our economy for so many years have become an economy of paper, and we're more concerned about what happened on wall street than what went on in the factories throughout our great nation. as they say, particularly of those of us in the northeast, we've seen many, many manufacturing jobs go. what i find have i encouraging is we get back to making things, making things in this country. -- what i find encouraging is we get back to making things, making things in this country. the g.d.p. has rows in june, the highest level in two years. that is from the university of michigan, consumer confidence survey. that does not come from the house. that comes from the outside source, consumer confidence rising for the third straight months, the highest level in more than two years, before mr. tonko and i were in congress. so that's very, very encouraging news. along with retail sales rising for the seventh straight increase and the 12th gain in 13 months. so a lot of very encouraging signs. i know this is still a problem for those who are -- for those who are out of a job, and obviously we're still very,

world economy. we do expect that as more and more forces come to bear, given the enormous surpluses that china has accumulated, the renminbi is going to go up, and it is going to go up significantly, so we are going to be paying attention over the next several months to make that determination. now, i do not have the perfect formula. will.i.am a clear idea after three months as to whether it is moving fast enough or not? i will leave that up to treasury secretary geithner he makes these decisions. >> how long would you expect people like charles schumer and american manufacturers who have lost jobs so quickly, how would you expect them to wait? >> my expectation is that they're going to be serious about the policy that they themselves have announced. now, what i am going to do is work with people like senator schumer and manufacturers who are affected by these trade imbalances, and i think we all have the same interests, and that is the united states can compete with anybody, as long as we have got

is it really helping the economy? if you take an honest look at it, what he's doing is actually making things worse. i say keep fighting because we need some that look at the interests of the american people, not just the people that support them. >> and responding back and forth between some of our friends saying caller, you missed the entire point but to you race must matter. from his name is no, not again? next is bob. kansas city, missouri. what is your comment is this caller: yes. how are you doing this morning? host: fine. thank you. caller: congress should be a war zone. we're fighting two illegal and immoral wars based on the lie of 9/11. so until they get it straight stnd people are held accountible who commit that had crime, they'll be at war for a long time. look what's happening in the gulf. we have more oil than we know what to do with. host: our address on the twitter account, twitter.comm c-span wj. good morning to you, elizabeth. caller: good morning, c-span. i just wanted to sy, i'm listening to all t

i never discussed an economy within chain dollars. i have not discussed it ithin trends that are compressed down within the few quarters that is presented in this graph within the floor of the house. here's what i would present. let's back up little bit. 1929 and think about what has haapened. this nation has been challenged over anddover again to come forward and determine where we are with this economy. are we the managed economy proposed by the democrats on the other side of the aisle that believe the president of the united states, the cabbnet and the pelosi congress and the harry reid senate should be the ones to make these economic decisions to manage the nationalized economy. are we the kind of people that should be nationalizing more of our economy?? i have gone through this list and i can recite it in my sleep. this federal government rkts albeit started under president bush with the support of barack obbma all the way through and most of it picked up by him has nationalized -- and when i say nationalized, owned, managed or c

we had extraordinary growth in the economy. in the '80s, we were worried about the world going past as a very quickly. in the '90s, we can't -- we went past the world pretty quickly because of our entrepreneurial growth. the president is the only person who can stop spending. i cannot stop spending in its tracks. if i have to hundred 17 people boating with me i can do that. no senator can do that unless they have 49, or in the case of the senate, 59 other senators voting for them. but the president can stop spending in its tracks. no president from the time i have served, which is a little longer than you may have been born -- pretty close. no president in the 30 years i have been in congress has had a veto overridden on an appropriation bill to spend more money. the only bill i remember being overridden was ronald reagan, when he sent back a bill to us which said you are not spending enough on defense. that was overridden pretty handily. >> let us take one last question back here. >> could you please address, as the gentleman

that meana growing economy and cutting gedesign and for at. i tnkt's a stro ceback and nd to mainin the ur of recovery. ms. wassermaschultz:a pant of twin sixth gaders, often wonr,, what e heck are your cleagues on the other side oe aisldog. they wonderhy they only foc on the mos narr view. mrtko: i had ump nch with the other side of the chamber and shake things up. but we have been joined by our colleague from oohio, mr. bo cherrr who is doing a fan tass particular job and a real fighter. mr. boccieri: thank you for taking on the challenge of setting the record straiggt. just as an aside, a few years ago as a state legislator, i was watching c-span and you and congressman ryan were talling a few years ago and i thought wow, how neat would it be to stand beside each other. so it's an honor to share this stage with you to talk about how we get our country back on track and getting our economy moving again. i agree thht america has to be the producer of wealth, not just the movers of wealth. we have to invest n our work force. we have to invest

