i appreciate all the fed has done to ensure continued economic recovery. chairman bernanke, i look forward to hearing more from you on the fed's recent actions and possible future actions to protect our economy. congress also has an important role in making sure the economy continues to grow and more americans continue to find the jobs they need. this week, the full senate continues to consider the transportation bill. this bill includes the bipartisan effort of this committee to update a nation's public transit infrastructure and create jobs. i'm also hopeful that the senate can find a consensus and initiatives, the topic of another hearing next week before this committee. to promote more job creation and protecting investors. with so many americans in search of work, it's no too late for a bipartisan committee to create jobs. i look forward to your views on these and other steps congress can take to improve our nation's economy. opening statement also be limited to the chair and ranking member. however, i would like to remind my colleagues that the recor

ted eagan, comptroller's office of economic analysis. i would like to briefly go over the report on the economic impact of night life. thank you for your kind remarks on the report and would like to acknowledge the reports in the office, as well as the research development consultant on this project, who did really impressive work surveying the patients -- surveying the night life in the cold nights of december. essentially, the chief findings are two fold. first, night life is a major source of economic activity, jobs, and tax revenue for the city, but in terms of the net economic impact, it is an important driver. there are a lot of types of spending that represent large piles of money, because san francisco residents like to spend their money there, which is great, but there is an entirely different order for types of businesses that draw people into san francisco and draw -- pump money into the economy that would not be there. that is where the multiplier effects really begin to kick in. in the scope of the study be thought it needed

europe is not just economics. if the european project, which is democracy impeached over the world is a much worse place. but i'm actually a lot less scared about the economic impact than a lot of people are, which probably -- [inaudible] >> i am fond of making the point that when there is some weakening somewhere in the world, that has a bright side as well as a dark side for the rest of the world. and that comes from the fact that the weakness in some part of the world lowers world interest rates. and that is good for stock markets, businesses appetite for investment and so forth you remember i was in hong kong one day talking and the academic way about this interest rate channel from one country to another and the news came on -- the news came in that there was some weakening of the u.s. economy in a quarterly report, that the hong kong stock market took off. stockmarkets job way to. so the president doesn't understand that the linkage is between say europe and america are very complex but we can't be all that

the economic club of new york is the nation's leading non- partisan forum for economic policy. when -- more than 1000 biggest have appeared in more than a century. , establishing a strong tradition of excellence and importance. this tradition has been supported by the contributions from 158 members of the club's centennial society. their names are listed in the program and i thank you. tonight, we are pleased to welcome back to the club, secretary of the treasury tim geithner. secretary tim geithner last spoke to the club in june of 2008 when he was a club trustee and more importantly he was president of the federal reserve bank of new york. secretary gunnar was sworn in as the seven defense secretary of the united states treasury on june 26, 2009. he previously had served in the treasury department under three administrations. before coming to the federal reserve, he was at the imf. earlier in his career, he worked for kissinger and associates. he graduated from dartmouth college and from the johns hopkins school of advanced international studies. we are pleased to have secret

in economics from northwestern university. today he will provide a national overview and update us on what to expect as we go forward in 2012. goo[applause] >> good morning, san francisco. i love visiting san francisco. i get a lot of my ideas from here. not far from here is a place i liked to stay. goothe last time i was there, my door said, people who live within their means have no imagination, and that is not really responsible, but i liked that idea of imagination, because for people like me, it requires a lot of imagination, and the reason for that is when you are watching the economy, but you do not see is more important than what you do see. the damage is very visible from a recession. what you do not see is the healing that is helping us get back on our feet. of when i think about the stock market, it is the place where the imagination is the lifeblood of voters. as you can tell, we do not need a lot of prompting. the equity market gets what is going on, and this has been going on since the spring of 2009. if you thin

when we liberate the economic potential of women, we elevate the economic performance of communities, nations and the world. take just one sector of our economy, agriculture to illustrate what i mean. we know women play an important role in driving agriculture-led growth world wide. agriculture is a power giannini for development as we have seen in the remarkable rise of china and india. in several economies, women comprise nearly half of the agriculture labor force. they sustain every link in the agricultural chain. they plant the seeds, care for the livestock, harvest the crops, sell them at markets, they store thed food, and then they prepare it for consumption. as for the role of women in agriculture nowadays, despite their presence in all of these kinds of jobs, they have less to show for all of their work. women farmers are up to 30% less productive than male farmers. and that is not because they are working less or less committed. it's because women farmers have access to fewer resources. they have less fertilizer, fewer tools, poorer quality seed and less access to training or

