what dr. zandi and folks like myself have been encouraging is a system that does away with that so the effective rate is the rate. >> a quick question. >> i am out of town. >> can we make that in a moment. we want to keep moving. >> that's fine. >> thank you very much. >> i can speak three days or three minutes. >> senator stabenow was here earlier. >> i would end there. you know, you're two women senators. >> i have a long introduction but i'll give it another day. you get an extra minute. >> all right. well, i wanted to thank all the witnesses. i'm sorry we had a hearing in judiciary on intellectual property which is a piece of this, making sure wire protecting all the things we make, but i believe we are going to get out of this downturn by making stuff again, by exporting to the world, by thinking again, and so all of the focus i think is a good one. it is the way my state of minnesota has been able to, we are now 6.6 unemployment, significantly we low national average. a lot of it has to do wit

dr. mark zandi. the chief economist of moody's and analytics where he directs the company's research and consulting services to businesses, government and other institutions. dr. zandi's research includes macroeconomics, financial and regional economics. in addition he conducts regular briefings on the economy. he's frequently quoted in the national and global news outlets. dr. zandi received his ph.d. at the university of pennsylvania. i will stop and pause there for a moment. [laughter] and received his bachelor's degree from the wharton school of the university pennsylvania as well and we are grateful you're here, doctor. thank you very much. .. i'm glad i mentioned both institutions. research asap and is the president and ceo of the national association of manufacturers of aam come the largest manufacturer trade association in the united states, represented on march 90 actuaries and every industrial sector. he became the national association of manufacturers president in 2011, january. mr. sub 10

what dr. zandi folks like myself have been encouraging is a system that does away with that so the effective rate is the rate. >> a quick question. >> i am out of town. >> can we make that in a moment. we want to keep moving. >> that's fine. >> thank you very much. >> i can speak three days or three minutes. >> senar stabenow was here earlier. >> i would end there. you know, you're two women senators. >> i have a long introduction but i'll give it another day. you get an extra minute. >> all right. well, i wanted to thank all the witnesses. i'm sorry we had a hearing in judiciary on intellectual property which is a piece of this, making sure wire protecting all the things we make, but i believe we are going to get out of this downturn by making stuff again, by exporting to the world, by thinking again, and so all of the focus i think is a good one. it is the way my state of minnesota has been able to, we are now 6.6 unempymt, significantly we low national average. a lot of it has to do with manufact

part of the overall debate but to your first point regarding the effective tax rate that's what dr. zandi is getting at is because all of the loopholes and incentives and subsidies in the tax code itself when you in the up with small companies paying a higher rate than large companies year and up with some industries paying higher rates than other industries and what dr. zandi and folks like myself have been encouraging is a symptom that does away with that so the effective rate is the actual rate at the same time. >> one quick point. >> i think i'm out of time. sorry. >> we want to keep moving. >> that's fine. >> thank you. >> i can speak for three days or three minutes. >> senator klobuchar, senator stabenow earlier. >> i would just end their. >> i have a long introduction of such klobuchar probably another day. >> in any case it's good to be here with you, senator sherrod brown. anyway, i wanted to thank all the witnesses. i'm sorry we have a hearing on the judiciary propertied which is also a piece of this making sure that we are protecting all of the things that we make but i truly b