that would be disruptive to the chinese economy and to the world economy. we do expect that as more market forces come to bear, that given the enormous surpluses that china has accumulated, that the rmb will go up and go up significantly. we will be paying attention over the next several months to make that determination. i do not have a perfect formula. will i have a clear idea after three months as to whether it is moving fast enough or not? i will leave that up to treasure segment -- treasury secretary g. h. who makes these determinations. >> how wall -- how long do expect american manufacturers to wait? >> hans, we're not want have a colloquy here. are going to be serious aboutey the policy that they themselves have announced. i am going to work with people like senator schumer and manufacturers, workers affected by these trade imbalances, and i think we all have the same interest. united states can compete with anybody. as long as we've got an even playing field. as i indicated in my opening remarks. we're prepared to enter into trade agreements with o

mary economy has a long way to go before a robust economy tes hold. th nature before us is a part strengthen our economy ian long run it brings the main street prinples of transparency, accountability, and fairness to wall seet. the bill we are conferencing today it fundamentally transformed how we protect consumers, families, and small businesses from reckless and abusive financl services practices. under thes -- der the previous measures that we're changing, banks cannot take enormous risks and reaped enorus profits while the u.s. taxpayer foots the bill. i look forward to working with my colleagues craft the best possible bill. let me briefly mention a few points that i think are worthy of not. firs ts legislation establishes a new office of financial research. it represents and the sport -- an important step in undersndinthe threat to our system could it will provide early warnings -- our system. it will provide early warnings. second, we are require that hedge fun register withhe securies exchange commission. this will shed light on an important

>> we have to feel we are at a turning point in making certain decisions about the economy.e will invest well, to be able to reassert america's pre- eminence in the world. when you look at this, i'm not sure we are not losing ground. i am not a pessimist. i think we have a huge resources. the government needs to set the example of a risk -- responsible fiscal policies. the truth is, household debt isn't nearly as great as government debt at this time -- is nearly as great as government debt at this time. and today, in the aftermath of the financial institution failures especially. >> on that note we will say thank you. >> after our news makers discussion with john spratt, but we are here. chairman, what is going to be the greater challenge in reaching hissgoals, the republican in the house or democrats in the senate? >> is going to be very difficult in both chambers. >> why is that? >> in the house, these deficits are very big. we're talking about $1.5 trillion this year and the same next year and an average of five trillion dollars over 10 years. and we see many of them com

economy will slip back into recession. he was interviewed by former abc newsman sam donaldson at the woodrow wilson center for international scholars. this is a little less than one hour. >> would you spend so we can reach you? [applause] he was chairman of the board and his wife judy is within. we are delighted to have floms with us. david m. burke and his wife -- david anmburg, you and betty spam up. [applause] he was president of the carnegie foundation. he is one of the great humanitarian and this country. there are several former colleagues of mine here that i want to introduce. andy ireland, congressman from florida and his wife nancy, would you stand? [applause] i will test your knowledge of politics. we have a former vice presidential candidate. i think the correct year was 1976 part he was vice president for ronald reagan when he ran for the presidency, dick and clear schweigert are here. he was the senator from pennsylvania and secretary of hhs a few years back. we are heavily loaded with pennsylvania's. tom ridg

the housing sector of the economy is very important to our economy because every recession since the great depression, the housing sector has led us out any downturns in the economy we ever had. if you think about whht goes into building a new home, steel, wood, carpeting and drapes, third car garage, the appliances, there is a lot of economic output, especially with those household products like washers and dryers and the like. so we are beginning to see upturn in the economy because of that. look, we lost a lot oo jobs, millions of jobs under previous economic take us a economic policies and will take us a while to grow back the economy and get back to the confidence that we all share that we are in a stronggr positiin, but we're on the right track. we're on the right track. and according to folks who study the economy daily like "fortune" magazine, said the economy has made a sharp u-turn and better days for american businesses and workers are around the cornnr. "newsweek" said america is coming back stronger, better and faster than nearly anyone had expected, in fact, better than

that is a lasting an hour recovering economy needs. -- that is the last thing our recovering economy needs. i look forward to hearing what our panel plans to do to restore america's public trust in the oil and gas industry. there is a great record in the gulf of mexxco. the last time i can remember was a well in the gulf of mexico in 1979. we have a good record. we need to find out why it did not work and why almost everything went wrong with this and why it is working and lots of other wells beinn drilled. our country needs a strong, steady domestic supply of oil and natural gas. as we transition, we must not forget that as we legislate in response to the accident, i look forward to the testimony. >> the chair recognizes the gentleman from missouri. jayden thank you, mr. chairman. thaak you for holding this hearing. i have a prepared statement that i will put in the record. let me summarize that a little bit. i am glad to have the hot individuals here who was mr. barton said have so much at stake and has so much potential to be part of the solution. i hope we can use this hearing to