the american people and their free enterprises drive our economic vitality. to pursue happiness. in america, would be free to pursue our own course in life and we would have economic freedom just as we have political and religious freedom. we would not be limited by the circumstances bowerbirds or directed by the supposedly informed hand of government. we would be free to pursue happiness as we wish. the founders were convinced that millions of people all freely choosing their occupations as they wished and their own enterprises, all pursuing their individual dreams, would produce great prosperity and of course they were right. economic freedom, as you know, is the only force in the history -- history of the earth that is consistently succeeded in lifting people out of poverty. it is the only principle that has created sustained prosperity. it is why our economy rose to rival those of the world's leading powers and has long since -- and has long since surpassed them. today, our status and standing in the world are in peril because the source of our economic s

here we find economic tigers and raw-material producers.tate economies benefit from their relative location on the pacific rim, and multinational corporations take advantage of shipping opportunities offered by proximity to the world's largest ocean. we focus on the tiny city-state of singapore. despite being the smallest country in southeast asia and lacking natural resources, it is one of the wealthiest states in the world and the gateway to southeast asia. american comter giant hewlett-packard searched for a base to spearhead its push to asia. man: we basically stock and distribute hewlett-packard products, mainly computer-related products like pcs-- personal computers-- printers, plotters, scanners and all kinds of related peripherals for personal computers. and we distribute throughout the asia-pacific region, and that covers all the way from korea to india, down to australia. narrator: the company needed a centralocation, but that alone wouldoteenough t. a mber of cities could claim toe cad near the center of the thriving asian region

as we -- family economic success. there was a gap in ones focused on the economic success. that is where our network came up with this policy platform which looks that supporting families economically through unit family support, two generations strategy. we're talking about supporting the parents to obtain the education and skills they need for jobs that provide living wages to support themselves and their families as well as we're talking about supporting the children to be well prepared for future of learning and learning. that is what -- why our policy platform is very broad, including school readiness to supporting the improvement of english as a second language education for the many immigrant families in the city for whom esl is critical in obtaining jobs that can provide living wages for themselves and their families. this policy platform which was developed five years ago, hard to believe already, is not a document that lives on the shelves. it is actively implemented on a daily basis by the many stakeholders in the city who work on these issues. every year, we hol

they came up with economic non- economics.o you believe that economic activity is a sufficient limiting principle? i know this is a debate. the government believes economic activity is a sufficient limiting principal. is that your position? it is economic activity. >> i think of it as more than that. >> how about part of your position? >> it is part. it has a substantial effect on commerce. that provides an important touch-tone limits. but cannot add up a bunch of economic content -- you cannot add up a bunch of economic content. we are talking about $43 billion in cost shifting. >> let's cost about this. all of health care is $2.50 trillion. is that correct? >> yes. >> we are costing cost shifting of 1.7% out of $2.50 trillion. we are also talking about 50 million uninsured. let's put aside the individual mandate. the health care act will take care of that least 10 million of those 50 million by virtue of the medicaid expansion. is that correct? >> yes. >> we also pick up a the other 5 million by a 26. we will get a lot of he

on our own behalf but with the less the eurasian economic union is an economic organization whereas agreements are political military and so on and we agreed that if we decide that we need the eurasian economic union to negotiate on behalf of our three states we would grant you sit through a g. two and we have done so on two matters did it go therefore we spoke against this regulation. but really we didn't adopt this draft agreement we didn't sign it why. because kazakhstan spoke strongly against the konami union but now it's up to you to resolve the guy who was for it and who was against things there was a certain logic in the fact that cuz it's done objected to a proposal made by russians and the russians we shared a common mind on signing the agreement. we said yes we should sign you green it on the union it's got to go they replied we shouldn't speed up the spruces you know. since we have already agreed to start the union in twenty fifteen let's stick to twenty fifteen isn't including lehmann you is the always do that if anything happens is look for right. it's a pity i can't prove it righ

important choices about politics and economics. it's nice to see so many former colleagues here. cayou. i want to particularly pay tribute to my formers colleagues at the new york fed who are here somewhere. [ applause ] they are as i hope you know an exceptionally talented group of public servants, brave and creative in crisis. it was my great privilege to work with them. as you know i left new york for washington in november 2008 at a particularly dark moment in american history. my timing was not good. the u.s. economy was contracting at an annual rate of 9%. growth rarnd the world was collapsing. the actions taken by treasury secretary hank pahlsson, the federal reserve, the fdic authorized by the congress earlier that fall were essential to stemming the worst of the financial panic, but the economy was deteriorating at an alarming pace. you'll remember that our banks and financial markets were still in a state of shake sucking more oxygen out of the economy, helping push the u.s. and the world into the worst crisis since the g

