. >> [inaudible] >> senator connally and i have spoken briefly on this. the decision is totally is. i'm going to make that decision at subsequent times. i have two weeks to do it after this bill is passed and is extremely important that i take people who are willing to make hard choices, but are not locked in. one of my friends ask me to be on the committee. but it does not bode well for me to choose someone that the world knows how they feel about it before they go when their. i think we better look at other avenues, to pick three people, including the co-chair, they will work toward a solution for the long-term debt of our country. i had not thought about that. [laughter] that's it have no bearing, because people could vote against this bill and think the joint committee is still a good idea. listen, i am a longtime member of congress. i never count might vote until they are cast. i am hopeful, but you know if that the republicans are going have to produce some votes, and we're going to have to produce votes, so i'm not here to declare victory. we need to get this thing passed. [i

connally's earlier thought a christian right from the frankfurt technical university told me the european central bank's move is actually doing more harm right now than good. if you look at the mere size of a country like italy i am convinced that it is not possible to do just lets say is straightforward as a matter of fact what the e.c.b. is doing here i think is perhaps to do it quite strictly is a breach of trust they encourage certain behavior so that some countries can free ride on the expense of others and this is something which in the long run rather threatens the euro area than strengthen is. we should be aware if you look at your own spreads on government bonds they are now almost make. to the pretty euro levels and i would say this is something which shouldn't amaze us too much and it shows that in the whole me i'm tired that is in the time from the success of the euro and nothing very much has changed if we enter a direction in which we encourage more and more selfish behavior by individual countries i would say this is a real threat for the whole euro area an interesting twis

this is it shows that the decline has been dramatic but i want to connally would presumably lift everybody so the old you know rising tide lifts all boats i mean there there is some small amount of truth of that but you know what about the fact that some of those boats are row boats and some of those boats are you know three story for wonderful on yachts so what do you do instead you proposed during the or bolstering the programs that we've had in place up until now i don't pose a major bootstrapping you know giving people bootstraps program that would that would in any way that we're here today and it's just hasn't worked that's they'll be getting up our forty in half in the united states in six years and bill clinton cut away most of that program will from fifty seven percent of people who are eligible for welfare being able to get it to now it's less than what i was you know i think that right claims that because bill clinton cut away the social safety net which didn't seem like a problem in the ninety's because we had your an economy and now when we get the bush recession it's a disast

a gyroscope that keeps the world of economic trade on an even keel so these smart guys like john connally who was secretary of the treasury said we don't need that that's old fashion we could do better well we've got forty years of them doing worse and there's a movement today to bring it back now the odd thing here too is that of course there were. excuse me there were there were tariffs instated here right there was a terrible ten percent. also wages and all of that and we got pretty controls are going to being temporary right this was also supposed to be temporary randi. the gold standard but how come that's the one that stuck and forty years later here we are because money is that visible people just take it for granted and economists are very old school so they fought the forest for fought to keep us on the gold standard and they're now trying to fighting to keep us off the gold standard they're very kind of fogies but they're in there it's the last vestige of dixon omics and it is created nothing but misery but realistically you know you look at the world today how do we actually go