our policy is to raise from the ruins of an economy built on debt a new, balanced economy, where we save invest and export; an economy where the state does not take almost half of all our national income, crowding out private endeavor; an economy not overly reliant on the success of one industry, financial services-important as they are-but where all industries grow; an economy where prosperity is shared among all sections of society and all parts of the country. in this budget, everyone will be asked to contribute. but in return, we make this commitment: everyone will share in the rewards when we succeed. when we say thaa we are all in this together, we mean it. the first challenge for this budget is to set the fiscal mandate. in other words, our overall objective for the public finances. the previous government had two fiscal rules, one for debt and one for the current budget. they were supposed to force chancellors to set aside money in the good years so that they could borrow sustainably when the economy turned down. they completely failed in that task. as this is the last budget in

economy. in two hours, house debate on aspects of the financial regulations bill. after that, the united nations security council votes for additional sanctions against iran. then the energy secretary ken salazar's testimony on of short drilling -- offshore drilling and safety. on "washington journal" tomorrow morning, more about the gulf oil spill from the mississippi rep taylor. senator john barrasso of wyoming will discuss republican efforts to repeal the health care law. and we are joined by deborah russell of aarp to look for the economic outlook of those over 50. "washington journal" is live on c-span every day at 7:00 a.m. eastern. several live events to tell you about tomorrow on c-span 3. the senate commerce, science, and transportation committee holds a confirmation. hearing. that hearing is at 10:00 a.m. eastern. at 3:15 p.m. eastern, house and senate will offer opening statements as to begin work on the financial regulation bill. this is a first of a series of sessions planned to r

as your majority whip said over the weekend, this economy is your baby. the speaker pro tempore: the gentlelady yields back the balance of her time. for what purpose does the gentleman from missouri rise? >> to address the house for one minute. the speaker pro tempore: the gentleman is recognized. mr. carnahan: thank you, mr. speaker. small businesses are the engines of our economy and their success is critical for our economic recovery and long-term economic growth. 60% of new jobs are created by small businesses, and over half of this country's economic growth since world war ii has been from innovation and new technologies. we can and should empower the businesses and entrepreneurs who make our economy go by creating favorable conditions for businesses to start to expand and to put people back to work. that's why i urge my colleagues to support the small business jobs and credit act designed to increase small business lending, help small businesses hire new workers and expand their operations. when i talked to small business owners back home in missour

the uncertainty in the economy continues. not just in the recent volatility of the stock markets and the continued strength in the capital markets but in the difficulty in perspective -- a prospective home buyer faces when getting a mortgage or a recent college graduate faccs in finding a job. for those who think these problems can only appear off month in a generation or longer say there is no urgent need to act. when did not have to look as far as europe to see the threat of financial instabilitt. we will complete our work in a smart indeliberate fashion so that chairman frank and i have committed to work with our colleagues, democrats and republicans, over the coming days and weeks and weekends if necessary to reach an agreement on a good piece of legislation, a strong piece of legislation, that restores confidence and optimism and security and stability in our nation. failure is not an option. with that, i see the arrival of my colleague and friend from massachusetts. chairman frank, let me proceed before turning to my co

mary economy has a long way to go before a robust economy takes hold. the nature before us is a part strengthen our economy in an long run. it brings the main street principles of transparency, accountability, and fairness to wall street. the bill we are conferencing today it fundamentally transformed how we protect consumers, families, and small businesses from reckless and abusive financial services practices. under the is -- under the previous measures that we're changing, banks cannot take enormous risks and reaped enormous profits while the u.s. taxpayer foots the bill. i look forward to working with my colleagues to craft the best possible bill. let me briefly mention a few points that i think are worthy of note. first, this legislation establishes a new office of financial research. it represents and the sport -- an important step in understanding the threat to our system could it will provide early warnings -- our system. it will provide early warnings. second, we are required that hedge funds register with the securities exchange commission. th

our economy grew. their economy stagnated. and that's what we have seen unfold over the last generation or so in the economic comparison between europe and the united states. but i found myself in the improbable position of listening to the leadership of the european union and western yupe -- europe that we should spend more money, not less money. $400 billion in loans and targeted spending and the advice was, america needs to hold down the spending. and we need to adopt a more fiscally responsible budget, spend less money and provide less debt and not bass this onto the next generations. that was a year and several months ago when this began, mr. speaker. and within the last couple of weeks, we heard that lecture again from the same person, angela merkel of germany. i'm glad she is making the case to hit home to the president of the united states that we here in america, this congress, over my strenuous objections and many of my colleagues voted no on a $700 billion tarp fund and an economic stimulus plan and in the middle of