picked up and economic growth is back on the positive side if you see from the point of view. g.d.p. decrease or forty per cent. presidencies are first when you reach forty percent ok you were. no your balanced or positive you're bankruptcy ninety. degrees a good however the country still face some short term challenges most notable is a prolonged recession which could trigger a global slowdown and that could lead to another commodity price pressures economists say. but given the six. hundred and twenty five dollars oil. ample time to implement the reforms and on the money. ok gentlemen let's start hashing out the next six years in russia itself is going to be a walk in the park for the returning president because. this way let's compare the last four years when putin was president and his next six what's the similarities one of the differences. yeah well clearly the biggest difference is the external environment i mean the last four years of the presidency centrally preceded the crisis in russia and were actually times were quite favorable in terms of including a foreign inve

that there is some activity distinction or some focus on non economic versus economic. no one can dispute the affordable care act is a general regulation of the interstate health service market which comprises 20% of our nation's economy. as for the minimum coverage you look back to justice scalia's quote. must be a necessary part of the general regulation. as far as it being necessary to the a c a as a whole we look to u.s. forces, stock which i respectfully disagree with randy's characterization of. chief justice roberts joined justice briers's sweeping opinion that any means rationally related to the implementation of constitution we enumerated power is appropriate for congress to use. whether the mandate is good or bad policy, it is difficult to say that the minimum coverage provision is not rationally related to the indisputably valid regulation of the interstate market for health-insurance. even if you argue with me on the commerce clause i don't see how you can't be with me on the necessary and proper clause. the power to pass legislation that is necessary and pr

our goal is to achieve economically and that the families success economically.an tell so far there is there's a lot of overlap with the school immovement lap. and we are very porch nat to build on some of the new construction. learn from the leadership that is at the table all the time getting their lessons learns. we have the project leadership. we are working very closely with the community school operators. getting off their infra chuck chur -- infrastructure. there's a lot of lessons, and we are you -- we definitely want their input and want to make sure that the community is a match. as part of the grant we have to get one to one match for all the funds and so we are counting on all of our partners to two. and the other big thing that is very particular is the data and evaluation come poe ten there's a hump emphasis on strong and rigorous. a lot of the resources that will be going to the -- >> why berkley and stanford? >> 6 >> are i promise i didn't have anythinging to do. it was cobu. we've -- for almost 40 years we've been providing businesses and tech an

if every time economic growth disappoints, if every time economic growth is somewhat weaker than anticipated, if governments are forced to cut spending and raise taxes immediately, then that would create a defeating negative spiral of growth os terty. the most important unfinished piece of this is to build a stronger european financial fire wall, again as a backstop for the governments upside taking reforms. they are now in the process of review i reviewing options for the two funds to make it clear to the financial markets that they have the resources available on a scale commensurate with the needs they may face in the future. the imf has played a very important role in europe. they've provided advice for reforms public monitoring of progress, and financial support for the programs in greece and ireland and portugal, in partnership with the europeans, which are assuming the majority of the financial burden, as is appropriate. it's very much in the interest of the united states that the imf is able to continue in europe. they can help supplement the resources europe mobilizes on its own. th

economic diamond isn't is the elixir of economic life.the conception of crude keynesianism that by pushing the right buttons, we can david employment level we want and increased consumer demand, and if that doesn't work, construction projects to employ strong back labor. that's discredited by cross-section studies of what explains high employment and low employment among nation. what this dynamism would require, our efforts on a broad front to encourage more entrepreneurship and finance in startup companies, and to encourage students and young graduates to develop themselves to imagining creating and exploring. to the extent that these efforts have succeeded, these efforts would lift job satisfaction and employee engagement, and raise employment, too. now, while dynamism is crucial, we want dynamism with economic justice, with what i call economic inclusion. that doesn't mean social inclusion, which is about income. it means drawing people into the economy, which is the core activity of society. preferably in the business sector of the mo

next to no avail and guests talk business and economic show on the money coming. well. science technology innovation all the developments from around russia we've got the future covered. glowing welcome to on the money with the business of russia is business i'm peter lavelle being elected for a third six year term as russian president vladimir putin returns to power in a very different country than only four years ago candidate who ran on a mostly populist platform can be elected politician deliver the goods and keep the economy growing as well as interest foreign investors. to discuss the economic and financial environment in russia if what i mean putin will face as he returns office i'm joined by. the chief economist at deutsche bank and given chicago he is the chief economist for russia and c.i.s. at renaissance capital we also have been heiress he is the editor in chief of business new europe as well as he is the chief strategist at oakridge but first let's have a look at how russia's new president may transform the country's economy. in four years time russia is e

