they get eligible age-wise for medicare, they'll just pick u