economy. with that i reserve my time. the speaker pro tempore: the gentleman reserves the balance of his time. the gentlelady from new york. ms. velazquez: thank you, mr. chairman, small businesses which rely on 99.7% are the key to the recovery of the u.s. economy. so innovation and hard work they are able to not only create jobs but also build the foundation for future growth. we saw this after the desession of the early 1990's and as we emerge from the latest downturn, small firms again will lead the way. these downturns have affected every facet of the global economy. most of the focus has been on repairing the residential housing market and homeowners in particular. it is important to note that these have greatly impacted small businesses as well. through the recovery act, we were able to help them, providing more than $28 billion in assistance through the s.b.a. h.r. 5297 builds on this by establishing additional lending initiatives that will give small businesses even greater financing

the global economy. but we are very aggressive in other parts of the world. two of our best trading partners are mexico and canada. weved a very robust set of commitments from china recently in the grain area. we're seeking to reopen markets in japan, korea and taiwan for some of our beef and pork products. we're having renewed discussions with russia on poultry. so there are opportunities for us outside of the e.u. that are significant and important and we'll continue to work to expand those opportunities to make new partnerships, new arrangements. one of the reasons the president is focused on the transpacific discussions is a way of multilaterally engaging in new trade opportunities. there are free trade agreements that hopefully congress will be able to work on and ultimately ratify in the very near future in panama, colombia, and south korea. so there's a lot of trade opportunity outside of the e.u. we'll continue to want to do business, but it's not business, but it's not necessarily dispositive of

we are in a global economy. the global economy is determining where we're head and had will determine our future, and we have to play our part in these forums to make sure that our interests are protected and advanced. >> radio canada. >> this afternoon. there are clear commitments by industrialized countries. what are your expectations for the emerging countries? >> personally i think that emerging countries understand the reality of the situation. we have, in most industrialized countries, and canada is an exception here, but in the majority of these countries, there will be a very slow recovery, slow growth in the years to come, and this is due to the problems due to the fiscal situation and, of course, the banking system. in canada, we have a totally different situation in terms of the banking system and our fiscal position. but the fact of the matter is that this will damage growth for a few years to come in a number of countries, and therefore, we need to stimulate economic demand in the emerging countries

leaving money in the economy. as a small business man when i had the capital in my business and the government wasn't taxing away my capital, i was able to leverage it and go to my lender and be a responsible borrower and it would be prudent to lend to me. we could expand our business. the other thing yesterday, this body had an opportunity to do something for small business and that was to repeal the mandate for health care that was in the democrats' health care bill. unfortunately there was not enough votes, but some of our democratic colleagues understand the same thing we do. if you want to bring certainty, create jobs in america, you take that off the backs of small businesses. and so really i wish that this bill would do something for small businesses in this country because small businesses are the lifeblood and engine for our country. unfortunately, this bill will not do anything for small businesses, but it will put the taxpayers, again, at risk to underwrite and invest in banks. i figured this. it's simp

economy. that's just the way it is. the speaker pro tempore: the gentleman yields back the balance of his time. for what purpose does the gentleman from georgia rise? >> permission to address the house for one minute. revise and extend my remarks. the speaker pro tempore: without objection. >> madam speaker, in georgia's ninth district there is a small town in elagy, known not only as the apple capital of georgia but also home to the mccutcheon pool small business coalition. the community leaders -- the reason is they are committed to creating an environment where small businesses can thrive. however taxation and regulation are stifling small business expansion. throughout my legislative career, i focused my efforts on removing these unnecessary barriers in order to unleash america's entrepreneurial spirit. as a small business man i know that cutting spending here in washington, eliminating the capital gains tax, and reducing the corporate income tax, along with empowering the private sector is the way to create jobs an

economy. i wish it well. so in conclusion, the city is resilience, the city takes change in its stride, a financial crisis produced challenges but we are determined to continue to generate business and international influence, bringing wealth for the good of the nation in europe, and we hope all of this will help draw line against the protested -- a persistent hostility toward the industry. we look forward to working with you and wish you well. now may i ask everyone here to stand as i propose a toast? prosperity for the public first, and the help of the chancellor of the exchequer. [applause] >> the chancellor of the exchequer, the right honorable george osborne. [applause] >> my lord mayor, ladies and gentlemen, it is truly, link to speak here tonight conscious of the long line of distinguished chancellors who have preceded me. and i have been looking back at some of their speeches for inspiration, and i was particularly struck by what austen chamberlain said here at the mansion house, "low near -- lord may