this is economic penetration. paving the way or the political takeover.iendship which usually attempts economic penetration has been reaching into every part of the world which shows the slightest inclination to receive it. recently we have seen it extend into our own hemisphere and into turbulent cuba where it was embraced as a triumph of soviet policy. a few statistics will democr demonstrate how serious this is becoming to the free world. of the entire economic capability, their gross national product, 70% or it may run as high as 80% is devoted to the area of heavy industry. the u.s. and free world share of gross national product is certainly not much more than 20%. in terms of volume applied to this area of gross national product, the soviet union is beginning to surge ahead. finally, the communist attempt ideological penetration. perhaps their strongest efforts go into this kind of penetration into the free world. >> before we talk about ideological penetration itself, let's take a look at the reasons why this is so important to the communists. for

of the five brics countries china appears to be the clear economic leader the name the economic engine here and there are five kind of economies that are focused on very different things china more of a manufacturing economy in russia more base for example on that for resources how do you think these members can really get out on equal terms what one in turn is very interested in the idea of works because right now it's much too reliant on the american european european markets and as we all know. american in europe and europe you know cars are right now are our sins are our spur sluggish so china for its long term economic interest is very interested in opening new markets around the world as well as versifying gets its space manufacturing sector now the appeal of russia is obvious russia is as if it's a land of finance natural wealth in china is for much in need of resources the appeal of south africa is that soccer is really much a financial at the center of africa so if your house were provided as you point for chinese banks money can piece into the rest of africa seems the same is

in the 2012 economic report of the president, the council of economic advisers predicted that 2 million jobs would be added to the economy in 2012. if this forecast proves to be correct, we would have the strongest job growth in six years. although my crystal ball is no clearer than anyone else's, i think some economists have been too quick to dismiss recent job growth as a statistical fluke. just a you few months ago, many commentators were arguing the strong job growth reported in 2011, was an aberration due to a jump in partial delivery jobs caused by the proliferation of internet shopping during the holiday season. these fear faded when january and february showed stronger jobs growth and revisions to december's data erased the surge in the courier and messenger industry. the evidence suggests that the recent job gains have been more robust than would be suggested if they were merely a result of favorable weather. for example, if we look at reasons of the u.s. with more temperate climates, the job in the uninsurance claims and rate of job growth were about as strong or stronger than

they have an economic objective and it's very important, somewhat important or not important. and, treatmently very important category, to grow and expand the economy, 82% and increase the quality of opportunity for people who get ahead. 70%, the income in wealth gaps between rich and poor, 46%. . americans have become more skeptical with the solutions rather than less and they're each less likely to embrace a new birth of progress of performance than some thought to endorse in 2008. what's more is this is president obama's re-election template. it opens a wide space for the republicans, admittedly, usually inarticulate and as yet ununified and makes the broader case for economic opportunity and the reforms that better the conditions to the american people and solved the real problems we faced as op posed to tired centric policies despite they make everything equal and end up with everyone rising. . that case, the argument for opportunity has been made by folks like paul ryan with the progressive and a week ago and more recently, just this week in mitt rom no's new stump speec

while they leave economic elites unscathed. some believe we should form austerity measures in the form of deep spending cuts. secretary geithner on past occasions, you warned against such action. for example you said this and i quote. we need to stay intensely focused on strengthening our economy in the short term. we can't cut our way to growth. severe austerity now would be very damaging, end of quote. but how republicans have ignored this key point. different problems require different solutions. in the case of the united states, economists largely agree that the housing bubble and risky investment products created by wall street were the chief causes of our economic collapse as mark zandi chief economist stated housing is ground zero for the economy's problem, high unemployment and lost jobs. although the recent $25 billion settlement with five of these banks is commendable, the sad truth is that millions of borrowers will not receive the relief they so desperately need because one important entity refuses to cooperate. the