and there's the same kind of thing in our economy which we have to do or this economy is going to crash. and if you think 10% is bad for unemployment, it can get a whole lot worse. i yield to congresswoman lummis. mrs. lummis: the chart you have up does compare the u.s. to greece, but what is really frightening about that chart is in five years, our debt to g.d.p. will be at 115% where as right now, greece is 115 p, we will be where greece is right now. and that illustrates the type of nose dive that the gentleman said we are in. mr. akin, could i ask you to put up the chart there that's called "tidal wave of debt." the chart he's going to put up was prominently displayed on numerous occasions in the budget committee where we heard from ben bernanke. they made reference to this chart and it is the trajectory on this chart that dr. bernanke expressed such concern about. if you look at the line of 2010 and follow it through the year 2046, which is thend line of that chart, you see the enormous upward spiral of our debt. this is, of course, part of the unsustainable situation that dr. bern

you're going have to have a growing economy. if that is true, that is essential and on -- a sine que non. we set the environment to explode our economy. that will release revenues. that is the key. i personally believe the recovery and reinvestment act was absolutely critical step to take. had we not taken it, this deficit level might be higher, not lower. >> right here. >> dave logan, brookings institution. in a report by a goldman sachs, they found that the vast majority of this book consolidations consisted mainly of spending cuts in addition to some tax revenue hikes. but those physical ponsolidations happen almost unilaterally after a change oo government. what your thoughts on this congress and this administration's courage to step in and make some cuts that may be lmost universally viewed as an unheallhy or unwanted? >> let me say, i do not want the parts words with you. -- to parse woods with you. frankly, walcott's are certainly appropriate, and as we look at cuts, what is critical is restraint. of growth, which cbo say

do you support in economy-wide cap on greenhouse emissions? would your company be able to pass the costs of purchasing emission allowances to its customers? frankly, i would prefer to bring up the cap and trade bill again on the house floor, because i am convinced that this year it wouud fail rather than pass with the seven vote margin in it did last summer. but that is not the issue at hand. instead of taking time to talk about cap and tax or cat and trade, let's figure out how to cap the well. we are not here to discuss climate change, but rather, what each of our witnesses think went wrong on the horizon rig. let us not forget what is on the line here -- jobs, the environment, our economy, and initial security. three years ago, when bp was caught increasing the discharge into lake michigan, i joined with the great lakes caucus and other colleagues on both sides of the aisle, across the great lakes, to beat back the attempt to increase pollution in our lake. we did not take a partisan posture. we worked together to solve the problem. we need

more about the economy. the chair ben bernanke was interviewed at the wilson center by sam donaldson. a portion of what he had to say. >> there seems to be a good deal of momentum in consumer spending and investments. and so, my best guess is we will have continued recovery. but it won't feel terrific. the reason it will kill to read it is because it would not be fast enough to put back 8 million people who lost their jobs within a few years. it will take a while. even though technically we will be in a recovery, the economy will be growing, the unemployment rate will still be high for a while. that means a lot of people will be under financial stress. >> this -- host: this piece from "the financial times." the financial crisis inquiry commission accuses goldman sachs of "abysmal response" in requests for information. that is an "the financial times." new york city, barbara, back to the budget cut its. caller: i have a couple of ideas. number one, i would raise taxes on all corporations, especially those who

, consumer economy. we are paying the price now. what has been forgotten, and my opinion -- and i feel very strongly about it -- the role and importance of money, and named in particular foreign secretary warren christopher who, i understand, was the senior lawyer of the most prominent law firm in california who is a major client -- and this is the hearts of my criticism -- who is a major client was the government of wasa -- who's major client the government of china during the first clinton administration. host: thank you. are we headed toward a double- dip recession? caller: unless they removed barriers to employment. the government feels they can impose prevailing wages -- you can't get any city of pittsburgh government contract unless you pay prevailing wage. what makes a politician think he can set wage rates when it should be a free market? if i am in millionaire and i look at the environment and the rules to hiring people, if there are too many barriers, i will take my money where there are less b

that we can get our economy going again. and i urge my colleagues to support this amendment and the underlying legislation and i -- i will reserve the balance of my time. the chair: the gentlewoman reserves. for what purpose does the gentlewoman from new york rise? >> madam chair -- the chair: without objection -- ms. velazquez: i rise to claim the time in opposition. the chair: without objection, the gentlewoman is recognized. velazquez velazquez thank you, madam chair -- ms. velazquez: thank you, madam chair. american small businesses have always tightened economic fields and sectors. today small businesses continue to be some of our most creative innovators. as our nation shifts away from fossil fuels and seeks clean resources of energy, entrepreneurs are leading the way. today small businesses, 90% of those companies operating in the renewable and energy efficiency industries. small firms are also making important contributions in the arm sciences and biomess sid -- biomedicine. technologies used in our nation's national

now, there is fear that there won't be any more drilling, and that will affect the economy of the region. >> brown: we get the weekly analysis of mark shields and david brooks. >> woodruff: and paul solman talks to harvard economist ben friedman about the college graduates who still flock to wall street, three years into the financial crisis. >> it's all the more troubling when i think that, after they leave us, so many of them go into activities that are not economically productive for the country, for society, even just narrowly, for the economy. >> woodruff: that's all ahead on tonight's newshour. major funding for the pbs newshour has been provided by: and with the ongoing support of these institutions and foundations. and... this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> brown: the jobs numbers for may fell well short of expectations today, and that raised questions about the direction of the economy. but the direction on wall street was clear-- a sharp spiral down, fueled by re

we knew what the economy was. way too much got to the spending then barack obama comes in with his agenda of change. what was the change? more deficits. more out of control debt. i think that's why the american people are revolting against both parties. >> next call. westchester new york on our republican line, john. >> what? we had a take on employment problem in the united states. i work for a hedge advisor in harrison, new york. what they have done is outsourced all their operation sites. >> right. >> they ever labeled us 2/3 of the workforce and i was one of the lucky ones to be laid off a year ago. i'm 63. i've been trying to find work. the unemployment. certainty live on unemployment. i have 10-year-old daughter. you cannot live on unemployment guest: right. caller: i've been using my pension noun pay for my house. i went for the mortgage, what do they call it? where they refinance your mortgage payments, just for help. guest: yep. caller: i was turned down last may because i had an anewty. i was told to use

e know iis gd for r state, our economy a our -- our country and our economy. wonr ifhe governor of louisiana ight pse today in calling forheernment's stce tcleauphe worst oil spill and arguably ne of the stonmental disas ever to descd our cotry, tt whetherhat ublic pocy statement made sense then and whether it see now. the consueesf that philosophy ofnrestricted oil drilng irreecve of the environmental concerns, irrespectivef the needs for reasonable and prudent relatory oversight totect he public omrecisely this kind of untited disaer dave w actually happene because a whole bunch of people in a position now bett put l ahd of ething else including the public re i yield back. i yield to my frnd from new jeey. mr. lt: i ank the gentleman. oupoke earlierabout the liabil. a very important princie that has been to some eent and shou bto the full exnt ameran law in this area which is pluter pa. that should be e -- tat has beenheasis of the superfund program. that sh bthebas fo the oil liabily leslation. b.p.as said they will py reasonable costand that of thing. we s

that's the real economy. that's the economy we have to stimulate, it's stimulated by low taxes, stimulated by the regulation and it's stimulated by entrepreneurs that understand the idea that they can invest some money or create an endeavor that will produce a profit for them that feeds their family and has -- builds up some capital that can be used to increase productivity so that the business can grow and they can hire employees and people have jobs. that's the economy we're supposed to support. i think it's completely outside the understanding of the white house. i look around and i wonder who in the white house has actually signed the front side of a paycheck? who has had employees, who started a business? who's bought a business?%- who's maintained and expanded an existing business that's in the white house circumstance snl who thinks like a free enterprise capitalist or like an entrepreneur? is there anybody there that has an instinctive unctioning of what it's lake to start with something or maybe star

our economy is growing again and we have added jobs for five straight months. there are still millions of americans out of work and millions more who are struggling to pay the bills. the legislation in the senate right now would extend unemployment benefits to those workers who lost their jobs through no fault of their own and would provide relief to struggling state and save the jobs of thousands of teachers and cops and firefighters. there are also provisions in this legislation that would extend the tax credit for first- time home buyers, as well as tax cuts, and keep research and development jobs here in the united states. unfortunately, the republican leadership in the senate will not even allow this legislation to come up for a vote. if this obstruction continues, and employed americans will see their benefits stop. teachers in our borders will lose their jobs. families will pay more for their first home. -- teachers and firefighters will lose their jobs. they deserve a boat that is being blocked by the republican leadership in the senate. right now, the

the economy simply can't grow jobs. this legislation is a clear attack on capital formation in america. it purports to prevent the next financial crisis, but does so by vastly expanding the power of the same regulators who failed to stop the last one. dodd-frank is the product of a tired philosophy with the notion that you can solve the problem by piling vast new layers of bureaucracy, regulatory costs and taxes on it. and who will pay the price? it won't merely be the big banks who the bill supporters rail against. smaller less leveraged community banks will have a difficult time surviving. and most alarming, costs will be passed on to consumers and businesses in the form of higher prices for credit. we know this because last year's credit card act is already having just that effect. before it was passed, republicans warned that more government expansion and more washington prescription would create additional costs borne by the consumer. it was common sense. and sure enough, we were right. in response to that legislat

economy. one of the things some lawmakers have criticized for is too much emphasis on rural economic development and not enough on productive agriculture. how do you respond? >> i would like to sit down with those lawmakers and explain some of the things we're doing a usda to make sure they understand we have not forgotten about production agriculture. i would talk about our renewed and -- our renewed emphasis on trade. we just announced an upgrade for this fiscal year and anticipated to be at about $108 billion, the second-highest number in history. we saw record in the first six months of this fiscal year and expect a $28 billion surplus in agriculture. every billion dollars of trade generates somewhere between 8009 thousand jobs. in not only improves the bottom line for farmers but job opportunities as well. we are focused on expanding trade opportunities. i have had a number of international trips. we are also about increasing domestic markets. the capacity and ability to link local produc