activity a dollar spent on unemployment insurance generates a dollar sixty four in economic activity on the other hand the stuff that the republicans and the gang of fox and friends are pushing doesn't really do jack in fact it makes the economy worse here's the actual numbers a dollar in capital gains tax cuts produces just thirty seven cents in economic activity a dollar in corporate tax cuts produces just thirty cents in economic activity and a dollar in the bush tax cuts produce just twenty nine cents an economic activity it's all going backwards this is basic economics but enough of all this reality based stuff let's get back to what they were saying over on fox so-called news is this the administration out of reach on food stamps actually buying votes number one oh sure it is of course that's what the obama reelection team is banking on trading food stamps for votes and i think missing from the fox and friends couch in the segment is a set of tinfoil hats because here's what they don't want you to know if the proliferation of food stamps is a reelection ploy and that explains a

we want dynamism with economic justice and economic inclusion. that does not mean a social inclusion but throwing people into the economy preferably into the business sector where new ideas for new products are conceived and pulling up wages and the lower echelon end and must be a government program of subsidies, companies or employment of low-wage workers. in my book that robert soldiers kindly mentioned, i estimated the cost of a planned big enough to make a big difference was close of 2% of good gdp. he likes to use that in his way but this is a terribly important way to use it. this mission as many of you know, is a fusion of the best part of hijack and john walls. high-tech understood and made more and more clear that a modern economy is an organic saying is capable of the imagination and creativity. not the mechanical thing of crude keynesian is some. i argue to be a part of the system for most people is the only way by which they can expect to have the good life. exploration and discovery. the use of their mind and emotions. but then to un

you know the shots you get there's massive economic rewards for that in the long term you get economic downturn when it turns out to be. nonsense and then you have. republican opposed to the bank so. we encourage that as well so you have a system that is consistently sucking money out of the lower middle classes and funneling our ports to the bridge and that's no longer you just can't lie to people anymore it's just not possible you know that the massive amounts of the decrease in home prices and education courses soaring food prices are going up it's going up and wages start making for most of the economy so it's a matter of time so this perception shifts completely and we are now seeing the devastating effect of all this so now at this point what needs to happen and what needs to change is a whole system or is it more regulations or our last regulations what needs to be done to fix the system i think the regulation would help a lot but then you've got the politicians are not going to want to regulate if they're being paid and banking institutions so regulation would certainly hope an

order to accommodate this new kind of economic activity. entire societies were transformed from traditional ways of functioning to slave catching societies and the entire lives of people were organized around making war and capturing people to sell in the sl

investments in their long-term economic growth. it is programs like these that help to build a foundation for future prosperity. these are some of the issues before our subcommittee and i look forward to working very closely with you next year. >> with that, we will turn it over to you, secretary donovan. "thank you for the opportunity to be here. i would like to discuss how the dutch proposal is essential to creating housing in communities built to last and will directly supports 700,000 jobs. we followed four principles, the first is to continue our support for the housing market while bringing capital back. the critical support fha provided will provide funds for refinancing products. we have taken the most significant steps in fha history to reduce risks a to the taxpayer and reform the instructor. this project to add an additional $8.1 billion. we have additional opinion changes that will increase receipts to the budget. we have also taken significant steps to increase accountability for lenders and have continued to seek expa

but then they get back to economic issues, they focused on the one economic issue they really think they, republicans, have the upper hand. and that is gas prices. energy, this year's drill baby drill, right? you have rick santorum pulling that shale rock out of his pocket and banging it on the podium. newt gingrich configuring his campaign to be about gas prices. he waggles his little gas can everywhere he goes now. do you remember when bob dole endorsed mitt romney and complained he didn't like newt, because when he was speaker he would carry an empty bucket that was supposed to be some sort of symbolic thing nobody understood and it was just weird. newt gingrich is doing it again. it's now a gas bucket. that is the whole focus of the newt gingrich campaign now. mitt romney also on the same 2012 version of the drill baby drill thing, yesterday mr. romney was in pascagoula, mississippi, talking about how president obama is against drilling for oil. factually, that is not true. here's oil production under president obama, compared to george w. bush. you can't say this is an anti-oil prod

growth you know maybe dr can just understand the difference between good economic growth and bad economic and economic growth that benefits multinational corporations at the expense of people in these countries and the kind that actually causes development within these countries i like dr king more and more every day shannon if you want to. i have kind of a conspiracy theory about this i think this might be a smear campaign by nigeria and colombia there are people who are trying to contest that position no no this is if this is going to be a conspiracy theory thing and you know who would be behind this mayor campaign larry summers ok that would be my bet. you're going to everybody together let's move on because from possible world bank president to a former i.m.f. chief and earlier i called him the former i.m.f. president i think the head of the i.m.f. it's called the managing director so i'm sorry i think i got that wrong please forgive me i hope you will buy this story because dominique strauss kahn of course we have heard so much about him over the last year or so he's been put under a