-- the economy, the turkish economy has taken off and the iranian economy has remained stagnant. certainly they have not exploited their resources as much, but i am less optimistic than the caller that they will achieve membership in the next few years within the united nations. the united states has certainly supported the entry, but it looks much less likely now than it was a few years ago. what was the second question? host: basically it is what shoull president obama do, start another unfunded war with iran? guest: of course not. i do not know of anyone, certainly, who is trying to advocate the cause of democracy in iran who supports military action in ran. . . caller: i wanted to get the gentleman's view on that. d.c. a full wrote rick in -- a full war between saudi arabia -pand iran? guest: you look at some of the hotspots. lebanon, syria, israel, palestine. if you want to include afghanistan as part of the middle east. it looks to be like a proxy war between iran and saudi arabia. iran is a predominantly shiite country. this has also been the case in the non -- in lebanon.

it would slow our economy. by reducing the value of government bonds that would put pressure on the balance sheet of financial institutions so it would cause a lot of stress in the economy and in the worst case would cause financial instability like we are seeing it to some extent increase. so if you want a strong economy you need to have capital investment. you need to have consumers ability to write houses and automobiles and so on. and the high interest rates that would make it even more difficult to balance the budget --. >> interest rates i believe within two years, we are on the path to pay a billion dollars a day just on interest on the debt that is how out-of-control it is getting. >> our interest rates now are very low so the concern is they would go higher and be much more disruptive to make the cuts and make the changes you have to make in the budget to meet the fiscal goals at that point with interest rates much higher. >> mr. etheridge. >> thank you mr. chairman. thank you for being here in thank y

second, the effects on the larger economy. bees will probably be more important. -- these will probably be more important. the number of mobile broadband users in the united states is expected to increase by 75% from 2009 to 2013. combined with increases in speed and functionality, the economic implications ahead are likely to be profound. we cannot really imagine what those implications will be. even as people started to anticipate that there would be and in their debt, that the internet would be transformative, few would have annicipated the 800,000 jobs that would be created by ebay. those who know about smartphones would never have predicted the thriving industry in the creation of apps. as quality improves and prices fall, mobile broadband has the potential to help bridge the "digital divide" -- reducing geographic and socioeconomic differences in broadband access to the levels we now see with television, landline phones, and mobile phones. because wireless broadband is more cost effective than terrestrial broadband in so

the economy will continue to be -- we have to make certain tt we do this in a ceful and the libey of way. under the bush of illustration and the republican congress -- under the bush administration and republican congress, we had issues with thisnd we cannot let this affect the fragile economic recovery that is happening. we have to let the marts create long-term wealth and spur innovation. the increased standardization and the use of exchange trading is desperately needed. we musalso recognize that derivatives are used by companies in theanufacturing sector to heads the business risks and the fluctuation of the exchange rate. we have to make certain that mainstream employers -- we have to get this righ we have to make cerin that we will help these firms. th were faced wh the choice that no president should ever have to face. they are risking going into aa greater downturn. the consequence of having fear and uncertainty in the financial sector -- with credit markets seed up, consumers could not finance thr purchases. blue-collar workers have lost thr jobs. we are ending the possibili

economy as well.hat happens and then i'm sure congress will start debating more closely whether or not we should have a second stimulus bill and if that, maybe some of the things the caller might mentioned might be in there who knows. >> any new taxes placed on banks or hedge funds in the compromise deal? >> i'm not so sure about that one. i think there was debate until the last minute but i didn't wait until everything was finished and when i looked at thing this morning quickly, i don't remember that part exactly but there was debate on a bank tax which the u.k. just recently passed and france and germany said they supported and u.s. was also saying they supported but didn't make it into this one. i didn't see it this morning and i'm not so sure. host: how will the fm stocks react when the mark et opens? guest: it's very hard to know. there are some pretty harsh rules in here. nothing unexpected. new most of the rules that against that would curtail activities of the banks. they've been in discussio

mode, it appears that the private credit system is acting assa light on the growth of the economy. that would appear not to be what we are trying to get at. can you give us an analysis of that and what steps you think need to be taken to address it? >> it is a complicated question, and it is gephardt of heart of any evaluation. at the if you look at most measures of the cost of credit of overall financial conditions, they do not suggest the the financial system today is a source of weakness for the overall economy. in fact, i would say the opposite there is not a chance that this economy would have started to grow again in the%% second quarter of next -- of last year, and this early a return into a the economy started to add jobs again, without the dramatic actions we talk, however unpppular to bring down the costs of the fed and stabilize the system. this is not something we can know for certain. it is absolutely the case in the housing market. in the context of small businesses that were unlucky in their banks. i do not think that on the available evidence today, you could say th

a green economy. people who do need to have that out work with the legislatures to make that a reality. the last details, the better. hit people in the heart and not in the head. >> i agree with markos. we do not believe agenda setting should come from the sea -- come from washington, d.c. we believe it should come to washington, d.c. we will be doing another one about corporate reform very soon. if you are on our list or another allied organization, we hope you will participate. at the same time, we need to say these are our values. we are entrusting them to you as elected leaders. the need to figure and how to implement them well or you will be held accountable because we put you in office. there are examples of that working. one woman in the room helped lead an organized service candidates around the idea of the responsible planned war in iraq. not because a liberals tried to figure out how to end the war but because these people unanimously said we would only let people who are committed to ending

there would be no economy by monday. how could it be? we, the greatest country in the world, with the strongest economy, and that we needed to act immediately. the response from the bush administration was a bailout of the banks. and a 24-hour, 48-hour period they produced a bill, $700 billion that they asked the congress to pass to bail out the banks. it was necessary to do. because of the recklessness of the bush administration's economic policy, because of the lack of supervision, discipline and regulation, the recklessness on wall street had taken us to the brink of a financial crisis of such magnitude that the chairman said there wouldn't be an economy by monday. took us into deep recession where 8 1/2 million jobs were lost, the people lost their jobs , therefore in many cases their health insurance, they lost their pensions, they lost their savings, they had to live off savings and lost their investments for their children's education. because of recklessness on wall street, joblessness was rampant on main street. one of the reaso

that economy was built on a house of cards. wall street reform will provide a newfoundation for our economy to go, one that inspires confidence and spur new jobs. under the new law, consumers and middle class families will benefit from a new consumer financial protection agency. a new independent watchdog that will be on the side of american families and consumers because there always seems to be hidden charges and fees when you are applying for a credit card or mortgage or some transaction. the new consumer agency will weed out the deceptive practices. its mission will be to protect homeowners and small businesses rather than the big banks on wall street. we will have new cops on the beat on wall street. new enforcement, transparency, and oversight. the measure rightfully outlaws future bank bailouts by taxpayers. i voted against the wall street bailout known as tarp because it focused entirely on wall street rather than middle class families and it did not include safeguards on executive pay, bonuses, and transparency. the wa

economy. everything that we do is connected to this interdependent world. we must start it home to make sure there is a strong economy and a vibrant political system, a strong democracy, that we are strong militarily -- indeed everything that we do here is connected to the rest of the world. when europe had its crisis just the last few weeks with greece looking at a possible default. concern over contagion spreading to the so-called pigs countries, we saw that tank our stock market. so, these things are interconnected and yes, we have to take your home base, the need to understand we have to look at a world regulatory structure and economy. host: next, an opinion piece this morning from "the wall street journal" posing these questions with regard to the fiasco. one wonders if it would have been possible for ages to sabotage the ships before they left the ports of this incident would never have occurred. or failing that, to allow the ships to have been operable in gaza, and then to disable them

economy. only then can we be confident that we have done what is necessary to prevent history from repeating itself. thank you very much, everybody. >> from the white house, president obama, to some live video of the oil spill. eric holder is headed to the gulf coast today to seek areas affected by the spill. he'll be meeting with attorneys general from alabama, louisiana, mississippi. we will have his remarks to reporters in little later in the day. the one line to see it our archive material, we have hearings and briefings from the white house and bp and links to the live feed of the oil spill video. it confine that at -- you can find that act c-span.org. that is in just over an hour from now at 1:00. the four candidates running for the republican nomination for governor of south carolina debate tonight. we will have live coverage at 7:00. is government broken? that is the focus of a panel discussion today hosted by the brookings institution. live coverage gets underway at 1:00 on c-span-2.

that is important to the economy. as we think about protecting our environment, there is not enough oil or natural gas off the coast to be a meaningful part of an energy solution for america. it is why in this campaign i have talked about ending tax credits and tax favored status for big oil companies. it is why in this campaign we talked about over $400,000 senator burr has taken from big oil companies. even today, he is defending what has happened with bp. i want to use the power of the government to create incentives for alternative forms of energy, wind, solar, biodiesel. that is the future. >> any rebuttal on that issue? we will move onto a follow-up from of your. willmington. -- wilmington. >> what we see is there has been a very cozy relationship between the regulators and the regulated. something that i'm disappointed that the president was not more aggressive about before he started talking about changing the policy. we have to make sure we do not just have a band-aid solution. but that we get serious about m